Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-23

4Asordss 5sdssiy tsanS.saons but py Sep.suk
ciaxe Without its reality, Is enough to disorder ex.
change transactions They are calculated to such
an extremity Of fneness that the change of a
Accordingly, London has become the great set
thing house Of exchange trarlsactiohs m Europe,
instead, as formerly, Of being one Of two. Tiiss
NoN-ExroRrABLK MONEY.
The fiat money is to be non xpprtable and
vice in q circulating medium. But the claim is
Virtues viz claimed 81 john Law or Ss
And our continental congress in l779, when they
found the continental currency depreciating rap
II d the &c
paper moneyfis the only kind of money which
cannot take to itself wings and fy away 1t re.
mains with US i isever ready aud q hand for
the purpose of commerce or taxes, and every in
dustnousman can find IT," 1t was but a little
while after this thatIths continental money was
u sa as Money g9od abroad
AMOUNT OF MONEY NOW IN THE COUNTRY.
have already shown you that tho amount of
money e net 0niy %4fs than twice . much = It
ton, when all things are fairly considered The
money now in the country,s and (which will be-
available as soon as we reach specie payments,
which Is likely to be before rather than after the
first Of January, 1879, may be sisted as follows At
Legal Tender Notes IL -.g$ Ol0,061,01e
National Bark Notes ~ 33l,SlA, 484i
FRACTIONAL Carrency- -----------.- .16{&ks.eQ0
Coin 81 the hands Il banks. 1s.VV6!S66
Coin y, the hssds0 f tho people 1leyo00sOeo
Total. ..a1. 1911 -.. -. q 900 sos.iSi
n. -t1sE d y,
put At ssl2 100000 The figures 7rem the treasury
department e.those Of the monthly statement
Of July first instant The coin in the hands Of
ne people is the estimate Of Senator Morrill,, on
the mint estimated the amount OF coin and bull
lion In the country June 2Oth 1877 at 842 900 OOO
The production Of the mines during the past year
put down at $85,0O0000. no. . q. gsngn 'tsps
Nearly all this has remained in the country, as
the exports Of specie for the first eleven months
we add the 900 to the e242 900 Co., 1t makes
total Of 1922 900 900 or $40 more than the
ae9ys es%ee Ana thqs Ms have total
as the monetary circulation Of thecountry at pres
ent. This gives circulation for 5000 900 OF peo
pie Of more than $2 head Before the war we
had at no time, according to the highest estimate
a circulation Of both paper and specie equal to
$500 100000 the usual estimate being from S4OO-
100000 to OOO And yet there are persons who
would have us believe that the country Is now
suffering because the volume Of money Is not
equal TO the wants Of trade f..f-
LEGAL TENDERS TO BIB IBIssuEp.
Legal tenders are not to be cancelled hereafter
on the issue Of additional national bank notes,
the following act having been passed by eongre3
ct is late session
Be Il rxacts6, etc.. That from and after the pass
age of this act shall not be lawful for the secretary
retire any more Of the United States legal tender
notes and when any Of said notes may b redeemed
or received into the treasury under any law from any
source whatever, and shall belong dtoi the United
States, they shall not be retired, cancelled or de.
stroyed but they shall be ressued and paid again.
and kept in circulation: provided nsthing herein
tated notes. and the issue Of other ola like
denomination in their stead, now provided All
and part Of Inconsistent herewith are hereby
repealed. "#
This settles the question for the present at least
as to what Is to be done with the greenbacks
time there is no legal restriction upon the increase
of national bank notes. During the year ending
June 30, 1873 the national bank notes In clrcula-
withdrawn during the same time 311 266, l76, max
ing the netincrease during the year $40 49,, 039.
While the amount Of legal tender notes is to re-
culation will be increased or diminished accord
ing to the demands of trade and not by any un-
reasonable and arbitrary demands Of congress.
there win not be material change in the volume
Of our paper circulation, and as It Is more than
three times as much a. we had at any time pre-
that 1t Is ample for all the demands Of safe and
legitimate business. So long as the present favor
able condition of our foreign trade continues, our
stock Of coin and bullion promises TO steadily In
crease, thus widening our specie basis, confirming
the par value of paper, and giving to the country
circulation abundant in quantity and stable in
character. eds g. &. fat.
REDUCING THE PUBLIC DEBT.
ma
have been largely reduced, the affrmations of the
This is shown by Secretary Sherman in a recent
letter, to which call your attention
~ TREASURY DspARTMsNr,
WAsHINGroN, d. c.. June =, 1873.
Sir lin reply to your several inquiries Of the 9Th
First THAT the public debt Of the United States,
August, 1865, and amounted to Sa,7s6<3rs7143. The
debt hess cash in the treasury, on June /, 1873,
8a,o32637.4so6s, showing an aggregate reduction Of
Second For the last eight years the annual net
ordinary expenditures Of the government, including
interest on the public debt, have been Is follows:
1s7o------ ssoe.6s,sso Is Isz4------sss7,ssszs y
Is7a------ a77,sI796a g 1s76------ sS4z9,79g g
IS73------ a9o,345a4s 80 rS77----- s3s,ooo.oos 90
The expenses for the present fiscal year will be
abous less than the last In 1857 the in
terest the public debt was in 1867
i. amounted to so7.1a4.s,r.ss, or . rsduotroa Of
6s7,oSo.33
Third The public debt, less cash in treasury, on
March I, 1877, was h, sl,143.o6. On june !.
1873, 1t was 4so.e%, on reduction d Sss..
I4s,6oa.4o.
Fourth Since the passage Of the Of July "a,
1870, authorizing tho refunding Of the national debt
bonds to the following amounts have been issued in
exchange for bonds bearing interest at six per ceum
per annum: ts yes ~ 70
A7o,s4,ooo s.per-cent bonds of 1881. bear.
ing an annual interest Of t2Ass7,Iso
}Is 5000, 900 4H-per-cent bonds Of 1884,,
bearing annual interest 81. 8,3as.ooo