New-York tribune., 1878-12-03

relative market values OF the two metals The ratios
heretofore fixed always made with that view and'
when made, did conform as near as might be VOW
that the production and use Of the two metals nave
greatly changed in relative value. cores ndDg
change be made In the coinage ratio There Is no
peculiar force sanction in the present ratio that
should hesitate to adopt another, when, in the
markets OF the world proven that such ratio Is not
now the true one. The addition Of oneenth or one
eighth to the thickness Of the silver dollar would scarcely
be perceived as an inconvenience by the holder, bnt
would inspire confidence and add greatly TO its cireua-
tion As prices are based on United States notes
at par with gold. disturbance Of values would result
from the change.
1t appears from the recent conference al Paris invited
by us, that other nations will not join with us In fixing
an international ratio, and that each country must
adapt its laws to its policy. The tendency Of late
among commercial nations the adoption Of single
standard of gold and the issue Of silver for fractional
coin. We may, by ignoring this tendency, give tempo
Germany and France until our market absorbs them but
by adopting silver standard nearly equal TO gold as
Of silver and furnish fn honest dollar that will be
boarded, transported or circulated without dsparage
II is respectlulIy submitted that the United tIted
States S So and besomna IN bv s
population, wealth, commerce and productions lead
ing member OF the family OF nations should not maOpt
nations Alike interested In silver and gold as the great
producing country OF both it should coin them at such
ratio and such conditions VIII secure the largest
and circulation of both metals without dspacng
either Gold must necessarily DC tne oi % WINS
but il is capable of the division required for sma
tnde of daiy wants and is too bulky for in the
larger transactions of business, and the cost OF It's ns
present rates Of exchange IL would therefore, seem 20
be the best policy for the present to limit tne
such sums MS can clearly be mantained at par par
assume definite ratio gold. when that ratio should
be adopted. and our coins made to conform 10 II ana
authorized to discontinue the coinage Of the silver dol
lar when the amount outstanding shall exceed $oo-
The Secretary deems it proper to state that in the
meanme IN the exSsuTn @ 1tr % 1e rece % M iii nSd States
notes pre- and after January L. next, at the
Office OF the Assistant Treasurer OF the Umed ststcS'
in tbe CITY of NewYOTE in sums Of not less than 500,
with either gold silver coin, as desired by the hode
but reseving the legal option OF the Government and
IA nav out United States notes all other demands on
the Treasury except when coin 10 deman"ei on coi
If ia his duty "a an executive officer TO frankly state
his opinions that he is in error Congress may pre-
scribe policy as is best for the puoe interests
FUNDING.
The amount Of per cent bonds sold during the pres
ent year. prior TO November 23, is $lO0,27O9OO, OF
which S94 800 were sold under the Refunding Act
approved July a. 1870, Six per cent bonds commonly
known as ive-twentes TO an equal amount have been
redeemed or will be redeemed calls mature. THIS
beneficial process greatly retarded By the require
ment OF the that subscriptions must be paid in con
the inconvenience ofoDtaning which, to the great bod'
the people outside OF the large ces deferred many sales
This will not affect sales after resumption. when bonds
can be paid for with United States notes The large alb
sorpon of United States securities in the American
market by of their return from Europe together
with the sale of Ala per cent bonds for resumption pur
poses tended retard the sale OF per cent bonds AS
from the best vices not more than S2o0ooOooo OF
United States bonds held out OF the country,it
may be fairly anticipated that the sale OF per cent
bonds hereafter, will largely increase.
ro-- ITnft hoO1 vCaF MAJ
sold through association of bankers Experience
proyes that under the present plan OF selling 10 all sub
scrbers on terms fixed by public advertisement, though
the aggregate Of sales may be less, their distribution
more satisfactory. Under popular loan the interest IS
times, without loss TO meet the needs of the holder
This policy has been carefully fostered by other nations
equally participates in the government OF his country
The holding OF these bonds at home in small sums Wen
distributed. is OF great importance IN ehhs,ng ing
popular interest IN our national credit ,acS acS
ho,deg IN the countpy far more Stable and
less likely to disturb the market than II would be IN
p4o%piy Sltss Ey SOLD SS fDIPi. D a1antifies "H'''
The three months public notice required by the fourth
Of the ivetwenty bond. 70 be redeemed. necessarily
double interest during that time The notice should not
be given until subscriptions are made or are reasonably
certain to be made When they arc made and the money
IA paid into tine Treasury whether Is kept there Idle
during the three months or deposited Win NJ, Ms'lo I
paws interest both classes OF bonds during the ninety
days, but y the salee are large the hoadng OF arge
10 unavoidable and TO mitigate 1t tho secretary deemed
anticipation Of subscriptions, but this though legal
might, Of failure OF subscriptions eInnMIass
Ss BY a not necessary in the interest
of the holder OF the bonds for as the calls are made Dy
Nv class date and number in the order OF their num-
bers and issue, be, by ordinary diligence can know
be called, and will not be taken by surprise - ,.-
The Secretary therefore recommends that me notice
1a1 hnUd "a
less than ten days than three months. In this
way he will be able largely to avoid the paymeht OF
the currency, and fix the maturity OF the call at
time the interest Of the called bonds becomes due
and payable
IL has been the desire OF the Department TO popularize
the public loans and bring them within easy reach OF
every citizen who desires invest his savings whether
small or great In securities. The popular loan Of
1877 open to all alike by public advertisement, ab-
sorbed SIS 600 OF per cent bonds and during the
present year these bonds have been sold in the same
It's believed that without change OF existing law
the sale OF these bonds will largely increase but 1t
would appear advisable so 70 modify the law that
smaller Sums may be invested from time to time
through popular subscriptions. and tnat through the
post Offices other agents OF the Government. the
ircest opportunity may be given In all parts OF the
country for such investments.
The best mode suggested Ia. that the Department be
authorized to certificates Of deposit OF the United
States OF the denomination OF $40, bearing Interest at
the rate oil 800 per cent per anHum hbu coheIupc AT
aDy time within year after their issue into
cent bonds authorized by the Refundng Act and to be
issued only exchange for United States notes sent 70
the Treasury by mail otherwise Such provision OF
law supported by suitable regulations. would enable any
person readily without cost risk, 10 convert his
money into intercstbearng security or the United
States and the money so received could be applied 10
the redemption OF 9 per cent bonds. The Secretary
therefore recommends the prompt passage OF such
law.
PUBLIC MONEYS.
The monetary transactions OF the Government have
been conducted without loss through the offices of tho
ten Assistant Treasurers, depostary and
ll9 National bank depostares exclusive Of those des