The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1886-12-07

THE PUBLIC DEBT.
The sum paid on the public debt du-
ring the fiscal ended June S0th, 1886,
was 81 sol ,O43.36 During the twelve
months ended October 81, 1885, three
per cent. bonds were called for
redemption, tamounting 10 Sl2s,-
~, 100, Of which 81. 6i3, 900, was
SO called 10 answer the require
mentS OF the law relating TO the sink
Ing fund aud SO $50 go for the pur
pose II reducing the public debt by
application Of part of the surplus in
the treasury 10 that object. Oi the
bonds thus called, Il, O32 ,b94 % became
subject under such calls 10 redemption
prior 70 Nov. /, 1856: the remainder,
amounting TO 3j,0l3.6J0 matured uu-
in addition 10 the amount
subject 20 payment and cancellation
pIiOr 10 Nov. lst. There were also
paid before that day certain OF these
bonds with the interest thereon,
amounting 10 Sj,0I3, $50, which were
ANTICIPATED, as TO the maturity OF
which = co. $50 had not been called;
this SiO7, 81, 800 had been actually APP
piled prior 10 the 1t Of Nov, 1876, 20
the eXtinguishment OF our bonded and
Understanding debt, leaving
on that Gay stu outsienc-
ing tie san Of Si,115, 443, IL;
of this amount SS5,SiS 700 were still
represented by three per cent. bonds
They, however, have been since Nov
Il, or will at once be further reduced
by Do, 500, $50, being bonds which have
beer called, as already stated, but not
redeemed and cancelled before the lat
ter date.
SILVER COINAGE.
During the fiscal year ended June 30,
1856, there were coined under tue COM
puiSoTy silver coinage act of 1873, So,
SjS .3Ij silver dollars, and the cost of
the silver used in such coinage was
81, as, $50 OF. There had been coined
up 10 the close of the previous fiscal
year under the provisions OF the law,
203, SS2, j54 silver dollars, and on the lSt
day of December, lSSG, the total
amount of such coinage WAS S241, 49,
so The director of the mint reports
that at the time OF the passage OF
the act of 1873 directing this
coinage, the intrinsic value of the dol
lars thus coined was ninety-four and
one fonrth cents each, and that on the
3lst day of July, 1856, 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 seyenty-two cents. The
price of silver on the 30th of November
last was such as to make the dollars
intrinsically worth seventy-eight cents
each. These differences in value
of the coins represent the Huctua-
ions of the price Of silver and
they certainly do not indicate that
compulsory coinage by the govern
ment enhances the price of that com
modify or secures uniformity In its
status. Every fair and legal effort has
been made by the Treasury Depart
ment to distribute this currency among
the people. The withdrawal OF United
States treasury notes OF small denomi-
nations and the issuing of small silver
certificates have been EeSortedito in the
endeavor to accomplish this result, in
obedience TO the will and sentiment OF
the representatives OF the people in
Congress. On the 25th day of Novem-
Der, 1886, the people held of these
coins or certificates representing the
normal sum OF SlC9, S13, 04l, and we still
have 50, 1854 ,345 in the treasury as
against about Sl42. S9f, OJJ ia the hands
OF the people and So SIS, 5I6 remaining
10 the treasury one year ago. The
director of the mint again urges the
necessity of more vault room for the
purpose OF storing these sill
YER dollars which are not
needed for circulation 10y the people.
have seen no reason to c1ance the views
expressed in nv last annual message
on the subject OF this compulsory coin
age, and | again urge its suspension on
al the grounds contained in my former
recommendation, reinforced by the
significant increase OF our gold eXpor-
tations during the last Year. IL ap-
pears by the comparative statement,
herewith presented, and for the further
reasons that the more this currency is
distributed among the people the
greater becomes our duty TO protect il
from disaster; that we have abundance
for ali our needs, and that
there seems but little prOpriety in
when the only pretense Ter its coinage
is the necessity OF its use by the people
as circulating medium. The great
namber of suits now pending in the
United States courts for the southern
district of New York, growing out of
the collection of customs revenue ~
the port of New York, and the num-
Der OF such suits that are almost daily
instituted, are certainly worthy the
attention OF Congress. These legal
controversies, based on conflicting
views Oy importers ana the COLLECTOR IS
10 the Interpretation OF our present
complex ARD indefinite revenue laws,
might be largely obyiated by an amend
ment of those laws. But pending such
amendment the present condition OF
his litigation should be relieved.
There are Tow pending about fiyeiL IN
died Of these suits; more than eleven
hundred have been commenced within
the past eighteen months, and many Of
the others have been a. issue for more
than twenty-five years. These delays
| subject the government to loss of evil
dence and prevent the preparation
necessary TO defeat unjust and ticti-
/ tious claims, while constantly accruinl
| interest threatens TO double the de-
mGnd. In the present condition
of the dockets Of the courts, Well filleC
with private suits, and OF the force al
lowed the district attorney, no greater
than is necessary for the ordinary anC
current business of mis- office, these
revenues, litigation cannot be consid-
cred. In default of the adoption by
! Congress of plan for the general Ie.
organization of the Federal Courts
as has heretofore been recommended
l urge the propriety of passing 8 law
permittinSthe appointment of an ad-
ditional federal judge in the district:
q