The New York herald., 1873-10-27
Secretary Richardson's Intentions Re-
garding the Issue Of Silver Coin.
PRESIDENT GRANT STILL I'LL,
Germany Investing in the United States
Five Per Cent Loan.
Preparations for the Con
greSSiOnal Session.
The Aversion Of Naval Officers to Long Sea
Service on Distant Stations.

ccTFlcc Ou UlStdHL Ntdtl0HS.
WASHINGTON, Oct. 26, 1879
Continued Illness or President Grant.
The President Is still suffering from the cold con-
tracted during his recent visit to Toledo, and Is
little disposed to attend to business other than
that requiring his immediate attention.
The Issue OF Silver Coin.
The Secretary or the Treasury has not per-
fected the regulations under which small amounts
OF new silver coin may be disbursed by the AS
sisrant Treasurer. The Impression appears to
have become general that the new silver trade dol
lar win be paid out. This cannot be done, as the
coin is worth at present 81 Is In currency and viii
always be worth several cents more than gold
dollar.
But the halves, quarters dimes and half dimes
In sums or 81 are, with gold at eight and one-lialf
per cent premium, worth less than currency; 30
that 1t is saving to the government to pay out
the fractional silver coins.
Bat even were the Secretary OF the Treasury dis
posed to issue silver coin to any larger amount,
he would not at this tine he able to do
so. The influx Of foreign gold makes 1t
necessary that it should be assayed and
reconed at the earliest moment Every effort
Is being put forth at the Philadelphia Mint to coin
gold, and the capacity OF It's machinery is not
equal to the present demand. AS the labor OF
coming piece OF silver Is as great as coming gold
the Secretary says the public will readily that
it would be impossible to turn out any large
amount OF silver coin without allowing the un-
coined gold to accumulate, and that would be a
positive injury to the business interests OF the
country. He doubts whether people win care to
burden their pockets with metallic money when
the fractional currency is just as valuable and a
doo vyy,o o<a,-a io
put out, 1t is his impression will be boarded and
not be used as circulating medium.
His plan, he thinks. win be to allow all govern
ment Indebtedness in small amounts and sums of
SIS or $40 on large bills 60 be paid out in the silver
standard coins by the Assistant Treasurer this to
continue while the premium on gold remains be-
low ITO. The extent of pouring out silver coin, it
will be seen has a basis, like that OF circulating
the trade dollar entirely governed by the premium
on gold.
Dr. Linderman, Director OF the Philadelphia
Mint, is expected here tomorrow from Phadel-
pha, and Will report to the Secretary Of the Treas
ury to what extent the machinery can be used In
coining the silver bars now on hand.
Nearly S5O.C00,OoO OF Fractional Cur
rency Anoat.
The circulation OF fractional currency is increas-
ing daily, and it s expected that the limit or
reached in few weeks. The denomination now
being sent the assistant treasurers and gov
ernment deposiarIes is the last issue of fifty cent
notes. 1t has been the policy Of Secretary Richard
son to put as many OF this denomination circu-
laton as possible believing that the disbursement
$s00o,0 600 or $10 900 in fifty cent notes would in
a measure tend to relieve the present financial dis.
tress.
Standard for Foreign Currencfes.
it is understood that Secretary Richardson, after
full examination OF the legal questions concerned,
has decided in favor OF his right and duty, under the
first section Of the act OF March 8, 1873, which
established the value OF the pound sterling, to
cause the Custom House value OF foreign curren-
cies as used in invoices OF importations into the
United States to be estimated at the standard
value OF the foreign coins representing such cur
rencles, except In those cases where by the SUBJ
stituton OF paper for metallic issues or debase.
ment OF the coinage, the actual value of the
money Of account has fallen below the standard
value OF the coins representing the none
tary unit. In such cases consular certi-
flcates will continue to be received as the
best means OF reaching the value Of
foreign currencies, but in all others
the declaration OF foreign government as to the
standard value OF its monetary unit will be ac
cepted, and invoices priced therein win be turned
lutO OHltcu SeatcS mUucy dI Lut btduudru VaIueS
of both currencies. 1t will be remembered In this
that the coinage act OF February IL
1873 abolished the silver dollar as the monetary
unit and substituted for it the gold dollar OF 25 $40
grains, troy weight and nine ten tbs pure gold The
result OF these changes will be virtual increase
OF the tariff in numerous instances; but no doubt
Is entertained that the new method or valuation
for foreign currencles is at once the best and
farest and one that should have been followed
long ago.
A New German Investment in United
States Bonds.
Mr.. Cattell teiegraphs to Secretary Richardson
that the German government on Friday made a
further subscription to the Eve per cent loan,
through the Syndicate, amounting to So, 100000.
This Is the third subscription made by the In
perial government aggregating over $1o,oOo,ooo.
Failing Or i'm Our British Imports.
From statement received ct the Treasury De-
partment from Europe, relative to the principal
articles OF English and Irish produce and manuac-
ture exported from Great Britain to the United
States during the eight months ending August 81,
1879 In comparison with the corresponding period
Of last year, the following appears:-
IRON 1873 1872
rlg toiis Is3tS 153,S3l
Bar, bolt rod, tons ............... 2L51t 1886
hai1oeo' tons ...........-...... nlSW Jiu32i
Sheet, hoop, &c, tons .......... 1925 2In20
Cast or wrougnt tons.......... 1905 90S
Steel nwrought, tons............ 1885 1918
Tin-Pates tons.................. 6lN3 f37Y0
Tn-unwrousht cwt. .............. iSls9 HiS1
aA p N ahaa tone