The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1878-01-24
81 ,OGO,Os s73,s3G,O77 G76O
n.roaT ENTRIES OF SILVER.
$9,2l3,3 800 $92, ,70l IL 1863

1t appears, on combining bullion and
coin, that the silver movement for elcv-
Ell wears was a. follows: Domestic eN-
ports, 5000, 1924; exports of imports,
$74, 1896, 100 aggregate exports, $30l ,G4i-
700: imports, SOL 1873, 100; excess of ex-
cess Of exports over imports, S2O3 ,273,-
6O9. Our exports of gold for the same
period were $490, $50, 1913, or not far
from double of our exports of silver.
This proportion indicates that our
chances of retaining and accommodating
silver, as compared with gold, are
about two to one in favor of the former
metal.
Beginning with the fiscal year 1877,
q statement is to found of the different
kinds of domestic silver coin exported.
OF the 80, 1892, 743 sent abroad in that
year, trade dollars comprised $S,672,-
$50, the rest being fractional coins. So
far as the statistical record has been
published, the exports of these dollars
Since the close of the fiscal year have
been as follows: July, 81 $50, 1872; Au-
gust, $53S,l76; September, 1929 ,7GS;
October, $3Sl ,65S; total, $2,S10,704. At
the rate of export for the remaining
eight months of the fiscal yeat the
amount would reach a total Of $685.
80, or little short Of what it was in
1877. With such a state of facts, it is
exceedingly strange that the Secretary
of Treasury, in his annual report dated
Dec. 3, 1877, should say:
In October last it became apparent
that there was no further export de-
mand for trade dollars, but deposits of
silver bullion were made, and such
dollars were demanded of the mint for
circulation in the United States, that
the owner might secure the difference
between the value of such bullion in
the market and United States notes. At
the time the minis were fully occupied
By the issue of fractional and other
coins on account of the government,
Therefore, under authority of the law
! referred to (ioint resolution of July p.
1876 the Secretary directed that ne
further issue of trade dollars should be
made until necessary again to meet al
export demand"
In point of fact, the exports of trade
dollars were $477,S75 In October, 1875.
or only about % per cent. greater than
in October, 1877. 1t is remarkable.
therefore, that our export Of 1881 sos
should have been taken as evidence OF
$40 further export demand" On such
II basis the conclusion seems TO be
forced one, illogical and arbitrary
Even the Secrctary's exercise of III.
thority in directing the mint officers tc
stop the coinage Of trade dollars ap.
pears strained, because the joint rcso.
| luton did contemplate IN absolute
StoDNge, but Limitation merely, the Ian
guage employed being ''to limit thC
coinage thereof to such an amount as
he may deem sufficient to meet the eX.
port demand for the same.' Faras'
much a. the statistical record shows
that the export demand, at the time OF
! giving the order, was about 70 pei
cent of what It had been at the cores
ponding time in the year previous, the
object Of the joint resolution was de-
feated by directing a st0ppage Of the
coinage, that object being to supply
| export demand, not to take way the
supply. The S~ecretary's action sug,
gests such hostility TO the silver dollar
as will brook rs coinage of it in any
form whatever. Taking the combined
movement Of coin and bullion, both
| gold and silver, in the eleven years
we have specified, the exhibit is ms fol-
| lows; Domestic experts, SG93, 800, 1928
exports of imports, $ll0,946 ,874; total
exports, $500 SOC, 7C2; imports, $2i5,0l7-
2CG; excess Of exports over imports,
$500 ,25O A3G--an adverse balance which
certainly does not prop up II power
to resume specie payments, nor afford
a hopeful outlook.