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

IIoi 20 oc, anu y suo
decrease In the expendltures oi y, ,6g5 652 ~.
MT. estlh,es , a ta. tne on, uo,d aecehpts
t964 500 900 and & ths % totol expenditures Tor the
sahe an poddou n tntvivVVVv. isnViLnk ua.nco vi
va 200 900 appli.c,able TO tno SINKING inund;
odoe lur'ner % ohad aaa3 a3r knn on psc {ehr
eSpo3dituress, o3dit including the sinking fund
nzIol5I zoVIv IeaVlnR an esumaVeu uehcN ior
that year OF tiO.SSI 'zoO.y; .,o. =, .o.t.
IN reEar1 20 mo rcssuhmptlon % Qi specsiG, s,,py DAY
The important duty imposed on this depart
mehh6 ~ ino nptlohl ACT, approxeI 1nnuahy
~. 1910. mas peen steauily pursueu uuIinK tne
pas. year Inc plain purp0se OF tne act Is 70
gs ~ 70 % ~, = anu AZ, o,nssSs VIC 10 %
i,b " The inaat nossibln vpSennn% ~ n1s,n
h, u an "s, n,ec, rho ~ ~, VI i
tgn,s ana oohs.acw: Inaee OIL itS provIsi,9ns p,
ma 9pndal snhstItution ~ ,rnc1on cn
oI nd pm free ra pee 2,
%nn netdn of nrennrstions for resumpinp
In coin on tho nrst dey oi January, hsIy ana its
istin1 law '"'i'''i wv" '''' '"''' " "a
''t,as nv S., ., ,,oi ro0or, % cooo-oss
In December 1877. 1t was deemed necessary as
preparation for resumption to nccumulate In
cent. OF the amount OF United States notes out
standing. Al that time 4 was anticipated that
under the provisions OF tho Resumption act the
volume & OF United states notes would DC rednnced
to 3OO,OOO.OOO by the lstday OF Januaryl5iy. or
d @ wdna tben bc q Unapess ST Sl
however. In view OF tho strong popular feeling
against eontraetion OF the currency. by tho act
Of any United States notes aftnr that date leay-
ing the amount in circulation t346 .66l 0l6
department was acting. that forty per cent. Of
coin was the smallest reserve upon which re.
SecaHS to the eon reserve
TO tl3sOOOOOO
At the close OF the year 1877 this coin reserve
IN excess OF coin liabilities. amounted 70 t63.,
| 0l6O5O96. OF which SO 200 were obnined
by the sale Of four and half per cent. and s25-
OOO,0OO by the sale OF four per cent; bonds. tho
residue being surplus revenue; subsequently,
on tue llth day OF April. isfo tne Secretary on
tered mo S9ntract WIN cer.an Pankens .nn nd IN
| 900 four and hall pcr cent bonds Tor resump-
tion purposes. The, bonds were sold at a pre-;
interest. less a commission ot one-half Of one
per cent. The contract has been fulfilled. and
| into tho Treasury In gold coin. The So. 500. 900
| coin paid on the Halifax award have been
| replaced by the sale Of that amount OF
four per cent bonds sold for resumption pur
poses; making the aggregate amount Of bonds
s65 900 900 wore four and a hall pcr cent. bonds.
| and $50 100000 four per cent. bonds. To this
has been added the surplus revenue from time
| To time. The amount Of coin mold In the Treas-
| ury on tho 23d day OF November last. in excess
OF coin sufficient to pay all accrued coin liabli
ties. was tl4l .SSS 100. and constitutes the coin
reserve prepared for resumption purposes.
This sum will be diminished somewhat on the
| lat OF january next by reason OF the large
| amount Of interost accruing on that day in ex-
cess Of the coin revenue received meanwhile.
| , In anticipation OF resumption, and in view OF
| the fact that the redemption OF United States
notes IL mandatory only at the office OF the As
sstant Treasurer in the city OF New York. 1t
WAS deemed important to SECURE the CO.
operation Of the associated banks OF that
those banks and in tho payment OF
Treasury drafts held by them. satisfactory
on the banks held by the Treasury aro to be
Treasury held by them arc to be paid to the
Clearing House at the once OF the Assistant
the lst Of January. United States notes are TO be
received 10y them as coin.
ton has So been M 'iss sccompanisd R With Increased
business and confidence. The accumulation OF
coin, instead s ID Of Increasing its - price, as as
premium in the market.
Tho current receipts from revenue arc sum
as the accrung interest on tho public debt.
AUTHORITY is conferred by the reiunding act
come redeemable. by the, proceeds Of the
sale OF honds bearing lower rate OF in:
tcrest. The United States notes redeemed
under the Resumption act are. therefore, tho
principal means provided Tor tho purchase OF
bullion or coin with which 70 maintain resump-
bo used TO replace un equal amount Of coin
withdrawn from the resumption fund. They
like other money hut when so used their piacc
Is filed by money received from taxes or other
BY the act approved June 8. 1873. tho Secretary
OF the Treasury is authorized "a constitute any
superintendent OF n mint or aSsaycr OF any
assay Office an assistant treasurer Of the United
states to receive gold coin or bullion on deposit.
| by tho Legislative Appropriation bill approved
| July 10. 1878, the Secretary OF the Treasury IL
authorized TO issue coin certificates In payment
TO depositors Of bullion at the several mnts and
assay Offices of the United States. These pro-
visions. intended to secure to the producers OF
bullion more speedy payment. will ne
cessarily bring into the mints and
Treasury the great body OF the precious
metals mined In the United States and will
tend greatly 10 the easy and steady supply oI
bullion Tor coinage. United States notes, when
at par with coin. will be readily received foi
bullion instead of coin certificates. After
resumption the distinction between coin
and United States notes should bc. ~
far as practicable. abandoned in tho cur
rent affairs Of the Government; and there,
fore no coin certificates should Dee issued
except where expressly required by the pro-
visions Of law Ms in the case Of liver certificates
The gold certificates hitherto Issued by virtue
OF the discretion conferred upon the See
retary Will not be issued after the
LIST OF January next. Tho necessity for them
during n suspension of specie payments is OBJ
yious but no longer exists when by law every
United States noto ls in effect. acoin certificate
BY existing law customs duties and the in
terest of tho public debt are payable in coin
and portion OF tho dutics arc specifically
pledged as a special fund for the payment of the
interest. thus making one provision dependent