Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-12-02
continued from, First Pace


10 issue coin certificates In payment TO deposit
orS OF bullion at the several minis and assay
OinceS OF the United States. These provisions
Will bring into the minis and Treasury the
great body of the precious metals mined in the
United states, and will tend greatly to the easy
ana steady supply OF bullion for coinage. Uni
tea states notes. when at par with coin, will be
readily received for bullion instead of coin GER
tihcateS. and with great advantage and cOnve-
nience to the producers.
Deposits of coin in the Treasury win. no
DOUBT continue 10 be made after the LIST of Jan
uary, as heretofore. Both gold and silver coin,
from its weight and bulk, viii naturally seek
such safe deposit while notes redeemable in
coin. from their superior convenience, VIII De
circulated instead. After resumption, the dis
tinctiOn between coin and United states notes
should be, as far as practicable, abandoned in
the current affairs OF the Governments; and
Therefore no cOin-certiticateS should be issued
except where expressly required by the proTi-
S1OnS Of law as in the case OF SllvercertiilcataS.
The gOld-cfTtif!cafeS hitherto Issued by VirtGe
Of the discretion conferred upon the Secretary
will not be issued after the 1st of January next.
For convenience United States notes of the
same denomination as the larger cOfn-certit1-
cafes VIII be issued.
b. existing Law customs duties and the inter-
est Of the public debt are payable in coin. As
We cannot, with due regard TO the public honor.
leIeal the obligation 10 pay coin, we ought not
10 impair or repeal the means provided TO pro-
cure coin. The legal right on both sides to de-
EaEd coin should be- preserved inviOlate.
The Secretary is OF the opinion that q change
OF the law is not necessary to authorize this
department to receive United States notes for
customs duties on and after the list day OF Jan
Eary, 1919. while they are redeemable and are
redeemed on demand in coin. After reSump-
ton 1t would seem useless inconvenience TO
require payment of such duties in coin rather
Than in United States notes. The resumption
act by clear implication. 50 far mobiles pre-
NiOuS laws as to permit payments in United
States notes as well as in coin. ANY other con-
struction would require the notes 10 be Drc-
sented 10 the assistant treasurer in New YORK
for eoin and If used in the purchase of bonds
TO be returned TO the same officer. or, ii used
Tor the payment Of customs duties, 20 be car
Tied TO the collector of customs, who must
daily deposit in the Treasury all money re
celNed by him. II is not to b. assumed that
The law requires this indirect and incOnveni1nt
process after the notes are Tcdcoinable in Jin
on demand Of the holder. They are then a
parity With coin, ana both should be received
IndiScTimindteiY-
If United states notes are received for d., les
nj the port Of New York they should b. II
cclVcd for thcSa;re purpose n all other pOrtS 0f
the mixed States or an unconstitutional pref
elence would be given 10 that port over other
ports III this riviieEe is denied TO the citizens
oi other ports, they could make SUcn-uS OF
these NOES only by Transporting Them 10 New
York ana Transporting the coin TO their homes
for payment: and ali This Lot only without
bent III 10 tie government on with loss in re-
turning the coin again TO New ! OK, where II i
required Tor redemption purposes.
Tie provision in the law for redemption in
New YORK was believed TO be practical redemp-
ton III all parts q the United States. Actual
The necessity OF maintaining only one coin re-
serve AID where The coin could be easily accu-
nlulatcd and kept.
with this view OF the RESUMPTION act the Sec
rotary viii feel IL to be his duty. unless con-
greSS otherwise provides. to direct that after
The lSt day of January next, and while United
States notes are redeemed at tae Treasury. they
be- received as coin by the officers OF this de-
rartment in all payments in all parts OF tie
nited states.
III any further provision of law is deemed ne
'flF1grl to fb1Yi H.lr nfnr #
United States notes for customs dues or for
bonds, the secretary respectfully submits that
this authority should continue only while the
notes are redeemed in coin
IL has been urged that, with view 10 place
III circulation silver Coins. no bills OF less than
I'VE dollars should be Issued. Ii would seem
best bot TO force any form OF money upon a
public creditor. but 10 give him the option of
Tie kind and denomination. The only way by
which moneys of different kinds and intrinsic
values can be maintained in circulation at par
with each other is by the ability. when one kind
IS in excess. 10 readily exchange 1t for the
other.
When the Resumption act passed, gold was the
only coin which by law was a legal tender in
payment of all debts That act contemplated
resumption in gold coin only. The act approved
February .. l>sS, made very important change
in our coinage system. The silver dollar pro-
Eided for was made legal tender for all debts
except where otherwise stipulated.
The law Itself shows that The silver dollarwds
not 10 sWeTsede the gold dollar, nor did Cor
EIess pEIFCse to adop- the single standard OF
Silver, buJ only 10 create b.meialic standard
Il silver ard gold Of equal value and equal pur-
chasing power. III it was intended o. Con
gIcss 10 adopt The silver Instead of the gold
standard. the amount provided for is totally in
aCtquate for the pUTpt sc. En- eTience, not Only
IN this country but European countries has e.
tatlished that a certain amount of silver coin
may lie maintained ia circulation at par VITA
900, though OF less intrinsic bullion value
IL was no doubt. the intention OF Congress TO
Novice coin in silver which would answer
multitude OF the purposes of business life, with
out baniShing from circulation the established
gold coin Of the country. To accomplish this it
il indispensable either that the silver coin be
limited In amount or that it, bullion value be
equal 10 that of the gold dollar If Issued in
excess OF demands for domestic purposes. ii viii
necessarily 1all In market value, and, by we'll
known principle OF finance. Will become the
sole coin standard OF value. Gold will be either
boarded OF exported. When two currencie3,
both legal, are authorized without limit, the
cheaper alone Wilcircuate. ii, however, the issue
OF the silver dollars is limited TO an amount
demanded for circulation. there will be no de-
probation. and their convenient use Will keep
them al par with gold. as fractiOnal-silver coin.
issued under the act approved February q, 1888.
was kept at par with gold
The amount OF such coin that can thus be
maintained at par with gold cannot be fairly
tested until resumption Is accomplished. After
resumption these coins VIII circulate in cOnSid-
cradle sums for small payments. TOthe extent
that such demand will give employment TO
Silver dollars their use Will be an aid TO re-
sumption rather than hindrance. hut If issued
III EXCESS OF StCQ demand tey VIII at once tend
TO dlSplace gold and become the sole standard
ana gradually as they Increase III number, Will
fail TO their value as bullion.
The Secretary there fore. earnestly inVOkpS
The attention OF Congress To this sub ect. with
a view that either during the present or the
next session the amount OF silver dollars 10 be
issued be limited. or their ratio 10 gold for coin
ing purposes be changed.
There Is TO peculiar force or sanction in the
present ratio that should mdke lis hesitate to
adopt another. when il is proven that such
ratio is not now the true one. The addition %
one tenth OF One-eghth TO the thickness OF the
silver dollar would scarcely be perceived as an
inconvenience by the holder bur would inspire
confidence, and add greatly 10 its circulation.
As prices are now based on United States notes
al par with gold. no disturbance OF values would
result from the change.
IL appears from the recent conference at
Paris, invited By Us, that other nations viii not
Join with US i'll liking an International ratio.
and that each country must adapt its laws TO its
own policy. The tendency of late among COM
standard OF gold ard the issue OF silver for
dency, give temporarily increased value to the
stores OF silver held in Germany and France
until our market abooThS them. but by adopting
a silver standard as nearly equal 10 gold as
practicable, We make n market for our large
production OF silver, and furnish a fun, honest
dollar that Will be boarded transported, or cir
Culated, without disparagemenI or reprOach
Ii is respectfully submitted that the United
states, already so largely interested in trade
with all parts OF the world and becoming Dv
nomination wealth comrnprrp and prndtIr