The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1878-12-07

EermauenL annual appropriations: Inter-
est on the public debt, $685. 600, 00g 10000; sink
internal revenue, lands, etc., 81 CTS, 10000;
collecting revenue from customs, $5, $780, 600. 90;
miscellaneous, 81, 661 10000; total estimated
expenditures, including sinking fund, $275, 1877,
52094,o or an estimated deficit Of $40 687, $50 "a.
Excluding the sinking-fund, the estimated
expenditures will be 1926, 334, 912 SO, showing
a surplus of $28 165, 087 49,
Regarding the resumption of specie pay
ments, the secretary says the provisions Of the
. act have been substantially carried into execu-
Z ton by the gradual substitution Of fractional
coin for fractional currency, by the free coin
age Of gold, and by free banking.
"The amount of coin held in the treasury on
the twenty-third day of November last, in ex-
cess of coin sufficient to pay all accrued coin
liabilities, was $141 1888, 100, and constitutes
the coin reserve prepared for resumption pur-
poses. This sum will be diminished somewhat
on the first Of January next, by reason of the
large amount of interest accruing on that day
in excess of the coin revenues received
meanwhile" According to the secretary
Every step in these preparations for resump-
ton has been accompanied with increased
business and confidence. The accumulation of
coin, instead OF increasing its price, as was
feared by many, has steadily reduced its
premium 1.-THE market. The depressing and
ruinous losses that followed the panic of 1872
had not diminished in 1875. when the resump-
ton act passed; but every measure taking in
the execution or enforcement of this act has
tended to 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, and the general
confidence inspired in our financial condition
seem to justify the opinion that we are pre-
pared to commence and maintain resumption
from and after the first day Of January, A. D.
1879"
SIN daily business Mr.. Sherman says
further ssno distinction need be made between
moneys from whatever source received; but
they may be properly applied to any Of the
purposes authorized by law" - with
this view of the resumption act, the secretary
will feel it to be his duty, unless Congress
otherwise provides, to direct that after the LIST
day of January next, and while United States
notes are redeemed at the treasury, they be re-
ceived the same as coin by the officers of this
department in all payments in all parts Of the
United States"
Speaking of the silver dollar, Mr.. Sherman
says After resumption these coins viii cir
oulate insconsiderable sums for small payments
To the extent that such demand will give en-
ployment to silver dollars, their use will be an
aid to resumption rather than a hindrance /;
but If issued in excess Of such demand they will
at once tend to displace gold and become the
sole standard, and gradually, as they increase
In number, will fall to their value as bullion.
Even the fear or suspicion Of such an excess
tends to Danish gold, and, if well established,
will cause continuous drain OF gold until inn
perstive necessity will compel resumption IN
Silver alone. The serious effects OF such radi-
cal change in our standards of value cannot be
exaggerated /; and its possibility will greatly
disturb confidence in resumption, and may
make necessary larger reserves and further
sales of bonds"
The secretary closes his remarks on the re-
sumption Of specie payments thus: The sec
retary deems it proper to state that in the
meantime, in the execution Of the law as il
now stands, he viii feel it to be his duty to re-
deem all United States notes presented on and
after January /, next, at the Office Of the as
gistant treasurer Of the United States in the
CITY of New York, in gums Of not less than fifty
dollars, with either gold or silver coin, as de-