The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1872-12-12

in coffee $4,000, 600 in sugar nearly
/ $1,000, OGO in tea; nearly 100000 IL
tin plates; more than SlT, ,OOG, 900 IN
raw wool; S2,000,O 900 in pig iron
SIG, 200, 900 in manufactures of iron
s., ,0O0yO 900 in manufactures Of cotton
-, 100000 in manufactures of silk
and about s., 100000 in the manufsc.
ture of wool. These statistics are not
presented as affording a basis fol
legislation, but rather because they
are exceptional in character and not
likely to be repeated.
THE UNITED STATES MINIS.
During the last year thorough ex-
J animation have been made at the
mint at Philadelphia and of the
branch mints at San Francisco and
} Carson City, and exhaustive reports
on the condition of each, and also on
several questions of a general charac-
ter connected with the mint service,
made By DR.. Linderman and Prof.
TOrrey, and to be printed for the use
of the Department and Congress.
From these reports it appears that
the service is in a satisfactory cOndi-
ton. In the last ten years the COM
mercial value of silver has depreciat-
ed about three per cent. as compared
with gold, and its use as currency has
been discontinued by Germany and
some other countries. The financial
cisl condition of the United States
has prevented the use Of silver as
currency for more than ten years, and
am of opinion that, upon grounds
of public policy, no attempt should
no nnann fn fnfrnHnnn ~ hrrF that N
coinage should be limited to COM
mercial purposes and designed exclu-
sively for commercial uses with other
nations. The intrinsic value of a
metallic currency should correspond
to its commercial value, as metal
should be used only for the coinage of
tokens redeemable by the Govern
ment at their national value. AS
the depreciation of silver is likely to
continue, it is impossible to issue coin
redeemable in gold without ultimate
loss TO the Government; for when
| the difference becomes considerable
holders will present the silver for re-
demptiOn and leave it in the hands of
the government to be disposed ofsub-
sequently at a loss. If the policy
should be adopted of issuing silver
coin irredeemable, but whose intriD-
sic value should correspond to gold,
/ time muse come when the cOntry
would suffer from the presence of q
! deprecated silver currency not re-
/ deemable by the Government no.
current in the channels of trade.
| Takers of base coin, except for small
/ denominations, are less convenient
than paper, and are subject to many
other serious objections. The prOvis-
ion made by the Treasury department
| for the redemption of mutilated paper
money is much more ample than
| formerly, and think it practicable
/ through the Post Office Department
to make an arrangement by which
the whole country shall be supplied
with fresh issues of fractional curren-
cy. Therefore in renewing the rec
concentrations heretofore made for
the passage of the Mint bill, suggest
such alterations as will prohibit the
coinage of silver for circulation in
this country, but that authority be
given for the coinage of q silver dollar
that shall be as valuable as the Mexi-
can dollar and be furnished at its
actual cost. The Mexican dollar is
used generally in trade with China,
and is now sold at q premium of
about per cent. over the actual eX-
pense OF coming. As the production
of silver Is rapidly increasing, such q
coinage will at once furnish a market
for the raw material and faciliste
commerce between the United States
and China.
THE NATIONAL BANK CURRENCY
SHOULD BE RENEWED.
1t is no exaggeration to say that a
necessity exists for a new issue of na-
such issue were given in my last an
ual report. 1 take this occasion to
call the attention of Congress to
communication naedC ny me 10 Lne
Ax0use OF Representatives on the 22d
day of March, 1872, lex. Doc, 2S3,
XLIInd Cong, ID Ses.) in which
l recommended the inactment of a
law for the relief of the Treasurer
from responsibility on account of the
dishonesty of Seth Johnson and Fred
erick A. Marden, formerly clerks in
his office, and also for the correction
of certain discrepancies in the public
accounts, amounting to S406.35, that
the books of the Department may be
made to conform to the facts.
DEFALCATIONS,
An examination of the affairs of the
Office of the Assistant Treasurer at
New York, made in September and
October last, disclosed a defalcation
in the Stamp Division, in charge of
James J. johnson, of SIS5, ,I3I.72. The
report of the Committee explains the
course of proceeding by which John
son was able to embezzle the
amount of money. The report
further represents that Mr.. Mill
house, the Assistant Treasurer,
cannot be charged properly with any
neglect of duty, and in this opinion
concur. The business of keeping and
selling stamps was imposed upon the
several Assistant Treasurers by virtue
of the authority invested upon the
Secretary of the Treasury in the 9Th |
section of the act of August g, 1916. |
But, by the terms of that act, il was
not competent for the Treasury De-
partment to allow the Assistant |
Treasurer at New York compensation /
for the labor and responsibility of the |
Stamp Division, although the COM
missions which would have been pay
able to him, at the rate allowed to |
private parties by the I6lst section Of
the act of 1884, amount to more than /
$500, 900. The circumstances OF this /
case are such as to justify me in rec
the passage Of a law by |
which Mr.. HillhOuse shall be relieved |
from responsibility in the matter Of
the defalcation of Johnson.
PUBLIC BUILDINGS.
The report of the Supervisor Archi-
tect of the Treasury furnishes con-
else statement of the cost and condi-
ton of the public buildings in charge
of this Department. Large sums of
money will be needed for the build
ings already begun or authorized, and
1 respectfully advise that provision be
m9de for the erection of Pavilion Hos
pitfalls, and building for the accom-
mediation of the Bureau of Engraving
and Printing, and the storage of the
books and papers of this Department,
and that no new works be authorized
at the present session Of Congress.
The business of the Office of the Su-
Architect of the Treasury is
luA4N CQuell W l4C AOlCC llpAO9 GU anu
the necessary appropriations are so
large as to justify Congress in refus-
ing all applications during the pres
ent session. The destruction of the
on the easterly side of the
new Post Office, in the city of Boston
furnishes an opportunity that ought
not tn be lost for the purchase of the
remainder of the square. An act, ap-
proved June Is, 1872, authorized and ,
the Secretary of the Treasury
to purchase a lot of ground in PhilA-
1elphia for the accommodation of the
new Post Office and United Stares
Court, and to erect q building there
On, the cost of the whole not to ex- 4,
ceed the sum of 81, 100000. Under the
set, and following the usage OF the ,
I appointed a commits (
sion of citizens of Philadelphia, who
were authorized to receive proposals
for the sale to the Government of q
suitable lot of land. The report OF the
Commission has been submitted to
the Department, from which it ap- :
pears that the lot thought to be most
desirable, situated on the corner OF ]
L