The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-03

tnOrlLe tnlb DephFuHuut W tCSShS 'SAa't ~
States notes for customs duties on ana
after the LIST day OF January, 1873, while
they are redeemRble and are redeemed on
demand in coin. After resumption II
would seem useless Inconvenience to re-
Quire paymentof such duties in coin rath-
er than In United States notes: The re-
sumption act, by clear implication, 80 iar
modiiies previous laws Us 70 permit pay
ments in United States notes us well as IN
coin. The provision FOL. coin payments
was made in the midst OF war when the
notes were depreciatedand the public ne
cessities required an assured revenue IN
coin to support the public credit. This
alone justified the refusal by the Governs
ment 10 take its own notes for the taxes
levied by 1t. It has now definitely as
sumed to pay these notes in coin, anu TINS
necessarily implies the receipt oil these
notes as coin. To refuse them Is only to
invite their presentation for coin. Any
other construction would requirethe notes
to be presented to the assistant treasurer
in New York for coin, and II used in tho
purchase OF bonds, to be returned to the
same office, or, II used for the payment OF
customs duties, to be carried to the Col
Hector OF Customs, who must daily deposit
in the Treasury all money received by him.
II Is not TO DO assumed that the law re-
0uires this indirect and inconvenient pro
cess after the notes arc redecmable in coin
on demand OF the holder. They are then
at n parity with coin, and both should be
received Unfortunately.
II United States notes are received lor
duties Mt the port of New York, they
should BIO received for the same purpose
In MI other ports OF the United States, or
an unconstitutional preference would be
given to that ports over other ports. II
This privilege is denied to the citizens Of
other ports, they could make such use oil
these notes only by transporting them to
New York and transporting the coin to
their homes for payment; and all this not
only without benefit to the Government,
but with loss in returning the coin again
to New York, where 1t is required for re-
demption purposes,
The provision in the law for redemption
in New York was believed to be practical
redemption in all parts OF the United
States. Actual redemption was confined
TO single place from the necessity Of
maintaining only one coin reserve ana
where the coin could be easily accumulated
and kept. 80.
With this view OF the resumption act
the Secretary will feel it to be his duty
unless Congress otherwise provides, to dt
rect that after the LIST day OF January next
and while United States notes are re-
deemed ut the Treasury, they be received
the same rs coin by the officers OF this De
partment in NIL payments in all parts o.
the United States.
Ifanyfurth provision oflaw is deemed
necessary by Congress to authorize the
receipt OF United States notes for customs
dues or for bonds, the Secretary respect
fully submits that tliis authority should
continue only while the notes are re
deemed in coin. However desirable con-
. tinuous resumption may be, and however
confident we feel in its maintenance, yet
the experience OF many nations has proven
that it may he impossible in periods o.
great emergency In such events the pub
,. Tic faith demands that the customs duties
, shall be collected in coin and paid TO the
public creditors, and this pledge shoulG
never be violated or our ability to perform
: II endangered. =.
Heretofore, the Treasury, in the dis
bursement OF currency, has paid out bill:
, OF any denomination desired. In this way
the number OF bills OF n less denomination
, than five dollars is determined by the dc
, mand for them. Such would appear to b'
, the true policy after the LIST OF January
1t has been urged that, with view t
place IN circulation silver coins, no bills
: less than five dollars should be issued. l
: would seem to be morejust and expedien
= not to force any form OF money upon I
, public creditor, but to give him the option
; OF the kind and denomination. The con
voniencc OF the public, in this respect
: should be consulted. The only way b!
which moneys OF different kinds and in
7. trinsic values can be maintained in circu
! lation ut par with each other is b!
the ability, when ono kind is in ex
: cess, to readily exchange it for the 9th
= er. This principle is applicable to coin a
well rs TO paper money. In this way thu
largest amount OF money of ditEeren
, kinds can be maintained at par, tho dill
! ierent purposes for which each Is issueC
i making q demand for it. The refusal o.
neglect TO maintain this species ofredemp
!, ton inevitably effects the exclusion
from circulation OF the most valuable
, which, thereafter, becomes commodity
i bought and sold ut q premium.
When the resumption act passed, golI
, was the only coin which by law was I
: legal tender in payment OF all debts. Tina
!, net contemplated resumption in gold coin
i only. No silver coin OF full legal tende
: could then be lawfully issued. The onl!
silver coin provided was fractional coin
which was legal tender for five dollars
only. The net approved February %
1878, made very important change in on
coinage system, The silver dollar pro
vided for was made legal tender fol
all debts, public and private ex
cept where otherwise expressly slip
ulated in the contract The amount o
, this coin issued will more properly bt
stated hereafter, but its effect upon the
, problem OF resumption should BIO here con
, sidered. f s5 .aH4
r TIE SILVER DOLLAR.
The law itself clearly shows that the sill
. yer dollar as'not TO supersede the golt
q dollar; nor did Congress propose to adop
! the single standard OF silver, but only Il
! create bimetallic standard OF silver anC
; tgold, OF equal value and equal purchasing
power. Congress, therefore, limited III,
, amount OF silver dollars to be coined Il
IlOL le1sS LIlau tWu IllLllOuS hul ulOle luhl
four millions per month, but did not limi
the aggregate amount nor the period o
time during which this coinage should
continue. The marketYalue OF the silver
in the dollar, atthe date OF the passage Of
the act, was 9St cents In gold coin. Nov
| 1t is about So cents in gold coin. II i
was intended by Congress to adopt the
silver instead OF the gold standard, the
amount provided for Is totally inadequate
for the purpose. Experience, not only IL
this country, but in European countries
has established that certain amount o
silver coin may be maintained in circula
ton at par with gold, though Of less intrin
, sic bullion value. 1t was, no doubt, the
: intention OF Congress to provide coin II
silver which would answer q multitude O
: the purposes Of business life, without ban
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