New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-29

Tic secretary respectfully calls the attention OF Con
gress tho question whether Unt States notes
sl TO be a iccal-,enaer IN the pavient az dshfs Inc
power II Consrcss 10 make them snch W. ~ ~
Congress during the war. and was upheld Nv W"
rene Cont The powcr to reis.ue them IN tiine
peace. fer they are once rcdt emr, = -
iha, Court Prior to lsG2 on, Eoid ana liver W.
is1't~udcr Bullion deposit, o prly%ts in9i
y,nna'S ~ ,ns tn,caip. weight and inca
P.p.r money H. promise To pay snch con" 10 t'-,i
cYrfnc Interest. he used part OF the clrcu"ths
acdinu. The ehle' objection 10 the tm sou 90 p'ir
cIns for without tins the United states note would h"
measured by ITS convcinence III VS. IT. "ley
and it, prompt redemption. In VAT ana har
.A ~ k.'.u a. 80, a. wovi, com that dui ing ucacc
and especially durIg times OF mosieiity thd surplus
~ anS HL. any ofhsr uron,issor, not" II should
errreot n,,ncy only 10y being promptly redeemed
In coin on demand. lae note OF Tie United safes
l. now reco we'd for all public dnes' ana j.
carefully limited in amount; 1t Is pIomry
redeemed dcmand. nnf ample r 8 rvcs ~ c IA
provided to cuut cace III aud scculN i" Sach
redemption With these coaGit'ohs inaintilhyd 'Le
al demands VINE they are 'hunia he'' tne ls''-'eu
clause gives not additional rcdit ar sanction u TIE
notes but lend 10 impair eoneare an1 10 cle"te eafS
OF oytr-issuc.
REPEAL oF THE LEGAL-TrNDrR CLAUSE URGED.
Ii would seem, Therefore, that now aud during the
maintenance OF resumption l. Is useless and oblec-
;onabic assertion o. power, which Congress might now
repeal on the ground OF expcdoncy alone. When II Is
considered thai its consttutonaty is seriously con
tested and that from It's nature IL - subject To grave
abuse. Il would appear 20 be wise t. WITHDRAW he
o he again resnred 10 III slsch period If grave
emergency as existed In 1852.
The Government derives au advantage IN circulating
its notes without interest and the peOrl' prefer such
money for heir convenience N use IN
ual advantage may BE- secured without nc exercise ~
questionable power nor need my inconVenithcc nrlse
from the repeal of the legal canse as 10 iuiuic
nd or silver sn on curreri money In The absence Of
,XFfcss stipulation Tor coz. the rea OnIt resuil
ten would exist thar the parties contemplated
payment in current money. and sucn pre-
the contract enforced accordingly the secretary,
therefore. respectfully submits 10 Congress whether the
eEaender clause should not be repealed as To all
future conr and parUes he left 10 siipu ate tae
mode of payment Uniiedsial's noies should sun ne
receivable for all du the Government thev should
he promptly redeemed ON demand. and ample provision
made 20 secure such redcmpt.o on.
GOLD AND SILVER STATISTICS.
The operations OF the mnts and Offices during
year, and their condition nj the present time. are
exhibited in the report OF the Director of the Mint The
report also contains iecOmmt ndatOns Tor increasing the
effectiveness that branch of te service and furnishes
information relative to tie amount OF specie IN the
country ana the production Of mines OF the United
States statistics brought to recent dates of the
Of tie principal countries OF the world OF The
Rates production, OF the precious metals. ana Of their
consumption ia coinage and in the arts and manufac-
The value 81 the gold coinage executed during the
year was $40 9s69i2 OF standard silver collars
uinOr com, S97.79 total, SGs3 592 30. Gold and
silver were separated I'm the ard thr Assay Office
in NcW-York 10 the amount OF 2O759 540 81 in cold
and 6S7 500 "a In silver total oi 3l4i7 O7G %;
and Inc ara impaired bars made IN The amount OF
Sl2 976sl2 6s' OF gold ana S9O45.s02 IL OF silver.
The mns ami assay offices generally arr IN excellent
condition. AID their capacity sufficient TO meet the
demand for coinage and bars
appeared from circulation, has been principally on
double eagles during the last over cent OF
the gold coins struck were IN pieces 81 Smaller dc 9i
nation The coinage oi eagles ana nan eagles WIZ ue
continued until the demand for small gold coin i sup
ped the coinage OF STANDARD silver dOlais has ncrn
kept uIlv Mp to Tue rcuufeanchtS OF law no,
ing The difficulty experienced IN procuring SILVER bullion
for mnts at san Francisco and Carson nj marect
rates The amount Of silver com of 1 IS than dollar
provided 10y law having en- executed the coinage
minor particularly for th" lcen piece has Dcen
The bullion produced from the mines ot tie Uaited
states lis IS estimated BY the Director Of
gold and silver being about cqIal the years total pro
ducon is less tuan that OF the preceding year eauS ii
by diminuti0n in the yield OF the mines OF Nevada.
which was not compensated by Increased production IN
other places. The Dtcter estimates the com Ina tue
and Sl2l 1856 $50 Of silver the bullion in minis aud
New-York ASSAY Oniee NJ that date, AWAITING coinage,
amounted to $i9,93l,033 Of gold and Si.o33ls2 OF
silver making the total amount OF coin and bullion
S4Sl 69l O69 The estimating ol the Gle In the conn
try at any given time is always dicnl bnt TINS esiinate
10 nave been carefully prepared from coinasc
and Observation-Disclosures forms no inconsideiabe factor in
tmating production OF the mines the specie avail
able circulation and attempt has been made 10
arrive AZ The amounts So used from the records the
New.Ynrk Assay Office, which furnishes the principal
Fart of the metals consumed for these purpoes am
from reports the manufacturers. The general Jesuit.
while incomplete details. indicates that the total con
sumption other than coinage in Of
estimates heretofore made.
THE NEED or LIMITING TIE COINAGE OF SILVER
DOLLARS.
In he last annual report the Secretary stated 81
would the best policy for the present to limit
the silver dollars based the ratio
Of 10 to l. TO such clearly be maintained at
par gold until the price of silver in the market shall
assume definite ratio TO gold when that ratio sill Guild
be adopted aud made TO conform to it, ana the
Secretary respectfully recommends that he be
authorized to discontinue coinage OF the silver dol
lar when the amount outstanding shall exceed
$5OOOOOOO" He again respectfully calls tue attentio
of Congress the portance OF further limiting the
coinage OF the silver dollar The market value OF the
bullion this coin has been. during the past year. from
10 to 10 per less than the market value OF the bull
ion in the gold dollar The total number OF silver dol
ars coined 10 November l. 1879, under the Act OF Feb
ruary o. 1873. 45206.2O0 OF which $4,000 SAL
was In circulation aud the remainder. S322O325s, IN
the Treasury that time. No effort has been spared
put this coin In circulation Owing 10 ITS limited coinage
soon reduce value its bullion value
thus establish a single silver standard. The inevitable
resu; would be to exclude gold coin IRON circulation
1t ~ impossible TO ascertain what amount OF silver
CON- sed the rates of sixteen of SILVER 10 If
gold can be maintained at par with gold. Int II is mani
fest that this only be done 10y the Government hold
SILVER coin. II would that nothing would
be gained 10y unlimited coinage, unless II is desirable
rotary strongly urge the Importance of adj
iusng the coinage rates of the metals by treaties
with mercla Nations. ana nt this can be done of
limiting The couage OF the silver dplar TO such
as the opinion OF Congress would enable the Depart
ment readily maintain the standard dollars OF gold
and silver 10 par with each other.
On The 23d OF November, 1875 at which date the re-
funding transactions Drought ia The last annual
report there had been sued of per cOnsos for
refundng purposes, S1di77O 900, aud there
at That time bonds redeemablc follows: Marcr 3,
cent. S3sl 42i,soO; June II,
IS5S per cent. $26O.oOO; March 3. 1864.
uOiOs) > per cent. 1914 100000; total $3.50 % 100
In report tue attention of Congress was called TO
the three months public notice required by law 10 be
given 10 nOders OF bonds called for redemption, with
the recommendation that the law be modified that the
notice al dsc eOn OF the Secretary not less than
ten dIys nor more than three months As no action
uas tuk ken upOn this recommends lion, January !,