Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1847-12-24
REPORT OF THE SECRETARY OF THE
TREASURY.
TREASURY DEPARTMENT, Dec. s, ls47.
CONCLUDED from last 7reek. }

,
1893 to 1st December, 1847, amounting in the
whole TO S143,23S,37O ga; showing that the
amount coined this year would be about one
sixth of the aggregate coined in the ffty-fve
years from the first coinage in 1898 to the
close of the present year.
Table gives the coinage each month this
year from the 1st Januaryto the 3Oth Novem-
Der.
Most of this coinage has been by convert
ing foreign gold coins, which will not circu.
late among our people, into American gold
coins. which is now going into much more
general circulation; and during the ensuing
year it is expected that the coinage of specie
| from the silver that must be brought in from
Mexico, in exchange for our imports there, as
also for the new issue of treasury notes now
asked from Congress, as constituting a part of
| the loan recommended, will, it is believed,
greatly augment the coinage of silver during
the ensuing year.
Under the export duty upon specie now ex-
listing in Mexico, it is believed that when the
new treasury notes now asked for shall be is
sued, they may be sold, it is to be hoped, to a
considerable extent. on account Of the govern
ment, for specie, at a premium in Mexico; and
as the government funds will not be sub ject
to the export duty, the specie may be brought
into the country Ivy this department, in ex-
change for these notes, and recoined at the
mint in New Orleans into American coin.
II has been seen that the amount of foreign
coin or bullion coined this year at our mint
and branch minis. under the new orders of this
department, estimating December the same as
November, would be S23,844,OOl 90. AT
which rate, we would soon supply our own
people with our own coin, and in time, also,
with our augmentlng commerce, Amercanize,
to great extent, the coin of the world; and
thus introduce our simple and beautiful deci-
NAL currency gradually throughout all nations,
substituting it for the complex system OF
pounds, shilings, and pence, or of doubloons,
ducats, and rupees, which retard business and
comphcate accounts.
Heretofore the world has supplied us with
foreign coin, which will not circulate among
our people, because of its extreme compleXity
but now our own coin is flowing into the chan
nels of our own circulation, and must soon be.
gin TO diffuse itself into other nations, for theil
benefit as well as our own. The three things
which most concern the progress of the wealth
of the world, are free trade and uniformity in
coinage and in weights and measures. Coins
as we'll as weights and measures, for the ben.
eft of all nations, ought to be uniform through
coinage should be more simple and perfect
than that of any other nation, it ought to be
and ultimately will be, adopted, and lead, as
far as practicable, to the introduction of the
decimal system OF weights and measures, sc
that ultimately the coin and the weights and
measures may be simple and uniform through
out the world.
Table T shows the imports and exports O.
specie for the fiscal years ending 3Oth June
1916, and Both June, 1847; being for 1916 ar
import of s., 777.732; and the export SO, 4S1,.
417, leaving the gain OF specie that year $780,.
315 !; and in 1847, the specie imported was
S24, 12l ,289, and the export 81 ,845,119, leav-
ing the specie gained in l847 S22 ,276,17O.
Table u shows the amount received in spe.
Gle from all sources-customs, lands, miscella-
neous, and loans, from 1st January, 1847, tC
LIST December, 1917, being 1861, 1856 IS
and the amount Of disbursements in specie du-
ring the same period, 8,226,516 81; show.
ing the aggregate Of receipts and disbursements
in specie during the first eleven months of the
new system, 500, 1894 ,4O2 40, and proving
that the department has been enabled, during
the last eleven months, to circulate by dis.
bursements among the people the sum of S48,-
226,516 81, under the specie receiving ant
specie circulating constitutional treasury.
Annexed are tables (marked and p show.
ing the market value, as also the actual sales
of treasury notes and United States stock il
the market at New York and New Orleans
from the prices current of those cities, from
December !, 1916, to December /, 1847 a:
also table (KK) showing the amount O
treasury notes received each month in paymen
for duties-S2 ,O29 900 in the whole from Is
December, 1916, to 1st December, 1917; from
which Congress may Judge of the probable
rate at which another loan can be effected
These tab es show how much these stocks ant
notes have luctuated, being at rate occasion
F., ally below par, for a long time at par, subse
quently several per cent above par, and again
upon the 1st of the present month, at par il
. New York and New Orleans These note
(per table XXI were paid in for public due
during every month from 1st December, 1916
TO 1st December, 1847, to the amount of So,
) O29 900; and during April, 1917, the mont
( in which the loan for them was negotiated a
e a premium, they were paid in for customs a
lone to the amount of SlO1 $50. They ar
now being used, 10 some extent. in payment
{ to the government, and may be regarded as q
par. The total amount of the treasury note
: advertised was eighteen millions Of dollars
T.. and the amount Of the bids, as exhibited in ia
, Bile 3, hereto annexed, 57,722 1888; OF whic
the sum of S2,839 800 was bid for at par, an
s S54,S83,183 above par. The notes were as
signed to the highest bidders, at rates varyin
. from one-eighth of one per cent. to two pc
: cent above par, all the lower bids being, c
course, rejected; and the table last above men
: toned will exhibit fully and in detail tn
y course pursued on that occasion. The Lax
e conferred the powerto have changed all thes
i notes for specie, without advertisement, wit
any one, at or above par but, in hopes of OF
laining premium for the loan in whole or i
l. part, bids were invited for the amount of 81
S 100000.
j. Annexed is copy OF the advertisement {
this loan, marked 5, dated 9th of February
1917, having been issued during the session {
: Congress, and extensively published through
l. out the Union, from the 9th of February to th
1t 10th of April, l847. The remainder of the loa
J. beyond the amount advertised was exchange
:, at par, partly for money to be deposited with
; out charge at New Orleans, where the wan
t of the government were great, and the re
q paid out chiefly in treasury notes at par to I'll
e Smithsonian institution, also to other credlto
>, OF the government; the notes at that time b.
ing generally at par, and the wants OF the e
0 vernment requiring the use OF the money b
l. fore it could be obtained upon the advertis
lie ment On the 22d October, 1916, las p
p printed notice hereto annexed, marked A. Il
:: department advertised for the exchange
= $4,000, 900 of treasury notes al par Tor depo
al ties of specie with the assistant treasurers.-