Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1876-12-13

might withdraw their circulation in whole or in
part by deposting lawful money with the Treas
urer, and withdraw proportional amount OF the
! bonds; and 1t was made the duty Of the Secretary
to retire egaltender notes to the extent OF eighty
per cent. OF the bank notes thereafter issued Tn
der this act A52 S3 $50 OF legal tender notes have
been deposited in the Treasury, and 437 i22, 60 of
bank notes. accordingly, have been redeemed and
destroyed
The amount OF Iegal-tender notes outstanding
Nov. l. 1878, was $,87. 535. IS. The amount OF
said notes on deposit for the purpose OF retiring
circulation war $2j,gl0946. The amount OF Ma
tional Bank notes in circulation on that day was
800 133 AGA less and Of legal tender $i4 464 2S less
than on Jan. Ia, 1S75-a total decrease in crcula-
ton, under the operation OF the act, OF $i36D,7s
From these facts as well as from the large ae-
foundations of money at the money center- and
the lack Of demand for 1t, 1t Is apparent that the
volume OF currency is largely in excess Of the real
demands Of legitimate business, and that portion
OF the legal tenders might be gradually WITHDRAWN
without embarrassment 70 the business OF the
country.
In the interest OF permanent redemption, and
| means of maintaining the same, it il deemed
| important also IL not quite indispensable, that
| provision should be made requiring the National
| Banks to gradually provide coin in such ratio
the Secretary OF the Treasury may direct. and to
| hold the same as part OF their legal money re-
Herye so that said reserve, on the LIST day OF Jan
nary. 1879 shall be equal in amount to the entire
| reserve required by law To the same end, as the
| fractional currency is Withdrawn, II is deemed ex
| pedient that not only the vacuum cansed thereby
| in the matter OF change should be made good but
| that as additional change, the volume OF silver
| shonld be increased TO the amount Of at least
$50 0O001o. and silver made legal-tender to the
amount OF ten dollars in all cases, except the OBJ
| legations OF the Government Of the United States
| and the custom dues.
| PAYMENT OF GOVERNMENT OBLIGATIONS IN com.
The report OF the Director of the Mint shows
that Notwithstanding the silver dollar occupied in
| law. prior to April 1873 the position of un-
| limited legal tender, gold has, for many years
| past, been the money OF payment ID this country
| II appears that but comparatively small sum
In siver-dollar pieces was ever coined and that IT,
AT no time, constituted an appreclable part o! the
| circulation This one to the fact that silver
was more valuable as bullion than its stamped or
| legal-tender value In the form OF dollars Since
| the fail of silver, propositions for the revival OF
| the silver dollar have been made, and the position
| which II would occupy with reference to unex-
| pired coin obligations, should It's coinage, with
| unlimited tender. be again authorized, has been
! the subject Of considerable discussion.
/ The question whether the pledged faith of the
United States to pay its obligations in coin would
Justify their payment in the silver dollar. is Of
small importance as affecting public securities OF
the United States. In any discussion Of the ques-
ton II must be conceded in the outset that the sill
yer dollar was n unit OF value. having the quality
Of legal tender for all and in all cases. and
that the terms OF the United States obligations do
not exclude payment therein. aud that the act of
1869, IN which Is the pledge of pawn ent in coin,
does not, in terms, discriminate against silver
| These provisions broad enough in terms to
| include payment IN either gold or silver and com
pels an inquiry into the history production issue
and subsequent treatment of these obligations and
| the relative condition Of gold and silver coin a.
money of payment. in order to u correct interpre
| tn h, ,,ed, In cnir
| Not long after the close of the civil war which
gave rise to these obligations, doubts to
! the kind of mpney in which these securities were
~ teso .ntitld :. A., oct =, sta,m,,t ia, ,,rhic
credits; and IL WIS intended 10 dsptl all hesita-
ton or doubt as To the purpose of the Government
I)rii.d S,at,sos ,pJ,I ;" tbe a,',, T.; ~ rio
az ali H. nhii,,,,ioi,,S Sr,,, III - ,,-,riy an
,r,,isa nr,,'iJ ~ ~ Tt; ii,ti,, tn.i,,J ~
In bnrmnnv yitb Tint Of M, 7evncntjva adr,inis.
tro,Ia,, w. ~ " ' W '"''"''
What. then. was intended. and understood 10 he
intended nv this pledge of the Government Was
II TINT th nm Mir yv.ra In no Maid in Gold
coin or in silver or mipht he in 81 her.
1t viii not he questioned by any one conycrsant
with the question Al TIM, time that the ponular
impression not 10 say general conviction was
| that the pledge was for payment in cold This be
! lief may have obtained from the fact that the In
trrest ON this class of obligations ppyabe In coin
! had uniformly been paid IN gold thai the customs
receipts had been sets apart to this end and that
these were paid in gold mud that the silver dollar
had, rs money of payment, heretofore gone into
general dsuse, especially in Hll large transac-
lions, and could scarcely be considered
as contemplated in any measure having
for Us object to provide for payment of sums so
ample az the interest on the public debt at that
Time amounting to the sum OF Sl3 n,0oo,
Inns view OF the subject receives no incon,
siderable support, also IN che leg station of
Congress IN 1873, by which the legal.tendcr quail
ny of the silver coin was limited TO So BY force
OF the laws OF trade, quite independent of those of
Congress, the legal tender silver dollar had actu
| ally disappeared from circulation as money and,
although not abolished by net OF Congress. il did
not, ~ matter of fact exist for commercial pur-
poses. and did not enter into money payments.
The object and intent of the act of 1873 was con
tessedly To give TO gold the precedence IN the
statutes of the country 1t held In the commercial
world practically. and 10 declare the gold dollar in
law 10 be what II was in fact the representative OF
the money unit Gold had for many years been
| treated ~ the principal money of coin payments
In legislation aud in the transactions of the Treas.
! urS Department.
BY the net of 1854 the Treasury was authoriye5
| 10 receive d.posits of vold coin and buIlon and
/ 20 issue certificates therefor rrdprmahIn in cold
coin thus indicating that its obligations called tor