The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-12-08

enactment wac, hailed, looking to the con-
summation of an exigent measure Of public
necessity, was modified only by an apprehen-
sion OF the possible inadequacy OF it's terms
to accomplish it's end. return TO tho con-
stitutional standard of values at any time
will doubtless, TO some extent, involve
reduction in nominal prices, anu
consequent contraction Of the volume
Of currency, but this ia not pf itself neces-
sariy an evil, and, IL 1t were, It IL an evii IN
cident to vicious system, not cured py inc
continuance of the evil while the measure IT
self is demanded bv the highest economic con-
siderations and principles OF honest deaiing
among men. Besides, the troubles likely 10
grow out of enforced resumption are Deneveu
10 be greatly exaggerated. Restoration OF the
constitutional standard OF values by resump-
ton. and the extinction OF irredeemaDie notes
current as money, ana the enio,cemous v,
PAYMENT in coin, on demand, of the national
hank notes treated as the equivalent or
money. are obviously alike of national obi
cation and public necessity. The suspension
Was the act of the National Government,
and 70 the National Government the people
properly look to take the initiative In
resumption. Having, under its authority to
coin money. assumed to regulate the currency
of the country, and as the States arc inhibited
.. IN make ANYTHING but gold and silver coin
tender i'm payment OF debts, and, as irredeem-
able and inconvertible paper currency Is essen
TALLY repugnant to the principles OF the con-
stitution and the traditional policy OF the
American people, it is obviously incumbent on
the Government to maintain and preserve the
money standard OF values OF the constitution,
and to enforce the obligation OF payment in
coin on demand, at the option OF the holder OF
all paper money.
ISSUE OF SILVER COIN.
Immediately upon the passage OF the act OF
April II, 1876, the department, through its
several independent-treasury Offices began
to issue, in redemption of the outstanding
fractional currency, the subsidiary silver which
had been coined under the authority Of the
Resumption act of January IA, 1875. To
further relieve the pressing demand through
out the country for money of small denomina-
tons, the silver coin in the treasury, previous
to the passage of the act above mentioned,
was also issued in payment OF currency obi
cations of the Government.
Under the authority for the issue of
silver coin granted by the act of July %, 1876
fractional currency, whenever presented for
that purpose, has also issued silver coin in
exchange for legal tender notes as rapidly as
the coinage at the minis would permit.
From the date first mentioned to and in
Guiding October 80. 1876, there has been is
sued of silver CON- as above stated, So, O96,-
712.l5, of which amount there has been issued
stroyed, 81. 1858, 259.43.
The demand for silver coin for circulation,
though growing less urgent, still continues
fully equal to the capacity of the minis to
supply it. Until this demand shall have
ceased the coinage Will be continued as rap
idly as practicable, to the limit authorized by
law.
EXPORTS AND IMPORTS.
The coin values of the exports and imports
of the United States for the last fiscal year.
as appears from official retdrns made TO and
compiled by the Bureau Of Statistics, are as
follows:
Exports of domestic merchandise 1925 5s2, 2i7
Exports Of foreign merchandise. li,sO2, a2i
Imports OF goods ACKNOWLEDGEMENTS. 400 Iil, 100
Excess of exports imports 79,643, ADJ
For the fiscal year 1875 there was an excess
of imports over exports amounting to Sl9 562,-
725, showing difference of 500, 206, 206.
Exports OF specie and bullion. 56,g06, 800
Imports of specie and bullion. 1896, 68l
Excess of exports over imports 40 569,62l
Total excess of exports of merchan-
disc and the precious metals over i'm
ports .Si ~ 10, iUz