Sword and shield. (Clinton, Miss.) 1885-1888, 1886-12-11

payment and cancellation prior to
Nov. /, there were also paid before that
day certain of these bonds, with the
interest thereon, amounting to $5O,-
OO2, $50, which were anticipated as to
their maturity, of which 81, 1854, $50 had
not been called, thus $1,007, ,3A 800 had
been actually applied prior to the 1st
of November, 1886, to the extinguish-
ment of our bonded and interest bear
ing debt, having on that day still out
standing the sum of 81, ,1l9, ,449,112. OF
these amounts $50, ,848, 700 were still
represented by per cent. bonds. They,
however, have been since Nov. l, or
will at once be further reduced by $22,-
606, $50, being bonds which have been
called, as already stated, but not re-
deemed and cancelled before the latter
date.
During the fiscal year ended June 80,
1885, there were coined under the
COMPULSORY SILVER COINAGE
act of 1878, 29, ,SS8, ,9O5 silver dollars, and
the cost of the silver used in such
coinage was S23, AS, ,96OO1. There had
been coined up to the close of the
previous fiscal year, under the provi-
sions of the law. 2O3, 1882, ,554 silver dol
ars,and on the first day of December,
1885, the total amount of such coinage
was $247, l31 $40.
The director Of the mint reports that
at the time of the passage of the law
of 1873, directing this coinage, the
| intrinsic value of the dollars thus
coined was 94f cents each, and that on
the 31st day of July, 1886, the price of
silver reached the lowest stage ever
known, so that the intrinsic or bullion
price of our standard silver dollar at
that date was less than 72 cents.
The price of silver on the 3Oth day
of November last was such as to make
these dollars intrinsically worth
seventy-eight cents each. These diff
ferences in value of the coins represent
the fluctuations in the price of silver,
and they certainly do not indicate that
compulsory coinage by the government
enhances the price of that commodity
or secures uniformity in its value
Every fair and legal effort has beer
made by the Treasury Department tC
distribute this currency among the
people. The withdrawal Of United
States Treasury notes of small denomi
nations and the issuing of small silve
certificates have been resorted to il
the endeavor to accomplish this result
in obedience to the wish and senti
5 ments of the representatives of th
people in Congress. On the 9th da,
D of November, 1886, the people held Q
! these coins, or certificates representa-
: them, the nominal sum of $166, ,873, ,O41
! and we still had SIS, ,464, ,345 in th
e Treasury, as against about S142, 1874, ,05
: in the hands of the people and ST., ,S85
4 376 remaining in the treasury one yea
: ago. The Director of the mint agai
t urges the necessity of more vault-roon
: for the purpose of storing these silYe
t dollars which are not needed for circu
r lation by the people.
f have seen no reason to change th
t views expressed in my last annua
t message on the subject of this com
]. pulsory coinage, and | again urge it
: suspension on all the grounds containe,
e in my former recommendation, rein
s forced by the significant increase of ou
! gold expectations during the last year
a as appears by the comparative state
a ment herewith presented, and for tn
further reasons that the more thi
' currency is distributed among tn
: people the greater becomes our duty t,
] protect it from disaster; that we nov
: have abundance for all our needs, AM
t that there seems but little propriety il
| building vaults to store such currency
f when the only pretense Jor its coinag
the necessity Of its use by the peopl,
, as a circulating medium.
THE REPORT OF THE SECRETARY OF
WAR
gives detailed account of the admin
; istration of his department, and con
tains sundry recommendations for til,
improvement of the service, which
E fully approve, The army consisted a
, the last consolidated return of 21O
officers and "a, ,946 enlisted men.
The expenses of the department TO
the last fiscal year were $36, 1890, 9OS 9S
: including Sc, ,294, ,9O5 4S for public work.
! and river and harbor Improvements.
l especially direct the attention o
the Congress to the recommendation
that officers be required to submit t.
,, an examination as a preliminary Il
their promotion. / see no objection, bu