Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1878-12-04
only 10 this country, but in European
countries, has established that a certain

| ~
that the silver coin be limited In amount
or that its bullion value lao equal 10 that
Of the gold dollar. II not, it's use will be
limited TO domestic purposes. ltcannot
bc exported except ut its commercial
value as bullian. ii issuod in excess nt
demands for domestic parl'oses, u will
necessarily iall in market value, and 10y
u well known principle ui iinancc, will
become tile sole com standard OF vale.
Gold will he either hoaricd or exported.
When two currcncies, both legal, are
authorized without limit, the cheaper
alone will circulate. Ii, however, the
issue of silver dollars is limited to m
amount demanded for circulation, there
| will be 40 depreciation, aud their con
vpnicnt use viii keep them ut par with
gold, Az fractional silver coin, issued un-
! der tho act approved February 81, 1888,
was kept ut par with gold.
The Secretary refers to the iact that the
recent conference at Paris did not JOIN
with us in fixing an international ratio,
| and that tho tendency ui late among
the commercial nations Is the adoption
| oi single standard of gold aud the ISSUE
| of silver for fractional COIN lilo CON
| cludcs this branch of the subject;
Alike Interested in silver and gold, ~
the great producing country ui both, 1t
should coin them at such aratln and on
such conditions as will secure the largest
usc and circulation OF both metals with
out displacing either. Gold must neecs-
sarly be- the standard OF value in great
transactions, from its greater relative
value, hut IL is not capable nj the divi-
sion required Tor small transactions;
while silver is indispensable fnr multi
tudc oi daily wants, aud is too bulky Tor
use in the larger transactions at husl'
ness, and the cost ui its transportation
ior long distances would greatly Increase
thrprcsrnt rates OF exchange.
Funding tho Debt.
The Secretary gives the operations ot
the Funding law, tho amount Of per
cents sold during the wear, up I" No
ycmber -, being Sln,2I0,GO0; five
twcniics of an equal amount have been,
or will be, redeemed. lie anticipates
greater sales ui per cents after the iirst
OF January, when they can he paid ior
with United States Notes. lie estimates
that there are only S2OO,W0,OM OF
United States bonds now held out oi
the country. lie recommends that the
LEGAL notes for called bonds ior rcdcmp-
ton shall hc changed ri his discretion
to not less than ten days or more than
three months. In this way, he says,
the payment Of double interest and tho
temporary contraction ot the currency
will bo avoided.
Bonds FOL Savings.
A. A IN ,,,,,nlnr,
the public loans and bringing them
within the reach oi every citizen who
NAV desire to invest his savings, whetli-
| or small or great, IN Government scc,irl'
ties The mode suggested IL, that the
| pcpartmrut hc authorized to issue cor
titicaics oi deposit ol the United States
of Anu denomination at ton, dollars,
boariny intercyt at the rate 1885 sper
| cent. per annuin, a,d convertible atany
| timc within one year after their issue
| into the Iour per cent. bonds authorized
| by the rriundng act, and to bc issued
| only in exchange for United States
notes sent Ia the Treasury hy mail or
| otherwisc. This would enable any per
son readily, without cost at risk, t"con-
vert his money into an interest bearing
security ol the United States, aud the
money 30 received could he appIIcd Ia
tho redemption I'll six per cent. bonds,
The Secretary, therefore, recommends
the prompt passage ri such u law
National Banks
Tho Secretary fights shy oi this ques.
ton. After enumcrating the often ro-
| hcarsod advantages "i the banks, hs
| says
The only franchise conferred by this
| syst,n,. that cannot he freely enjoyed
| by priyato bankers uudor State law, IL
| thc mower 10 lssuc circulating notes.
| This il IL conceded is II franchise con
| fcrrcd hv the Government, hut II IN not
| I'm tho nature oi u monopoly. u may
he exercised by any five porsons VIII"
hay, the means, and will comply with
the law.
Whether the power to issue circulat
iny notes SHOULD be granted Ia private
corporations or he exercised only 10y the
Government, is purely question oi
public policy and public imcrrsl In
behalf ui ~ cirCulaiien iss!lrd hy ihn
C,overnmcnt, II iS claimed that
interest is saved tu the public on the
full amount oi tho notes ISSUED. 10
this il is replied that the issue "i Huch
notes necessarily involves their rrdcnp,,
tiou in coin. aud this can hc secured
only hy com reserves and the ordinary
machinery ui banks II the banks issue
notes they expect to derive n proht
lrenn their loan, but this profit is dil"in'
ished nv the burden Of redemption, 10y
th, lause taxes imposed upon the iran
rbis, and hy the risk always incident
to the issue oi circulating notes. These
arr considerations which will no doubt,
enter into the question oi the rcrina-
n,uey oi the National bank system, nut
,s tho hanks oi this system are each
or,anised under the law Tor twenty
wears, aud none oi thcm expire uhtii
Junc 1883. il is respectfully submitted
thai il il Il good policy to- continue Tue
OK p,rimrnt until that date, when th'
rublic mind will be better prepared ln
consider the questions lnNolNcd'
Coins and Coinage.
Considering the trade dollar the SOC
rotary said IL is IN M sense money
which the government is bound :" re-.
Seen, and carr for. II is only assayed
bullion, Tie opposes their redemption
nr making them u legal tender, because
| !, will invite the return ot millions
boarded in China, and thereby dcpr.,'
nur miners oi their hemc market, Ihe
amount of gold coin and bullion III
The ,oun,ry. September SWh, ~ csl'-
mated nj So5a. S53 800, and oi silver com
and bullion at S99,0ao, ,15I~-a total oi
Ss5s,I,sHT.
/ Zoo Other Subjects.
The concluding portions OF the report
ara devoted to variety OF sabjects. \
indical examination of oil claims against
tIo government j. cndorsei; changes
In the method OF collecting duties on
sugars, silks, kid gloves etc, are I r.r9T', ~
mendcd; the country congratulated W
i,s foreign trade, showing the larry bal.
ance In our favor; Maine liquor law IN
commended for Alaska; any reduction
in internal taxation opposed; con''n'
ned decline in the tonnage OF American
shipping noticed; and then follow the Tue
/