Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-05
THE TREASURY.

ing the Past Year-Whar Shall be Done
with the Trade Dollar ?-How the Ma
tienal Debt is Being Reduced.
Secretary Folger's contribution to the
literature of tho opening congress COM
prises seventy six pages of financial COM
ment interspersed with an extensive array
OF figures and tables.
The ordinary revenues of the nation
from all sources during the past fiscal year
were $685., 2S7, 5S1 So, and the ordinary ex
penaiturss wers $265, 408,l 1854, leav-
ing surplus revenue of $1S2, ,4444l.
To this latter was added $1,299312 55,
drawn from the cash balance in the treasu-
ry, and the combined sum of $134 49,
1866 was applied to the redemption of
the public debt.
REDEMPTION OF UNITED STATES BONDS.
Three and-a half per cent. bonds.
On November /, 1882, the outstanding
bonds of tins 5 per cent. funded loan con-
tlnued, bearing interest at the rate of 80
per cent, amounted to $155,356 $50.
These bonds were tbs only bonds then ''re-
deemabie al ths pleasure of the govern
ment," because, bearing higher rate of
interest than the per cent. bonds, the
latter could not be redeemed until the
former had been, that being the terms of
the law under which tho latter were
issued. A portion Of them had been called,
but had not then matured. $46,210.750 of
the bonds have been exchanged into per
cent. bonds upon requests of the owners,
leaving 500, 145,600 available for the in
vestment of the surplus revenues. Calls
have been issued for the entire amount,
and the greater portion of the bonds have
been redeemed and cancelled, the annual
saving of interest which will result ther3-
from being S3,S20,096.
THREE PER CENT. BONDS.
Under the provisions Of the act of July
II, 1882, the 8 per cent. bonds issued there
under, and amounting to $3O5, 581 $50, be-
came sredeemable at the pleasure of tae
government" on and after July 26, 1888,
all "redeemable" bonds bearing higher
rate of interest having then been redeemed
or called. Calls have been issued for
$40.Oc0,000 of such bonds, $3O,OO0,OOO of
which will matare in the month of Deem
Der, and $1O,00O,OO0 on the first day of
February, 1884.
JAPANEsE INDEMNITY-FUND BONDS.
In addition to the above, the bonds des-
cribea below, held by the department. of
state end forming what has been known as
the "Japanese indemnity fund.-" have been
cancelled and destroyed, as directed by the
act approved February %, 1888, VIZ.
Funded loan of 1881, continued at So
per cent. .......S s6e, 100
Consols of 1907. per cent. ........ l,ilSS:0
Three per cent. loan OF 1882 ......... 7,55U
Total. Observation-Disclosures. 81 1884, coo
THE JOSEPH L. LEWIS LEGACY.
Thsre have also been cancelled and &C.
stroyed the following described interest
bearing bonds, which were bequeathed 10
the United States by the late Joseph L.
Lewis. aud delivered to this department
by the executors of his estate, in accord
ance with the decree of the United States
for the district of New Jersey:
Loan Of July and August, 1861, (319
per cent. .......... SJUU, UUU
Funded loan of 1881, continued at SO
per cent Sc, O0C
Three per cent. loan of 1882 ... 5000. 400
Iotal ............. ........ .SSo4,o ot
THE TRADE DOLLAR.
The act Of 1873 made the silver coins OF
the United States, and hence the trade dol
lars legal tender at their nominal value
for any amount not over five dollars. Thus
the reading of the laws taught the people
that the trade dollar wes a coin of theil
sovereignty, and for the redemption oil
which, at an undated value, their. govern
ment was bound The real Legislative
purpose is to be blindly sought for in ira
dition or in the record of congressional
discussit n, and is indicated in the joint
resolution eff 1876, which took away from
this coin the legal tender quality of it
and held down the coinage of il
to the call for it for expectation
It is plain that a busy people, find
| ing this coin adoat in the channels of bust
ness, styled coiu of the United States
would readily believe that it was an au
thentic issue of the government. and to bt
redeemed by the government, the same a.
other money put out by it. From time t.
| time, however, as it suits scheming mer
| and the occasion fits, hue and CRY i
raised against it, it is discredited in tn:
marts, and unwaTy holders suffer loss O.
Inconvenience. AS il is a coin of the Uni
| ted States, having the image and super
| seription thereof, sanctioned as such b,
penalties upon the counterfeitipg OF ii
and once digni6ed as legal tender ii
| payment Of debts and dues, it should b
restored to its first state, or called In at it
nominal value and melted, In the judg
menb of this department, it should bt
called in and melted.
The department does not recommen
that legal tender quality be again give,
to the trade dollar, to the sudden increas
of the legitimate silver money of the cour
try, with the inconvenience of the ircon
gruity of two dollars circulating together
of the same metal, of unequal real valu
and of different devices. yet Of equal valu
in payment Of debts and of purchase o
property. It recommends that authorit
be given for the redemption Of the trad
dollar in the standard silver dollar, dolIa
for dollar of nominal value, for the re
coinage of the metal so received into
standard silver dollar to accord with th
law for that coin, and for reduction G
the amount of silver bullion resulting
from the exchange from the quantity @
bullion required to be got by month";
purchases, for the purpose of coinage u1
der tbs act of 1878. In the judgment c
this department that legislation is SAT-
THE COINAGE Law.
/ Secretary Folger recommends revis
ion and amendment of the coinage laws
The minor coins are not what they shout
!