The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1878-12-13

Abstract of Secretary shsrman's Annu.,
Report.

Report.
After giving detailed statement OF N,
fiscal operations Of the Government during
the past year, and estimates for the coming
year, Secretary Sherman says:
RESUMPTION on SPECIE PAYMENTS
Theiinportant duty imposed ON this De.
pnftment by the Resumption act. approved
january "a. ISIS. has been steadily pursued
during the past year. The plain purpose ol
the net 4 a. secure 20 all interests and Mi
classes the benefits Of a sound currency ~.
ueSmaDle IN coin. with the least pc siblc dis
aufpance OF existing rights and contracts.
three OF rs provisions have been subst AN.
italy carried into execution by the gradual
substitution Of fracfionai coin Tor fractional
currency, by the free coinage OF gold, and by
free banking. There remains only the com
pietion OF preparations for resumption IN
com on the ~ day q January. ls7a, and its
maintenance thereafter upon the basis OF ex-
listing law.
AZ the date Of my annual report 70 Con.
Eress Ia December. ls77. II was deemed nee.
es-ary as "A preparation for resumption ~ n
cumulate In the Treasury n coin reserve Of NJ
least ~ per cent of the amount OF United
states notes outstanding. At that time Il " M
anticipated that under the provisions Of TIE
Resumption Act the volume Of United states
notes would he reduced to s. 90 O.o0O by the
~ Gay 81 January. le5a, or soon thereafter
and that reserve IN coin OF siae0OO 0OO wo,,ld
then bf sufficient. Congress, however in
view OF the strong popular feeling against
approved May 81. ISIS, forbade the rctiramen ~
Of any United states notes after that a. L.
leaving th1 amount IN circulation Ssa6.csl ,0I6.
pon the principle ~ safety. upon which tile
department. was acting, that 40 per cent OF
coin Was the smallest riserye upon which re 4
sumption could prudently be commenced. Il (
became necessary to increase the coin re- 4
serve 70 Sl3s.uA,lO0
At the close OF the ycar 1877 this coin re-
serxe d 70 excess Of coin liabilities announced
" SSulb.ooO.sn Of which Sl5,OcvU0O were 90
talnedby tho sale Of ~ per cent. and SIS. l
Wv'o Oby the sale Of per cent. bonds. the I
=, resiuus eeing surplus revenue. Subsequent
~. on the nth day Of April. 1875, the Secre-
,ary entered into contract with certain
bankers In New York and London-the par
nvs g the previous contract Of June y is77.
sale 81 80. oo0-0U A. per cent. bonds for re-
sumption purposes The bonds were sold &C
est. less commission OF one hall OF M, n..r
cent sent The CONTRACTS has been fulfilled, and
tne mes rs,a proceeds c,e =, ssoToco. have
gold coin. The sso ,Ss coin lneI paaI ON I'm
IN maninx award have been replaced
~ the sale OF that amount of per cent
the aggregate amount OF bonds sold Tor these
purposes 80 800, %. Of which xe5 90 GO wers,
~ Per cent bonds. and sSo,too,oo per cent /
revenue from time 20 time The amount OF /
coin held In the Treasury on the I'd day 81 /
november last, In excess OF coin sufficient to
pay All accrued coin liabilities, was Sal sss
~. ana constitutes the coin reserve prepar- /
~ LOT resumption purposes. This sum will
~ ulInln,sntu somewhat on the LIST OF Janu- {
~ next by reason OF the large amount Of In '
crest accruing on that day in excess OF the (
DIN revenue received meanwhile :
:, =. anticipation OF resumption, and in view 4
y the TACT that the redemption ~ United
tates = mandatory only at the ONCE OF the 4,
assistant Treasurer I'm the City OF New York. A
n wa oeemea important 20 secure the CO. 4
pefation OF the associated banks Of the city q
! tne ready collection OF drafts on those ii
~ - ana an the payment of Treasury drafts Ii
a. been made Nv ss vh,ns arranssment 4
anks held by the Treasury are 10 Be maid ~ &
V Clearing house at the ofiice Of the Assist n
tier the LIST of January. United States nosss !,
fe 20 be received by them as coin This will 4
realty lessen the risk and labor OF colIec 4,
ons Dosn 20 she Treasury and the banks 81
Every step in these preparations Tor 70.
= sed business and confidence. TIE acen n
ulation OF coin. instead OF increasing its T.,
ice: as was feared by many. has steadily re- ~
ess1ng and ruinous losses iii al followed the 4.
mic OF 1873 had not diminis ed in 1875 when =
resumption act passed; but every meas. 81
2 taken In the execution or enforcement OF CA
= act has tended 20 tighten these LOSSES ~
= - reduce the premium on coin, 90 that "a
y VII y = merely nominal. The present con- SCI
reafter more fully stated, our ample re-, VI
YES, and the general confidence inspired sp
gu. nnancial condition seem 70 Justify the ch
lhion THAT we are prepared 10 commence -
maintain resumption from and after the lar
day OF January, A. d. 1874 he
, ne means and manner OF doing this are IN,
largely 20 the discretion Of the Sccrefarv WI
from the nature of the duty imposed he ha
30 restore coin and bullion, when with dn
the sale OF bonds, or the use 81 the surnlus but
,el' or OF the notes redeemed from time nes
he power TO sell any OF the bonds describ. ~
In the Refunding act continues after a. act
y A. before redemption Though IL NAV ~
, ne OFTEN used, IL IL esseD.is. 10 enable
uepaftmcn mt 70 meet cme. gencics By ia
rcf-e II IA anticipated that the Treasuyv
my time can readily obtain com 10 rein. -.
\, ~, tne reserve already accumulated 80
ted states notes must, however he the ar;
e means under existing Law with which "a,
department must restore coin and bullion
y withdrawn In process Of redemption ~
|, notes: when redeemed. must necessarily hay
use ana convenisnca w. un ,s 1neir supe- and
the department to exchane 3 them ~ mar nar pla
~ current receipts from revenue are suf
nj - meet the current expenditures AZ 49,
a. w n.n nccru y interest on the public
act 10 redeem Q percent. bonds n. fhev
'nc redecmsble, by the proceeds Of TIA
q bonds bearing lower rate of inter =. :
The United state. notes rcdesmed IA, sHk
the resumption acf are, therefore. the l ngvs
e ., means provided for the purchase Sfy I'm
niiiOn or coin with which TO maintain ~. -. 49, -.
ption, but shonld only be pald our yr,er Ill
can be used 20 replace an equal amount SvK K
IN withdra wn from the resumption fund.- g IA
may, u - true. be- used for current pur. TIN
. like other money, but when - ised
place y nlied by money received from .s--
: or other sources Of rcvenue. COIl
Q provision ia the law for rcsiemptiop a. BEE
York was believed to be prnci,r.i -.
pion An all parts Of the United states
AZ REDEMPTION was confined To a single
Z from the necessity al maintaining only HOG!
DIN reserve and " he q the coin co,,ld ~ sHEl
y accumulated and kent ~ FLOt
tary viii feel 20 S e M no,y act, the WIFE
the ii day II Jnnnarv n ~ d nr ,hat CORN
"a states notes are red.enad a, NV OATS
.ury. they he received IN. sam. ~. ,.'sr RYE
. Officers Of this Department ~ ali 49,. TTMO
: Ia all parts Of the United states - rOBA
ny further provision of law IA deemed
sary BY Congress to authorize tbe re Hay
81 Y ni!cd states notes for customs dues Butt
bonds, the secretary reSpectfnilv s,,h EGGS
hat this authority should eoutinns ..,.f,, PORK
fIA .'hhr tfitty "