Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1883-12-20
REPORT OF THE SECRETARY OF
THE TREASURY.

Were $3.50, 40S, I3T-leaYing a surplus revenue
OF $Ic2, S79;444, which, with an amount drawn
from the cash balance in the Treasury of ST.,
299,b12, and making a total OF $134,l1SsI56, was
applied as follows:
For the redemption of bonds for
OF funded loan Of 1851, continued
OF loan osa p of July and August, 1861, o'O~OO
continued at 81 per cent -. 20,594, 600
O1 OCner loans -.---....-.--.- 0soO0sSOo
Total ...........-... ............ s184. IT'S, 75s
The requirements of the sinking fund TOR
1be last fiscal year, including a balance OF
S46l, 3O9 from the preceding year, have been
fully met. 1t is estimated that the require
meLst for the present fiscal year will be S45,-
S16,74I, Of which there has been applied dur
ing the first four months OF the year the sum
Compared with the previous fiscal year the
receir Is for 1888 have in various items de-
creased S15, I72,046; in customs revenue, So
20, 233: in Internal revenue, SLIT, 226. There
was an increase of So, 1884, 3SO-ln sale OF pubic
hands, So 202, 724.
The expenditures show an increase over
the previous year of 81, III $50; as follows; In
the War Department, s., 340, 1888; in the Navy
Department. SOL, $50; in pensions, 81. 667, 379;
and in civil and miscellaneous, $ll 45S.Z7L
There was decrease of $14, 20, 20, as follows;
In interest on the public debt, Sll,9l7:Oi5' and
for Indians 1884, l5T; making net increase
IN the expenditures of 81, 46,69I.
For the present fiscal year the revenue, &C
tual and estimated, is S343, 100000, and the to-
tai expenditures actual and estimated, $685.
OO0,OO0. Excess, SIS, 900 600 Estimated amount
balance of $50 lS3, 258.
The estimated total ordinary receipts for the
fiscal year ending June 30 1885, are $343, 600 600;
estimated expenditures, including sinking
fund, 1898, lbs .304-leaving an estimated sur
STANDARD SILVER DOLLARS.
November /, 1883 under the act of February
Is, 1878, there had been coinage or standard
silver dollars amounting to $156, 720, S49; there
were in the Treasury at that date $ll6,3S6Ol7.
There were then in circulation and in the
mintS on account of profits on the coinage not
yet deposited in the Treasury $40, 334, 933.
There were in circulation November !, 1852,
1898, 1855. The coinage between the LIST of
November, 1892 and the same date in 1883 had
increased SIS 591 ,O69; the amount in circula-
ton for the same time had increased $4,136,-
al; 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
a legal-tendef quality be again given to
the trade-dollar to the sudden increase of the
legitimate silver money of the country, with
the Inconvenience and incOngruity of two
dollars circulating together, OF the same met
al OF unequal real value and or different de-
vices, yet of equal value in payment of debts
and OF purchase OF property. 1t recommends
thaC AuIhorlIy ne gwen LOT Inc enPt5ioHn oL
the trade-dollar 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 q reduction of the amount of
silver bullion resulting from the exchange
from the quantity of bullion required to be
got by monthly purchases for the purpose of
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 minis during
the fiscal year was less in value than in the
year Immediately preceding. Yet the con-
tinued demand for smaller denominations of
coin Tor change made an increase in the num-
hngs of VNin qEV tNUQC NJ q 10
millions over that of any year since the organ
5zatiOn of the Mint Bureau.
The description and value of the years coin
age are as follows: Gold. $35, 936.927; silver
$28 ,47O; minor 81, 42S3O1; total, 66,2OO,7O4
NATIONAL BANKS.
The number of National banks in operation
November l, 1858, was 2,522, an increase over
all former years. The corporate existence of
1873 banks will expire during the next two
years-249 in 1884 and 734 in 1885.
The National banks hold as security for cir
culation 1852 ST., 800 of United States bonds, a
reduction of S96l3 $50 during the year. They
hold Sol, 1927 700 of United States 3 per cent.
bonds as a basis of circulation. All of the
ing the next four or five years, unless the
surplus revenue of the country is diminished.
There is little or no profit on circulation based
upon and AZ per cent. bonds at the present
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
hons 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 a
safe foundation therefor, and yet be so low in
price as that the banks can afford to buy and
deposit; or what can be proposed which will
give to the banks safeguard against loss in
not in favor of ANYTHING but the interest-bear-
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
Jurisdiction and subject ourselves to the
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
Union Is that trustees and other like tiduCiary
persons, who are more Immediately under
the hand and guidance of the sovereign, shall
not place their moneys in securities whose
habitat is In other Jurisdictions, not
even in those of sister States. In as large de-
agrtee is that fitting policy in this great mat
ter. To rely upon the debts of the States, is
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 anC
which, if fully and fairly made, are likely tC
excite jealousy and other ill-feeling. To take
the obligations of municipalities and Other
corporate bodies is of like impracticability
and result, and is also to rely upon the good
faith prudent conduct and solvency of debt
4ors, over whom the Government has but little
If any, direct and efficient control. To take
uncertainty and fraud that is sure to WRECK
. the adventurer. Other propositions have beer
made which are reducible to some of these
Sategories, and need not be specially consid
ed There are other propositions the vertebra
idea of which is the creation of a new form o
public debt. A plausible one is, for the Gov
ernment to offer new bond, Of its own issue
at low rate of interest, to run long period
in exchange for its .4-peT-cents. and 4h-peT
cents. allowing such q rate of premium upOI
the latter, but lower than that at present rul
Tag. as would induce the holders to surrende
them and take the new; and to make this
security for bank circulation. doubt no
chat this is feasible. In that way, q holder o
As and AIS could capitalize the premium al
lowed on his bond, and draw interest at tn
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 presen
difficulty of desirable reinvestment to sell
am persuaded from the official experience
OF the last year that capital is ready and will
ing TO take, at a low rate OF interest, all tn
United States bonds that can reasonably b
Issued, provided they be at long time of pay
ment of principal. The lower market valu
which they would have, upon their frs
issue at least would bring them within tn
range of profitable purchase by those VIII
were not holding the IS and AIS with whic
TO make exchange. On the other nand, tn
premium for exchange TO be allowed by tn
Government may be put at such figure, an
still he apt to induce exchange, as that by TIL
time TO be fixed for the redemption of tn
new bonds the difference in the amount of IN