The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1879-12-18

Refanding customs, internal revenue, '''0~0~o -
Collecting revenue from customs... 5'5o0,oOo 90
MISCELLANEOUS. OBSERVATION-DISCLOSURES. 1,766, QUO O0
Total estimate expenditures, IN
Guiding sinking fund ....,.. &278, O9T, 1854 80
or an estimate surplus Of So 9oe s5.6l. Exclud-
Ing the sinking fund, the estimated expenditures
73', 861. 33.
The estimates for the revenue for the next fiscal
creased receiprs during the past few months are
abnormal, and mainly due to the filling. up of
wants created by recent depression rather than by
supplied, the revenue for next year probably will
not be increased beyond the amount estimated.
The estimated expenditures for the same period
are based, upon the requirements Of existing law
and the necessary appropriations for public works
III course OF construction. The estimated surplus
of $500 1875 81 will probably be exhausted by adj
tho Sho%d in
peal or reduce existing taxes other oil rev.
enue must be provided. Should this source be de-
tcrmncd upcn-which, however, the secretary
docs not recommends he would suggest, as
means OF meeting the deficiency, the rcstOral ion
o. o. moderate any on tea and coffee and the levy
as hereinafter more fully stated.
COINS AND COINAGE
The operations of the mint and assay offices
during the year, and their ccndition at the present
time are exhibited i'll the report Of the director of
tons for increasing the effectiveness Of that
branch Of the service, and furnishes information
relative to the amount OF specie in the country
and the production Of the minis of the United
States, and statistics brought up to recent dates
OF the currency OF the principal countries Of the
world OF the rates of production of the precious
the arts aud manufactures.
The ya ags Of the gold coinage during the year
~ ,56v Of subsidiary silver coin, 81 Of minor
coin, ISL, 79S; total 1865 ,5925U
The director estimates the coin IN The country
Of sTei rSe baon IN g fSe mn s ana
New York assay Office at that time awaiting coin
age amounted to $4ns3l, o35 Of gold and 81 5, 1872
bullion s4sl Cyl 062. The estimating of the specie
in the country at any given time, is always diff
cult; but this estimate appears to have been care
fully prepared from coinage reports and statistics
OF rccoinage, export and import.
The amount OF gold and silver annually used in
the arts and manufactures form no inconsidera-
bic factor in estimating the production of the
mines the specie available for circulation, and
an attempt has been made to arrive at the
amounts so used from records of the New York
assay Office, which furnishes the principal part OF
the metals consumed for these purposes, and
from the report of the manufacturers. The gen.
eral result while incomplete in details, indicate
that the total consumption for purposes other
than coinage is in excess of estimates heretofore
made; In the last annual report the secretary
1t would seem to be tho best policy for the
present to limit the aggregate issue OF our silver
dollars, based the ratio of sixteen to one, to
such SUMS as can clearly be maintained at par
with gold until the price Of silver in the market
shall assume a definite ratio to gold, when that
ratio should be adopted and our coins made to
conform to it; and the secretary respectfully
ommcnds that,he be authorized to discontinue the
coinage OF the silver dollar when the amount ont
standing SHALL exceed $5O,OuO,O0'.
lie respectfully calls the attention of congress
to the Importance Of further limiting the cosage
Of the silver dollar. The market value of the
bullion in this coin has been, during the past
year 70 to Is per cent less than the market value
Of the bullion IN the gold dollar.
'"2'd and silver were separated IN the rctncr1c.
the amount Of s27. 549.97 i'll gold, and >r ,s.,.
So 81 in silver, total of s31, ~, fine ami
imported I'M ed b bars were made in the amount Of ~,
minis and assay offices generally are in cycc!!cn:
condition, and their capacity is sufficient 10 meet
age since 1852, about which time it disappeared
from circulation, has been principally III double
eagles, bnt during hs last year over pc? cent OF
denomination. The coinage Of eagles ana hall
eagles viii DO continued until the demand for
small gold coin is supPlec. Tho coinage of stand
qulremcnt Of law, notwithstanding the difficulty
experienced in procuring silver bullion for The
minis ct San Francisco and Carson at marke;
rates.
The amount Of oliver coin OF less than dollar
provided Tor BY law having been executed, The
demand for minor coins particularly 10: the one
anc!lon from tho mines Of tie United Sta!-- for
n,a3arly 'se.oo0yoto, the production Of gold and
silys1 bong equal. The years total
81 so pleceeane Year, canss b. than that
in the yield Of the mines OF Nevada, which was
not compensated by increased production in
The lolal amount of silver dollars coined to
Nov l, 1872, under the act Of Feb. 70, 1873, was
S4 262 Q, OF which 49, coz S62 was in circulation
ana ana the remainder $Ss $685. in the treasury at
coin in circulation. Owing to its limited coinage
it has been kept at par but its free coinage would
and thus establish single silver standard: The
inevitable result would be to exclude gold coin
from circulation. It is impossible to ascertain
Of sixteen of silver to one Of gold, can be main
tanned at par with gold; but it is manifest that
th e., can only be done by the government holding
would seem that nothing would be gained by an
unlimited coinage unless 1t is desirable to meas
ure oil values by the silver standard. The secre-
adjusting the coinagc rates Of the two metals BY
treaties with commercial nations, and until this
can be done Of limiting the coinage Of the silver
gress this would enable the department to readily
maintain the standard dollars of gold and silver
at par with each other
THE NATIONAL BANKS.
The report of the comptroller Of the currency
gives complete statistics relative to the operations
OF tho national banking system, from its organi:
the date of their last reports, was 504s, and the
s gag sSpa dsssSe s95ga' 1851
Guiding United States coin and certificates, $42,-
172, 73l.zS; legal tender notes, including United
T Tatf fots
$77,lS1,418. Among the sub. ects discussed In the
report are the relations which have exist
e. 60 between the national banks and AZ