The daily gazette., 1877-08-21
EASY TO ACCUMULATE COIN,


single day beyond the necessities that
gave it birth.
EASY TO ACCUMULATE COIN.
But if Congress should see proper to
c0nhne the process of resumption TO the
present law we have still the second
mode ofresuming-by accumulating coin
gradually so that when the time fixed for
resumption arrives the Treasury may be
ableto redeem such notes as are presented
In this respect the Resumption act is as
full and liberal as human language can
frame it, The Secretary is authorized to
prepare for resumption, aud for that pur-
pose to use the surplus revenue and sell
three classes of bonds, all of which are
now al or above par in coin. The power
can be,ought TO be and will be executed,
if not repealed. This accummulation,b both
of silver aud gold, can be made by ar
resting from expectation our own produc-
tion of these metals. This Is more than
sufficient to supply our wants for this
purpose, aud fortunately. we have plenty
Of other productions cotton, wheat
and iabrlcs-the fruit of our industry, for
export. This country is the greatest
producer ofgold and silver in the world.
The balance Of foreign trade is in our
favor. During the last fiscal year orr
exports exceeded our imports in gold
value the SUN of $l66,U55, $50, and this
balance is steadily increasing. This year
Providence has blessed us with enormous
crops Of almost every production of the
farm or plantation, and the foreign de-
maid is largely increased by the Russian
war. Russia is our great competitor i'll
supplying Europe with bread, and she
now VIII consume her own products. We
have now reached the coin basis in the
production OF commodities for the foreign
market. Our expectation OF home fabrics
has increased, aud Is increasing. and we
are now competing with Manchester and
Birmingham i'll the sale of products that
have made those cities famous through
out the world. Our manufactures OF
cotton, iron and wool now rival i'll foreign
markets the Oldest countries in Europe.
A VERY HOPEFUL VIEW.
We have during the five months of
President Hayes administration made
an actual accumulation of currency, and
of gold and silver coin and bulllon'ot
S44 $40, ,832 From the 1st OF May to
this time we have added to our coin re-
serve $20,000,000 by the sale of bouds,
Without disturbing the money market,
and with gold steadily on the decline.
We have reduced the public debt since
the 1st of March the sum OF S29, AL 1874.
We have conducted the vast operations
of our loans, already referred to, without
disturbing the course of trade or causing
a shipment in gold. All the fears ex-
pressed so often in the papers, at these
movements, have been proven to be-
groundless. We are now within five de-
Srees of the specie standard We have
still seventeen months before us in
which to complete the task. The
same progress that has been made since
the first of March, continued twelve
months longer, will certainly bring us to
the specie standard. ieel conndent IN
saving to YOU this day that if undisturb.
ed. with or without IA change of the law,
every dollar of United States notes will
hpfnre the time fixed for resumption,
buy as much as an equal amount i'll eth
or gold or silver. A construction of the
resumption act has often been pressed
upon the Department that, If correct,
would make it stlll more easy to carry 1t
into execution. 1t is insisted that the
Secretary has the power, In preparing
for RESUMPTION, to sell bonds for coiE,
and then to sell the coin for United
States notes to be- boarded in preparation
for resumption. The Department has
not acted upon any such construction,
but has sold gold only in the current
course of business, or for the actual re-
dem ption of notes supplanted by nation
al bank notes If this power is exercls-
ed 1t should only be in pursuance OF the
plain will of Congress, ami In the exc
cutiun of so delicate duty no power
should be used except such as is clearly
given. The act of April, 1876, for the re-
demption of fractional currency, pro-
vldes that silver coin may be Issued in
exchange for T..ited States notes. and