Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-11-19
GOLD AND SILVER COIN.

GOLD AND SILVER COIN.
WASHINGTON Nov. 18.-The annual report o
United States Treasurer Gilfllan says the aa
gregato of gold coin and bullion, and of silve
coin and bullion, including standard silve
dollars, which are being coined under the &C
Of Feb. %, 1878, do not appear in the state
mcnt prior to that year, ia shown to have in
creased from s6l, 1852 1876 in 1875 to sll4,464,
OS2 in 1877, to Sl39,969, 444 in 1875, and t.
1927, SO7, 1868 in 1879. The decrease in the ag
gregate note assets, including credits in de
pository banks, on other than loan account, i
shown to have been gradual, the apparent in
crease in 1877 being due to the failure of tn,
army bill to become a law and the accumula
tion of funds consequent upon withholding
payment to that branch of the service.
The note assets ranged rs follows on tn,
above date: In 1876, s9S,4l9,685; in 1877
slO7. 664 aS5; in 1878, s5S772,s0o, and in 1879
S59, 500, $50.
The decrease in the note balance arises from
various causeI notably from the receipt fol-
in the purchase of bullion for coinage Of
standard silver dollars from the exchange Of
notes for gold and payment of notes for foreign
gold received at the assay Office, New York
from the purchase of gold bullion with note:
and the payment of interest of the public
QeDG ID " lteO OCdtes uotoe, ahu AAoAi oAAo pay
ment of arrears of pensions.
The most constant influence in the decrease
Of the note balance ia that which proceeds
from the purchase of silver bullion for coin.
age, thereby depriving the treasury of an equal
amount of note receipts.
All the above mentioned courses Tor dlmlnu-
iton except this can be controlled by the de-
partment. Since resumption, however, the
treasury is deprived by tho receipt of coin
paid for bullion of like amount of United
States notes, amounting probably to per cent.
of the annual revenues. This percentage IS
greater than the marg IN of public receipts and
expenditures, ard will in time, without other
influences mentioned render the balance in the
treasury first exclusively metallic and then
exclusively silver.
That this is so glance at monetary opera
tons of thu government will show. The an
nual receipts from all sources are 1924, OOO, OO0
OF thi, amount at least $4,000, 600 is in silver
dollars or in silver certificates, that being the
minimum paid annually for silver bullion for
coinage, which amount speedily finds its way
into the treasury. the more certainly because
payments for bullion are made either at New
York San Francisco, which are both centers
of large receipts by the government.
The maximum net rate receipts are then
$3.50 900, against which are payments of
1857 900, 900 for general expenditures. Interest
on the public debt, war and navy establish
meut and pensioners, was made in notes
or if made in coin its return decreases the
note receipts to that extent. The excess of
note expenditures over note receipts is there
foro Sl7000,0)0, which is the annual decrease
OF the note balance from silver dollar coinage
alone.
The treasurer says unless tho rules of the
New York clearing house are changed so as to
permit payment by the treasury of all or a
certain percentage of balances in silver, it may
become desirable for the treasury to withdraw
from relation which renders over $3O, OOO,O QUO
of lawful money in its vaults unavailable for
payment at New York, the point of greatest
public disbursement.
The silver bullion on hand has decreased
during the year from 50, 654 ,O24 to Sl,299. a.
on account OF difficulty in making purcha ses
as prescribed in the act of February 28th, 1878,
ut market rate, which is held by the depart
ment to be the equivalent Of London rates.
considerable portion of tho report 10 devoted
to the subject of resumption of specie pay
ments and refunding operations.
Daring tho year there were redeemedS64 1O7, ).
S3i worth of U. s. notes of all denominations.
Total coinage of standard silver dollars under
the act of February %, 1873, is s45, 2O6, 200,
Of which amount $32,203,359 ia in the minis
and treasury Offices, and 1913, OO2, 1853 is in cirou.
la.iol being 1874 per cent. of total Coinage as
against 54,922,633 in circulation at the same
date last year, which was 26 $40 per cent of
2lS,252, 500 coined at that time.
Gilfllan expresses the opinion that the rap
id appreciation of silver bids fair to solve the
silver problem for this country. He saws there
indications if the present influences con.
tiuue, that it may attain nearly to its former
relation to g,ld or at least approach to pari-
ty Herewith.
POSTMASTER GENERALS REPORT
The annual repsgt of Postmaster General
Key is made public to-day. Large portions Of
it is devoted to the presentation of statistical
Information, already published in tho abstract.
of reports of his subordinate officers. The post.
master reviews the recommendation contained
IN the last report for the enactment of q law
readjusting the compensation of railroads fol
carrying mails, upon the basis of space speed
and frequency, supplemented by weight OF
mails carried. The railroad companies have,
as general thing, neglected to furnish stats.
tics OF rece' pts, expenses, ETC., as requested
Recommendation is made that an approprla.
ton to enable the postmaster general to obtain
proper facilities for the prompt transmission OF
100000.
The cost OF thu railway service on the 30th
Of June, 1879, was at the rate of SO, 692 $50 per
annum, an increase over the cost of service
during the preceding fiscal year of 1925, 1905.
This increase does not, however, represent the
actual rate of increase in the service. as account
must be taken for reduction of 5 per cent,
IN the rate of compensation from July 1st.
1878, made under the act of June 18th, 1878.
The amount of this deduction is in round
numbers $4OO, 600, making, with the 1925 995,
and increase of 1926 95 for 1870 over 1878,
being little less that 5-1OO per cent.
The general increase of business all over the
country and the reasonable certainty that the
present prosperity will continue for some
years, will require an appropriation for the
railway service for the next fiscal year to be
increased to at least $40, OOU, UOO and the esti-
mate is accordingly placed at that sum.
The estimate for the railroad postoffce cal
service for 1881 is placed at 81, $50, 900.
The postmaster general earnestly renews the
recommendation of last year for reclassifca
ton of employees of the railway mail service,
"a advised by the general superintendent OF
that vice. Gen. Key reports that the opera
tion of the present laws regulating the increase
of compensation for increased speed and
increased frequency of service upon
star routes i. g. all those wherein mails are
transported by horses and ordinary vehicles
results in great loss to the government and
recommends legislation to enable him to re.
trench in this direction.
Estimates for the star service for the nexj
fiscal year contemplate q continuance of the
present efhclens service in other States
and largely increased mail facilities in thu
States of Indiana, Ohio, Kentucky, South Car
DINA, North Carolina, Tennessee, GEORGIA
Florida, Mississippi and Alabama.
The total amount asked for the star ser
vice for the next fiscal year is $7,375OOO.
Estimates for inland mail service by steam
ers is 100000.
The report continues: The efforts of the de
partment to establish fast mail service witt
Havana via Cedar Keys and Key West, in orde,
to meet the demands of commerce, have faile,
for several years on account of the insuficienc,
Of compensation allowed by law for such sci
vice. IT the postmaster general were author
ized to contract for service between Havan
and the United States ports mentioned, at
suth,ient rate of pay to secute necessary spec,