, 1875-07-22


but for tho bunuoss.demand there 1oudbo worry
l,stlc speculative dcmand for gold md, thoro-
FORE 10 tho e1tont we reduce tho obo to That, or
q greater oxtont wo reduce that founded Oh it.
Tho btlRness-domanl for gold. As shown by |
tho report Of the Secretary OF tho Treasury, as
above, Was:
For exccrs of coin amt bullion e1portanrrr
imports tos for hn1anCc nf foreign trslr>,
III round nl,inuts..... %a,G0oooo
Making Tho tntal hnsucss-lemsnd for gold
TO &eol 900 GOO
Now, the question to nak onrHolyea IL ths:
Can VIC reducs thls bnsiucss-tcmani for gold nt
stl7 II VIC can do this, shcn VIC can rbiuce tho |
premium on gold; otherwise ne cannot rcduco !
this premium.
Tho second item of s3s, ,00o, ,090 can hs affected
only by IN improvement In uur foreign trade. |
II we Import less Of foreign goods, or export |
moro relatively OF onr own products, except |
bullion, then, Of course, ths gold-baancc will
be letu; but, an such improvement can come |
only from profitable and healthy activity in
hakiousl Industries, wa will dlamiss shs ltem
from our consideration for tho present.
OF tho othor itoIn Of 63,0U0,00O II IL ap-
parout that ESQ. .000.0U0, or 80 much thoroof as
wna so!d to produce the Ahoyo "premlulu On
salos Of coin.' was collected t1nnocosaarily,-
Auut TIC AAa$ A1Of HAoHS SAAAst "A- AN"'oNAfs
1t Ia certainly wrong to compel importers to
80 into the market mud purchase $4,000, 900 Of
gold, simply that II may be put into tho National
Treasury, and thonco to DO sola by the Govern
mo1,t upon tho market, and porhaps to the Bame
parties from whom tho importers had pur-
chased 1t.
It is equally unwlso to force a collection Of
gold beyond tho amount noeled to pay tho inter-
cut Gu tho public debt It makes au increased
! demand for gold to this o1tent, and increases or
| austatns the premium on gold. Then tho sur
| plus gold thus unwlsoly accumulated must bo
| sold, putting tho Government in tho foolish
aud dlsozoditablo postion Of doorying tho valuo
Of its own paper. 10 sell this surplua gold,
tho Secretary Of tho Treasury virtually
puts 1t up at auction. The gold is not cried oral-
ly from tho block" by our aucion Treasurer,
but, with deceptive dignity, lc aagortissa for
written hldB,-tAa purpuIt OF hls advertisements
being, TINT whoever will pay In United States
notea the higl.oss premium for thu gold staEl
have It; aud, tlorlHh Appearing to soil gola et .
Premium, tho Treasury IL, IN faes. buying United
btatos notss at o discount. Tie o11er roally IL
10 buy tho obligations OF tho QuYorn1neut iron,
such holders tAeseof ns wilt sell thom at tho
Rreasest ~ shave n" and this surplus gold, 40 uesd
fn buying United Stnscs notes, produced dis
counts, made III this shameful way, ano,1nting 70
tie above sum ot IS, Jul, ,GG6.l2, ind which tho
Secretary calls very erroneously uranium on
&1lcH OF FOiut Ill tuhu4 WQ&AS, tA4d lAbt hAAA ~
the price, to cent, That tlle American poope TO-
| oeivud, tor tho year ending tho BULL Of June,
1874. on account If tho prostitution OF tholr na-
tional oroditl
tor have been rectlybtt at onco from the import
erb IN uuitod StatEB notcB; aud it appears con-
nlusivoly that, titus tar In tlltH examination. ouly
two-thifda to thteo. ourthB Ut oir i1aport-duttes
need to bo paid in gold IN osdor to be suEo Of ,
eufi!clont SUN to pay the interest Oh tho public
debt,
Aud now. falling tho sb0.ooo,ooo from tho
$1G3 G00 U0U. wo lavo $l07 ,GoD, 0o0 that must bo
duties, to provide for tic pa,ment Of interest.
hut, II anything eau be used that, for tha puE-
| pose, ia ~ good ~ gold then, os course, 20
need not ooloct tho gold. Tho uaa TO 10 msdo
lot us rocoiya thoso intereAt.conpons thom-
solves, iuHleat Of gold, OH custom. duteb. aud Wo
will hago sonotlsng even better thau gold f9s
thispprposs. Wenow accumulate millions Of gold.
and 1t lies Idle III tho Treasury. awaiting tho
maturity Of tho tllte1oHt-couponu aud mhkinR q
LOST Of slx to nino months in inserost Oh tho
su.ns tauA held. RECEIVE tho coupons. at thor
1&oa, Oh cuBtomlHtios. sik to Hlse mouths of}ore
Qlefr maturity, and thu loss 0f interest on tlom,
arlalng from prepayment, would equal Gully that
now msdo on tue gold hold to pay them "hal'
due,
thau guild, beca,lHa the credit Ut tbs Government
would bo strengthened by tho payment Of tta "
torost before nsturity and because OF tts et'
+ feet, slep In lowering tho premium 91 go!a., ..
Tho losa Of interest on tho gold hela 1o'
rpoptha iu tho Treasury for lnseIest.p payhents u
absolute; but tho losa arising from the prepay
!. Ment Of coupons ulsy bo aatd 10 be onlY uam.
! iusl, aiuca tue .beneitclat !, e1oot q
sac ptep4yments upon aF. our hSs bassa. et'1 u H.
oouGtry, III = valuable constipation equal To-
not creator than. the nominal lpss.
It seems oytdent then. shas tlo entire oastopt y
aged u ssss ssy notss sea Id IL til
{ pruportlon Of about one.third Of t|a former 4
: fwothilt3H Of tho latter but, tu provide ! mod
;. orste ntuck at gold TOT sny contingent demands
q and in particular, for the pAyment Of the PtobA
. . bly ANAL amount Of coupon4 that might not b.
. pfssoutad bptote maturity In payment OF Gus
. toms, aud which must La paid IL gold At GU
= Treasury when due. It may ho we'll to oolleot i'm
poFt.dutiea in thepropqrtioa of about oaa-taurtl
u0ll, ope-f0uttA Uuitad Htataa potes, aud Two
fouslaa tnteseat-coppoaa.
Then, estimating nlso tho a1caaa Of s1porta Q
i colu and bullion over tppoEts Qt tue aano. Il,
y baE!aesa7ls~sAd for Sol" would atkna ~ iol
:, | lows:
i Custon,s paid wilt intereat-couponr, g. on
Customs iaiA with Un.tsd aIasss notos... ~ go q
Qpasotab p*il with COX. so4n,A
70 Making total Of epstoms slas ooo. q
% Adj e1cstt ot es}orts over imports Of coin
1t aud bullion. ...."..*,'.r'"*....''" as.o0.@
70 Milking - bsio1s .f2ol ,0oo, "
j, Hrt, Of thess s2o1, cog; M Goa, only e1e. .oo,oo
r snd uotes;-thus making the demand for kol
only about tvo.tfths Of what II ~ nor, aine
IA The coupons aud notes {shown TO 10, TO tho q
j. tsus proposed, bettet thu goa 10. tos tnon. as: pa
~ Tbs business demand for gold may aho /
IL deat9llated ~ MefcLxndiso-dcnand;t ZOE Ro
Il NOW, cut on threa.altha Of this merchandise
y. demand fur gold, and u II not Hstaan ~
I'd threo-httls Of the premium ou gold would fa