The Portland daily press., 1878-12-04
WEDNESDAY MORNING, DEC. 4.
borized to make any assayer or mint superin-


thorized to make any assayer or mint superin-
teDdent an assistant treasurer to receive COLD
or bullion on deposit, and also to issue COIN CAT,
tificates to depostors of bullion at the several
mints and ASSAY offices of the United States.
These provi.iens, intended TO secure to the pre-
ducers of bu lion more speedy pay ment, Will
necessarily bring into the MINIS and treasury
the great body of the precious metals mined In
the Uuited States, and will tend greatly to the
easy aud steady supply Of bullion for coinoge.
United States notes, when at par with coin,
will be readily received for bullion instead of
coin certificates, and with great advantage and
convenience to the producers.
In regard TO the payment of customs the
Secretary says: By existing law customs du-
ties aud the interest of the publ debt are pay
able in coin aud portion of the duties was
specially pledged as special fuud for tue pay
ment of the interest, thus making one provis-
ion dependent upon the other As we canuot,
with due regard to the public honor repeal the
obligation TO pay coin. We ought not to impair
or repeal the means provided to procure coin.
When, happily our notes are equal TO colp,they
will be accepted as coin, both by the public
creditor and by the Government; but this ac-
ceptaDce should be left to the option of the
respective parties and the legal right on both
sioes to dem and coin should be preserved in
violate" The Secretary thinks that curreL cy,
either gold, silver or paper, should be paid o ut
in such denominations as called for. and the
issue Of silver shall be limited to the amount
demanded for circulation. Otherwise its value
will deprecate and it will drive gold out of
circulation entirely. sit appears from the re-
cent conference at 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 own policy. The tendency
of late among commercial Nations is to the
adoption OF single standard of gold and the
issue of silver for fractional coin. We may, by
Ignoring this tendency, give temporary increase
OF value to the stores of silver held in Germany
and France until our market absorbs them, but
by adopting silver standard as nearly equal to
gold as practicable we make a market for our
large production of silver and furnish full,
honest dollar that will be boarded, transported
or circulated without dlsparagement or re-
proach.
The Secretary deems it proper to state that
in the execution of the law as it now stands he
will deem it to be his duty to redeem all
United States notes on and after January next
at the Office of the Assistant Treasurer of the
United States in the city of New York,
in sums of not less than fifty dollars with
either gold or silver coin, as desired by the
holder, but reserviDg the legal option of the
Govern ment, and 10 pay out Unit d States
notes for all other demands on the Treasury
except when coin is demanded on coin lisbili-
ties
The amount of four per cent bonds sold this
year up to November % was $780, 70 $780, and
six per cent. bonds to like amount have been
redeemed. Bonds are now sold directly to the
people at terms fixed by advertisement instead
of through the intervention of brokers as for
merly; and the Secretary thinks the plan works
much more satisfactorily. 1t is recommended
that the department be authorized to issue GER
ti6cates of deposit of the denomination of $40
and bearing interest at the rate. OF 3 65 per
cent and convertible at any time within year
of their issue into four per cent. bonds. Of
the
NATIONAL BANKS
the Secretary speaks 10 high praise The num-
bar in existence on October 1 was 2053. The
amount of their circulating notes outstanding,
including those in liquidation, 1928 147,-
719; the capital invested was 1886 LAT ,436 the
surplus fund and profits were $l57 S33 1898; the
loans and discounts were $3.50, 521 ,542 The to-
tai amount of coinage issued during the past
year was $8l ,120 ,499 In addition to this, fine
aud impaired bars were prepared for depos,tors
to the amount of ST., sol 1926 in gold and $11,
1854, 1856 in silver. The present production OF
bullion from the mines of the United States ap
pears to approximate $100,000,OOO ia value.
All the gold bullion produced in the country
contains more or less silver, and the great
er portion of the silver from our mines
contains per centage of gold, mailing it diff
cult TO determine with accuracy the proportion
OF each. 1t Is safe, however, to state that the
production of the two metals, calculated at
their coming rates, is nearly equal. In regard
to the trade dollar, the Secretary says: This
coin Is in NO sense money of the United States
which the government Is bound to redeem or
care for. The government stamp upon it is to
certify to its weight and fineness for the con-
venience of dealers in silver bullion. 1t is pre-
cisely like any other silver bullion assayed at
any assay Office Or mint The limited legal
tender quality originally given to it was taken
away before any of the coins were put into de-
nestle circulation, and it should not now be
given any value or attribute at the expense Of
the public that is not incident to any other sill
yer bullion. The government has received no
benefit from this coinage, and has neither re-
ceived it nor paid it out. Tue whole connection
OF the government with this bullion was to
perform the mechanical work of assaying and
dividing it into convenient form for the mer.
chant, at his cost and for his benefit, for expor-
tatjon only.
DUTIES ON IMPORTS.
receive considerable attention. 1t is deemed
imperative that some change in the mode of
collecting duties on sugar should be had, and it
is preferred, as stated in the last report, that
the duty should be at one rate on all sugars up
to point which will exclude temptation either
duty, or to commit fraud by means of samp-
ling and classification. The duties now are, to
large extent, dependent upon the fidelity Of
the sampler one of the lowest paid officers in
the public service. A general revision of the
tariff is not recommended, but it is thong hit
that some minor changes migat be made to ad-
vantage. During the past year the total ex-
ports amounted to 1864, 1865, 766, and the imports
amounting to $257 ,8l4, 234 The exports of
specie and balicn were 49,, FAC, l25 and the i'm
ports $29, S21 ,3l4, an excess of $3,91S,S11 It
is recommended that authority be conferred
upon this department to prevent the Shipment
to Alaska OF molasses, or other articles from
which Intoxicating liquors are ordinarily made.
The condition of affairs there also demands the
establishment OF some form of government
competent to restrain disorder and insure the
safety OF the Inhabitants. No expensive sys.
tenn is necessary, but the establishment OF
some supreme authority for the territory would
tend to encourage immigration and insure pro-
lection to those who may go there.
The amount of interoal revenue collected
during the past year has been Sill ,097,725
There are now owne in this country and en-
gagged 10 commerce %, 264 vessels their capaci-
ty amounting to 4,212 764 tons.
During the last fiscal year eight new light
houses, Isl river lights, one fog signal and 81
day bsacons and AZ buoys have been establish.
ed, and one lighthouse, Ga river lights and two
light-ships have been discontinued.
The total at the close of the year was 66(
lighthouses, $50 river hghts, and % iight-ships
55 steam fog signals, AL day.beacons, and 300.
buoys.
The report of the Supervising Architect
shows satisfactory progress in the construc
ton of public buildings. During the year fou,
buildings have been commenced, seven hays
been practically completed, aud five others arr
so far advanced that they will be completed BY
spring-some of these latter considerably with
in the estimates and appropriations made
therefor.