The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-11-06
FINANCIAL.

There Is great deal of fault being found
with Secretary Window for redeeming $40
10000 continued 81 bonds instead Of buy
ing 81. 24l 900 of the per cent. bonds, re-
quiring the same amount of money in
either case. The assertion is made that it
would be. better to pay l.33 for the per
cent. bonds than to redeem the 81 continued
at par, because the banks hold nearly all
these continued bonds, and if they are re-
deemed these banks holding them will have
TO surrender a large per cent. oftheir clrcu-
lation, or purchase other bonds at q loss to
replace them. 1t is further stated that
every call for Sl0,OO0OOO OF these bonds
therefore, is likely TO involve a surrender OF
.S4 600, 600 of circulation, unless other bonds
can be purchased, as 1t is assumed they
cannot be- without loss to the banks. The
result anticipated, therefore, Is o bank con-
traction to the extent Of over $3.50 100000
in about I've years. To avert this ruinous
contraction it is urged that the government
should sacrifice from $60,0O0,0O0 to $780,
1900 In premiums on 4per cents.
These arguments anda ssertions, II would
appear are made in the interests of the
national banks, and il would be a herculean
task to make the average mind comprehend
how II would be better to exterminate only
$l7,0OO,0OO of the national debt, when S2O,-
100000 could be wiped out with the same
amount of money. II would also be diff
cult to make the public believe that the 4
per cent bonds will ever advance much
would soon learn that by dispos-
ing of the bonds for money they
could realize larger per cent. than
they possibly could do by holding
them as an investment, and should the gov
eminent desire to purchase them before
they mature, it could probably be done at
less expense than now, for the shorter the
time government bonds have to run the
less their market value becomes. The wis
dom of Secretary WINDOWS course in this
matter seems apparent, and Secretary Fol
ger, should he adopt the same policy, will,
no doubt, act in accordance with the wishes
OF great majority of the people Of the
country. So far as the contraction of the
circulation of the national banks is con-
cerned, il would seem that this is thrown
out more as scare than as n
verify. There are now hundreds
of millions of dollars in the east seeking In
vestment, and all the holders desire TO be
secure in investing it, with Il certainty of
prompt-payng interest whether it be in
bonds, stocks, manufactures, mines or in
any other legitimate manner. Money ac-
cumulates in any prosperous country, and
should the banks curtail their circulation
gradually for five years, there would be an
abundance of money from other sources
thrown into general use to take the place
of that which is retired.
II seems now that the large sums of silver
dollars coined in the last two years at the
minis have not overwhelmed the treasury
On the first of the month the amount OF
standard silver dollars III the treasury was
66,576,37S silver certificates outstanding or
in circulation, $G6,327 ,670 leaving 24S,70S
standard silver dollars available beyond the
amount held for redemption of certificates.
Owing to the exceedingly small sum Of sill
yer dollars available for ordinary business of
the department, it has become necessary to
suspend exchange of silver certificates for
gold coin or bullion.
According to the Detroit Free Press, all
that is needed to sell mining stock is u wa
ter-colored map, two pieces of ore purchased
at q jewelers., and q man with cheek and a
fool with money.
The public debt, deducting the cash in
the treasury vaults, is Bliss, 53i, 466. The
decrease during October was $780, Ass.
The annual interest burden on the bonds
outstanding is 500 ,062,2i5.
The total valuation of all the property in
Wisconsin subject to taxation is $4,000, 0i5,
an increase Of about 100000 f.om the
valuation in 1880. The valuation of city
and village lots is $l06, 466, 1888; otanlS $780,
65S422; ofpersonal property, 500 1865.
The internal revenue receipts in Chicago
on the first were for cigars, So, 1003O; spe-
Gals, $25O.42 export, 50; tobacco, S2,Ob6;
beer, $1.776; spirits, $292l0.40. Total $685.
HIP. And for the month of October were
So6,0Vl. For October in 1880 they were