Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-07


United States now outstanding, but bearing q
rate of interest not exceeding three and sixty
I'VE one-hundredths per cent. per annum, and
redeemable at the pleasure of the United States
after fifteen years. the proceeds to be applied to
the payment of bonds redeemable on or be-
fore July l, 1881. Though the amount of the
two classes of securities recommended exceeds
the amount of bonds to be redeemed, 40 more
can be sold than the bonds to be redeemed
while the alternative authorized will permit q
limit discretion to sell the securities most ia.
vorabie the government"
GRIEVANCES.
United States notes are now, in form, &c.
curity and convenience, the best circulating
medium known. The loss of in.
terest in maintaining the resumption fund and
the cost of printing and engraving the present
amount of United States notes is less than
one half the interest on an equal sum of four
per cent. bonds. The public thus saves over
$1,000, GOO of annual interest and secures q
safe and convenient medium of exchange, and
has the assurance that O sufficient reserve in
coin will be retained in the treasury beyond
the temptation of dimiuution, such as always
attends reserves held by banks"
"As the quality of legal-tendeI
was attached to these notes when first Issued
and was then essential to their value and cir
culation, the public mind is sensitive when
any proposition ia made that by possibility
might impair their value, but it is their re-
demption in coin that makes them now equal
to coin and of ready circulation in all the
marts of tho world. While this is maintained
it becomes comparatively immaterial whethe,
they are iegaltender or not, and if by the &C
ton of Congress or the courts they are depriv-
ed of this quality they will still be the fayorite
money of the people,
GOLD IMPORTS.
'The gold imported at New Nork, during the
earlier part of the last fiscal year, exceeded the
capacity Of the Philadelphia mint for coinage
with it's ordinary working force, without in
curing expenses much above the specific ap-
propriations for its support. = y The
mint was able, with its other work, to coin in
gold an amount little exceeding on the average
81, 000, COO per month, but this was found suf
fieient to satisfy the immediate demands upon
it for coin. At the close Of the year there re-
manned in the miuts and New York assav office
$40, 724, 1891, in gold bullion uncoined.
nearly all of it imported"
THE SILVER DOLLAR.
While at special seasons of the year. and for
special purposes, this coin is N demand. main.
~ in the South, it returns again to the TREASURY
and Its reissue involves an expense for trans.
postation at an average rate of one-third of
too bulky for large transactions and its use is
confined mainly to payments for manual labor
and for market purposes or for change. The
amount needed for these purposes is already in
excess of the probable demand. Second. IL il
known to contain a quantity of silver of lea.
market value than the gold In gold coin, This
fact would not impair the circuIa-
ton of such limited amount as ex-
perience shows to be convenient for use,
but it does prevent its being held or boarded
as reserves, or exported, and pushes 1t into &C.
tive circulation, until its return to the treas
ury, as the least valuable and desirable money
in use. For these reasons the secretary re-
spectfully but earnestly recommends that the
further compulsory coinage of the silver dol
lar be suspended, or, as an alternative that the