Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1886-12-10

/ and careful system of federal taxation.
| Those actually engaged in and more re
motely connected with this kind of work,
number nearly one-half of our popula-
| ton. None labor harder or more continu-
ously than they. No enactmeuts limit
their hours of toll and no interposition
of the government enhances to any great
extent the value of their products, and
yet for many of the necessaries and com
forts of life which the most scrupulous
economy enables them to bring into their
homes, and for their implements of hus-
bandry they are obliged to pay price
largely increased by an unnatural profit,
which by the action of the government is
given to the more favored manufacturers.
I recommend that keeping in view
all these considerations, the increasing
and unnecessary surplus of national in
come annually accommodating, be released
to the people by an amendment to our
revenue laws which shall cheaper the
price of the necessaries of life, and give
freer entrance to such imported materials
as by American labor may be manufac-
tured into marketable commodities.
Nothing can be accomplished, however,
in the direction of this much needed re-
form, unless the subject is approached
in patriotic spirit of devotion to the
interests of the entire country, snd with
willingness to yield something for the
public good.
The sum paid upon the
PUBLIC DEBT
daring the fiscal year ended June SC. 1886,
was S44 4,551, ,C43.36. During the twelve
months ending October 81, 1886. three
per cent. bonds were called in for redemp-
tiOn amounting to 1927 2S3, 100, of which
SSO,643, 200 was called in TO answer the re-
quirements of the law relating to the
sinking fund, and 6,639, 800 for the pur
pose of reducing the public debt, by
the application of a part of the surplus
in the treasury to that object. OF the
bonds thus called S1O2, ,269, ,450 became
subject under such call to redemption
prior to November l, 1886. The re
mainder, amounting to $3.50, 0,103,650,
maturGd under the calls after that
date. In addition to the amount
subject to payment and cancellation prior
to November Is. There were also paid
before that day certain of these bonds,
with the interest thereon, amounting to
S5,072 $50, which were anticipated, as to
the maturity of which S2,664 $50 had not
been called. Thus S1O7, ,341 800 were actu-
ally applied prior to the first of NOvem-
Der, 1886, to the extinguishment of our
bonded and interest bearing debt, leav-
ing on that day still outstanding the sum
of S1,l53,443,112. OF this amount, SS6,-
S4S,700 were still represented by three
per cent bonds. They, however, have
been since November IA, or will at once
be furthur reduced by so 6G6, 15O, being
bonds which have been called as already
stated, but not redeemed and cancelled
before the latter date.
During the fiscal year ended June 80,
1886, there were coined under the compul-
sorry silver coinage act of 1878, 29,S3S,-
$40 silver dollars and the cost of the sill
yer used III such coinage was S23, AIS, $50
.Ol. There had been coined up to the
close of the previous fiscal year under the
provisions of the law 203 49,, ,554 silver
dollars and of the 1st day of December
1886, the total amount of such coinage
was 247, ,131 $40. The director of the
mint reports that at the time of the pas
sage of the law of 1873 directing this
coinage, the intrinsic value of the dollars
NltHo NOAhSu was hiLSIJ -1ouI Out-
fourth cents each, and that on the 31st
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 les ..han
seventy-two cents. The price of silver on
the Both day of November last, was such
as to make the dollars intrinsically worth
seventy eight cents each. These differ
ences in value of the coins, represented
the fluctuations in the price of silver.
They certainly do not indicate that com
pulsory coinage by the government en-
hances the price of that commodity or
secures uniformity in its value. Every
fair and legal effort has been made by
the treasury department to distribute
this currency among the people. The
withdrawal of United States treasury
notes of small denominations and the is
suing of small silver certificates, have
been resorted to in the endeavOr to ac-
cOmplish tAis result III obedience to the
will and sentiments of the representa-
tlves of the people in the congress.
On the 27th day of November,
1886, the peoples need of these
coins or certificates representing them,
at the nominal sum of S166, ,3O4, and
we still have $79.464, ,345 in the treasury
as against about $142, 1874 $50 or so, in the
hands of the people and $72,S65,3 re
naming in the treasury one year ago.
The director of the mint again urges the
necessity of more vault room for the pur-
pose of storing these silver dollars which
are not needed for circulation by the peo-
pie. | have seen no reason to change the
views expressed in my last annual mes
sage on the subject of this compulsory
coinage, and
AGAIN URGE ITS SUSPENSION
on all the grounds contained in my for
mer recommendation, reinforced by the
significant increase of our gold exporta-
tiOns during the last year, as appears by
the comparative statement herewith pre-
sented and for the further reasons that
the more this currency is distributed
among the people, the greater becomes
our duty to protect it from disaster; that
we now have an abundance for all our needs:
and that there seems but little propriety
in building vaults to store such currency
when the only pretence for its coinage,
is the necessity of its use by the people
as a circulating medium.
THE REPORT OF THE SECRETARY OF WAR
gives detailed account of the admins
tration of his department, and contains
recommendations for the improvement
of the service. which I fully approve.
The army consisted at the date of the
asst co nsolidated returns of 2,1O3
officers, and 24,946 enlisted men.
The expenses of the department for the
last fiscal year were $50, ,992 ,9O3.3S inclnd-
ing Sc, ,294 ,3O5.43 forpublic works and river
and harbor Improvements. l especially