New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-12-07
Y, DECEMBER !. lssI.-WrTH SUPPLEMENT.

form OF obvious
IL IL recommended therefore, that measures be taken
for repeal Of the requiring the issue Of such GER
cates, aud the early retirement OF them from circua
immediately preceding resumption, the issue Of eertih-
Gates upon deposits OF gold was discontinued 1t was
feared that parties might present leSaender notes
based upon 40 per cent reserve, obtain the gold
for Which, by lava &e beparment was required
to hold 100 per cent. Though often requested.
make any further issue of these certificates. BY the
consent of the Controller Of the Currency these certih
Gates allowed to form part OF the lawful reserve OF
National banks much of which reserve is now in gold
coin should the certificates be issued they would ~
hold the coin instead Of the banks In view OF the posi-
bic demandfOr the redemption in coin OF legaltender
notes. issue of these certificates Is Objectionable
Under existing law any National bank can at any time
Treasurer Of the United States withdraw the bonds held
security therefor and leave the Treasury 10 redeem an
equal amount of lis notes This privilege given TO
proper elasticity of the currency and IN view Oh the
rapid payment Of the public DEBT II woua seem to t h
redemption held by the banks, but should many
ton or from an, other cause desire to retire their circu
aton the deposit such amount OF money with the
Treasurer might serious contraction oI Tue cur
rcncy and grave cmbarassments in business. That the
apprehension Of action is not groundless is shown
by what took place on the passage of tue per cent re-
! funding bill by Congress at its last session. 49,.
II it Is thought advisable, Congress can enact that
rcucy except on previous notice OF intention to do So
the length Of mat notice to be llxed oy Jaw. o., tho
That Legal Tender cOnVelcnt ana sae io inc
community without doubt That 1t is for the pr0nt OF
the Government to continue them - also Without uoup
Yet there il one consideration That SHOULD nave noVe,
and thas ~, whether tho Government can cOniIus 70
claim FOR them the quality OF being legal tendtT ior
debts This department understands that the COnstlJu-
| tOuality Of making them solvent OF contrasts was
found IN the cNgencle5 al the Government raseu " to
Ciyil War. Whether that that war has sometimes
since ced scd and the Government has resumed payment
its dcDts in gold and silver CON- notes OF the Onea
states suau be- maintained as currency with tue legal
tender qloliD - question worthy o. attentol ,,t
,, m ~ ,,,nit h. i,r 10 gov less each succeed
I va tod on
nuktli xxx, , I.,,d and maxi n permanent
appropriation FOR the redemption OF such small amount
don ofento il called 10 tie fact that OF the pub ic
debt that Gtircd before tie year 500 there remains
Is suggested that authority may well be gwen 10 treat
tins amount in the same manner
TIE SILVER QUESTION.
The gold dollar al the standard weight Of 255 grains
is by law the unit OF value while the STANDARD silver dol
lar by ths standard Is now worth about 81 cents.
Although the act or July IA. 1870, prov les for the
issue United States bonds redeemabie in coin OF the
present standard value. whereby were included DotR
gold and silver coin OF that yaue yet az Dy tho 9eL Oh
February ~ 1873 the further oolnase OF silver d"afs
was prohibited and the revised satutes declared goa
coin to be legal tender for exceeding -, equity
81 not strict construction OF law requires mat me
ho,Is Of such bonds should receive pay m"nt Thereof N
roiI or n, equivalent BY of February .. 1873,
silver dollars Of the standard weight ana hneness were
debts and Dues public and private, except Where other
wise expressly stipulated in the contract
-. 1874 and 1875 silver coin was not tender ia pay
mcn OF United states bonds and it might fairy he re-
gagdcd. especially by foreign holders VINO ha9 inquired
- No. ~ ~ io,nrclr, 10 receive payment in a coin
worth markets OF he world but IS per cent oi our
rbi rnt is abnndantly able to discharge all
its obligations home and abroad in money which IA
everywhere accepted a true standard OF value Az
rnnirI hy the Act of February 2s 1873 the Depart
ment has caused be coined INFO standard silver dol
~ T toi Constant cf1rs have been m .de To- give
oir.f Ia III
all points where 10 vas called Tor having Dceh para ny
lie government only about 3lOCO,OOO now Ia
circuo ION leaving more 66OOOOOO IN the vaults.
AID there is apparent reason why It's circulation
Thc SILVER question is involved IN some embarras'-
mruts. The Monetary Conference, 10 Which 2 cnMn.s-
sion was sent The past year after elaborate discusslo
reached no conclusion except TO adjourn 20 meet again
for further discussion next April hheier renewal
at the present time Of the consideration OF te subject ny
t4 mel To lral 10 any practical acceptable results,
seems doubtful That most Of the European nations
between gold and silver coinage, not deeper than the
United states, admits OF no doubt We furnish the
world with the largest portion OF both eoio ana sllNer
ana our ports command the best money OF the World
as they ever should do, aud viii uncsS we bnd our
selves 60 accept OF poorer NcneeG hot dppe4l any
where as suppucants when can clearly De the con
rant Icon is necessary to any result is sought, do
nut vel appear ready 10 accept bimctasm aud. when
ncni or us to adopt aud reduce the ratio o. silver ne
low The ratio of our coinage. while The market or hlih
ably increased ratio That an agreement Of Tue Erihcl
pal nations OF Europe with us for the Iareer
n.s ul silver coinage would furnish 4 larger
market FOR SILVER, and 10 that extent
Increase rs value Is certain but the excess oil over
fine supply Tor that purpose would only command Tue
price OF a commodity the market Therefore, the
hNing Of any ratio Is matter Of extreme deraGy TO De
mly considered. The most potential means OF bringing
auo,' aiy ,ptoI for tb nitJ St5es 10 suspend Tor
the present the further coinage OF SILVER dol
FIa;,r, and America Of The highest authorities
on bImctallism ana OF those who wish to
into general Use and raise its value nd II IS
believed that cessation OF coinage wonid at very
early day bring about satisfactory consideration OF ne
whole subject among the chef commercial nations me
silver question, obviously Ia one nat denahu7 tc ear
attention OF our law makers or The sn0ect may ufiIl De
youd oar cohtFoi, ult-7 co,tiu rs - or
yor coinage will soon leave us no choice but that OF an
exclusive silver coinage ana tend To reduce US 10 pvo
ma the commercial world among the minor and less CIV
uzcd nations go 49, .-,-, i
,rr,Iy A, that Of the United STATES, holding lead
pe position among the nations, viii not consent to tue
total abandonment OF the Use OF gold IA one 0i te metals
IA be employed money, and We cannot CON
sent to be placed IA the very awkward pO,
upon a gold standard and selling all that we
have to sell silver standard Ii Is therefore recon-,
n,nded that the provision for the coinage of fixed
amount each month be repealed aud the Secretary be
authorized coin only 50 much as VIII be necessary to
P cicct of storing large of silver coin in
the Tre, .lry vaults, with the present law requiring the
Sc o silver certificates 10 furnish paper currency
moi payable in gold or It's equivalent lhspOcE Is open
Ia most OF the objections that can be urged against the
Ur"g.e OF United states of gold certificates
ana to the additional objection thar furnishes cur
rrncy deprecated from tn" very nature OF tue oasis on
which reststhat is silver coin OF deDased value as
compared with gold coin.
There objection to supplying fuly demand Tor
silver dollars tor actual at home and IN some few
foreign markets but so long as generally III the markets
NJ the world they ore of less value than the gold dollar,
which is our legal standard Of GlGe they must DO regarded
a. subsidiary coin IL is believed that the amount la
circulation will be steadily increased Dul not so las ~
10 rcouire for some months or perhaps years, any add
lion 10 the amount already coined.
In au4cr 10 inquiry 10 is well TO say that what
the profits on coinage is shown from wear to year ny
inc rruDrt OF Register of the Treasury The receipt
81 tcin INTO the Treasury is acknowledged in the item
NJ msceaneous receipts and they put TO the same
es ~ any other receipts INTO the Treasury, that is, TO
ne payment of the expenses debts or the Govern
meut.
REVENUE FROM CUSTOMS.
Tho revenue from customs for the past fiscal year
e,o t5o 76 o. an increase 81 IL that
of the preceding year.
or the amount collected S13s 9Os,562 80 was collected
at the port Of NewYork leaving s59,25lll3 IS as the
amount collected at all the other ports of the country.