Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-04

crease the present rates of exchange 1t would,
therefore, seem to be the best policy for the
present to limit the aggregate Issue of our sill
yer dollars, based on the ratio of sixteen to
one, to such sums can clearly be main
tanned at par with gold, until the price of sill
Ier In the market shall assume definite ratio
to gold, when that ratio should be adopted
ana our COINS made to conform to it, and the
secretary respectfully recommends that he be
authorized to discontinue the coinage of the
silver dollar when the amount outstanding
shall exceed $4,000.
The secretary deems it proper to state that in
the meantime, in the execution of the law as
1t now stands, he will feel it to be his duty to
redeem all United States notes presented on
and after Jan. !, next, at the office of the as
sistant treasurer of the United States in the
city OF New York, in sums of not less than
nifty dollars, with either gold or silver coin. as
desired by the holder, but reserving the legal
option OF the government; and to pay ont
United States notes for all other demands on
the treasury, except when coin is demanded on
coin liabilities
PUBLIC MONEYS.
The monetary transactions of the govern
ment have been conducted without loss through
the offices of the treasurer, ten assistant treas
urers. one depository, and one hundred and
nineteen national bank depositaries, exclusive
OF those designated to receive only loan SUBJ
scriptions.
THE NATIONAL BANKS.
This system of banks, though of recent
growth and adopted as an experiment amid the
necessities developed by the civil war, has. un-
der wise management, become the most impor
cant business agency in the country. Though
still under trial and subject at all times to the
discretion of Congress to discontinue and limit
Its existence and operations, it may be fairly
claimed, as already established by experiment
tnat tne system possesses certain advantages
over any other heretofore existing in this
country, and possibly only with "a national
| system.
First-The security of the bill-holder from
loss through failure of the bank
Second-The rapidity and certainty of the
eetectlon ana prevention of counterfeiting,
from the fact that the notes are engraved,
printed and redeemed at the treasury depart
ment
Third-The frequent and careful examination
OF banks, and the publication of the detailed
| statements of their condition
,fourth-Unlformlty and free circulation of
the notes throughout the United States. with
cut respect to the place of their ISSUE
FIfth-The admirable provisions by which
failing banks are put in liquidation, and their
assets cheaply and promptly applied to the
payment of creditors.
thooe auu otueT advantages, derived to the
public from national system of banks over
State system. seem to be fully demonstrated,
and, though irksome and apparently hard to
the banks are benefit and security to the
stockholders and a safeguard to the public.
The only franchise conferred by this system,
that cannot be enjoyed by private bankers un-
| der State law, is the power to issue circulating
notes. This, it is conceded, is franchise con-
ferred by the government, but is not in the ma
| ture OF monopoly. 1t may be exercised by
any i've persons who have the means and will
comply with the law.
Whether the power to issue circulating notes
should be granted to private corporations or be
exercised only by the government, is purely
question OF public policy and public inter
est. In behalf of circulation issued by the
government, 1T IS claimed that interest is saved
| to the public on the full amount OF the notes
issued. To this it is replied that the issue of
such notes necessarily involves their redcmp-
| ton in coin, and this can be secured only bv
coin reserves and the ordinary machinery of
| banks. 1t the banks issue notes they expect
| to derive profit from the loan but this profit
| is diminished by the burden of redemption, by
| the large taxes imposed upon the franchise, and
| by the risk always incident to the issue of the
| circulating notes. These are considerations
| which will, no doubt, enter into the question
OF the permanency of the national bank svs-
| ten; but as the banks of this system are each
| organized under the law for twenty years and
| none of them expire until June, 1883, it is re-
| spectfully submitted that it is good policy to
continue the experiment until that date. when
| the public mind will be better prepared to con-
| slider the questions involved
CLAIMS.
Your attention is invited to the importance
of providing some limitation of time within
which claims against the government shall be
prosecuted, or, for want of such prosecution.
ha
form part of the codes Of all civilized nations
| rest partly upon the theory that the public
| peace demands end of litigation but mainly
| upon the well founded assumption that DELAY
beyond reasonable time to prosecute claim
furnishes presumption that it is unfounded
Even as to real estate acquiescence in a
known adverse possession for twenty years. in
| most OF our States furnishes q conclusive bar
! TO the claim OF any person out of possession.
| The limitation of six wears after the claim
| against the government first accrues establish
| ed by law IN the court of claims, seems to be
| reasonable
With regard to the claims in favor of the
government, especially against those who have
| executed bonds as sureties, it seems Just that
some provision should be made for the protec-
ton of the defendants. Gases frequently arise
where suits are brought against a surety upon a
| bond upon the revision of some account which
| has been apparently finally settled for MANY
years, where the principal and other sureties
have died or are insolvent, and where the gov
eminent should have enforced its claim while
they were alive and solvent. In such cases the
| only relief which the secretary can extend is
| under the general law authorizing compromises
| a remedy subject to much doubt and embar.
| rassment.
| = ALI legislation upon this subject should look
to the quoting of old claims, whether against
| OF IN favor of the government. A decision
| made as hnal by the accounting officers or by
the secretary other officer of this department
having Jurisdiction, should be regarded as final,
both in the department and all other tribunals:
| and all propositions providing for the revision.
| in the court of claims or elsewhere, of such
decisions, are opposed to the true principles of
| legislation.
EXPORTS AND IMPORTS.
The gold values of the exports of merchan-
disc from the United States, and imports of
| merchandise into the United States during the
| last fiscal year, as appears from returns made
to, and compiled by the bureau of statistics,
| are as follows:
Exports Of domestic merchandise 49, $3.50 100 26s
Exports OF 1ofelgn merchandise. IA, 15G ,498
Total exports Of merchandise. s694 S65 76s
Imports OF merchandise. 437, O51 ,532
Excess of exports imports of
merchandise S257, S14, 234
Compared with the previous year, the i'm
portations are less by $l4 ,271 1914. and the ex-
portations greater by 1872, 390546
The annual average of the excess of imports
over exports of merchandise, for the ten wears
| ended June 80, 1873, was S104 706, 922; but
during the last three years there has been an
excess OF exports over imports as follows: in
1916, S79 643, 4Sl; in 1877, $751; 1872 094; and in
1873, $257, 814,234.
Ihe total amount of exports and imports of