Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-11-15
WASHINGTON.
WHAT THE MINT DIRECTOR SAYS ABorT
SILVER

man, makes the following remarks
about silver:
At the date of the passage of the act
authorizing the coinage of dollars OF
4121 grains, the price of bar-silver was
about 50 pence per ounce, British
standard. From that date, Feb. 2S last,
the price gradually declined until it
reached 49, pence on the 18th of Oc
tober. The price at the date Of this re
port is 50l pence. From the foregoing,
it will be seen that the expectation en-
tertained by many that the remoretiza-
ton ofthe silver dollar would be follow
ed by the appreciation in value of silver
has not, as yet, been realized. The
causes of the decline III value during
the present calender year have been II
very large decrease in the demand for
export to India and China, the con-
tinued closure of the minis of the states
of the Latin Monetary Union and the
Netherlands against the coinage of
legaltender silver coins, the use
of irredeemable paper currency by
Austria and Russia, and the
readiness of the German government to
meet any fair market with feec sup
plies, making sale recently i'll Lon
don of one hundred thousand pounds
as low as 514 pence per ounce. 1t will,
of course, be readily understood that,
as long as the supply of silver is in ex-
cess of the demand. there can be no
permanent rise in value. An increased
demand of any magnitude can only
arise for India and China, or in
the event of the resumption Of the
coinage of legal-tender silver coins by
France, Belgium, and the Netherlands.
While this complicated, uncertain, and
unsatisfactory condition of affairs with
the relative value of gold and silver
continues, it will require that the
course to be pursued by the United
States should be very cautious III re-
spect to the issue Of legal-tender silver
coins in which silver is rated SO much
above its market value, if gold is
to be retained as the principal
money OF payment and Of commerce.
Itshould be added in this connection,
that, while silver is the monetary stand
ard of the Austro-Hungarian and Rus
sian empire, their more recent public
loans have been made upon gold basis,
which will require their tariff duties to
he collected in that metal. Foreign
exchanges are likewise settled on gold
basis.
FREE TRANSPORTATION OF SILVER DOLLARS.
A Washington telegram Of Novem-
Der 10th, says: 1t is stated un-
officially that after the first of Janu-
nary next, as an aid to resumption
of specie payments, it is very likely the
treasury department will send to parties
desiring it, the standard silver dolloar
in quantities Of 81 900 and upward free
of transportation in exchange for like
sums of greenbacks deposited with the
depository banks
WEEKLY STATEMENT.
The following was the condition Of
the treasury Nov. 9th:
Treasury now holds
y. s. bonds to secure national bank
u. S. bonds t. secure public deposits ~ sos, 400
Bonds held to secure per cent loan. S,926 600
U. s. bones deposited for circulation
for the week ending to-da. .y.......+.. $50, O00
PENSION COMMISSIONERS REPORT.
Says a Washington special Of Nov.
10th: Mr.. Bentley, the commissioner
Of pensions, has completed his report
for the year ending June 80, 1878.
The number Of new claims Of all
classes filed during the year was G7 500.
of these 1852 were original invalid
claims, being more than double the
number Of the same class filed in
either of the four years from 1871 to
1874. AS many as 1920 were
for service in the war of 1872. One
in SIX only We're the claims Of sur
vivors, the balance being those of wild
ows. Claims to the number of 43,7G4
were settled at an average cost for sal
aries Of Sl015 per case. The average
cost in 1877 was $12.S1, and in 1876,
SILL.
The saving through the increased eff
ticiency of the Office, including the re-
duction in the salary appropriation of
1888, $50 in 1877 over 1876, was 1888, $50,
and in 1878 over 1876, including the
reduction of the salary fund Of $35, 500
was $340,172. The number of cases
settled in 1877 was 22i per cent. greater
than 1876, and in 1878 Sc per cent.
greater than in 1876.
At the beginning of the year the
number Of pension agencies was re-
duced from fifth-eight to eighteen, saw
ing in salaries for the year $4,000
making an aggregate saving in
the bureau for the year Of
$4s2,172. Since the consolidation
the pensions have been paid more
promptly than before. The pay SER
vice has advanced to high degree Of
efficiency. The commissioner is Of
the opinion that the reduction in the
rate of the agents compensation made
III the appropriation bill for the cur
rent year cannot be maintained with
out injury to the service, and some
LII Il. e.