The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-12-03
PRICE TWO CENTS.

are auth orized without limit, the cheaper alone
will CIRCULATE, II, however, the issue of the ell:
for. circulation. there will be no depreciation.
and their, convenient use will keep them at par
with gold.
The amount Of such coin that can thus be
maintained at par with gold cannot DO fairly
tested until resumption II accomplished. AZ
yer 1ollars being receivable for customs dues.
have naturally not entered into general circua-
tion. but have returned to tho Treasury in pay
ment Of such dues. and thus the only effect Of
the attempt OF tho department to circulate them
ns Sse er to tseso sSS coins VIII
SnSpIsto vsD, coT9sider9h6lo ,h os,nDs sgms ,b
dollars their use will be an aid to resumption
rather than hindrance. but n Issued In OK
displaco gold and become the sole standard,
and gradually, az they Increase In number. will
suspicion Of such an cxcoss tends to banish
gold and, II well established, will cause con-
atty will compel resumption in silver alone.
The serious effects Of such radical change In
and its possibility will greatly disturb conf
dence in resumption. and may make necessary
larger reserves and further sales OF bonds.
The Secretary, therefore. earnestly inyokoa
the attention OF Congress 10 this subject with y
session tho amount OF silver dollars TO be issued
be limited. or their, ratio to gold for coming
Gold and silver have varied in value from
time to time in the history Of nat lions, and laws
| have been passed TO meet this changing value.
| In our country, by tho act OF April q 1892. tho
ratio between them was fixed at one Of gold to
| fifteen OF silver. BY the act OF June rs, 1884.
| the ratio was changed 10 one Of gold to sixteon
OF silver. For more than 3 century the market
value of the two metals had varied between
tho Latin nations. OF one TO fifteen and half
But we cannot overlook the fact that within .
few years. from causes frequently discussed In
Congress. a groat change has occurred In tho
| relative value OF the two metals, IL would secm
| to be expodient to recognize this controlling
| fact-One alone pnauRe-DVA q
careful rcadjustment OF the legal ratio for coin
age oi one to sixteen 50 rs Is to conform to- Th ne
ratios heretofore fixed were always made vita
that view. and. ,when made: did conform "a
and use of the two metals have greatly changed
| in relative value. corresponding change must
peculiar force or sanction in tho present ratio
that should make us hesitate to adopt another.
hat Such '%S ratio " Is me not now the true one Ths
addition Of one-tenth or one;eighth TO the thick
ceived as an Inconvenience by the holder. but
would inspire confidence and add greatly 70 ~
| circulation. As prices are now bnscd on United
States notes at par with gold no disturbance OF
values would result from the change.
aPpHrs y bS @ a6eP aGSe pSnns w ne
Join with us In fixing an international ratio.
and that each country must adapt its laws to its
mcrcia nations is to the adoption OF a singia
standard OF gold and the issue OF silver for
tendency. give temporarily increased value ia
tho stores Of silver held In Germany and France
| until our market absorbs them. but by adopting
a silver standard as nearly equal TO gold az
practicable. We mako a market for our large
| production Of silver. and furnish full, honest
dollar that will DO hoarded. transported. or cir-
cuated. without disparagement or repronch.
1t Is respectfully submitted that the United
States already 80 largely Interested In trade
with all parts " tho world. and becoming. by
its population wealth, commerce, and produt-
tOns, a leading member Of the family OF na-
tions, should not adopt standard OF less in
trinsic value than other COMMERCIAL nations.
lat tod la md NhA
producing country OF both. il should coin them
at such ratio and on such conditions as will
secure the largest use and circulation Of both
metals without displacing either ltwould seem
TO BE- tha best policy foT the present to limit the
aggregate issue OF our silver dollars based on
the ratio OF sixteen TO one. 20 such suns ns can
clearly be maintained at par with gold. until
the price Of silver In the market shall assume a
definite RATIO TO gold, when that ratio should bs
adopted, and our coins made to conform To- 1t;
and the Secretary respectfully recommends that
he be authorized TO discontinue the coinage Of
the silver dollar when the amount outstanding
shall exceed nfty million dollars.
The Secretary deems II proper 10 say that.
" the moan time. in TIE execution of the law as
i now stands. he will feel 1t 10 be his duty TO re:
deem all United States notes presented, on and
after Jan I. next. at the oillce OF the Assistant
Treasurer OF the United States. In the city ofNew
gold on silver coin as desired By the holder.
but rcscrying the legal o,piQn Of the Govern;
other demands on tho Treasury, except when
coin is demanded on coin liabilities.
In regard to the funding process Mr.. Sher-
man reports that since the lst Of last January
lie las sold four per cent bonds to tho amount
OF FOO. .27G.gO6, OF which nearly s95 900. .0O6
were under The Rofundng act. for the redcmp-
ton Of an equal amount OF the old hvc-twcn-
ties5. He thinks that not more Than 200 QOO.O1
Of United States bonds are now held abroad.
II has becn his policy e. .popuarize the public
loans. and bring thcm within easy reach OF cit-
zens OF moderate means, who desire 10 invest
their savings in Government securities He
recommenJs that the department be authorized
nom mination Of 80. bearing interest at the ratio
Of 3G5 per cent and convertible at any time
Sir. sherman LEARNS from the Comptroller Of
the Currency that there were In existence on
oct. |. 2 Oj3 national banks. with an outstanding
circulation of s323li7919 lie believes thai
the system possesses advantages over any other
% adysntages sI ho rcikons @ the dficaiy q % coun.
terleitng the security Of the bill holder against
aminSiIons Of accounts. tie uniformity and
freedom of circulation. and the system ,ot
: prompt liqudatop in case OF failure. He
aholishlng the national banks In 1888 for tho
charters OF none ot them expire untiI that date.
Tho coinage at tho several mints during tho
; last fiscal year WAS as follows:
Gold coiuage ................... 81 7as aa0 10
standard silver dollars 80. .............. s573Sio %
Fractional silver coin ............... h,Smjl5 -
Minor coin .. Observation-Disclosures. 3J6si OD
total coinage Of .................. ssll2oA1a %
The approximate yearly product Of all the
mines of the country IL {lOO OOl 900 bullion.
about equally divided hetwoon gold and silver.
Al the first Of the year there were about i;OO2,-
|
Mountains. Thetradc dollars are in no sense
United States money and If redeemed by the
| Government they must be redeemed at their
actual bullion value. not thor face value,
Tho amount Of gold coin and bullion in th8
, country Sept. 81 was estimated by the Director
7 | Of the Mint at t25n 3j9 800 and of silver coin
| and bullion at 800 .u9O, ,557.
; Tho department Is still embarrassed in COLI
! lecting duties on sugar. and the failure Of tho
Government to enforce ilnos, penalties, and for
. foitures in the case Of sugars ariilcaly coloTcd
: | 10 eyade the revenue makes II Imperative that
e some change in the mode of collecting duties on
sugar should be had, and It Is preferred, ms
stated in the last report, that the duty should bo
at one rate on all sugars up to point which
will exclude temptation either to color sugar for
= | the purpose Of reducing the duty Of 10 commit
fraud by means OF sampng and classification.
Mr. sherman implies that we were badly
swndled in tho treaty with Hawai- since we have
surrendered duties greater than the gross value
. | OF what We have gained in export
IL Is recommended that specific duties bo suD-
stituted for ad valOrem on certain articles, KID
+. | gloves and silk piccs goods among thom.
: : The total export OF merchandise last year was
S694 .SG5 1866 and the excess OF exports over
. imports. f257 81 234. Compared with the pre-
4 | viOus year, tho lmpOrtations are less by tl4.-
y | =