Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-12-13
Report Of Secretary sherman.

III MS report for the year ending
June 80, 1877, Sec'y Shermsn says that
ordinary receipts amounted to $685.
OO0, 5S6 62, and ordinary expenses to
$23S, $40 ,577 SO; the residue applied TO
the sinking fund leaves deficit OF
x3 3S9, ,255 81, Both expenses and re-
ceipts have been reduced in about the
same proportion. On a basis of the
past he MAKES somewhat reduced esti.
mates for the present year, and re-
c0mmends a further reduction of at
least $1l ono 600. In regard to specie
resumption, the Secretary holds that
the 500, ,0O0, 600 of notes still Outstand.
Ing Jan. 1, 1879, according to law will
be reissuable. The Sec'y ventures to
express the opinion, that the best cur
rency for the people of the U. States
would be a careiuily-limited amoHnt of
". States notes, promptly redeemxbIe
on presentation in coin, and supported
by ample reserves OF coin, and supple
mented BY system OF National Banks,
organized under general laws, free and
open to all, with power to issue cirru-
lAting notes secured by q. 8. bonds de-
pOsiied with the Government, and re-
deenable on demand in u. 8. notes or
coin. Such system will secure to the
people = safe currency Of equal value
10 oil parts of the country, receivable
for all dues, and easily convertible into
coin.
The question of the issue of silver
collar for circulation rs money has
been much discusset and carefully ex
amined by u Commission organized by
Congress, which has recommended the
cOinsge of The Old silver dollar. With
such legislative PROVISIONS as will
maintain its current value ut par with
gol.i, it's issue is respectfully recon-
mended A gold coin Of the denomi.
nation OF one dollar Is too smaIl for
convenient circulation, while snchsa
coin In silver would be convenient for
a multitude of daily transactions, and
is in u form to satisfy the natural in
stinct of boarding,
OF the metals, silver is OF most gener-
al use for coinage. 1T Is a part of eve
ry system Of coinage, even In countries
where gold is the sole legal standard.
1t best measures the common wants of
life, but, from its weight and bulk, is
not convenient medium In the larger
exchanges of commerce. It's produc.
ton is reasonably steady In amount
The relative market value of silver and
gold is far more stable than that of any
other two comm nodities-still, it does
vary. 1t is not in the power of hum. q
law to prevent the variation. This
inherent difficulty has compelled all
q ous to adopt one or the other as the
sole standard of value, or to authorize
an alternative standard of either, or to
coin both metals at an arbitrary stan.
dard, and to maintain one at par with
the other by limiting its amount and
legal tender quality, and receiving or
redeeming 1t at par with the other.
1t has been the careful study of
statesmen for many years to secure a
bi.metalic currency not subject to the
Of market value, & 40 adjusted
that both kinds can be kept in cireula.
tiOn tegether, and alternating with
each other. The growing testimony
has been to adopt, for coin, the princi. |
pie Of 'redeemability' applied to differ
enf t0fus OF -pspes. money. Ry1-limit-5
ing tokens, silver and paper money to |
the amount needed for business, and |
promptly receiving or redeeming all |,
that may ut any time be in excess, sll |
there forms OF money can te kept in |
in large amounts, at par !
" tn gold. 10 this way toa ns of inte- |
FLOR value are readily circulated, but do |
not depreciate below the paper money !
into which they are convertible. The |
fractional silver coin now in circula-
tiOn, though the silver of which it is |
Is of less market value than |
the paper money passes readily among |
all classes Of people, and answers all the |
purposes for which 1t WIS designed.
And so the silver dollar, if restored to
our coinage, would greatly add to the
Ct the people. But this
coin should be subject to the sane rule,
- to issue and cOIvertibility, az other /
fOrms of money. II the market value
Of the silver in 1t were less than that Of
gold coin of the same denomination, |
and it were issued In unlimited quanti-
ties and made a legal tender for all
debts. 1t would demOnetize z Id and
1epreciat9 our Dr. DER currency