Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1869-12-16

mand for paper forthat purpose will not
be less than $30,000,000. As a conse-
quence very large quantity OF coin will
be increased upon the-Atlantlc coast, and
the paper circulation In the States east Of
the Rocky mountains will be materially
reduced. These changes will tend to di-
minish the difference between paper and
coiu."
Concerning the resumption of specie
payment, the Secretary says;
When the credit OF the country shall
be fully established in Europe, and there
shall be no doubt either Of our ability or
disposition to meet all of our obligations,
bonds, heretofore, and now, to a large
extent, held by merchants and bankers,
will be transferred to capitalists for per-
manent investment. When this change
shall have ia ken place the probability of
our securities being sent home under the
influence of political or financial disturb
ances in England will be very light, and
when, as a concurring fact, our exports,
exclusive Of public securities, shall be
equal to our imports, specie payments
may be resumed without even temper
airy embarrassment to the business of the
country
Mr.. Boutwell, cites attention TO two evils
in the present banking system, the same
as noticed in the report of the Comptrol.
Ter of the Currency--the first that Of the
banks allowing interest on deposits, and
the second, the practice of making call
loans for speculative purposes. 1t does
not seem to him to be wise to authorize
ba f,nli,,,r r>r No. Ia r., 10 D
bonds,which as is now anticipated, WILDE
outstanding on the LIST OF July next; but
that S25O,000,00O .at least should be sut-
fered. to remain, either for purchase or
redemption previous to 1874. Should the
sum of $250,000,000 be left for that pur-
pose, the entire public debt would be in
condition to be easily redeemed between
1874 and 1881. The 1910 bonds could
be paid and provision also be mace for the
redemption OF the bonds which will be-
come due in the year 1881. 1t may be
wise to reduce the proposed loan to ST.
000,000,000, which would then leave for
payment, previous to 1881, the sum of
about 100000, 900; or hardly mere than
$60,0O0,000 year. Assuming that the
loan will be for an amount not exceeding
1000 100000, he recommends that it be
offered in three classes, Of $400,000,000
each. The first class to be payable in Is
years, and to be paid in 20 years; this
second class of $400,000000 to be payable
in 20 years, and to be paid in % years; and
the third class of $500, 100000 to be payable
in 25 years, and to be paid in 30 years.
In Offering the new loan, citizens and
subjects of other governments should re-
ceive the strongest assurance that the in
terest and principal are to be paid in CON-
according to the terms of the bonds issued,
without any deduction or abatement what.
ever.
When the $50 bonds shall have been
funded to the amount of $1,000 900 or
81, 200, 100000 the revenues can be re-
duced materially, and yet sufficient sums
be raised to meet the ordinary expenses
of the government, to pay the interest on
the public debt, and also to pay from $685.
1000 to $50 100000 of the principal an
nually.
Should the success in negotiating the
loan be equal to the Secretary's expccta-
tons, based upon the fact that the ability
and disposition of the people of the
United States to pay the public debt are
sufficient to justify us in assuming that
the bonds of the United States will com
mand the highest rates in the markets Of
the world, we shall then be in condi
ton to enter upon the work OF reducing
taxation at the commencement Of the
next session of Congress.
On the Both of June, 1868, the amount
of outstanding per cent certificates and
compound interest notes convertible into
atau on Gl1 Qn0
On the Both of June, 1862 the amount
outstanding was $54,09l ,4l0-showing
reduction of Sl6,613,4S0 in that
form OF Indebtedness On the 1st
of December, 1869, the amount
outstanding was still further reduced
to 1910, 150-showing total reduction
In II months of S22, SS8,740. The per
cent. certificates are substitute to con-.
siderable extent for United States 5.20s,
being largely held by the banks as a por
ton of their reserve, and thus indirectly,
though not to their full nominal value,
they swell the volume Of currency. II is
recommended that provision be made for
the redemption of the 3 per cent. certif.
Gates within reasonable dine, and as a
compensating measure for the reduction
in the amount of currency which would
thus be caused, that authority be given to
grant charters for banks in the States
where the banking capital is less than the
share to which they would be entitled, to
an amount not exceeding f35,000,00O in
the aggregate
The receipts for the focal year
ending June 30, 1882 were. $370, 943, 747.2i
Expenditures Northumberland. 321 ,4y0, 6G.75
Receipts over Expenditures. ......$ II, 453, 1896
Receipts for the quarter ending
Sept. 30, 1859, t108, 1871 ,8220 90
Expenditures. .,.,,................ $780, i4.59
Receipts over Expenditures. ..... 3 q, 1851, l0743
Estimated receipts for the three 70.
naming quarters OF the nscal year
ending June ~, 1870 .......,,.. s2s6 00O, 0O0 90
Expenditures. ................. 209 ,250, 10000
Excess Of estimated receipts .... 70, 100, 10000
Estimated receipts based upon OK.