The southern argus., 1891-12-17

worth less than otLer, its sure and GER
tain errand will be to pay them for their
crops, products and toll.
The producers of silver are entirl ed
to just consideration, but they should
not forget that the government is now
buying and putting out of the market
what is the equivalent of the entire
production of our silver mines. which
is much more than they themselves
thought of asking two years ago.
The business of the world divides the
use OF both metals, but do not see any
prospect of gain, and much of loss. by
giving up the present system. in which
a full use is made OF gold, and a large
use of silver, for one in which silver
alone will circulate. Such an event
would be at once fatal to the further
progress OF the silver movement. BIZ
metalism is the desired end, and the
true friends OF silver will be careful not
to overrun the goal and bring in silver
monometalism with its necessary at
tendants-the loss of our gold to Europe
and the relief of the pressure there for
a larger currency.
| have endeavored to keep a close OBJ
servatiOn OF the state of public feeling
in Europe upon this question, and have
not found it such as to justify me in
proposing an International conference.
There is, however, agrowing sentiment
in Europe in favor OF largue use OF sill
yer, and know of more effectual way
of promoting this sentiment than by ac-
cumulating gold here. A scarcity Of
gold in Europe will he the best arsu-
ment for the use of silver
The exports of gold to Europe. which
began in February last and continued
until the close of July. aggregated over
so. 0.000,0 00O. The net loss of gold dur
ing the fiscal year was nearly 6S,OO0.000.
! That no serious monetary disturbance
resulted WAS most gratifying, and gave
| to Europe fresh evidence of the strength
and stability OF our financial ;nstitu-
tion. With the movement of crops the
outflow of gold speedily stopped, and a
return set in. Up to December l wc
had recovered of our gold at the port Of
/ New York ST .S54, 900, and it is conf
IDENTITY believed that during the winter
and spri1g this aggregate will be stead
lily increased.
The presence of large cash surplus
! in the treasury has for years been the
subject of unfavorable criticism, and
J
sired the tariff placed on reform basis
/ 1t was uniformly agreed that with
drawing from circulation so large sum
was an embarrassment TO the business
OF the country. ana at intervals made
necessary the intervention of the de-
partmcnt TO relieve threatened moneta-
r. panics.
On March l. 1889, tHo surplus was
/ 1888. e27, 1870 %. 1t was thought better
to apply this surplus to the redemption
of interest bearing securities OF the
United States than to deposit it without
interest in national banks. There have
been redeemed since the date mention
cd of interest bearing securities $3.50,
OI9. $50, resulting in a reduction OF in
tcrest of SIl,6S3,6 go. The money de-
posted in banks has been grad dually
Withdrawn and used in the redemption
OF bonds.
A the date last above named the cir
cuatiOn was 81. i04, POS. 500, or S23 03 per
capita, whilc on the first day of Deccm-
Der. 1891. it had increased to 81. 51I. o.,
O10, or %24 3S per capita. The offer to
holders of IL per cent bonds to extend
the time of redemption at the option of
the government. at per cent interest,
was acceuted bv the holders of about
one-hali the amount, and the unextend-
cd bonds are being redeemed on pre-
sentati0n.
The president then discusses arny
and navy affairs. and makes recon-
mendations in regard to the entrance OF
Chinese through the British posses
sions into America.
FREE MAIL DELIVERY.
Eight thousand miles OF hew postal
service has been established upon rail
roads, the car distribution 10 sub-sta-
tion5 in the great cities has been in
creased about l. per cent while the
percentage of errors in distribution has
in the past year been reduced over one
half An appropriation was made for
the purpose of experimenting on free
delivery in the smaller cities and towns.
The results of these experiments have
been so satisfactory that the postmaster
general recommends, and | concur in
the recommendation that the free de-
livery system be entended to towns OF
5000 population. His discussion of the
Inadequate facilities extended under our
present system TO rural communities,
and his suggestion to give these COM
munities Il fuller participation in the
benefits o. tho postal service are worthy
Of your careful consideration. 1t Is not
just that the farmer who receives his
mail ut the ncighboring town should not
only be compelled TO send TO the post
Office for il. but 10 pay "a considerable
rent for box in which to place it. or
wait his time at general delivery win
dow, while the city resident has his
mail brought to his door. 1t is stated
that over -, 900 neigbborhoods are, un
der the present system, receiving mail
at postoftices where money orders and
postal notes are not issued. The exten-
SIGN OF this system to these communi-
ties is especially desi.. hle, "a the pat
rOns of such offices are not possessed OF
the other facilities offered in more pop
ulOus communities for the transmission
of small sums OF money.
/ have in Il message TO the preceding
congress, expressed my views as to
modified use Of the teleg aph in connec-
tion with the postal service.
Tensions.
The administration of the pension
oureau has been char acterized during
the year br great diligence. The total
number OF pensioners upon the roll on
the Both day OF June, 1891, was $40. l60
There were allowed during the fiscal
year ending At that time 250.56 cases.
OF this number l023 377 were allowed