National Republican., 1879-11-20
Fon beautiful Fan. go to pouglass,.
Resumption of Specie Payments


In relation to the succc sfn resumption of specie
payments Treasurer Gilflan in his annual report
ON December 81, 1sGO the amount I'm the Treasury
subject TO dram was 81 2l lO.S7 in gold and silver
Soon aller that date the extraordinary pxpenseS OF
the war OF the rebellion commenced which were
Mt first met bv the ordinary revenues of the Govern
ment received In coin, supplemented by the issue
OF two-year Treasury notes seyen-thirties OF 1sGl
the proceeds OF the skies Of 1880 aud ISL and later
by the issue of dcmond-notes. These loans wero
all on o coin basis and amounted to S51SUOOOOO
the disbursements Of which, with the current
revenues, did not keep pace with the
Increasing Indebtedness OF the Government and
made 10 impression upon the accumulation of
unSatisIed rcqaisiions upon the Treasury until
the issue Of certificates of indebtedness in April,
1862 and legal-tcudcr notes under the act of Feb.
ruury -. 1852. the first obligations of the Govern
mcut not issued on cniu basis. There is no date
that can be named rs the time when the Govern
men definitely suspended specie payments The
lirst recorded quotation OF gold at premium is at
lO3 On.January l3 1862, though AZ that date hud
been at nominal premium for some time No
specific coin and currency accounts were opened
by the Treasury until October J. 1863.
Gold sales by the Government commenced July
l. 1860, aud continued from Time to time until De-
cember 81, lS7s. The amount sold during that
period was s596 j0d 2I3Sl and the amount OF pre-
MUM derived thercfrom was slO6.SI Si5S, or a.
average rate of 20 $40 per cent. The highest qu
tation of gold was 2sj July H. 1851 and the low
lbl December 3d. 1SfS, disappearing at 90
resumption Of specie payments January
1879 the date fixed BY the third section of the act
OF January Ia. 1875, for the redemption OF United
states notes In coin. This cOnSummatiOn neCes-
STATED tie removal of all distinction between coin
and currency in keeping ana rendering the public
accounts and the requisite changes TO that end
We're made IN compliance with the following order
OF the Secretary of the Treasury issued TO the Treas
| urcr on the 18th day OF December, 1875:
| The Department, in It's circular of the lith in
slant having directed that after The LIST of January
next, no distinction be made between coin and
notes in keeping rendering or settling the accounts
| Of public officers, involving transactions which
occur subsequently to that date you Will keep but
one money Of account of transactions which occur
| after january !, 1879 and you viii issue at once
| the necessary instructions to the several sub
! Treasury officers to enable them TO render tran
| scripts of your general accounts accordingly
| The necessary Instructions were at once given to
| tho various Assistant Trensurers Of the United
States and with The close Of business Oh the last
| day of 1873 all accounts OF public moneys were
closed and the balances carried 10 one new account
| ON the 2d of January, 1873 the redemption Of
United states notes IN coin commenced at the sub
| Treasury in New York with so little disturbance
that more gold was received on that day aud sew
eral days thereafter, than was paid out the total
decrease of gold in the Treasury during that month
| being sl,t2j,j32G. The amount OF gold coin
Sl95 $50 639i2 at this date il is sl7l 5l7 1856 an
| increase of S36l35,UH.23 since resumption; while
! the redcmptiOnS of United States notes in gold
| have been sll,256GIS, MS follows January, 1879
| sl,55l 20; February, sgO12l9; Narch, sg52,7G6
| April SG99773 May, sl339Ss3; June, S25033I2
July, Sgji so: August, sgsl 400 September, $685.
| Is; October, $40 2gi.
Since the order OF rle Secretary of the Treasury
! authorizing the receipt of United States notes for
| customs, which took effect January /. 1879 there
had been received ~ september O 1870 on that ac.
count, in lCgtu-teudcr notes at this Office ana the
| various suD-ueasuries Sg2lS7 g7.
| As win appear from the following table, the re-
serve in the Treasury for resumption purposes, be
ties, December 81 1873, was Si26,iG G}l3i and
| Oh october 81, 1879, sl5l 07 UiL2I.