Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1879-12-05

impetus, and increased activity has been
shown In all branches Of production, trade
and commerce.
| 10 maintain resumption safely against all
| accidents and contingencies the Secretary
recommends the creation by Congress of a
| specific resumption fund set apart for the re-
demption of u. S. notes, SO az to leave
their maximum circulation at $300, 900 900,
and the purchase Of coin or bullion, this
fund only to be resorted TO in case of emer-
gency. In the same connection he raises the
question as to the expediency of any longer
maintaining the legal-tender quality of
the greenbacks, now that the necessity WAR
for their issuance has ceased. "The chief
objection" he says, ito the emission of pa
per money by the government grows out Of
the legal-tender clause, for without this the
United States note would be measured by
its convenience in use, its safety and prompt
redemption" Such note, carefully limited
in amount, redeemable on demand, and rest
ing on ample reserves, does not derive any
strength from its legal-tender quality, and
he therefore urges the repeal OF so much Of
the act of 1869, as gives this character to the
greenback The Secretary gives the history
OF the coinage during the year, putting the
gold and silver product of the country at
$8O,O00,000, about equally divided between
terms, the recommendations made last year
in favor of further limiting the coinage of
the silver dollars until the coinage rates Of
the two metals have been adjusted by trea-
ties with commercial nations. Since March,
1877, the annual interest charge has been
reduced $14 ,290,416 by the refunding opera
tons of the treasury. The Secretary favors
what Comptroller Knox says in regard to
the excessive taxation imposed upon the
national banks, and compliments the system
under which these institutions are conduct
ed. He shows that important economies
have been effected in the cost Of collecting
the customs, revenue, and stating the losses
incurred in consequence Of undervaluations
in appraisements, suggests the propriety of
substituting specific for ad valorem duties in
the case of many lines of goods, referring TO
the successful working of such changes in the
British revenue system. He adheres 10 his
previous views in regard to the collection
Of sugar duties under the color test now es-
tablished by law, and what he says will at
tract attention in Baltimore as affecting the
commercial interests of this port He re-
commends an internal tax on opium prepar-
ed for smoking, in the behalf Of public NOR
atty. In view Of the continued decline of
American shipping, the Secretary says that
il may well be questioned if the severity Of
our registry laws ought not to be relaxed so
as to enable steamships TO be bought In for
eign markets by American merchants He
adverts with qualification to the immense
growth Of our exports and Of our productive
capacity, and thinks that 1t is the duty Of
Congress to carefully investigate grave ques-
tons, growing ont Of the condition Of our in
ternal transportation. Many other matters
Of detail are worked up in the report, which
is a carefully written and lucid state paper
about some of the largest business transac-
tons and financial enterprises ever under
taken by any country.