The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-03


ueets In tho Next Few Days-rhe Trouble
!tbout silver poIIars-He Asks Author
Ity to Limit Their Issue.
The report OF the Secretary Of the Treas
ury is notices. important this year than
the Presidents message. 1t was sent into
Congress- Yesterday along with themessagc,
and will attract unusual attention owing
10 the near approach OF the day set for
specie payments. Every body, especially
business men, is anxious to see by what
oodus operandi the Secretary expects to
he able to muintain specie payments. This
programme he explains at some length.
We give what he says on this head, as fol
lows. Speaking OF the preparations made
TO resume on the day fixed by law, he
says: .,
"Every step in these preparations ior
resumption has been accompanied % w.
increased business and confidence. Inc
accumulation Of coin, insteado increasing
lis price, Us was feared by many, has steaa'
iIy reduced its premium in the marke,'
The depressing and rulnous losses that iol'
lowed the panic Of 1873 had not diminish
ed in 1875. when the resumption act pass
cd. Int every measure taken in the execu,
lion or enforcement Of this act has tended
IN tighten these losses and to reduce the
premium on coin. so that now It is merely
nominal. The present condition OF our
trade, industry, and commerce, hereafter
more fully stated, our ample reserves, ana
the general confidence inspired IN our
financial condition seem TO justify the
0piuion that we are prepared to commence
and maintain resumption from anu alter
The first day Of Janury, A. D. 1879.
The means and manner OF doing this are
left largely 10 the direction OF the Secre'
tary, but IRON the nature Of the duty i'm
posed, he must restoro1coln anu puliion'
when withdrawn in the, process Of re-
demption, either by the sale OF bonds, OF
the use OF the surplus revenue, or oil tlc
notes redeemed from time TO time.
The power to sell any OF the bonds DE
scribed in the rcfunding act continues q!
tcr rs well rs before resumption. Though
Il NAV not be often used, it is essential tc
enable this Department to meet emerSen
cies. b. its exercise it is anticipated tina
tho Treasury at any time can readily CD
tain coin TO reinforce the reserve alrcad!
accumulated, United States notes must
however, be the chief means under exist
ING law with which the Department mus
restore coin and bullion when withdraw
in process OF redemption. The notes
when redeemed, must necessarily accnmu
late in the Treasury until their superior
use and convenience for circulation ena
HES the Department to exchange them q
par for coin or bullion.
The act OF May 81, 1878, already reterre'
10, provides that when United States note
are redeemed or received in the Ireasur!
under any law, from any source whatever
and shall belong to the United States, the!
shall not be retired, cancelled, or destroy
ed, but shall be reissued and paid on
again and kept in circulation.
The power to reissue United State
notes was conferred by section 800, Re
vised Statutes, and was not limited by tn
resumption act. As this, however, wa
questioned, Congress wisely removed tn
doubt.
Notes redeemed arc like other notes re
ceivcd into the Treasury. Payments Q
them can be made only in consequence Q
appropriations made by law, or for tn
purchase OF bullion, or-for the retundln
OF the public debt. st.
The current receipts from revenue ar
sufficient to meet the current expenditure
rs well rs the accruing interest on the pull
licdebt Authority is conferred by tn
reiunding act TO redeem six per cent bond
rs they become redeemable, by the pre-
ceeds Of the sale OF bonds bearing q lowe
rate oiinterest. The United States note
redeemed under the resumption act arc
therefore, the principal means provide.
for the purchase OF bullion or coin witt
which to maintain resumption. but SHOULD
only be paid out when they can be uset
10 replace IN equal amount OF coin with
drawn from tho resumption fund. The.
NAV, 1t is true, be used for current pur
poses like other money, but when so USE
their place is filed BY money receives
from taxes or other sources OF revenue.
In daily business, no distinction need b
made between moneys from whateve
source received, but they may properly b
applied to any OF the purposes authorizes
bylaw. No doubt coin liabilities, such a
interest or principal Of the public debt
will be ordinarily paid and willingly re
ceived in United States notes. but, whei
demanded, such payments will be made Il
coin; and United States notes and coli
will be used in the purchase OF bullion
This method has already been adopte,
In Colorado and North Carolina, and NJ
rangemcnts are being perfected to pur
chase bullion in this way in all the minin
regions OF tho United States.
By the act approved June s, 1878, tn
Secretary OF the Treasury is authorized +
constitute any superintendent OF minto
assayer OF any assay Office an assistan
treasurer OF the United States TO receiv
gold coin or bullion on deposit. BY tn
legislative appropriation bill approves
July 10, 1873, the Secretary OF the Treas
ury Is authorized to Issue coin.certiticate
in payment to depositors OF bullion at tn
several minis and assay offices OF tn
United States. These provisions, intend
ed tosccure to the producers OF bullion
more speedy payment, will necessaril,
bring into the mints and Treasury thegrea
body Of the precious metals mined In IN
United States, and will tend greatly to tn
easy and steady supply OF bullion for coin
age. United states nOteS, when " Illr VIII
coin, will be readily received for bullion
instead OF coin certificates, and with grea
advantage and convenience to the pro
ducers.
Deposits OF coin In the Treasury will, nj
doubt, continue to be made after the Is
ofJanuary, as heretofore. Both gold an
silver coin, from its weight and bulk, vii
naturally seek such q safe deposit, Will
notes redeemable in coin, from thei
superior convenience, will DO circulated
instead After resumption the distinc
ton between coin and United States note
should DO, as far as practicable, abandoned
in the current affairs OF the Government
and therefore no coin certificates should
be Issued except where expressly requiset
BY the provisions OF law, as in the case o
silver certificates. The gold certificate!
hitherto issued BY virtue OF the, discretion
conferred upon the Secretary will no
be issued after the lst OF January next
The necessity for them during suspension
Of specie payments is obvious, but NJ
longer exists when by law every United
~ II.