Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-11-20

may pay tor them with any of the
$40 bonds Of the act of March 3, 1865,
redeemable at the pleasure of the Uni
ted States, after the LIST day of July,
1870, in the same way as if they were
called at the date of subscription, in the
regular course; but subscribers, to avail
themselves Of this privilege, must &C
company the subscription with q full
description of such bonds, by numbers
and denominations, and must, within
thirty days thereafter, forward the
bonds to this department, to be applied.
like called bonds. Of the amount is
sued of the above described 500 bonds,
there is now outstanding and uncalled
the mount of $2,6O8,75O.
(SigneO JOHN SHERMAN,
Secretary.
SMALL BILLS WILL NOT BE WITHDRAWN
A Washington telegram of Nov 18th
says: Secretary Sherman, referring to the
rumors Of the withdrawal Of one and
two dollar US. notes, says, fully a year
ago the story was started, causing an
unnatural demand for small bills. The
statement was unfounded other than
that the treasury had one years sup
ply of ones and twos on hand in the bu-
reau of engraving and printing, and the
treasurer stopped the printing till that
supply could be reduced. No order
was issued to the treasurer to limit
the issue of ones and twos; they we're
issued to every body who demanded
them and no order has ever been made
for their withdrawal; they are issued
like other money whenever they are re-
quired, and any holder Of demand
against the United States is ordinarily
paid in the denomination of money de-
sired. After the LIST Of January no bills
of less denomination than S. dollars
can be issued by national banks, and no
doubt if the one and two dollar U. S.
notes were withdrawn, it would max
place for more silver.
The secretary thinks, however, the
public at large ought to have the OPP
ton to AXE gold, silver Or paper of any
denomination, coined or printed. This
is the best way to secure the largest cir
culatiOn. If the chief end Of life was to
secure the circulation Of silver money,
it might be forced into the circulation
by withdrawing ones and tWOs, but the
secretary does not see why the people
should be denied the use of such notes
if they want them, nor why silver money
should be made unpopular by being
forced into the circulation to the exclu-
sion of a more convenient money.
THE TRADE DOLLAR.
A Washington telegram of No
vember 18th says: The director
of the mint, in his annual report, ex-
| hot do RI ri
lar having obtained favorable position
in China it would not be advisable to re-
peal the law authorizing its coinage.
WHAT THE MINT DIRECTOR SAYS ABOUT
SILVER.
In his annual report made public
Nov. 18th director of the mint, Under
man, makes the following remarks
about silver:
At the date of the passage of the act
authorizing the coinage Of dollars of
412! grains, the price of bar-silver was
about 55 pence per ounce, British
standard. From that date, Feb. % last,
the price gradually declined until it
reached 491 pence on the 18th of Oc-
tober. The price at the date of this re
port is 50a pence From the foregoing,
it will be seen that the expectation en-
tertained by many that the remoretiza-
ton of the silver dollar would be follow
ed by the appreciation in value of silver
has not, as yet, been realized. The
causes Of the decline in value during
the present calender year have been a
very large decrease in the demand for
export to India and China, the con-
| II al 1f L, %o off 1o ofo foc
of the Latin Monetary Union and the
Netherlands against the coinage of
legaltender silver coins. the use
of irredeemable paper currency by
Austria and Russia, and the
readiness of the German government to
meet any fair market with feee sup
plies, making a sale recently In Lon
don Of one hundred thousand pounds
as low as 51a pence per ounce. 1t will,
of course, be readily understood that.
as long as the supply of silver is in ex-
cess of the demand. there can be no
permanent rise in value. An increased
demand of any magnitude can only
arise for India and China, or in
the event Of the resumption Of the
coinage of legal-tender silver coins by
| E1dllCo, 'bolSltliIi, tIlu C1c 4\StuSl lhlluo.
While this complicated, uncertain, and
unsatisfactory condition of affairs with
the relative value of gold and silver
continues, it will require that the
course to be pursued by the United
States should be very cautious in re-
spect to the issue of legal-tender silver
coins in which silver is rated so much
above its market value, if gold is
to be retained as the principal
money OF payment and Of commerce.
1t should be added, in this connection,
that, while silve, is the monetary stand
ard of the Acknowledgements and Rus
sian empire, their more recent public
loans have been made upon gold basis,
which will require their tariff duties to
be collected IN that metal. Foreign
exchanges are likewise settled on 81 gold
basis. .' % 80
FREE TRANSPORTATION OF SILVER DOLLARS.
A Washington telegram of Novem-