Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-12-09
Report of the Secretary Of the Treasur


We have received through Collector
Mills, of this city, the annual report of
Mr.. Bristow. Secretary of the Treasury.
We have only room this morning for few
brief extracts. On the question of cur
rency the Secretary is quite voluminous,
and the following IS his plan for resump-
ton of specie payments
In furtherance of the purpose of the act
of the last Congress to provide for the re-
sumption of specie payments, the Secre-
tary recommends that authority be given
for funding legal-tender notes into bonds
bearing low rate of interest. Such bonds
should run for a longer period of time
than those now authorized for refunding
the interest-bearing debt. and should be
made available to national banks for de-
post to secure their circulation and other
liabilities to the government, and
should bear rate of interest so low as
not to cause too rapid absorption of the
notes. 1t seems probable that bond
bearing interest at the rate Of four per
cent, would invite the funding of sufi-
Gent amount Of legaLtender notes to less
en- materially the sum of gold which, in
the absence of such provision, must be &C
cumu!ated in the Treasury by the LIST of
January, 1879, to carry out the imperative
requirements of the act of January IA,
1915. If it be apprehended that authority
to the Secretary to fund an unlimited
amount of notes might lead to too sudden
contraction of the currency, Congress
could limit the amount to be funded to
any given period of time. The process
being in no sense compulsory as to the
holders of United States notes, and the
rate of interest on the bonds being made
low, it is not probable that currency which
could find profitable employment would be
presented for redemption in such bonds.
Only the excess of notes above the
needs of business would seek such con-
version. Authority to the Secretary of
the Treasury to redeem and cancel two
million of legal tender notes per month by
this process would greatly facilitate re-
demption at the time now fixed by law,
and besides would have the advantage of
publicity as to the exact amount to be
withdrawn in any given month. Bonds is
sued for this purpose should be of the de-
nomination of fifty and one hundred dol
lars, and any multiple thereof, in order to
meet the convenience Of all classes of
holders of United States notes. The faith
of the government now stands pledged to
resumption on and after January, 1, 1879,
and to the final redemption and removal
tender notes as fast as they shall be pre-
provisions of the act of January H. 1875.
To resume on the lst of January, 1879,
without further legislation, would require
the accumulation of large amount of
gold in the treasury in order to avert the
possibility of failure of the plan. Such
an amount of gold can be procured with
difficulty, and not without more or less
embarrassing effect upon the trade and
commerce of our own and other countries.
The present abundance and cheapness of
both currency and capital presents a
favorable opportunity for the withdrawal
and redemption of considerable part of
the outstanding legal-tender notes, thereby
making easy and effectual the redemption
now pledged. Such withdrawal of legal
tender notes, thus dispensing with the ne
cessity for accommodating gold in the Treas
ury in proportion to the amount with
drawn, would tend to appreciate those re-
naming outstanding and make it easier to
protect and keep in circulation the silver
coin now authorized to be issued.
The act last referred to is an express re-
cognition of the duty and obligation of the
government to resume specie payment at
the day therein named; and however wide
may W GlO ViOWo VI iuCOlil-
gent persons upon the means adopted by
Congress, it is gratifying to know that the
end sought to be reached has met the con-
currence of the country, and that major
ty of the people, wherever the matter has
been publicly and fully discussed, have
signi6ed their approval of the determine
ton of Congress to be faithful to its
pledges, and to relieve them of the ills of
an irredeemable paper currency.
TREASURY ESTIMATES.
The Secretary of the Treasury has to-
day sept to Congress his book of estimates
for the fiscal year, ending June 80, 1877,
the following being the total recapitula-
ton by departments
Estimates Estimates Appropria-
for for lions for.
1871 1876 1876.
Congress- s,958475.lO 6,65s137.97 5Os5, 4ls 80
Executive
proper. 78.4oooo $4,000 $4,000
Del art. OF
State. 1901 ,095.eO l,63s.765.e0 1852, O35.00
Treasury
Dept 7l,l9s267 SO Ill oss, s14 81 III $50 6s5 "A
War Dept. $780, 1871 52,538,Oi900 40, 657.
Davy De-
part. 22,792426.4O 2l,0s6 62765 lo,577,54es 80
Interior
Dept -. 4O.5 4,l25.6i 42O63,285.s6 $685. 1853
Posto1fice
Dept. 9,s6a,7l4.l9 1O46s,75O s,9sO,657 60
Dept of
Justi .e.. 3,S50O40.0O 4,lO126O.OO 3S875l9 46
Dept OF