The Portland daily press., 1878-12-04
The Treasury.
Prospects for resumption-The National
Banks-- mites ON Imports, sc.

The Just issued report of the Secretary Of the
Treasury is an interesting document. Special
attention is paid TO the resumption question,
and other topics are touched on more lightly.
Eight pages are taken up with a discussion
of resumption, and the Secretary opens it
thus:
"The important duty imposed on this depart
ment by the resumption act approved January
IA. 1875, has been steadily pursued durlng the
past year. The plain parpose of the act Is to
secure to all Interests ami all classes the bene-
fits of a sound currency, redeemable In coin,
with the least possible disturbance OF existing
rights and contracts. Three Of its provisions
have been substantially carried into execution
by the grad ual substitution of fractional coin
for fractional currency, by the free coinage Of
gold, and by free banking. There remains
oaly the completion of preparations for re-
sumption in coin on the first day of January,
1879, and its maintenance thereafter upon the
basis of existing law" 1t was deemed neces-
sary as q preparation for resumption to keep
com reserve amounting to forty per cent. OF the
United States notes outstanding, the amount
thus required being S1S,000,000. On the frat
day OF This year this reserve amounted to $685.
016,051, aud in April IL was increased So, $780,
600 oy the sale of four aud a half per Cent.
bonds. The $5,500,0O0 paid as the Halifax
award was replaced by the sale OF Ike
amount of four per cent. bonds The net pro-
ceeds OF bonds sold for this purpose bas bsen
S95, 500, 900. Tue amount of coin reserve in
tue Treasury on the 23d day of last November
was Sal, ,SS8 100, which will be diminished
somewhat the first of January by reason of the
large amount of interest accruing on that date.
A satisfactory arrangement has been made by
which all drafts on the banks held by the
Treasury are to be paid al the Clearing House,
and ali drafts ou the Treasury held by them
are to be paid to the Clearing House at the Of
fee Of the Assistant Treasurer, in United
States notes; aud, after the 1st OF January,
United States notes are to be received by them
as coin. This will greatly lessen the risk and
labor Of collections both to the Treasury and
the banks,
OF the manner in which resumption Is to be
ACCOMPLISHED the Secretary says: The means
and M amer of doing this are left largely TO The
discretion of the Secretary, bat, from the ma
ture of the duty imposed, he must restore coin
and bullion when Withdrawn in the process of
REDEEM ptioD, either by the sale OF bonds or the
use of the surplus revenue, or OF the notes re-
deemed from time to time.
The power to sell any Of the bonds mentioned
in the refundins act continues after resumption
as well as now, but will probably not Do much
used. Notes redeemed are ike other notes re-
ceived into the Treasury. Payments OF them
can bs made only in consequence Oh appropria-
tons made by law, or for the pnrchase VI Dul-
lion, or for the refunding OF the public debt.
TIL. cQrreut receipts from revenae are sutii sIent
tu me et tue current expenditures AS we'll as The
sccrning interest on the public debt Authori-
~ Is conferred oy the refnnding act 10 redrem
six Der cent. bonds as they become re1eemable,
py the proceeds of the sale of bonds bearing
lOweS rate of interest. The Secretary Is au-