National Republican., 1875-12-08

'TN.S"-~AS N0-i''. ''-A-'-'AN H1"f-1ooo w
From the close of the fiscal year to October 81,
to s.. .S9i0lO which. added TO the coinage OF the
year, makes q total subsidiary silver coinage of
-. .267, ,S7s.
The hars manufactured were: Gold. $1,000
S7993: silver S7C2a. 43O. 81: total, 81 Olg3l047
At the mint in San Francisco i large refinery
has been equipped and put in successful opera
meet the large and increasing demand for rciin-
ing and coinage at that point
The rooms formerly occupied by bankers in the
assay office at New York have been altered and
repaired, and will hereafter be devoted to the
operations Of that Office. The additional capacity
thus given is necessary to meet the increased de
mands for refining bullion in that city.
Additional annealing furnaces have been erected
AT the mint IN Philadelphia and the coinage ma
chinery at the Carson City mint has been dupIi-
Gated, thereby increasing the coinage capacity of
both Institutions.
silver is considered at some length by the director
and the various causes producing the result are
clearly set forth In his report, and are worthy of
careful attention.
The diminished use of silver coin in various Eu
ropean countries, and the increasing production of
silver mines, would appear to render the pres
cnt very favorable time for procuring supplies of
bullion for the manufacture of silver coin to be
used in the redemption of the fractional currency
So much Of the act Of January IA, lS75 as relates
70 the purchase and coinage Of silver for redemD-
tOn of fractional currency has been put into par
tial operation, and is now being executed as rap
idly the eXigencies Of the Sc will admit Since
the passage of the act, S,243642 ounces of silver
bullion have been purchased ut an average price
OF Ill 40 cents per standard ounce. The mints
have been put into active operation and the aggre-
gate amount Of silver coin now in the Treasury is
100000.
The Secretary has been urged TO begiu the work
of resumption by issuing silver coin in redemption
of outstanding currency. and IL has been insisted
that, under the first section of the act he has no
discretion but must issue the silver coin as fast as
il can be turned out from the mints While the
act requires the coinage to proceed as rapidly as
practicable, it does not in terms require the Sec
Tetary to issue it at once; does il fix the pe-
riOd Of time when the issue must begin. For OBJ
TiOus reasons, ii has been and vet Is impractica-
BILE to put or keep silver coin in circulation The
present depreciation Of currency below gold pre-
cludes the probability that silver would remain in
circulation, and, therefore, il has been deemed i'm
practicable TO issue 1t for the present. or until by
the nearer approach Of, or greater proparation
for, general resumption there shall Re such an
appreciation of the circulating currency of the
country would give assurance that the silver
coin to be issued would not he boarded for ship
ment abroad, or converted into plate and jewelTy,
The report of the director gives valuable inror
nation in relation to the precious metal mines of
the United States, and Of the extensive deyelop-
ments recently made in the Pacific States Tie
mining industry of the precious metals appears TO
every to believe that the Weld for the next
four or five years will show a marked increase
over the production Of recent years.
REVENUE FROM CUSTOMS.
The receipts from customs for the wear ending
June D. 1874, were Sl63 lO3 S - and at the esrre
spending date Of 1870 they were Sl5T, ,I67,7 ~
The receipts for the first quarter Of the current
fiscal year were - 233 .2j, while for the corre
spending period of last year they were SISojl,-
2O.1O, showing decrease of 81 al. .5T3S5.
For the months of October and November. IST5.
The receipts were 81 93s $50 81 and for the same
months of last year they were 81 T55.slI
The effect upon the customs receipts Of the act
of February s. 1875, imposing duties on certain ar
ucles therein enumerated, and making additions
to the free list cannot yet be stated with certainty
Nor is it possible, at present, to determine with
accuracy the effect Of the act of March J. lS7i re
storing the ten per eentum Of duties repealed by
The following statement Of importatioas of the
classes Of merchandise chiefly concerned, is de
rived from the Bureau Of Statistics and TO some
extent, serves to show the effect of the act of
March3 1875. on the duties received: Value OF i'm
pOrtatiOns Of cotton glass aud glassware, India
rubber and gutta-percha, iron and steel. leather
metals not otherwise provided for paper straw
wool. (including hair Of alpaca &c y and manu-
tember 30 1874, s94 gl7, ,4l6 value Of importatons
of same articles for corresponding period Of lST5
(including the seven months next sseeeeding the
act Of March 3, lSI5,) Ssl 223, 542 decrease Sl3-
6a3s5L This decrease was Oecasioned DrinciDaIIy
by the falling of in two classes of ippOrtaticns
viz: Iron and steel and manufactures thereof S.
260, 06e; wOOls and manufactures thereof. 53plI,-
20S-Sl2- 24.274.
Returns for the four months ending June 20
1875, show that Of importatiOns for that period
amounting TO s3O.54T,tO5, duties have been paid on
S23,o29, COS Withdrawn for consumption, Welding
Sl0,954.7l9 Of revenue. In this amount is OF
course G ID Mor sne Ist Psr GGmt1m restored by
crease for four months of o., ,095 90 But in
this connection there is to be considered the fact
that for he corresponding period Of the year 1s74
the lmp0rtations OF the same classes of merchan-
disc amounted to go, OF, 46T showing a decrease
in importations for the four months ending June
90 1875, Of s5475462 Of which o. 500 37s is due TO
the falling of Of importatiOrIs Of iron and steel
and manufactures thereof 1t is therefore, dim
cult to determine, in the light of returns now at
hand, to what extent the apparent increase of
revenue resulting from the repeal Of the 10 Der
cent. reduction is offset by the decrease in imDor-
tations, and eonse uently in the amount Of entries
for consumption on payment Of duties
In relation TO the twenty-five per cent increase
Of duty on sugar and molasses, under the act of
March g. 1875 Il is still more difficult TO determine
the effect on the revenue. Owing TO the ehanQeof
classification and Of drawback on refined sugar
exported, together with the fact that hardly suf-
hcient time has elapsed to enable a comparative
statement Of much value TO be prepa red, the in
crease Of revenue derived from the additional duty
levied cannot be given. The actual increase of
March g. 1875, TO June 30 1875 was e. As OF, but
how far this increase Is affected by the classifca
tion and drawback cannot be determined with &C
curaey.
Pursuant to the act Of June IA. 1874. admitting
free OF duty articles intended for the Information
al Exposition OF leIo, at Philadelphia, under such
regulations as tne Secretary ofthe Treasury shall
ports have been furnished with Regulations de-
Egned to cover the subject in the spirit and intent
of the act. II is hoped that, while these regula-
portation of such articles as may be cons9ned for
exhibition from the various natiOnalities az the
world, they are so guarded as to prevent frauds
upon the revenue by persons who, under pretence
o being exhibitors, may attempt abuses of the
privileges accorded them.
The general views held and suggestions made
in the report submitted to Congress in December,
1874 in the discussion Of the tariff laws, regarded
and are referred to now with the added suggestion