New-York tribune., 1878-12-03

sistant l On deuosit BY legislative appropria
ton olI ~ tnorized TO issue coin certificates in pay
Iress ~ aeposors OF bullion at the several mns ana
mc't c,ces OF the United States. These pr0yislons
as:N 70 secure to the producers OF bullion more
speedy vii brig into 5ne METALS
anu snd In The United States. and VIII tend gtenuy
70 The easy aud STEADY sappy ubsp % S eaSn par
s1n cola, will he readily received Tor oninon ,.oa
instead coin certificates and with great advantage
neposs of coin IN the Treasury viii. no doubt con-
,,ue t he made after the LIST of January as heretofore
psh olI aud silver coin from it's weight and bulk will
naturally sex such safe deposit While notes redeem,
aSie IN coin, IRON their Superior convenience VIII De
lead. After resumption the distinction be-
ee coin aud United states notes should be, as far as
.~aetcabe abandoned IN the current affairs OF the COY
p"ment. and therefore certificates should be
ssned except where expressly required by the pr0vl
d certificates hitherto issued by virtue of the dscre-
non conferred upon the Secretary will not be issued aIer
pension Of specie payments obvious but no onger
exists when by law every United STATES nole ~ III m en &
served by their hereafter would be TO enaDIe per
convert their notes into coin u @ ans
thus contract the currency and hoard gold III tue
OF tue Treasury without the lncOnvenSSncSSt &C. TOR o
risk of its custody. For convenience United STATES
notes OF the same denomination the larger coin GER
Iy existing law customs duties and the interest OF the
public debt payable in COIN and portion & o. e te
duties was I specially fs making one provision de-
pendent upon tine other As we cannot with due regard
10 the public honor repeal the obligation 10 pay coin
we ought not TO impair repeal the provided TO
procure coin. When, happily our notes are equal TO
cO,u
creditor and by the Goyernment; but this acceptance
should he LETT to the option OF the respective
the legal right both sides TO demand com should De
preserved inviOlate.
UNITED STATES NOTES FOR CUSTOMS DUTIES.
The Secretary is of the opinion that change Of the
law Is not necessary to authorize this Department 20
ceive United States for customs duties and at
ter the day January, 1870 while they redeem
able and are redeemed demand in coin. After re-
sumption it would useless inconvenience 10 re-
qur payment such duties in rather than in United
States notes. The Resumption Act, by clear implication
SO far modfes previous laws as to permit pay
ments in United States notes as well as in
coin The provision for coin payments was made In
the midst Of war; when the notes deprecated and
the public necessities required assured revenue in
coin 10 support the public credit This alone justified the
refusal by the Government to take It's own notes FOR the
taxes levied bY it, 1t has definitely assumed to pay
these notes in coin, and this necessarily implies the
receipt of these notes coin. To refuse them is only
to invite their presentation for coin. Any other con-
scton would require the notes to be presented to the
Assistant Treasurer in NewYOk for ooin and used in
the purchase Of bonds TO be returned the
IL used for the payment of customs duties 10 be
Ted to the Collector OF Customs, who must daily deposit
be ue assumed that the law indirect and ncoH
venent process after the notes are redeemabe In con
cOin and both should be received Indiscrimnately.
II United States notes are received for duties at the
purpose in all other ports of the United States,
constitutional preterence would De gwen TO that port
the ciuzens of other ports, they could make
8sS and onsporfne the coin TO tber homes
for payment aud all this not only without benefit to
the Government, but with loss IN returning the coin
again 10 NewYOrk where II is required for redemption
purposes. o,o,.r.,o,, l., ,.o,r vor,,
believed TO be practical redemption in all parts OF
the United States Actual redemption was confined to
single place from the necessity Of maintaining only
coin reserve and where the coin could be easily aeeu
With his view Of the Resumption Act tho Secretary
will feel IL 10 be his duty unless Congress otherwise pro-
vdes to direct that after the 1s day of January next
and while United States notes are redeemed at the
Treasury, they be received the coin by the off,
eers Of this Department in all payments in all parts
Of the Unltedstates.
II any further provision of law is deemed necessary by
for dues or for bonds the Secretary
fully submits that this authority should continue only
BILE continuous resumption may be, and however conf
dent we may feel In ITS yet the experience
periods OF great emergency In such events the pubic
faith demands that the customs duties shall be collected
iu coin aud paid the public creditors, and this pledge
should never be violated or our ability to perform 1t en-
Heretofore the Treasury, the disbursement OF
rency has paid out bills Of any denomination desired
than dollars is determined by the demand for them.
5aGnay II has been urged With view to place
in circulation silver coins, no bills OF less than hye dol
lars should be Issued would seem TO he more just and
expedient not to any form OF money upon public
creditor but 10 give him the option or the KIND and de-
tpect should be consulted. The only way by which
eys different kinds and intrinsic values be man
q
ability when kind is In excess, 10 readily exchange
II for the other This prnePs Is aPPlcable TO coin as
OF OF different kinds be maintained at par the
mand for it, The refusal or neglect to MAINTAIN this
species Of redemption inevitably effects the exclusion
from circulation OF the most valuable, which thereafter
becomes commodity bought and sold at premium.
THE SILVER COINAGE.
When the Resumption Act passed, gold was the only
coin which by law legaender in payment OF all
debts. That act contemplated resumption In gold coin
a.l.x.
lawfully issued The only silver coin provided was frac
tonal coiu which for $5 only The act
approved February %, 1873, made a very important
change in coinage system The silver dollar provided
for was made legatender for oil debts, public and
private, except where otherwise expressly stipulated in
the contract The Of this coin issued will
properly be stated hereafter but its effect upon the prob
lem OF resumption should be here considered.
The law itself Clearly shows that the silver dollar was
not TO supeIsede the gold dollar did Congress- pro-
pose TO adopt the single standard of silver but only TO
create bimetac standard Of silver and gold of equal
value and equal purchasing Congress, therefore,
limited the amount or silver dollars 10 be coined TO not
less than two millions more than four millions per
monlh aid not limit the aggregate amount nor the
period OF time during which this coinage should
iinue The market yane of silver in the dollar the
date of the passage of the act, 93 cents in gold
coin. Now Il Is about SO cents IN gold coin Il IL
SILVER SSs 'n1sad I1siesd q tie ssla standard he
pose Experience only In this country, but in Euro
pean countries has established that certain amount
Of silver coin may be maintained In circulation at par
with gold though OF less intrinsic bullion value. 1t
was doubt, the intention OF Congress 10 provide
coin witch would answer multitude OF the pur
poses of business life without banshug from clrcua
lion the established gold coin of the country To
psh this it indispensable either silver coin be
limited IN amount that its bullion value be equal to
that OF the gold dollar. IL not, Its will be limited TO
domestic purposes II cannot be exported except at It's
commercial value as bullion III issued in excess OF de-
mands for domestic purposes IL will necessarily fall in
market value, and by weknown principle OF fnanee
will become the sole coin standard OF value Gold VIII
ha hoar ed
both legal are authorized without limit the cheaper
af,ra rirculate however. tho silver