Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1888-12-06

The requirements Of the sinking fund az,
2een met for the year ended June so S 80 nave
ior the current year, also nv tbe 49,. - hhu
I ,S AIter complying with this law az ~ -
tNeiy required, ana bonds sufficient FOR tbot tsl
pose had been bought at a prem,,,,o !, sIlt ptT-
deemed prudent to further exnend H. "a, va hot
such purchases until the authority to do e. sI
be more explicit. A resolution hov-o,-e e-louiu
been passed by both houses Of conSress having
all doubt as to executive authority dSfl loslns
chases OF bonds were commenced on the "a IN Sa.
OF April, lsss, and have continued unt ~ ~. uaf
ent time. By this plan bonds of the gover ~ ~
not yet due have been purchased 49,, ~. y.
and including the Goth day of NnvaIg 70
loss amounting to S94,7oo 400 The prerrnn,,
PAD thereon amounting TO Sl7. sos. 6t30s nv.
premium added to the principal Of thesa h,c
represents an investment yielding about y Ia
cent interest for the time they stl had n I'M l'
and the saving TO the government Represent ~
the difference between the amount az i ,te. "
2per cent. upon the sum paid foi PRINCIPAL "a "a
premium and what it would have paid for intar ,'
lat the rate specified In the bonds If they had 49,
10 their maturity is about S27, $4,000 All 6rs,
sight this would seem TO be profitable and ssnsiii
transaction on the part of the government. INT az
suggested by the secretary Of the treasury the SUR
Plus thus expended for the purchase Of bonds ,yar
money drawn from the people in excess al enx
actual need of government and was so expended
Rather than allow It TO remain idle in the treas
ury, II the surplus, under the operation OF iust
and equal laws, had been left in the hands az a.
people II would have been worth in their business
at least SIX per cent. per annum. Deductingfrom
AHt dnlouHt OIL interest upon the PRINCIPAL ard
premium of these bonds for the time they arr ~
run at the rate Of six per cent the saving of two
per cent. made for the people by the purchase az
such bonds the loss viii appear 10 be S55 760 coo
This calculation won seem 10 demonstrate mar
II excessive and unnecessary taxation is continued
and the government is forced TO pursue this polcy
OF purchasing its own bonds at the premiums
which it will BE- necessary to pay the loss Ia ~
people will be hundreds Of millions of dollars
Since the purchase of the bonds was undertaken
as mentioned, nearly all that have been offered
were at last accepted. Ii has been made quite an.
parent that the government was in danger Of
being subjected to combinations TO raise
their price as appears by the instance
cited by the secretary of the offering Of bonds of
the par value of only 1926 coo so often that tho
aggregate of surs demanded for their purchase
amounted TO more than $40, 10000. NotHith.
standing u . large sums paid out IL the purchase
of bonds the surplus in the treasury on the Both
day of November 1888 was S52 23i SO o. after de-
Quoting about 1000 just drawn out for the
payment of pensions.
At the close of the fiscal year ended June 90
1887, there had been coined under the compulsoryi
silver coinage act, 1886, 9sS, go in silver dollars
s55501 $40 of which were in the hands Of the peo-
pie; ON the Both day Of June 1888 there had been
coined $500 70S 100, and of this s55 500 903 was in
circulation m coin, and s2OO, 387 276 in silver GER
11chtes for the redemption of which silver dollars
TO that amount were had by the government
On the thirtieth day of November, $50, S3l2 $40,
800 bad been coined $50. $40 800 of the silver dol
lars were actually in circulation and $237 as, $40
in certificates The secretary recommends the
Oh lile OF SILVER
such recommendation earnestly concur. For
further valuable information and timely recon-
mendation, / ask careful attention Of congress 70
the secretary,s report.
THE SECRETARY OF WAR
reports that the army of date Of last consolidated
returns consist of is9 officers and 2i,549 enlisted
The actual expenditures of the war department
for the fiscal year ended June 30. 1883, amounted
To sal lG5 l0i o. Of which sum sQl5S 5t6G3 was eN
Dgulpl for pUllig works intending and u8r.
Dor improve mentS.
The hoard of ordnance and Notifications pro
vided for under the act approved September 23d
last was convened October 30, 1888 and plans and
specifications for procuring fOrgngs for eight
ten and IL inch guns under provision of section T.
and also for procuring twelve inch breach loading
mortars, cast iron hoped with steel, under the
provisions of section of the said act were sub
mitted 10 the secretary of war for reference TO
the board by the ordnance department of the
same date.
These plans and specifications having been
promptly approved by the board and by the sec
rotary of war the necessary authority 10 publish
advertisements, inviting proposals III lhe news
papers throughout the country was granted by
the secretary on November 18th, and November
18th the advertisements We're sent out TO the DIFF
ferent newspapers designated The bids Tor the
steel forging are to be opened on December sOth,
1888, and for the mortars on December 18TH 1881.
board Of ordnance officers was convened at the
Wateryliet Arsenal on October fth 1883 TO prepare
the necessary plans and specifications Tor the
establishment Of an army gun factory at that
point. The preliminary report OF this board, WIN
estimates for ship building and officers quarters
was approved by the board of ordnance and tort-
fications. numbers six and eight, The speciiica-
tons and form of advertisement and instructions
to bidders have been prepared, and advertisements
inviting proposals for the excavation LOT lhe
ship building and for erecting the two sets OF
officers quarters, have been published, Inc
detailed drawings and specifications tol
the gun factory buildings are wen in hand, ana
will be finished within three or four months when
bids will be invited for the erection of the buld.
ing. The list of machines, etc, is made out ana
il Is expected that the plans for the large lathes'
etc viii be completed within about four months,
and after approval by the board Of ordnance ana
fertilization, bids for furnishing the same Will ne
invited. The machines and other fixtures VIII oe
completed as soon as the shop is in readiness %
receive them, probably about 1890. Under the
provisions Of the army bill for the procurement
OF pneumatic dynamite guns the necessary spect
fications are now being prepared, and adyerllse-
ments for proposals will be issued early IN llecsui
Der The guns will probhbly be of fifteen inches
calibre and fire q proiectile that will carry a
charge each of about 500 pounds or explosive
gelatine, with full calibre projectles; the guns
will probably be delivered in from six to yen
months from the date of the contract, so tiat
all the guns Of this class that can 1e
procured under the provisions OF the law WIZ ue
purchased during the year 1889 l earnestly II
uuest that the recommendations contained ~ plV
secretaryS report all of which are IN my opinlu'
calculated to increase the usefulness ana usct
pine of the army, may receive tne coneluei ~ -
of the congress- among these the proposal tlae
there should be provided plan for the eNaIlilha
ton of officers to test their fitness for pro3Ilou
is of the utmost Importance; this reform has been
before recommended in the reports OF the secletal
and its expediency is SO fully demQnstrated oy ilg
argument represented in its favor that its Adoption
should no longer be neglected.
The death of General Sheridan IN August laSt
was a national aflcton The army then lost H3
greatest of chiefs. The country lost praye gpu
and modest and sensible man. Those VINO y
any manner came within the range or MS persona
association will never fail to pay deserved any
willing homage 70 his greatness and the glory 81
his career But they viii cherish with more ,'n
der Sensibility the loving memory OF ms slpll'
generous and cOnsiderate nature. III.
The Apache Indians, whose removal from W,
reservation in Arizona followed cdpuldre OF ms ms
Of their number who engaged In bloody ~ tas,
murderous raid during part OF the years - Z,
and 1886. are now held as prisoners OF N al ~
Mount Vernon barracks in the state OF AiaDa.ii'
They numbered on the 3lst day OF OctoOeI, '-S
date of the last report, - men, 110 women, ~
boys and 80 girls, in all SS3 persons. 1 ne ~, ~.