The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-12-17


per cent. bonds, commonly known as
five-twenties, TO an equal amount have
been redeemed, or will be redeemed as
calls mature. This beneficial process
was greatly retarded by the require
ment of the law that subscriptions
must be paid in coin, the inconvenience
of obtaining which. TO the great body
Of the people outside OF the large cities
deferred many sales.
This will not affect sales after re-
sumption, when bonds eau he paid for
with United States securities in the
American market, by reason Of their
return from Europe, together with the
sale OF four and half per cent. bonds
I for resumption purposes, tended 10 re-
\ tard the sale OF four per cent. bonds.
/ As from the best adyices, not more
\ than 800, 100000 OF United States
bonds are now held out of the country,
il may be fairly anticipated that the
sale OF four per cent. bonds, hereafter,
will largely increase.
SAVINGS.
IL has been tho desire OF the depart
ment 10 popularize the public loans
and bring them within the reach Of ev-
/ cry citizen who desires 10 invest his
savings, whether small or great, in
these securities. The popular loan of
( 1877, open TO all alike by public adver-
I tisement, absorbed $40, 000,00 Of four
per cent bonds, and during the present
year these bonds have been sold in the
same manner.
IL is believed that without a change
j II l.. A l.. II A..
will largely increase, but 1t would APP
pear advisable so TO modify the law
that smaller sums may be invested
from time to time, through popular
subscriptions. aud through the post
offices, or other agencies OF the govern
ment. the freest opportunity may he
gwen in all parts OF the country for
such investments.
PUBLIC MONEYS.
The monetary transactions Of the
government have been without loss
through the office of the treasurer, ten
assistant treasurers, one depositary,
and ll9 national bank depositaries, ex-
elusive OF those designated to receive
only loan subscriptions.
OF the entire receipts of the govern
meht, during the year, there was de-
posted in national bank repositories
the amount of 500, 7sl ,053.ls.
NATIONAL BANKS.
The report Of the comptroller of the
currency presents full and interesting
information as To the national banks.
The number in existence on October
LIST was 2,053. The amount OF their
circulating notes outstanding, includ-
ing those in the liquidation. was S323,.
l47, the capital invested was $780,
ll7, 1876; the surplus fund and profits
were sl57, S33, ,993; the loan and dis
counts were 1888, ,52l ,442.
COIN AND COINAGE.
The annual report Of the director OF
the mint exhibits in detail the opera
tions Of the several mints and assay Of
fees, and also presents interesting in.
formation relative TO tue production Of
gold and silver in the United States,
tho estimated amount Of gold aud sill
yer bullion in the country. the depre-
citation OF silver, the position OF the
American trade dollar in the Oriental
trade. and other subjects connected
directly or indirectly with the coinage.
The value % gold coinage executed
dunng the lss; nscsyear vas S., ,p50 ~
or trade dollars H. as eiO %
NJ standard silver d0llara. .......... s,OTgb0O 90
ooi irs.l nal silver coln......-.--. s'sgS'sieso
And OF minor coin ........... ...., oil. 30e9t o.
total coinage of............... .ssi,i.0. .fss 50
In addition 10 the coinage, fine and
impaired bars we're prepared for de-
positoIs in the amount of Sl2, ,J0l ,9G2.-
% in gold, and Sll, ,S5i. .3s5 81 in silver.
During the year 1877. and the first
few months OF the present year. trade
dollars TO the amount of probably four
million pieces. were placed in cireula-
ton in the States east Of the Rocky
Mountains, with a full knowledge on
the part OF the parties engaged in the
business that the coin was not a legal.
tender.
This coin is in no'sense money Of the
United States which the government is
bound 10 sedeem or care for. The gov
ernment stamp upon il is 10 certify 10
its weight and fineness for the conven-
fence Of dealers in silver bullion.
Recent advices from our minister 10
China indicate that a considerable
amount Of trade-dollars is now being
boarded in that Empire, and will be
returned 10 us il q discrimination is
made in their favor over other bullion.
No distinction can be made between
trade-dollars in the United States and
those out of the United States: but, II
redeemed at all, they must be redeem
ed alike The bullion is 80, 653. 800
trade-dollars outstanding can now be
256, ,0J0. Ii would be a manifest injus-
tIce to deprive them of our market for
their bullion, IN order 10 discriminate
in favor Of bullion coined for exporta-
tion and held chiefly in foreign coun-
tries.
The amount Of gold coin and bullion
in the country September 80, is esti-
mated by the director at S259, ,343, 800,
aud of silver coin and bullion at S99,-
900, 55T--a total OF 1855. 4i3, 947
CLAIMS.
The attention Of congress is again call
ed 10 the necessity Of some legislation
as 10 the adjudication of claims which
are now within the jurisdiction OF this
department
For the proper investigation OF such
claims the methods adopted in all our
courts for ascertaining the truth are
undoubtedly the best. For this pur-
pose tribunal, which will require the
best evidence OF which the nature of
the case will admit, the production of
original papers rather than pretended
copies, the sworn statement of the wit
ness himself 20 the facts in his own
knowledge and not the hearsay OF third
parties, the examination and cross ex-
animation of the witness, not his ex
parte statement privately taken. a pub
lie hearing, and public record OF pro-
ceediugs open 10 inspection, Is essen
tial.
EXPORTS AND nfroBrs.
The gold values OF the exports OF
merchandise from the United States,
and imports Of merchandise into the
United States, during the last fiscal
year, as appears from returns made 10
and compiled by, the bureau statistics,
are as follows:
Exports OF domestic merchandise $50, roe. ass
Exports OF foreign merchandise...... i,i56.ses
Total exports OF merchandise. o.. ss01, SOS. iss
Imports OF merchandise. .......... ssI,o5 ,5s9
Excess Of exports over imports Of
mercbandise...... .s..ss...s.... .f35i Si4, a.
Compared with the previous year,
the importations are less by sli,27i,.
59l. and the expectations greater by
S92, 800, $40.
The total amount Of exports aud i'm
IL a.