Northern Ohio journal. [volume] (Painesville, Ohio) 1872-1896, 1873-11-08

A IT Fl O M f.
DIsrRIcr OF COLUMBIA.


The Director OF the Mint makes the
foliowingh statement OF the purpose of
the Government in paying out silver
coin: In this, as other countries where
gold is the sole standard or measure of
value, silver coins are overvalued for the
purpose of rendering them inexporta-
BILE. They are manufactured and issued
on Government account. the law, how
ever, placing directly or indirectly on is
sue to prevent redundancy. II issued
in time of specie payment beyond the
requirement of the public for change,
such coin will not maintain their pur-
chasing power with standard coins
Owing to various causes in this and 9TH
er countries silver has declined nsvalue
10 a point at which the Government can
purchase it with gold, manufacture it
into small coin and pay it out at a. fair
profit. The Government has recently
purchased a quantity of silver bullion
sufficient for its purposes at 11211s cents
| per standard ounce and will manufac-
| ture it into coin at the fixed legal rate Of
81. "a 4-10 per ounce, The differences
between the purchasing and Issuing rate
| being within a fraction of twelve cents
| per ounce or about ten and a half per
/ cent. on the gold coin paid in purchase.
This operation is believed to be more
profitable one for the Treasury and also
more advantageous to the public in the
present condition of the money market,
than the sale of gold for legal tender
notes, and is not a scheme for the re-
tsumption of specie payments, but SIM
ply a compliance with the mint laws
A dollar in United States currency will
purchase little more gold in the mar
ket than dollar of small silver coins.-
The dollars will therefore soon find their
level and unless there be a rise in the
prices of both gold and silver, small
coins must circulate concurrently with
/ paper money. The Government has in
the possession of the Assistant Treasur-
ers about $500, 600 in silver coin and al
the mints and Assay Offices in silver
coin and bullion about two Millions
This stock is ample for the present.
This mode of paying out silver coin will
be continued until circumstances shall
dictate contrary course as proper
The Government will exact the full seig.
niorage required by law, but will moi
undertake to control the disposition ol
coin after 1t is paid out. Coin will thet
become the property of holders who may
do what they please with it This course
was not decided upon until it has beer
, fully considered by the Secretary of thu
Treasury.
L
, The following statement has beer
| prepared by Commissioner Drummond
, Of the General Land Office, for his forth
coming report: During the last fisca
year pnblic lands were disposed of al
follows, figures representing acres il
. round numbers: Cash sales l ,626, ,266
located with military warrants, 214 $40
taken for homesteads, 3,793 796; located
with agricultural college scrip, 659, ,446
! certified to railroads, {, ,0S3, 1855; certifiet
, to wagon roads, 1856; approved t
E States as swamps, 238, ,54S; certified t,
: agricultural colleges, 1929; certifiet
8 for common schools, 76, 800; certified 70
Y universities, 81 ,22s; certified for semi
t naries, 800; approved to States for in
: ternal Improvements, 100, ,775; Indial
: locations, 14,223; total in round mum
!. bers, 3,030, ,606; disposal of previou
: -Iyear, 1854 ,975; increased disposal
t ,l65, ,63l. The cash receipts under va
S rious heads amounted to $93 400, ,5l5.-
f The surveys during the same perio
e show total of 80, ,4SS, 1873 acres. Sur
3 veyed during the previous year Is, ,450,
939; increase in number of acres sur
] veyed, ,037 ,494. The total area of lam
4 in States and territories, is 1884, ,998, 40
S acres and making proper deduction
:. ,21S, S,443, ,602 acres are yet TO be sur
S veyed.
:. The following is statement of tn
public debt ending Nouember 1, 1873:
, Six per cent. bonds. 81 ,234 ,098, ,05
Five per cent, bonds. 489, 80
H. T. Il l. \ ezn