New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08

eign moneys, and international exchanges.
The amount of bullion operated upon during the fiscal
year was:
SCI 59t q
loI22l9l 81
$50 9s3 7i6 %
Deducting edeposits bars made and
deposited at another. the deposits we're: ,o
SG i4siS77 9s
The gold coinage including pieces recOined,
s5OA269O; silver coinage. $5936nl gold bars stamped:
with previous there increase IN the gold
coinage OF 35l93359 so in SILVER coinage sOHSO5 80;
and in gold and silver bars, sl0sl6,Os6 81. The trade
dollar has successfully introduced into the oriental
markets with advantage to American commerce. A %
cent silver coin being required for the purpose OF con-
yenience In making change. tho enactment OF law
authorizing the coinage OF piece or that denomination
is recommended The estimate or the Director OF inc
Mint gain In specie and bullion In the last two
fiscal years about $4,000 900 and the stock of specie
in the country to he about sGG,cOO0o The estimated
increase coin and bullion IL gratifying, being one OF
evidences of gradual recuperaon Of the country
from the effects OF destructive civil STRIFE ana, Ia
connection with annual production Of about s0,0)000
OF the precious metals affords encouragement that
stock of coin may, within reasonable time aud with
favorable legislation. accumulate to an extent sufficient
to enable resumption OF pecle payments TO De under
doubt that bullion converted into coin Will as gen
eral rule remain longer in the country thth ieit IN
an uncoined CONDITION to seek foreign markets. oar
policy should therefore, be to encourage the coinage of
both gold and silver.
With respect - the charge made under existing laws
for the coinage of gold, which in this country IL the
standard metal II no doubt tends to create an adverse
exchange and bullion to be exported to London.
where charge for coinage OF gold Is made Inc eh-
of continuing the charge IN the present imam
cia condition country may well be douh!ed. Tne
attention OF Congress u invited to the explanations OF
the OF the Mint IN connection with the course
OF silver bullion.
With view to the resumption of specie payments, it
Is important To manufacture large quantity OF silver
coin TO take the place OF the fractional notes AMI as
It's preparation at the minis Will require considerable
tme II is recommended that authority BIO given the
Secretary the manufacture OF sucn coinage,
beginning with the smallest denomination, aud 10 grad
computing sterling exchange the fictitious
sumcd par OF four shlings aud sXpencc TO the dollar
and the equivalent, siH+9 to the pound. which had
been III use for long period ceasei on the 5lst of
December last under the provisions Of the act Of March
United states and Great Britain at 81 s66 to the pound
that being the value In United States money ora
timed in the standard gold dollar OF the United States
rhe system has many advantages over the old one
especially in simplicity. and having an absolutely cor
rect basis.
DECLINE IN TIE REVENUE FROM CUSTOMS.
The past and present condition of the receipts from
customs constitute the general guide TO estimates and
recommendations respecting that branch of the public
revenue For year ending June 3d. 1874 the decline
in the receipts from the previous considerable
falling off from SIS OS9, 522 to sl63l0s3j loss OF
nearly s25OOOOO The receipts for the first quarter OF
the current fiscal year were two ana half millions less
than corresponding period OF the last year Tue
receipts for the months of October and November 1873
were S2i3 25 For the same mOnths OF the current
year they $22,155Sll The act OF June ls2 adj
mtcd large classes OF manufacturers 10 reduction OF
10 per cent OF he duties prescribed DY previous statutes
without designating specifically the articles 70 which the
reduction should apply, leaving much room Tor c0nSruc-
the practical appHcatlbn OF the ACT
of new design or OF particular combinations or mate
rails. This act followed by system OF extreme
pressure reduction claimed through changes of cas
sfcatIon articles, and advantage sought 10 be
taken OF every doubtful construction OF all parts OF the
During the years 1873 ana 1874 there was good deal
in reduction Of duties through changes
IN form component materials OF merchandise In
tended the same purpose In CONSUMPTION that
articles aud fairies charged with higher rate VI duty
had previously answered Very large substltutions OF
materials other Ghan wool have been made for fabrics
pre- yiously paying tho duties charged on wo0lens.
silks linens, aud cOttons have been similarly initiated
1 fnnfn I'm nN,llle
aud sought to be avoided III Others by claiming them IA
subject rates of duty prescribed Ia the acts OF 1861 62
AZ manufacturers OF mixed materials.
Some portions of the reductions thus claimed are al
njIted in the revision OF the statutes Of 1874 while
Others are rejected a. not properly authorized. Ii has
been ascertdued, the result Of careful Calculation,
that u concession of the reduced classlicatons claimed
In the large number Of appeals made to the secretary
during year 1874 would have reduced the revenues
50 far as TO emDarrass the Treasury seriously THIS
urgency reduction h great aud there Is more
general acquiesceuce in reasonable aud proper constrlc
ION OF statutes by those who would at any time be
content with equal administration or such laws IL Il
toe purpose the Department 10 render them equal and
uniform their application Is far rs practicable and
Jnsstent with the letter OF the law and 10 administer
tlm with such energy shall leave none in doubt rs
TO their true meaning In the application OF the revised
statutes questions OF construction oftcn aris but the
Department has freely announced the principles OF
structon believed to bo applicable, ana IN this 1t has
doubt entertained that the positions assumed by tue
Department in TINS respect Will bear any test ofreyew
"a which they may be suDIectcd-l matter here alluded
TO only HE hope OF inducing acquiescence IN the in
tent of laws when. If equally enforced cannot operate
sTAGNATIoS IN FOREIGN TRADE THE RESULT OF
GENERAL DEPRESSION.
Tho general depression of business resulting from the
panic OF September 1873, has been followed by unusual
delay in forwarding the Prices in all the mar
kets foreign and domestic, have not been sufficiently
high TO induce shippers 10 make tue usual investment
moving the crops and the result Is that the demand for
consumption Of foreign merchandise usual in the West
aud interior thus season Is held IN Reserve. 40
sequence Of this absence OF demand Tor foreign ecin
disc purchases for tine interior ana tho West have
greatly restricted with reasonable caution Import
have avoided assuming inc burden o STOCKS OF goods
not likely 10 he readily taken OF their hands for
sumption. In what manner or ut what tiDe this
trant viii be entirely relieved, II Is not easy 10
but 1t wOuld be wholly without precedent 10 find
abundant production has marked the prcsrnt year.
without re'nuueratve demand for consumption. for
any considerable time IL Is u reasonable Inference
That TN, slate OF things VIII yield as the
wants Of EirOpc for our surplus crops are
DEVELOPED III the coming year, and that gen,
from IT, VIII revive accordingly. For the present. IL Is
vided by law IN tue most faithful manner Tnrougn IA
UNIFORM and thorough enforcement or existing law,
OF the complaints arising from Supposed mentality and
oDscuiity may be remnved Tao actual receipts from
the Interest alike of the Government and the
that there shall he uncertainty to the meaning of
aud justly. Those who most direc.ly represent Tho
commercial interests have been right IN demanding this
efforts to that end Will prove satisfactory even n they
do not at once accomplish ali that may DC ultimately
done.
Referring 10 the suggestions frequently made I'm
OF mohcatiun Of tn; laws IMPOSING duties on Impor.
aud treating the subject purely Of revenue II 4,
safe To that reduction OF on plrIcnr
classes Of goods can be admitted while the md a,
the Government Tor gold Is large ut Present with
out compensation by Increased rates GU other chase.
Experience has shown that there Is usually great Ins.
ANA inury to individuals establishment Of duie, %"
which the commercial interests have become uuuu.
toned.
THE IMPORT LAWS IN NEED OF REVISION
1t is however. undeniabe that there Inequalities
and In existing laws duties on Inn,
ports and that there Ia demand for their revision which
10 many respects seems 10 DO worthy the consideration