The Portland daily press., 1876-12-06
THE TREASURY REPORT,

secretary Morrllls report fills pamphlet of
forty pages. After stating the tables of re-
ceipts and expenditures for the past and chr
rent fiscal years be gives the history of the re-
ffundlng OF portion OF the national debt in
four-and-a-ha per cent. bonds. Issues of these
bonds to the extent OF $35, 674, $50 have already
been made, and the refunding operations a, q
still in progress Against these $50 OOO 600 of
five-twenties have been called in.
The Secretary then proceeds to consider the
questloh OF resumption, taking the ground that
the United States is fully committed to resumn NJ
tIon IN 1879 by the method OF REDEEM ption of
United States notes current as lawfAl money.
and the substitution therefor of naHonal-bank
currency, the equivalent of money ny its con-
vertibility into coin on demand" He makes a
strong argument for a return to the snecje
standard OF value, believing that the troubles
likely to grow out OF enforced RESUMPTION are
greatly exaggerated, and that the extinction of
lrredeemable notes current as money, and the
enforcement OF payment in coin on demand. if
the national bank notes treated as the euuiya-
lent OF money are obviously alike of national
obligation and public necessity. The only
question that remains, he says, is to consider
the adequacy of the provisions of the resump-
ton act. He deems it essential that in addi-
ton to the authority of the Secretary of the
Treasury already conferred, to provide for re-
demption of legal-teDder notes on and after
the day provided for resumption, by the
accumulation of an adequate amount of
goid TO meet the volume OF three hun
dred million dollars of legal-tender notes,
which will then be outstanding, by the sale
OF United States bonds authority be given
HIM from time to time, as he may deem expe-
dent and the state Of finances admit to fund
these notes into bond bearing rate of inter-
est not more than four and one half per cent,
with not less than thirty years TO run, with
such limitations as to the amount to be so
funded In any given period as Congress, in its
discretion, may determine.
a sudden accumulation of gold in amounts
suihclent to meet 50 large demand as that
contemplated 10 January, 1879, is deemed i'm
practicaole; while to accumulate in advance of
that Time would be attended with necessary
loss OF interest, would be likely to disturb
money exchange, and embarras the funding of
our natlonal securities. The present time ia
agreed as opportune for the gradual withdrawal
OF these notes. 1t is believed thew wonld NOT
be greatly missed from the Circulating mad;nn, nv
as their place will be readily supplied bv tba'
issue of national bank notes under this act
The demard for national bank currency ia so
limited that the contemplated reduction of
notes in excess of $500, 100000 is not probable
and the whole amount unless other measures
are taken, must be redeemed in coin. Perhaps
anIwouldlnot be presented for redemption, but it
would be unsafe to make provision for less than
half. While the cessation of the sales of gold
VIII ADD something to the required stock it will
not ada enough. SO the notes must be gradu-
ally Withdrawn. There has been a total de-
crease IN circulation since January 1875 of $43-
O0O,O00 and from large accumulations of money
at the money sentres and the lack of demand