The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-04

mr. this he dona without trenching upon thS
proper iunotions 81 The State 10 qucs'
ton oil difficulty; yet II IL important secure. II pos.
sibe general system throughout the United states
This can hardly be effected by tho organization OF
multitude OF savings banks, depending upon the hicl-
ty integrity and skill Of their officers but the bene-
iciii object OF such banks might DO secured by
tnorzing the deposit OF ANAL sums with any postal
moneyorder Office IN the United states aud the
Of government certificates, convertible demand OF
the holder into four per cent bonds of the United
States Of such character description and amount
Will enable aud induce prudent persons o convert
their earnings into public security Of stable value.
The money thus received could be employed In the
redemption OF outstanding bonds bearing a higher
Of interest BY some sucn system It is believed
that the great body OF our pubic deot reduced to
among our own people With slight modification Of
existing this beneficial result would be secured
the country amount TO ss4s, i54 500. deposited by
800 900 PERSONS aud mostly BY deserving citizens,
future need No object could more strongly appeal
10 the consderate Judgment OF Congress rhe heavy
banks whose nas have been improvdently loaned
upon insufficient security have inflicted lar greater
INJURY upon deposltors than would similar loss
sunercd by persons engaged IN banking
pursuits The Secretary, therefore, recommends that
authority be granted 10 issue certincates Tor small
authorized by law the proceeds 70 be usea solely for
the redemption OF bonds bearing higher rate OF
interest and now redecmabo at par. 4
The Secretary makes reference TO the substitution
OF silver for fractional currency and the success
Of the measure and continues
It's submitted that the limitation upon the amount
OF sucn fractional coin 10 be issued in exchange Tor
United States should be repealed THIS coin Is
readily TAKEN IS in great favor with the peope, It's
issue profitable 70 The government aud experience
has shown that there is no difficulty in maintaining
IL at par with United States notes The estimated
amount OF such coin In circulation In the United
states IN 1860, at par with gold S43, 900. 600.
Great Britain with population OF 81 OO0 main
sos 5oo at par with gold and other nations main
much larger per capita AMOUNT the true limit
q such CON y me demand that may % made Tor .as
States notes there Is no danger OF an excess beng
issued. Es Sid
The question oil tho issue oa silver dollar for crcu.
la,ion money has been much discussed and care
fully examined by commission organized Dy Con.
gross which has recommended the coinage OF The old
Silver dollar With such legislative provision as will
MAINTAIN its value ~ par with gold Its issue
is respectfully recommended A gold coin Of The de-
nomination Of daar s too small Tor convenient
while spo III slVe aa wO0la ps oOa
tons, and Is IN form 70 satisfy mo natural
instinct Of boarding OF The metals :, silver IS
OF every system Of coinage even IN countries where
Rod is the sole legal standard best measures tho
common wants liic but, from its wolgnt and bulk,
IL a convenient medium In The larger exchanges Of
commerce. Its production Is reasonably STEADY 10
amount The relative market value OF silver and gold
IS ar more stable than that oil any utner two com-
modtes--stl IL does vary. II Is not IN the power Of
human law 10 prevent the variation TINS inherent
Difficulty has CON PEELED all nations adopt the
standard OF value or TO authorize an
undard OF either. or 70 coin pOtu metals
at au arbitrary standard and to maintain one az par
with tho other by limiting ITS amount ana legal tender
uuAty RECEIVING redecmlng II AZ par with tne
otner IL the carefu study oil Statesman iof
many years 10 bl.meallic currency not SUB.
jec TO tue changes OF market valuc and SO adjusted
both kinds can be kept In circulation togctner.
not alternating with each other. the growing
tendency has been 10 adopt, Tor coins, the prin.
cipe OF ssredeemabty' applied 10 different
forms OF paper money BY limiting tekens, silver
and paper money the amount needed Tor business,
ami promptly receiving or redeeming all that may ut
any time be IN excess, all these forms OF money can
be kept In circulation in large amounts at par with
gold. 10 this way tokens VI inferior intrinsic value
are readily circulated but not deprecate below the
papcr money into which they are convertible The
fractional silver coin IN CIRCULATION, though the
SILVER Of which composed 10 OF less market value
than the paper money passes ready among al Glasses
was despned And the silver dollar, II restored Ia
our coinage would greatly add TO the convenience oil
The people. But this CON shoull be subject to Too
same rule, 70 issue and CONVEX ollty, as
Of the siveE in II were less than that OF
gola coin OF tue and II were Issued
in UNLIMITED quantities, and made legal tender Tor
all debts, II would demoneLze gold ana appreciate
our paper money. The Importance OF goia as the
standard OF value Is conceded ~ all ft lN a1
EXPORTS IMPORTS.
The receipts from customs Tor the year ended juno
80 1876 we're S148 9s4 g. and at the correspond
Ing date OF 1877 they were siSo o.wa decrease
the last nsca year $3 72S o. while for the
corresponding period Of this year they were
$50 9S3 53l 56-a decrease OF $571, 1876 81.
United states Tor the last fiscal year, appears from
returns made and compiled py the Bureau Of Status
tics, are as lollows:--
Exports Of domestic merchandise. $5o9 oIO "a
Exports OF foreign merchandise. l2So4, s9d
esno 4-s ooo