The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-12-05

lex i-isG.s ~ tiie uiScfCtioD OF tne
. Secretary, tu. FROM the nature Of the
duty imposed he must restore coin and
Jul ion, when Withdrawn in process
redemption, either by sale of bond,
or tie use OF surplus revenue or OF the
notes rc2ecmei from time 70 time.
Further, the Secretary SAYS, tie cu.-
rsnt receipts from revenue ATE sufficient
II meet the current expenditures IS
we'll as accrued interest on the public
debt. Authority is conferred by the
reluuding act 10 redeem 6 per cent.
bonds as they become redeemable by
proceeds of sales OF bonds bearing q
lower rate OF Interest. The United
States notes redeemed under the re-
sumption act are therefore principal
means provided fer the purchase of
bullion or coin with which to maintain
resumption, but should Only be paid
out when they can be used TO replace
an equal amount of coin withdrawn
from the resumption fund. They NAV,
il is true, be used for current purposes
like other money, but when so used
their place is filled by money received
| from taxes or other sources of revenue.
In concluding a rather lengthy chapter
of the report upon resumption, the
Secretary remarks he deems it proper
to state that IN the meantime in the exc
cution of the law as it now stands he
will feel it 10 be his duty to redeem all
| United States notes presented on and
after January l 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 holders but reserving
the legal option of the government to
pay out United States notes for all
other demands ON the Treasury, except
when coin is demanded on coin liabili-
ties. 1t is his duty, as an executive
| officer, to frankly state his opinions,
so that, if he is In error, Congress may
prescribe such policy as is best
| for the public interests. Ia the
hope of popularizing the public means,
the Secretary recommends the passage
of a law authorizing the department
to issue certificates of deposit of the
| United States of the denomination of
ten dollars, bearing interest at the rate
of 3. 90 per cent. per annum, and con-
vertible at any time within Cne year
after their issue into the 4 per cent.
bonds authorized by the refunding
Gc', and to be Iseued only in exchange
| for United States notes sent to the
| Treasury by mail or otherwise. Such
provisions of the law, supported by
suitable regulations, would enable any
person, without cost or risk, to convert
his money into an interest bearing Sc
curity of the United States, and the
money so received could be applied to
the reduction of the 6 per cent. bonds
Tne public debt statement issued to-
day shows the debt increase during
the month of November So, GA, 242;
cash in Treasury-coin, 1923, 5G4, 75G ;
currency, 81, GG9, SAG; currency held
for redemption Of fractional currency,
$40. 900, 900; special deposit held for
RECEPTION of certificates of deposit as
provided by law, SCI. $50, 900.
LONDON, December "A dispatch
from Calcutta to the Times says the
trouble in Khyber Pass Is greatly ex-
aggcrated. A single officer, Lord
William Beresfnrd, rode the entire
length of Khyber Pass without being
modesto d.
Gen. Brownies force VIII probably
winter at Dikka, unless some move
ment On the part of the Afghans pro-
vokes a further advance into
the country. Gen. Biddulph will
probably remain at Peshawan, but If
he shall determine 70 proceed to CAnda-
har, thar place will probably be found
to be undefended. Gen. RDberts's ad-
vance on the Peiwar pass may encoun-
ter resistance, but the pass will proba-
bly, be found easy to overcome. No
important fighting is expected any,
where this year.
WAsuINGT0N, December 3.-SENATE
Paddock, of Nebraska, submitted a
resolution instructing the Committee
on Finance to inquire into the expe-
diency of making the trade dollar a
legal tender for ell debts, public and
private, and providing for the suspen-
sion of the coinage of the standard
silver dollar or 4l2 1-2 grains and for
the recoining of trade dollar of 420
grains, and for additional coinage of
trade dollars as the needs of the coun-
try demand. Laid over under the rules.
Anthony, of Rhode Island, submit
ted resolution to the effect that the
standing and other committees of the
Senate existing at the close of the SEES
sion, be, and the same are hereby, re-
vived. Agreed to unanimously.
Morrill,, of Vermont, introduced q
bill to authorize the issue of certifi-
Gates of deposit. Laid on the table to
be referred to the Committee on FL
nance when appointed. 1t authorizes the
Secretary of the Treasury to issue, in
exchange for United States notes or
coin, certificates of deposit of the de-
nomination of ten dollars, or any null
tiplex thereof not exceeding one hun
dred dollars, bearing interest at the
rate of 3 Go per cent. per annum, and
convertible any time within one year
into 4 per cent bonds, described in the
funding act, and the money so received
shall be applied to the payment of $50
bonds in the manner prescribed by
said act, and he is authorized to pre-
scnbe suitable rules and regulations in
conformity with this act.
At the conclusion of the morning
business, Matthews, of Ohio, called up
the Texas and Pacific Railroad bill,
and ad dressed the Senate at length in
favor thereof.
A large number of recess appoint
ments were sent to the Senate to-
day, including the nominations of
Messrs. Merritt. Graham and Burt
as customs officers at New York;
Hillhouse, assistant treasurer, New
York. The following names for New
Orleans mint: Henry S. Foote, of
Mississippi, superintendent; Maximll-
ian Ferand Bonzano, of Louisiana,
refiner; James Alfrecht, of Louisiana,
assayer; Martin Davis, of Penusylva-
MIA, coiner.
Gen. Sherman to-day appeared be-
fore the joint committee for the trans
fer of the Indian Bureau to the War
Department and submitted q number of
official documents to verify in detail his
previous statements regarding the adj
visibility of the transfer. He de-
scribed at length the sufreriDgs of the
Indians under the presen at management
aud said the army should be transferred
to the Interior Department or the In
dian Bureau to the War Department.
That under the existing management
the government was very heavily taxed
and the poor Indian driven to the wall
notwithstanding.
HOUsE-The House was engaged in
the call of States for bills for reference.