The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-12-09

Additional vaults are required in the
Treasury offices in various parts of the cOun-
try, for the storage of silver coin, in view of
the contemplated resumption of specie pay
ments. An addition of assaying facilities to
the New Orleans mint is suggested.
The Director says the two years yield of
mines will, it is probable, furnish sufficient
silver to manufacture all the fractional cur
rency coin that can be advantageously used
in the country after the redemption of
fractional notes. The trade dol
lar coinage should be continued,
if for no other purpose than to make local
market for silver.
The purchase Of silver bullion from jan
uary IA to October 81, 1879, amounted to
SO, 349, I47, at an average price, with refining
charge added for bullion, of one dollar
eleven cents and four mills per ounce, the
standard coinage rate Of fractional silver
coins being one dollar tWenty-fOur cents and
four mills per standard ounce, the gain on
the coinage will be thirteen cents per ounce,
or about II per cent.
The total expenditure attending the manu-
facture of coinage of last fiscal year (S43,
Sj4, 70S), was $3.50, so, or about 60 per cent.
of the expense of maintaining fractional cur
rency. In this estimate, the seigniOrage
realized on the silver and minor coinage,
S43, 615, has not been considered. The pro-
priety Of increasing the amount of ten dollar
gold pieces is suggested for the consideration
of the Secretary of the Treasury.
The Director speaks at length of the course
Of gold and silver duringt the last three years,
saving the monetary troubles have not been
caused by insufficient supplies of gold, but
by its having been withheld in large sums
from circulation, and by the diminished use
Of silver rs money. The delay in the new
coinage system of Germany is mentioned as
one of the chief causes Of the paucity, and
the delay in its completion is attributed
tries p practically closing what it was eX
pected would be the best and largest market
for silver. The manufacture of the new
standard Of national coins in Germany has
already amounted to about S2S, 800, 900.
The coins, however, have not gone into
general circulation to the extent originally
expected. for the reason that the old stand
ard silver coins, which are inferior in value,
continue under the provision Of the new
monetary law to be effective money in pay
ments. Gold has, therefore, TO large eX-
! tent been held in the vaults of the Imperial
! Treasury, the mints and the banks. The
| gold standard is to 90 into effect throughout
the entire empire on the first of January,
! 1876, in accordance with the imperial decree
Of Sept. 30, 1875, which would appear to in
dicate the employment at an early day of
more decided measures than heretofore for
the withdrawal of the deprecated legal tender
! silver coins. When the complete withdrawal
| OF these deprecated silver CONS snail nave
been accomplished gold will enter freely into
the channels Of circulation and money affairs
resume their usual course. The sooner the
German monetary reform, now in progress,
is completed and the Bank of France re-
sumes specie payments, the better it will be
for Germany, France and the United States.
The time fixed for the resumption in France
is January, 1873, but it is possible it will take
place before the time specified. Whenever
Germany shall have IFS great monetary re-
form well under way and France sets free
her immense specie reserve, the active de-
mand for gold will no doubt cease, and the
| United States may then safely undertake the
acquisition of sufficient stock of coin for the
resumption of specie payment.