The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1880-12-16
Report Of Secretary Sherman. 2

Report Or Secretary Sherman. a. =
TREASURY DnpARrxENr.
WASHINGTON, u. c.. Dec. 9, 1880 Z,
The ordinary revenues. from all sources for
the fiscal year ended June 80. lsso. We're $685.
The ordinary expenditures for tie same
Fhrfod we've fs7, 81. s5t.7s, leaving . surplus
revenue II 60, S68, 6S32O, which. With an
amount drawn from cash balance in. Treasury
piled to the redemption of bonds, fractional
currency, loan of 1855 temporary loan. boun-
ty-land scrip, compound interest notes, 7.30
notes of 1896, one and two-year notes, and
The amount due the sinking fund for this
year .was. 90, 1871, 643.55. There was applied
fractional currency, Is shown In the above,
statement, the sum Of $ss, ,6l7.4l, an excess
Of $a5 81, S73. 81 over the amount actually re-
the The requirements of the sinking-fund law
have been substantially observed, and the
principal of the public debt, less cash in the
Treasury and exclusive of accruing interest,
has been reduced from s2,75S, 43i,57i.i3, its
highest point, which It reached ON August 81,
1s to xlsso vss ; e p c q November lsso-a
Compared with tho previou. fiscal year, the
receipts for 1850 have increased So, az, 4ss.sa
The s shH S an over the
The act Of February rs ls2, amended by the
act of July IA, 1870, providing for q sinking
fund for the payment of the public debt, is in
ed since the adoption of the Constitution, of
regarding public debt as a temporary bur
den, to Be paidon as rapidly as the public in
terests will allow. The provisions of these acts
have been substantially complied with. They
is7a BY largely decreasing the revenues Of the
their requirements
REFUNDING.
A large portion ($6S7. $50 6SO Of the public
debt becomes payable or redeemable on or be-
fore July l, next.
The Secretary recommends that provision
be made for the issue Of an amount not ex-
ceeding $40l,ON,0OO of Treasury notes in de-
nominations not less than ten dollars. bearing
interest not exceeding four per cent. per an
mum. and running from one to ten years, to
be sold at not less than par, the amount
maturing during. any year not to exceed
the sinking,t for that year, and
sas S ye to Re epsa sS se
turing in 1881. 1t is also recommended that
authority be given to cell Ct par an amount not
ter ana description Of the four per cent. bonds
of the United States now outstanding, but
bearing rate of interest not exceeding three
@ ss
United States after fifteen years, the proceeds
to be applied to the payment Ct bonds re-
deemable on or before July !. ISL.
Nothing has occurred since my last annual
report to disturb or embarrass the easy main
tenance of specie payments. United States
notes are readily taken at par with coin in all
parts Of this country and in the chief com.
mercial marts of the world. The balance Of
n the THE dsy a fer ss
was $l4l 597 .0l3.6l, and the average during
the year has not materially varied from that
sum. The only noticeable change in the re-
serve is the gradual increase Of silver coin
caused by the coinage of the silver dollar and
the redemption of fractional silver coin.
The amount of notes presented for redemp-
was $,O6,65S. The amount of coin or bullion
deposited iu the Treasury, assay Office, and the
minis. during the same period was 81, a6, $50
in coin, through the clearing house, but ut
times, when the currency in the Treasury
would allow, and at the request Of the deposit
notes and silver certificates. Gold coin now
enters largely into general circulation: The
total coin in the Treasury Ct the t close Of bust
Sl4l ,597, Ol36l constituted the reserve fund for
the redemption of United States notes, ~
above stated.
: United States notes are now. in form. secu.
rity and convenience, the best circulating me-
dunn known. The objection is made that they
not the business of the Government to furnish
paper money, but only to coin money. The
answer is, that the Government had to borrow
note, TO the extent that it is willingly taken
by the people, and can, beyond question, be
at par in Of coin is s the
the resumption-fSnd. and the cost Of printing
and engraving the present amount of United
on an equal sum of four per cent. bonds. The
public thus saves over seven millions dollars
of annual interest, and secures safe and con-
as surance that a sufficient reserve in coin
will be retained in the Treasury beyond the
temptation of diminutiOn. such IS always
attends reserves held by banks. 49,
tlh1pcfiOn United
States notes is, that they are made legal
tender in the payment of debts. The Ques-
to make them such is one for another branch
of the Government. The Secretary of the
Treasury is still of the opinion that this quality
safely, or circulation Of United States notes.
So far as it excites distrust and opposition to
this form of crculating-no es it is detri-
tribute will contract the currency is as deiu-
have a like effect. The notes would
s he fna BY would as
not be refused in, payment for debts
while they were redeemable and prompt
As the quality of leeal-tender was attached to
these notes when first issued, and was then
essential to their value and circulation. the
Is made that by possibility might impair their
value. but it is their redemption in coin that
makes them now equal to coin and Of ready
While this is maintained it becomes compar-
atively immaterial whether they are legal
tender or not, and II by the action of Congress
or the Courts they are deprived of this quality
they will still be the favorfte money of the
people. tzsEf 70
Another objection to United States notes Is,
BY Congress, and that this power is liable 10
abuse. This objection may be made to all the
great essential powers of the Government. A
sufficient answer is that. since their first issue
n
and invested with every quality to improve
their value and circulation. Every effort to
great depression, failed. Now that they are
redeemable in coin there is no temptation for
The coinage executed at the minis during
the fiscal year has exceeded in value that OF
any previous year since the organization OF
Guiding the minor coinage, was sS4, lou, III; 80.
bly, from domestic and ssi, 100000 from i'm
The Deposits Of gold during the last fiscal
year amounted to $9S. s35, O96.S5 being $565SO,-
e4O.O5 in excess of that in the previous year,
ished domestic production. Out 81 a total i'm
port at the port of New York of $50. 947 .672 Of
foreign-gold coin and bullion. $50. So ,395. IL
8 e. MiE Ssf
The coin circulation Of tie country on Janu-
airy ], 1919, the O020 nxe0 IOf r0Sumpt1On, u
estimated from the statistics Of coinage and
excess of imports Of coin over exports, to have
beep:
United States gold coin. .......... .ss7ax7l,7
United States gold bullion. .......... 5,033,419
United States silver COIN. ......... 0h5l6,712
United States silver bullion ......... u,O67O9l
- Total. $384. 8S3g go
This had increased, ON the 10th Of June last,
by coinage and imports of coin, to:
United States gold cOin.. $866 0690g1
United States silver coin. ......... lA2, 507,020
Total. 49,. .....................S5 0l, $50, III
This was further Increased from coinage
and imports during the four months, to No
vember ], by:
Coinage of gold. .,................ S1k.544,500
Excess of Imports over exports Of
United States gold coin. .....t. 81
Total. .............. 81, 366, $50
Coinage of Observation-Disclosures. SQ.l1aOOO
Excess Of imports over exports Of
United States silver coin ....... ENkel
There was in the mints and assay ofiees on
the LIST of Novem9er bullion held for coinage
amounting to SzA55e, SlL55 Of gold, and ~
Ol3, 81 of silver making the total coin Cir.
Cul8fiOn and hulff0D Avnifahle for cninAUa IN