The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1881-12-15

national banks IL shown 70 be sufficient In &C.
oordanee With the act Of February %, 1873,
caused at least 81, Doc, 900 in vaIue Of silver
bullion to be coined into standard do:lara Ono
hundred aud two millions Of these dollars have
boon already coined, while only about $<34,
OOO, 900 arc in circulation. For tho reasons
which he specifies. concur IN the seoretary's
Of the specified amount each month be re-
pealed, aud that hereafter only 90 much be
coined - ehall be necessary to supply the do
maud.
GOLD CERTUICATEa
The secretary advises that the issue of gold
certificates should not for the present bs re-
sumcd and euegests that tho nationa! banks may
be properly forbidden by Law 70 retire their cur
rency, except on reasonable notice Of their In.
tsntion to do CO. Such legislation would seem
TO be justified BY the reconstruction Of certain
bank: On tho occasion 10 Is, .efs1rsd t. no io the
e''onit ing only .bont $so. .ooo has '''S been
redeemed tho past year: The euggestion that
this amount may properly be dropped from
future statements of the public debt seems
worthy Of approval. 80 also does the sueges-
ton Of the secretary as to tho advisability of
relieving the calendar Of the United States
courts in tho southern district Of Now York by
tho transfer to another tribunal Of the numef-
ous suits thero pending against collectors
TIE REVENUE
from eustoms for the. past hscal year wa
$108, l50, ,676O2; IN Increase Of $l l, ,637, >
CLAP over that Of the preceding year;
$138, ,O9s, ,562 80 Of this amount was COL
lected At the port Of New York, leaving $780,
26l. .623 63 ~ tho amount collected At all tho
other porte Of the country. OF this sum
S47. 1877. 1898 was collected on sugar and
-
factures, So .462, 534. 81 on iron and steel ana
manufactures thereof, $19. .O38, 665 81 on
manufactures OF silk, $lO,625, ,ll5.21
on manufactures Of cotton, Sc, ,469,-
643O4 on wines and epirits, making the
+, fctai a. oES 5eysnne Ha% >, from these sources
ton for the past year have been $G, ,419, ,345 20,
an increase over the preceding year Of S3S7, -
41O:O4. Notwithstanding the increase in rev.
enue from customs over the previous year the
Rroes value OF the imports, including free
goods decreased over $25,0O0,O0O The
featured wool $14,O23, ,6s2. and in that Of
scrap and pig iron $12,slO.67l. Tho value
OF lnports on sugar, on the other hand, showed
an increase Of $7,457, ,474. of steel rails 81.
345, ,52l, Of bar iron So, l 81, ,2O4, and of steel
in bars, etc, $62O.O48.
an increase of merchandise and q decrease ct
$6G, 73S, ,666 in the value of imports. The
annual average increase Of imports of mer-
chsntleo over exports thereof, for ton years
previous to June 80. 1873, was 81, ,4Ss, 1922,
but Tor the last six years shere has been an ex-
$50 Of 500, ,77s,oi7. ,Ths> The specie is
value Of the exports Of domestic
MERCHANDISE was $370, 81 6, 473 in 1870 and
$9S3, g2o. .o47 in 1881, an increase of $307,
ports -. 1886, 95s. 40S in 1870 aud ST. H.
664 .62S in 1881. IN increase of $2O6. FOG, :
Z2O, or ~ per cent during each year. From
1862 = 1870. inclusive, the exports OF
specie exceeded the imports. Tho largest o.
cess Of such exports over imports Was reached
during the year 1868. when it amounted to
June 80, 1880, the imports Of coin and bull
ion exceeded the exports by $75. .S01 ,39l, and
during the last fiscal year tho excess Of i'm
ports over exports was $91, 168. $50
REFUED1No.
In tho last annual report Of the secretary OF
the treasury the attention Of congress- was called
to the fact that $469, ,66l $50 in per Gen.
bonds were to become redeemable during the
year, and congress was asked to authorize the
retunding Of these bonds 1T lower rate of in
terest The bill for such refunding having
failed to become law. the secretary of the
the $l05. .69O. 400 q per cent bonds then out
standing, that tho bonds would be paid a'
rar on tho frst day Of July follow
ing, or that they might be continued
at the pleasure Of the government, to bear in
terest at the rate of 31c per centum per an
mum. Under this notice 81 75, ,O55, 100 Of the
per centum bonds were continued at the
lower rate, aud $17.632, $50 rcdeemad In
the month of May like notice was given re-
specting the redemption or continuance of tho
$3.50, 81 $50 Of 5 per cent. bonds then out
standing; OF these $4Ol 5O4, 900 were co.,
tinue1 st 3l2 per centum per anruu1, aud $780,
1886, $50 redeemed. The per cent bonds
Of the loan of February 8, 1861 and of the
Oregon war debt amounting together to $14.
l2l $50 having matured during the year the
secretary Of the treasury gave notice Of his in
tention ia redeem the same, and such a. have
been presented have bsen paid from the sur
plus revenue There have been e!so redeemed
at par ZIG. l70, 100 Of tho 3l2 per centum
continued bonds, making . total OF bonds re-
deemed or which have ceased to bear interest
during the year Of 1928, ,069, $50
THE PUBLIC DEB1
Tho reduction Of the annual interest on the
public debt throuS b these trsnsaotons 10 q
follows:
By reduction Of interest TO So per
By % rsdcmpiion Il Iond;: ....:..:: 6.352.3zo %