Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-12-16

international EXCHANGES
| The amount Of bullion operated Upon dur
ing the fiscal year was
God .............. $68S61, 1914 81
SILVER ................ 1922 151 81
zf Total ................. $50, 983, 746 %
Deductlngs redeposits, bars made at one in.
stltutlon and deposited at another the depos-
it's we're
Gold ............... $49,142,511 O6
SILVER .-.....-.... II, 484,677 70
The gold coinage. Including worn pieces re-
coined, was sou, Az, $50; silver coinage S. $685.
COL: gold bars stamped, So, 1856 2l8 SILVER bars
stamped, S6,847, 1918
compared With the previous year there was
an increase 10 the gold coinage of S15, 1873, $780,
SO; in silver coinage. 49, 037 805. so; and in gold
and silver bars, $40 .S16, 0S6.57 -+
The trade dollar has BET II successfully intru-
duced INTO the Orinn,al market with advan-
tage to Amerlcon commerce.
A t"entVcent silver coin being required for
the purpose OF convenience III mAkiag change,
the enactment of q law authorizing the com
age of piece of that denomination Is rccou-
mended.
The estimate of the Director of the Mint
shows g. gain in specie and bullion in the last
| two fiscal years Of about $3S 900 900, and the
stock OF specie IN the country to BIZ about
$166, 100000.
The estimated increase of coin aud bullion
Is gratifying, being one of the evidences of a
gradual fecupCratlun of the country from the
effects or destructive civil strife .paDd in con-
nectIon WITH an annual production Of about
S7O.o0O.OOO OF the nl ecious metals. affords en-
| enlargement that a coin may, within reasona.
bic time and with favorable Legislation, accu
mulate to an extent sufficient to enable re-
sumption of specie payments TO be undertaken
and maintained.
| There would appear TO he no doubt thai
! bullion couyerie ed into coin wilt. as a general
| rule, remain longer IN the country than if left
| IN an unconed condition to seek foreign mar
| kets. Onr policy should, therefore. be to en-
| courage the coinage OF both gold and silver
| WI respect to the charge made under ex-
| lstlng laws tor the coinage of gold, which in
tins country ls the standard metal, it no
doubt tends to create an adverse exchange
and causes bullion to be exported t. London,
! where no charge for coinage OF gold rs made.
The expectancy OF continuing the charge in
the prestn ut financial condltion OF the country
| NAV well be doubted.
| The attention OF Congress is invited to the
| explanations of the Director of the Mint in
| connection with the course Of silver bullion
| With view 10 the resumption OF specie
| payments, It Is important TO manufacture a
! large quantity of silver coin to take the place
OF the fractional notes, and. as It's preparation
| at the utlnts Will require considerable time, it
| is recommended that authority be given the
Secretary to commence the manufacture Of
such coinage, beginning with the smallest de-
| nomination, and to gradually Withdraw the
| fractional notes. -Fsat
Ihe system OF computing sterling exchange
| on the FICTITIOUS or assumed par of four shil-
lmgs and sixpence to the dollar. and the equiv
| alent, "a. "A 40 TO the pound which had been
N use tor a long period, ceased on the 31st OF
December last, under the provisions of the act
! OF March 3, 1878, which fixed the par of ex-
change between the Unired States AID Great
Britain at S4.86,6a to the pound, that sum
| being the value In United States money of a
standard sovereign, compared with the pure
gold contained In the standard gold dollar of
the United States.
The new system has many advantages over
the old one, especially in simplicity, and hay
ing an absolutely correct basis. g..
REVENUE FROM CUSTOMS.
The past and present condition of the re-
cepts from customs constitutes the general
guide to estima tes and recommendation
respecting that branch of the pubic revenue.
For the year ending June 80. 1874, the he.
cline in receipts from the previous year was
considerable falling off from SlSS, O89, 500 10
s163, 193833, loss of nearly s25 600 900. The
receipts for the first quarter of the
current fiscal year were two and a
half millions less than for the corresponding
period OF the last year. The receipts for the
months Of October and November, 1873 were
s2I, 243, 1873 IS. For the same months of III
Referring to the suggestions frequently made
in favor of modification of the laws imposing du-
ties on imports, and treating the subject purely
as one of revenue, it is safe to say that any re-
ductlOn of rates on particular classes of goods
can be admitted while the demand of the gov
eminent for gold Is as large as at present,
without compensation by increased rates on
other classes. Experience has shown that
there is usually great loss and injury to indi-
yiduals in adjustment of duties to which the
commercial interests have become accustomed.
IL Is, however, undenlable that they ara
Inequalities and lncongruities in existing laws
imposing duties on uports, and that there is
demand for their revision, which, in many re-
spects, seems to be worthy the consideration
OF Congress. Should it be the pleasure OF
Congress to enter upon this work of revision
1t Is recomm ended, in order to avoid the diff.
fcuties attending hasty and partial moditica-
iIons, that pl DIVISION be made by law for the
appointment Of a commission to prepare the
details or a bull for this purpose and to report
to the next Congress.
Ii is certain that the aggregate amount now
received from this source Is necessary for
revenue to meet demands, which cannot be
safely stated at less than $3.50 900 900 in gold.
besides the receipt. from internal revenue and
other sources. The import statements Tor
lS72-'73 show how heavily the revenues from
customs were depleted by the reduction of
1872 coffee alone having yielded $40 ,969. O98 n
4.
portations OF coffee, in 1873 the rate Of three
cents per pound would have yielded nearly
1900, GOO, and two cents per pound almost
Sc, coo 900.
The following table exhibits the annual i'm
ports OF coffee and tea from 1871 to 1874, in
elusive, with the total value thereof. and THE
average price per pound in the countries of
their production:
STATEMENT OF IMPORTS OF COFFEE AND TIE. FOR
THE FISCAL FOUR YEARS [ENDED JUNE 3O) 1871
TO 1874 INCLUSIVE
-Ceffee-@AvC Cost per
Flscal year Aggre'te pound at
endeo June ~. POUNDS. Cost at place place Of
of shipment. of shipt
1871. ....... 81, 2.048 $50, 1859 9.74 cents
1872 ......... 1893. 800, 946 1882 225 1853
1873. .293, 297, 27l A. 1O9671 1900
1874. .285, 171,5l2 55O48967 1884
C--Tea----,A v. Cost per
Fiscal year Aggre'te pound at
ended June 80. Pounds. Cost at place place o f
of shipment. shipment.
1871...... 81 1864 ,919 $17,254,617 SO. go cents.
1872.... 60, 81 ,O03 %, 943,575 5000 &c
1878. 81, 815,l36 "a, 46o,170 3i74 !"
1874. .......... 55,811 sos 21,112,234 1882
RECEIPTS FROM INTERNAL REVENUE
The report of the Commissioner of internal
Revenue presents a satisfactory exhibit of the
revenues In charge Of that bureau
The decrease from each source of internal