The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1878-12-12

4 SUMMARY Of the report Of Secretary sherman
r. here given: !, &

S';3.SsS.1O. The ordinary expenditures for the
s ssme period were sS 9 Leaving sur
piled to the y United s,stes notes. *
the redemption Of fractional currency, the increase
c as ss sassg x ind fsa n e rs
the sinking fund for the year was s14 1929, 40 no
The net DECREASE u receipts for the year was
81 2s,; 81; and nd, the net decrease In $. *,
preceding fiscal year. Tho actual receirtz ~
the first quarter Of this year were . IA
AZ 3 and the estimated seesipIs Isg ths
actual expenditures for the first quarter were $s-
3tt5I325. and tbs sstimatsI eaRspditgsSs for
sh as, sS% of lessips IS ss
and Of expenditures $40 OOnd0. Essytng tal:
ance of S2AlONNUUesefflleaoss tn1 ,eeesMg
t,O1 81, The estimates Tot the fiscal year 1880 are
receipts 4aHAsk0. 00OS expenditures including
.,.PS Ss Ct l.. showing sSsnS; ~ s &c
sinking randshavs sWin.Ae an estimated surplus Of
S2S. 1HS.0S7 .32. These estimates are based on
the sonssessiSnal appropriations Of the present
law, the Scremfy says.:fs S0S36l2 II 30 more
than the actual revenue s. the pas yeaH The e.
,s1s sas aa ~ Ts ss$ ss5
every honest taxpayer, The Enforcement & the
tax on spirits and tobacco has, in some places,
powerful for hc bepartme1k with. the forcseAt it,
command. to overcome. The customs duties, In
many eases hass been sSsded BY smsnesling
ssss sisss ss1s ls.as 5nf 8
law. but many 81 them may be overcome by modt
fcations of the laws rs Mr.. Sherman suggests.
ash sPEcIs RESUMPTION ,r.T
In regard to the reclamation of speA(S payments.
the Secretary hc has substantially carried in
to execution three Of tn. provisions Of the act of
1875 by the gradual substitution Of fractional coin
frasN ehnE
and b, fece banking. There remAaas only the
on the lSt day of January, 1879, and its mainte.
Ths ossi Z E. aT
;ss s5 SIss coin sm,ss sl1o 9a
amount of coin held in the Treasury. on the 23d
day OF November in excess Of coin sufficient to
pay all coin-liahilites, was $141 .8SS. 100. and
ton. This sum would he diminished somew hat,
an the 1stef january next. by reason Of the large
amount 81 Interest accrung on that day in excess
had arranged With the View York Ciearinr :. House
for the exchange OF drafts As in ordinary
banking ,ransss'i"ns. and after the LIST, Of
January. United States notes would be received
by the associated banks of that city as coin. These
preparations for resumption had been accompa-
MED in his opinion with increased business and
confidence. The Secretary details at considerable
length the means at hiA command to maintain the
reserve decided on, including the sale of bonds,
the reissue"f United States notes. the current rev.
enuc receipts in excess of current expenditures,
etc. etc, The gld certificates hitherto issued in
The discretion of the Secretary. will not he used
dss 1t:nssiss Would l. instead s
s sw is so Of tie 5000 TIM 8 Of the
s menl e S,. r.esiss Tinted SITES no.se es
AIRY, ls7a while rs .se lsdee@abls and sre rs.
would seem a useless Inconvenience to require
HVvNan of cNNh avst&nS to- t.
tinted stss.e % S1 NJ sts ssI q ~ 1sa
sumption act the Secretary will direct unless Con-
glse ,, Otherwise provides that after Jan l. and
Treasury. that they be received the same "a coin
by the officers OF the Department in all payments
in all parts Of the United States.
THE SILVER DOLLAR
The Secretary discusses at considerable length
the silver dollar. and says it was not to supersede
the gold dollar: did Congress propose to adopt
the single standard Of silver, but only to create
bimetallic standard Of silver and. gold. OF equal
ans and na b purchasing
coined q not less than two millions more than
Tour millions per month. but did not limit the az
TSEa,e ,h amount nor shr period Of time during
value of the silver IN the dollar at the date Of the
passage Of the act was 93i4 cents in gold coin,
Now 1t is about s.; cents in gold coin.
the silver instead of the gold standard, the
smount provided.or is totally inadequate for the
purposs Experience, not only in this country,
but In European countries. has established that
certain amouIH Of silver coin may be maintained
IN circulstion at par with gold though of less in
t!inSic bullion value. IT was, no doubt, the inten
ton at Congress to provide coin In silver which
would answer multitude Of the purposes Of bust
ness life. without hanishing from circulation the
psh h eS SHp @ he s eSSe Sc Ss
coin be limited in amount or that It's bullion value
be equal to that % Che gold dollar. If not. its
Use will be limited to domestic >purpOses 1t
" ,W,y,a eci a1 alma
AS bullion. If issued In excess of demands for do
nestle purposes, II will necessarily FALL in market
' vaine and, BY welknown principle IF finance;
Will become the sole coin standard Of valac. Gold
will he either boarded or exported. When two
Surrencies, both legal nrc authorized without linn
II. the cheaper alone will circulate, IT. however,
the issue of the silver aollArr is limited to an
amount demanded for circulation. there wilt be no
depreciation. and their tonvenient use will keep
.hems par with gold, as frnctonal.silver coin,
issued under the act approved Feb. q. 1853 was
The sserrsary sa.s,ass ,hs it would be tie
best policy for the present to limit the aggregate
sixteen to one, to such sums as can clearly be
maintained at par with gold until the price Of sill
gold whentSaf tdtio itD1ld he, siopteii and our
coins made to conform to it, and asks that he be
authorized to discontinue the coinage of the silver
dollar when the amount outstanding shall exceed
S:'o,OOO.OOO. He states that. meantime. he shall
redeem all United States notes. in sums of not less
than $50. with either gold or silver coin. as
on Of Se tie n.y. -
States notes for all other demands on the Treas
urS except when coin is demanded on coin liza
rorsrrs-crsf .so.Ds. H., ),
During the present year, prior to Nov. %. $780,;
27O9OO of 4per-cent bonds had been sold, and
s t. As q sss : s1s ss S
bond. are held ABROAD it might be fairly an;
iarseiy inefcssk: In oder 70 sssiS she pa ssnt
well the temporary contraction Of the currency,
the Secretary recommends that the notice to be
given for called bonds be- at his discsetiop, not
less than ten days. nor more than three months
In order that the freest opportunity may be given
to invest in the public securities, the Secrcta-
~ recommends that the Department be authorized
e ssr m nees ssss
rate Of 3 IS per cent per annum and convertible
A. any time within one year after their issue into
act. and TO be issued only in Sxchange for United
States notes sent r. u Treanry by nail o. other.
wi.e. sucha provision of law. supp5rtedby eait-
able regulations, would enable any person readily,
without cost or risk to convert his money into an
int ssSs, ~ Ued siss and
dcmption of the 6-per-ecnt. bonds.
NATIONAL BANKs.'
On the LIST of October, the number of National
Banks in existence was 2.O53. The amount Of
their circulating-notes outstanding, including
those in lquidations was S323l47.71Q; the CAPT.
and 1 prots Eats S2ss the me losXs MA a dis
counts were $830.521 $40.
COINAGE.
The value Of the gold coinage exe-
cuted during tho Test tai year. 12, 7Q6080Q %
~ trade -dOtiafe. =! ..."N1 .313.01O %
~ standard silver dollars. ........ 8.573,5OO 90
VI fractional-siver coin. ..... S,:}:}Q.315 so
AND OF minor coin. ............... SO,6Q4 90
total coinage Of. ........... .$81,12O,4Q9 so
In addition to the coinage, hne and impaired
bars were prepared for depositors in the amount
Of $l2,5O1 1926 % in gold, and 81 ,S54 1856 80 In
silver.
The amount of gold coin and bullion In the
country Sept. 30. is estimated by the Director Of
the Mint at S259,353,38O, and Of silver coin and
bullion at @!Hl OAO. 557-a total Of S358,44S,947.
ENGRAVING AND PRINTING BUREAU.
At the close of the last fiscal year there was an
unexpended balance Of $685.. 836.17 of the appro
priation for labor and other expenses Of this bu
reau. Of this amount In fccordance M1M me 6ct
approved JanS 20 IS5S xthv1hm pf y127 536 SO
viii be expended In the purchase of . site
Tor and the Seectio6 q . lreptof build
ing for the bsreau, M work Of which
probably se ssapie!sa d6sSsiSI III 4 is7s. 4
IL assumed from action Of Congress at its last SEES
nft n 00Su 4