The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1876-12-08

the KIND q money m witch ssc.e seeur,ssss ware
PAYABLE and which led 70 the pa..are oi the sciipf
srsd and vs Intended % 9,spe ali ne.,a,ins
OF donbt ss 10 the purpose Of tpe goyernpert
United States w.s pieisrd 10 The payment in colr
Of all We ohliestions escert those expressly otnef
harmony with .as, Of the Esseuil,s sami MIS-
wss r sy ~. . = sss Sssss 70 We ::
God ccIn: . = silver " NTH, !. . ei,ss..i
VITA tne question Al that tine tina, the popular
lmpr.s.ice, not 20 s.y GENERAL conviction, us
.s i Ssss os.sa RON ss i. ssS s r me
interest on this class u OBLIGATIONS. p.yabls n
sS..c%. -Ssp Ssa ss.p Get apart TO- 70 ,S a end
.sa sh c,, thee we're rad n sold sud ne. TIE
for. sope into ssneraI di.use. especially IN ali
large transactions, and could scarcely be consld.
as u ~ 70 s ~ s:.ns %
ss the inier.s, on N. euel,c debt, =. that TINE
70 me fs s.% :, one p.1srs 80 %
SSaE... y iss b sssk 10 .s 81 .sai.. sas Z
H. Tore o. the AVS u sds quit. q
those Of cossrs.s, the Isssi tssder silver doilsr
money. spe ssousS no, sbollsnsd By act 81 Con-
sress, did not, Ne . matter Of fact. exist for
payments. Inc OBJECT and intent Of the sst o. iss
80 confesssdy 70 give 70 gold the precsdspcs IN
"ers prse 'n sDd 70 assia,s s' Is. ssd
dollar 10 10. 70 Ne what u wss ~ fact. the repre-
Years sssu trssss - "a" prpe,ps mors vi Of nng
payments IN LEGISLATION snd In the transactions OF
the Treasury pepsrtmen.
TO fecsvs dspc.us o. gold con ana bullion and to
issue csrincstss therefor rsder sois 10 sold coiu.
msus 10 esid and NOT in silver. me prcyisicn. "
VIII be ssep, % 10 consonsncs Win the fact that
%sds upon TIE so,d sssis. sad tkas e Is sppspsns
that the general understsndins has been OF late
osn ss os .eS an ns .
sc's rssn'rn ~ M N scd coin ,
ia is Re pubic .ss"ps. then me s. gSsss
20 @ss.:w sro:s &C. p: 10 ssd sud ns Ave-
money csnssrs o. the world TSs nves~snry az
on the dollar. coon arose % par IN gold cou, and
cent a. home S snd sSros1 AZ the prs..as ss m ps
The borrowing power Of the Government Is come
and one malt per csni. bonds. on ssort time. ere
readily taken 81 psr in gold. aud cold 81 premium
element ssisrs INTO our present mcnssafy system,
snsctns the present oicy OF the Government u
s%ss: psroa % fsna the soDs sess me p ng
cent bond having from thirty 10 hfty years 10
sss ms q an s1 70 ss,ns N ,ss Interest
pay OF the present National funded debt 10 frac-
It Is . mstiar o. deep public concern that pol
10Y 90 bspencent IN resnits and adyantaeeous to
sSs pselss or sssor% 'sS% ever
may % tnousnt OF the right 20 pay these secur,-
ties In cheaper moDsy, IL VII remain true that n
Is lawful TO pay them in gold coin that the belief
tsat they we're TO be 90 paid has practical value
70 oSrsh Of the s%osns Of sns annual aim ia,ols:s
thereon.
10 8 respectfully submitted that the coin paw.
ment to whicn the faith OF the Nation vas pledged
In 1859 gold and siiver. aud that anv other
view Of u, Whatever technical construction the
"a q Of aoabta soos saitn, aud ~ psoSsbIe eso,
prsJudicial TO the public credit.
ISSUE OF SILVER coU.
Immedstelv upon the passage Of the cot Of
ssvera independent Treasury ofiicss. began to is-
, cue IN redemption Of the outstanding frsctiopal
coined upder the authority Of the Resumption Act
OF Jssuary Ia ITS To further relieve the press
email th. silver eo, IN Dr the %0 Tssss
ury. previous 10 lhs psssaee OF the act above
cy obiissricas Of the Gsvernmsnt.
Under the authority for the issue Of silver coin
ersnted BY The 90, Of July "a. ISIS. the Depart
rescy. Whenever presented for that purpose. has
also issued silver coin In exchange TOR legal.
tender no,sa - rapidly a. the coinage ct the
From the ds,s arst mentioned. TO and including
coin. as above stated. s,a,css'Tis il. Of .sleh
amount there Mss been isaued fnr fractional cur
Toe demand for silver coin ior sircniatioo.
though growing less ursent. attn continues fully
sH.,,l 70 ne csssei,y q the mints 70 supply u
vii be continued - rsyidiy - prsctcsbie. TO the
limit authorized BY law.
CURRENCY REDEMPTION.
Owing TO ths exhaustion Of the sppropr1atjon
for trans portsion Of United STATES notes and &c.
curitics, inc express shsrges ON Issal-tender and
lrsc..onsi ne,s. sent 70 THIS Depsrtnen, Tor 70
paid b the Gosernmsnl since toe lat Of March
les. Ia eooss ,a,l the redemption Of such
repcy OF the Government h. rapidly becoming
upnt FOR oircnlation. An appropriation sufficient
% NEE, me PAYMENT q such express charges s
The NATIONAL BANKS.
The report OF the Com psroller Of the Currency
coniains TAU statistics Of the reserves. taxation,
and liabilities for each year. the sysiem went
70 ScsoSsr o. sSs prs.sns ys.s Sanis T.
al had been orsanixed. of which 9,osT we're In ope-
sfos that they issa had az sssrss.te capita Of
eegs so7 r1 surplus Of eis222.2s1 circulation out
se iosn: ~ ssoSs speeis usiaSas os, 49, ss;
tiroates eai, soo7ez; lessitsndsr notes fneludine
unl,ed states eer,lneaes y deposltl, eisA2o.st1.
IedsmpIon fund with the United States Treasurer,
Tue ssi Of june 20. isr,, authorised National
with the Treasurer Of the United States in sums Of
al amount OF the bonds PLEDGED - security for
their poIes Tue set Of January IA. ISIS reveaied
all provsions OF Law limiting the aggregate
amount Of National bank circulation, aud made IL
the duty Of the Secretary Of the Treasury to retire
iegaltsnde noes 70 the extent OF eighty per cent
OF the SUN Of National bank notes thereafter Is
sued. until the amount OF legal-tepder notcs out.
standing should be reduced TO thros hundred
miliions OF dollars. since the passage OF
the former act, es2.s5S.sSo OF legal tender
note have been depo.ited In the Treas
ury for tue purpose Of retiring circulation, and
e3T, ia 06s Of bank notes have besu rsdeemoA aud
destroyed Tue whole amount Of sdditional circu-
latfon esued snc~ the passAse OF the latter act IL
Os.0s0sss snd lexAltepd-r notes equal 10 eighty
per cent thereof. or e<. ~. ia have retired
lsavins the smount Of legal tendsr notss outstand
ing on November I. isys. ess7. sssTl6 The amount
of lsxsltender potss deposit With the Treas
ursr on November I, for the purposs Of retiring
circulation, was sso.9io.s<s. The amount OF Ma
tonai bank notes IN circulation on November I
e39ias.sSt lees than on June % ls7t; aud that
OF lsgattendsr potes was ei4tax,aA lees than on
January "a. islbs the total decrease of iegalsnder
noiss and National bank notes under the opers-
tiou of these sots, beng txg6Jl.T4a
Ire mptroilsr, copsidsriBg the present year
especially acproprtats tor that purpose. devotes .
considerable portion Of bis report 10 review OF
the BANKING systsms under which circulating
noies we're issusd previous TO the organization OF
the National banking system. aud TO the pressntar
ton. In . concise ana convenient form Of the eta
tisuos Of the tvo Bapts Of the United states aud
OF the former STATE bants Of the country far q
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