Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1880-12-08


the people.
Another objection to United States notes is.
that the amount Of the issue may be enlarged by
congress, and that this power is liable to abuse
This objection may be made to all the great es-
sential powers of the government. 4 suffcie nj
answer is that, since their first ISSUE they have
been carefully limited in amount, and invested
with every quality TO improve their value and
circulation. Every effort to increase the
| amount, made during period of great depres
| SION, failed. Now that they are redeemable i'll
coin there is no temptation for Over-issue.
| These objections will, no doubt, in due time
| receive the careful consideration of congress,
| and any practical difficulties in maintaining re-
| sumption will be met bv new legislation. But
| the secretary ventures to express the opinion
| that the present system of currency, the sub
! stantlal features of which are limited amount
! OF United States notes, with or without the
legal tender quality, promptly redeemable in
coin, with ample reserves in coin and ample
| power If necessary to purchase coin with bonds,
! supplemented by the circulating-notes of ma
I tlonal banks issued upon conditions that guar
| antee their absolute security and prompt re-
denption, and all based on coin Of equal value
| generally distributed throughout the country,
| Is the best system ever devised, and more free
! from objection than any other, combining the
| only safe standard with convenience for crcu
latlon and security and equality of value.
/ COINS AND COINAGE.
The coinage executed at the minis during
the fiscal year has exceeded in value that of
| any previous year since the organization of the
1 government. Its total amount, not including
the minor coinage, was 1884, 100 172, so, of which
it is estimated 96200G,000 was probably from
domestic, and 1921, OOO,OOO from imported bull
lion. *
The deposits of gold during the last fiscal year
amounted to 500, 1896, 096.85, being $56, $780,
| 940.05 in excess of that in the previous year,
Notwithstanding probable slightly diminished
domestic production. Out of q total import at
the port of New York Of $50, ,672 of foreign
gold coin and bullion, $3.50, 584, 395.13 were de-
| posted at the New York assay Office, and there
exchanged for United States coin or bars, or for
current money. Nearly all of this com and bull
lion, being at or above the United States stand
ard, il excepted from melting-charge
under present regulations. and is transported
! at government expense to the mint for coinage.
! The coinage law makes no provision for any
charges for melting gold bullion which is not
below the United States standard. when de-
/! posted for coin, and requires such deposits to
be transported from the New York assay office
to the Philadelphia mint at the expense of the
| government. As nearly all the imported bullion
| deposited is in such form that it is necessary
to melt it, in order to ascertain its fneness and
| value modification of the law so as to author
lze charge for melting is recommended.
The gold imported at New York, during the
eaIbel pant OF the last fiscal year, exceeded the
| capacity Of the Philadelphia mint for coinage
with its ordinary working-force without inc1r-
ring expenses much above the specific appro-
! pr1atons for its support. The coinage of gold
at Philapelphia had to be made subordinate to
that of silver, in order to comply with the re-
! qmrements Of the law directing the purchase
! and coinage Of $4,000, 600 worth of silver bull
lion in each month, and to satisfy the demand
! for minor coins authorized to be struck only at
| that mint. The mint was able, with its other
work, to coin in gold an amount little exceeding
on the average $4,000, 900 per month, but this
| was found sufficient to satisfy the immediate
| demands upon 1t for coin. At the close of the
| year there renal led IN the mnts and New York
assay Office S4O, 724, 3379l, III gold bullion IN
| coined, nearly all of 1t imported.
The amount Of coinage executed at the minis
of the United States during the fiscal year. was:
Gold. $50, 157, 1876 90
| Standard silver dollars ~ ri 933 $50
Fractional silver coins 8. 697 so
| Minor CONS 269. 971 50
--
| Total S94 37O. IA 90
Of +ba cold coinaoa e19 eaf ooo woe i, ooe,1eo
az 700 40 IN haIf.eaoIes and s91 XIX 9e4 in
! GoTnIe- ooIee Eiva~eiobts Of Tho coinooe voc
| in 6onono7not;ono ,yblcb Irera Ioss +boS 900
III Ioo not OIL 1o+no, ,,r,o,+io 49,, go
| nroceadino 1naI INIT wao n onno,1,3+ naar1y
eonal to fhe total coinage IN those denonina,
| tinns dn,1nc, the 1,recaedi01 thirt1 yeorS
x = ?
There 1vsa j., the mint and assov Offices on the
1st of November hn1lion hold for coinooo
| amountino +o 5s79 S59 a11 * of cold ond &c 0aS :
9G7 97 Of s;1or oiin H. fotn1' on,orro az;
o,1ioGion and hn1iion a1a1aho Co., ~
co11ntrz1 A'A - 'iA0
Goid eAga 900 eoo
| CT g oo0 % =
''hiFoh ''''''''''''''''' Aoo'ozo' jill
To4o7 ac1o ono coo
LUIGI @olz, zoo' QUO
/ sTANDARD-sILYER DOLLAR.
III compliance with the provisions of the act
of February %, 1878, dnring the last fiscal year
"a, 262, 71.38 standard ounces of silver bullion,
costing $24, 972, 161.81, Gan average of S2,O81,-
013.48 per month, J were purchased, of which
"a, 005. 56641 ounces were coined into ~ 933 $50
standard silver dollars The total coinage of
standard silver dollars since the passage Of the
act, ND to November /, 1880. has been 81, 947.
$50, at which date 547, O84 $50 were in the treas
ury. Of the latter amount $40, $50, 241 were
represented bv outstanding silver certificates
the amount in actual circulation at that date
being S25, 1858 291
Since the passage of that act. the denartn,ent
has issued numerous circulars and notices to
| ~ I =