Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1883-12-20
REPORT OF THE SECRETARY Or
THE TREASURY,
Following are some of the more inn
portant portions of Secretary Folger's

the fiscal year ended June 30 1883 aggregated
$ssS. sss Ssl; the total ordinary expenditures
of $132, S79.A "A. which, with an amount drawn
from the cash balance in the Treasury of ST.
29y,312 and making a total of SlA, LIS, 1866 was
applied as follows:
For the redemption of bonds for
the sinking fund. SA, 100
OF funded loan of 1851, continued
OF loan of July and August, ISL, ''-''
continued at 5h per cent 2O.546 GU
OF other loans ....... 1858, 206
Total Sla4, ITS, 75s
The requirements of the sinking fund for
the last fiscal year, including balance OF
$46l ,jO9 from the preceding year. have been
fully met. 1t 10 estimated that the require
m me for the present fiscal year viii be St
ing the first four months OF the year the sum
Compared with the previous fiscal year the
receipts for 1888 have in various items de-
creased Sl5,l72.0is: in customs revenue; So
; 10 internal al s ss Sa mhele
lands $3.2G, IA.
The expenditures show an increase over
the previous year of SIT $50. as follows: In
the War Department, S. $40 sss; in the Navy
Department. S25l, $3.50; in pensions, Sl.66I,319;
and in civil and af s
In interest on the public debt, Sll,917 0.5, and
for Indians. S2.374. 49,: making net increase
in the expenditures of s., III, 691.
For the present fiscal year the revenue, &C
tual and estimated, is S3i3, 100000, and the to-
ta aef1at ana E es6afea SS
due the sinking fund, $45,816, 1s1. Leaving a
balance of S39, 1928.
The estimated total ordinary receipts for the
fiscal year ending June 30. 1885. S343 600 coo;
estimated ted IS, expendItnres including sinking
STANDARD SILVER DOLLARS.
November /. 1888. under the act of February
silver dollars amounting to sI55. 72O,949; there
were in the Treasury at that date SIG, 3S6. OH.
There were then in circulation and in the
mintS on account of profits on the coinage not
yet deposited in the. Treasury $40, :S4 .932
There were in circulation November /, 1892
sod tRe date in hd
increased 81, o91 069; the amount in circula-
tion for the same time had increased 81, 1885,
82l; thus keeping up the great disproportion
between the amount ready to be supplied and
the demand for them heretofore noted.
THE TRADE DOLLAR.
OF the trade dollar the Secretary says:
This department does not recommend that
q lega-tender quality be again given to
the trade-dollar, to the sudden increase of the
legitimate silver money of the country, with
the Inconvenience and incDngruity of two
dollars circulating together, of the same met
VICES yet of equal value in payment OF debts
and of purchase of property. 1t recommends
the trade-dolar in the standard silver dollar.
dollar for dollar of nominal value, for the re-
coinage of the metal so received into stand
ard silver dollar to accord with the law for
that coin, and for reduction of the amount of
silver bullion resulting from the exchange
from the Quantity of bullion REQUIRED TO De De
coinage under the act of 1878. In the judg-
ment of this department that legislation is
issue and by the need of the people for relief
from the confusion and exposure to recur-
ring loss caused by its presence in the mon
etary system of the country.
COINAGE.
The coinage executed at the mints during
the fiscal year was less in value than in the
year Immediately preceding. Yet the con-
tinued demand for smaller denominations of
coin for change made an increase in the mum.
Der of pieces struck. 1t was eleven and half
millions over that of any year since the organ
ization of the Mint Bureau.
The description and value of the years coin
age are as follows: Gold. Sa5. 1886. 9s7: silver,
SIS S5 470 minor, 81 42S, 07; total, 500, 200 I04.
NATIONAL BANKS.
November 1. 1883. was 2.52s. an increase over
all former years. The corporate existence of
in wl s e an9 IN s the
The National banks hold as security for cir
culation S35s, ST 800 of United States bonds,
reduction of $96l3 $50 during the year. They
hold $50, 3s7 $50 of United States per cent.
bonds as a basis of circulation. All of the
latter are likely to be called for payment dur
ing the next four or~Rxe years. unless the
surplus revenue of the country is diminished.
There is little no profiton circulation based
premiums therefor. A continued payment of
3 per cents will probably result in a large re-
duction of the bank circulation, unless some
counter stimulus is applied. Many PROPOSE
tons have been made to that end.
The public mind is naturally turned to the
inquiry: How shall the NatiOnalbank notes
be kept in circulation; what shall be taken as
safe foundation therefor, and yet be so low in
deposit: or what can be proposed which viii
give to the banks safeguard against loss in
taking and issuing circulating notes? am
ing obligations of the United States Govern
ment. To go abroad for the securities of other
States is to go out of our political and judicial
fIIr
hazards of their intestine connections of their
International conflicts, of possible hostility to
tribunals as perhaps, an unwelcome sutton.
The sound policy of many of the States of the
persons. who are more Immediately under
the hand and guidance of the sovereign, shall
not place their moneys in securities whose
even in those of sister States In as large de-
gree is that fitting policy in this great mat
to look to a basis not much more permanent
than that which the United States bonds now
offer, and one which will call for scrutiny and
Investigation not easily to be made, and
which, if fully and fairly made, are likely to
excite jealousy and other ill-feeling To take
corporate bodies is of like impracticability
and result. and is also to rely upon the good
ors. over whom the Government has but little,
if any, direct and efficient control. To take
security on real estate is to launch on sea of
the adventurer. Other propositions have been
made which are reducible to some of these
categories, and need not be specially consid-
ed. There are other propositions, the vertebral
idea of which is the creation of new form of
public debt. A plausible one is, for the Gov
eminent to offer a new bond, of its own issue,
at low rate of interest, to run q long period,
in exchange for its .+per-cents. and 4h-per-
cents, allowing such q rate of premium upon
the latter but lower than that at present rul-
ing. as would induce the holders to surrender
them and take the new: and 20 make this a
security for bank circulation. doubt not
that this is feasible. In that way. holder OF
As and Ans could capitalize the premium al
lowed on his bond, and draw interest at the
new rate on that as well as on the principal,
whereby there would be an inducement to ex.
change, rather than to hold, or, in the present
difficulty of desirable reinvestment, to sell.
j am persus ied from the official experience
of the last year that capital is ready and will
ing to take, at low rate OF interest, all the
United States bonds that can reasonably be
issued, provided they be at long time of pay
ment of principal. The lower market value
which they would have. upon their first
issue at least, would bring them within the
range OF profitable purchase by those who
were not holding the. As and AIS with which
to make exchange. On the other hand. the
premium for exchange to be allowed by the
64x mr. no, mt of srroh q q nd