The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1876-12-22

were paid in gold, and that the silver dollar
had, as money of payment, therefore gone
into general disuse, especially in all large
transactions, and could scarcely be consid cred
as contemplated in any measure having for
its object to provide for payment of sums so
| ample as the interest on the public debt at
that time amounting 20 the sum of $780,
100000. This view of the subject receives
no inconsiderable support, also, in the legis-
| laIlon OF congress in 1873, by which the legal
tender quality of the the silver coin was
limited to five dollars. By force of the laws
| OF trade, quite independent OF those of con-
gress, the legal tender silver dollar had ac-
| tually disappeared from circulation as money,
| and, although not abolished by act of con-
| gress, 1t did not, as matter of fact exist for
commercial purposes, and did not enter into
| money payments. Fhe object and intent of
| the act of 1873 was cOnfessedly to give TO
gold the precedence In the statutes Of the
| country it held in the commercial world
practically, and to declare the gold dollar in
| law to be what 1t was In fact, the representa-
tive of the money unit. Gold had for many
years been the principal money coin of the
payments in legislation and in the transac-
tions of the treasury department.
By the act of 1868, the treasury Was au-
thorized to receive deposits of gold coin and
bullion, and to issue certificates therefor re-
deemable in gold coin, thus indicating that
its obligations called for payment in gold and
not in silver. This provision, il will be seen,
is in consOnance with the fact that our for
eign exchanges haWs for many years been
made upon the gold basis, and thus it is ap-
parent that the general understanding has
been of late years, for the consideration
stated, that the money of coin payments was
gold, and an obligation to pay in coin re-
quired payment in gold coin.
" As was contemplated by congress in the
policy declared in 1867, the public securities
then depressed, Immediately arose to par in
gOld.and have since maintained an enviable |
position at the money eenters of the world. |
The hve-twenty six per cent. bonds, then |
selling at Lightweight cents on the dollar, |
soon arose to par in gold coin, and have |
since borne that average premium of hve |
per cent. at home and abroad. At the pres
ent time the borrowing power of the govern.
nent is something less than four and a half !
per cent. Its four and half per cent. bonds
on short time, are readily taken at par in |
gold, and sold at premium in this country
and in Europe. If no disturbing element |
enters into our present monetary system, af-
rechng the present policy of the government,
it is believed it will be found practicable,
at no remote period, to fund the national
debt into four per cent. bon having from
thirty to fifty years to run, and this at an an
nual saving in the interest of the public
debt of $25, 100000, which, if invested in
sinking fund at four per cent annually,
would pay off the present national funded
debt in a fraction over thirty years
at is a matter of deep public concern
that a policy so beneficial in result
and advantageous to the future should
receive no detriment from conflicting
interests, policies or theories. Whatever
may be thought of the right to pay
these public securities in cheaper money, it
will remain true that it is lawful TO pay them
in gold coin, that the belief that they were
to be so paid has practical value in the
probable reduction of the public debt equal
to One-fourth of the amount of the annual
interest thereon.
at is respectfully submitted that the coin
payment to which the laith of the nation
was pledged in 1859 was gold and not silver,
and that any other view of it, whatever
technical construction the language may be
susceptible of, would be regarded of
doubtful good faith, and its probable effect
prejudicial to the public credit.
EXPORTS AND IMPORTS.
The coin values OF the exports and i'm
ports of the United States for the last fiscal |
year. as appears from official returns made
to and compiled blythe bureau of statistics, !
are as follows:
Exports of domestic merchan-
dlse................... ,5S2,Z4l
Exports of foreign merchandise. 14,S02, ,424 |
Total ................. .............904O3o4,01
Imports of goOds.................... 46O74l, ,l9O
Excess of exports over i'm
pOrts.................... .............S 79,643,4Sl
For the fiscal year 1875 there was an excess |
of imports over exports amounting to Sl9, !
562, ,725, showing difference of 500, ,2O6,2O6. |
Exports of specie and bullion $ So ,5O6, ,S02 |
Imports of specie and bullion 15,9366S1 |
Excess of exports over i'm
ports ..................... 800. 1885, ,621
Total excess of exports of
merchandise and the pre-
cious metals over imports 12O,21S, ,1O2
INTERNAL REVENUE
rs shown by the secretary's report, the re-
,eipts from internal revenue for the fiscal
year 1876 were Sill, ,237, ,O86.s1, against S14O,.
i45 1923 in 1875, an increase of 1884,