The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-12-05

the finances and condition OF the public services
as administered by that Department:
IFor table of receipts and expenditures see Pres
idept's Messsee.l
The exchange OF $1z per cent bonds into per
section of the act of July ~. Use, was resumed
November /, 1852, and continued until July o.
lSsS. On this last day call was made for the re-
terest 10 cease November I. 1885. ami holders
notified thar such bonds would not be exchanged
into Der cent. bonds.
The exchanges made prior to Novem
Der l. 1881. amounted to .......S 2J9 So. 500
Exchanges during the year, to........... i62O.15O
Making the aggregate of 81. per cents
taken up and DER cents issued. ...S 305 81, 20
The annual saving Of interest effected by these
exchanges amounts to 81, h.7,996.25
the per cent funded loan continued. hearing in
tercsI vt the rate OF 5. OCT cent, amounting TO
81 5:J6s5O These bonds were the only bonds then
'.redeemable at the pleasure Of the Government"
because. bearing higher rate OF interrst than the
Sper ent bonds, the latter could not be redeemed
until tie former had been, that being the terms OF
the law under which the latter we're Issued.
portion OF them had been cailed, but had not then
OF the bonds have been exchanged
into 3 per cent. bonds upon requests
OF the owners leaving sl09 available Tor the
investment OF the surplus levcnues. Calls have
been Issued for the entire amount, and the greater
portion OF the bonds have bees redeemed and can
suit therefrom being 81. SO. oo6
Under the provisions OF the act of July L. lSs2,
the per cent. bonds Issued hereunder an
amounting TO sos. Isl 30 became "redeemable at
at the pleasure of the Government" on aud after
July 26, 1888, ell "redeemable" bonds bearing
higher rate OF interest having then been redeemed
called. Calls have been issued for $40 900 OF
such Sonds SEQ coo GOO Of which Will mature In the
dav OF February, 1884,
The redempiions and cancellations OF United
States bonds during the twelve months ending DC
tober 81, 1923. were Sil2s 7I.SO.
The net reduction in the annual interest char:e
by reason Of these changes. TO November ]. 1885,. Is
S;.93j.02i.1j
STANDARD SILVER DOLLARS.
ON November |. 1882. under the act OF February
rs, 1878, there had been cIinaRe OF standard sill
ter dollars amounting To SlJ6. 7209 there were in
then in circulation, and in the mints on account
OF profits on the coinage not yet deposited In the
Treasury. Sl0.S3i, 939 There were In circulation
tween the LIST OF November, 1852 and the sauIe
date in 1883 had increased SIS O6g: the amount
in circulation for the same time had Increased 81
1a6, 321 thus keeping mp the great disproportiou
between the amount ready to be supplied and the
demand for them. heretofore noted In the reports
% this Department
THE TEAE DOLLAR
Here may speak OF ''the trade dollai," the de-
based coin to which attention has been drawn by
public camOr and discussion. Doubtless the les
of money that would find favor with the ASiatic
people, and not for use ut home That purpose
was not made Known however by the letter OF the
law under which IL issued from the mint. The
act of 1873 made the silver coins of the United
States. and hence the trade dollars, legal tender
at their nominal value for any amount not over S.
Thus the reading OF the laws taught the people
that the trade dollar coin OF their sovereign
~, and for the redemption CT which, at an una
hated value their Government was bound. The
real legislative purpose IL TO be biudly sought for
In tradition or IN the record of Congressional dis
custom and is indicated in the joint resolution OF
1876. which took away from this coin the legal
tender quality OF IL and held down the coinage OF
il to the call for IL for expectation 1t IS plain that
"A finding N a
channels OF business, styled coin OF the United
states, would readily believe that IL was an au
ihentic issue Of the Government, aud 10 be IT,
deemed by the Government the same as other
money put out by IL. From time to time, how
ever. as il suits scheming men and the occa-
sion fits. hue ana cry L. rased against IL, il Is
dscredted in the marts. aud unwary holders SUI
Ills possible to make an estimate OF the amount
that would come TO the Treasury for redemption
IL authority were given therefor. The whole issue
disappeared in man Iactured articles; il is e-t-
mated from one 10 two millions II Is calculated
that fye-sixth thereof went abroad In the begin.
ming. and II Is believed that but small part of
that has come back aud that there n now held by
our people but from live to eight millions. OF that
which remained abroad. there Is good authority
for saying that much OF II found it, way from Chi
to ;n6ia. ard Into the melting pot at the mint
In Calcutta. aud has beer there cast into the coin
A Ihorugh and effective redemption OF it can bs
Brought about In this NAY: Let authority be given
10y Congress to the Treasury Department TO barter
for trade dollarS ut their nominal value, staudAId
dollars at their nominal yalV., and laeltthg tn;
trede dollars RECON- ,stm Into STANDARD silver
dollars. counting the trade dollars got in this way
rs pRTt OF the silver bullion which the of 1873
empowers ana directs to lie bonght aud coined
monthly. Should the trade dollars have weight,
which Is not much to b. apprshcndrd. deduc-
ton might be made from the price. auI fractional
coin.
II il be said that much OF this c,in. d;screlited
and practically debused il ia tie hands OF specu-
laois who have taken II 81 discount. aud that
they would profit by legislation which would in
crease the actual value Of IL: while IL may be
denied that lamentably this Is toy lar the case,
still tits! TO be answered that such Is the luck
brought bv all debased coin when ~ last IL Is
fairly redeemed. Spectators will make by a de.
probation ard following appreciation. law for
sy i IF Sss hsys WIZ, us goca the
This nel artmeht does not recommend that le-
gal tender quality be again given t0 The trade dol
money OF the country with the incon venience
and incongruity OF two dollars circulating t0geth-
er. OF UNEQUAL real value and different devices yet
OF equal value in payment OF debts AMI OF pur-
chase OF property. II recommends that authority
be given Tor the redemption Of he trade dollar in
the standard silver dollar dollar Tor dollar OF the
nominal value, Tor the recOinage OF tlie metal so
received into n standard silver dollar to sccorI
with the law for that coin. and for the reduction
Of the amount of silver bullion resulting from the
exchange OF the quantity OF bullion required 70 be
got BY monthly purchases. for the purpose of coiu
age under the act OF 1873. In the judgment OF this
Deperimenttha legislation Is safe and is demanded
by diameter of this ISSUE aud by the need of the
people for relief from the confusion and exposure
TO recurring loss caused by iH presence IN the
monetary sysicm OF the county.
SILVER cEETIPIcATTs
Tie amount OF silver certificates outstanding
November l, 1888, So. 1tl. shows an increase OF
the silver certificates In the hands OF the people OF
$40. 1891 over the same date in 1882.
IL Il apparent that any demand that Is likely to
arise for silver dollars or for the silver certificates
bascd upon them, may be readily met without
further immediate coinage OF the dollars prepa-
ration OF the certificates for issue IL also appa
rent that 20 keep up an aimless purchase Of silver
bullion at the rate OF over twentyfour millions OF
dollars each year, u ~ needless Use OF public
money and OF the taxing power 70 supply them.
mourning needless loss OF the rest on the su n,
thus expended, aud tho expense OF the manipua-
ton.
GOLD cExrIFcA1ES
Under the act OF Congress of 1882 gold certificates
have been prepared and have been issued 10 the
amount OF SOS, 10000
TIE coinage executed at the minis during the
fiscal year was less In value than in the year i'm
mediateiy preceding. Yet the continued demand
for smaller denominations of coin for change,
made an Increase In the number Of pieces struck.
IL was eleven aud half millions over that OF any
year since the organization Of the Mint Bureau.
OF the gold. So. SEC 10 coined into double
eagles.
The coinage OF silver consisted almost wholly OF
standard dollars OF which Sg.Gii il9 were coined.
There was further Increase by coinage and i'm
ports during the next quarter OF 81, $1,000.
The minis and assay Offices held for coinage on
the LIST of October sol $50 Si6 OF gold bullion aud
S5.101.9l1 OF silver bullion. making the total