Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1883-12-06
DEPARTMENT REPORTS.
THE ANNUAL POLITICAL EXHIBIT.
THE TREAsURE-

inE ANNUAL FOlIIICAl EHHlbIT.
THE TREASURY.
Ihe following are the most important portions
3l secretary Folger's report, not embodied In the
residents message:
STANDARD SILVER DOLLARS
% On M November 1883, under the act of February
yer dollars amounting to Sl56 10 949: there were
IN me treasury at that date SIG, ,3S6,O17 There
, WEE men IN Circulation and in the mints on ae
couht OF prohts on the coinage not vet deposited
in the treasury $40 a24 9S2 There were IN circuIa
pon on November l, 1850. So, ,3Ss 7s6 The coinage
~ i issS h Isl 4I Novemoer 1852 and the Eame
In circulation for the same time had increased
SlSs, 81 thus keeping up the great disproportfon
demand for them, heretofore noted In the renorts
OF this department.
THE TRADE DOLLAR
here may speak Of "the trade dollar" the
9eoased com TO which attention has been drawn
by public clamor and discussion Donbfless tba
legislative purpose in creating it, was To mske .
piece OF money that would find favor with Asiatic
people, and not one for Use at home. That pur-
ter OF the law under which II issued from the
mint As 1t is a coin of the United States
having me image and superscription thereof,
feiting OF 1t, and once digniied as legal tender
IN payment OF debts anu dues il should be re-
stored to its first state or called in at its nominal
U
ment 1t should be thus called in and melted
II is possible TO make an estimate Of the amount
that would come to the treasury for redemption If
autnorlty were given therefor. The whole Issue of
coin has been SIS. $50 446. Some Of that has dsap-
peared in manufactured articles; IL is estimated
from one to two millions. II Is calculated that
hve-sixths thereof went abroad in the beginning
and 1t is believed that but q small part OF that
has come back, and that there Is now held by our
people but from FIVE to eight millions. OF that
Tor saying that much Of it found its way from
China to India, and into the melting pot at the
mint in Calcutta and has been there cast into the
eolr OF that country. The overweight in value of
the trade dollar by the side of the Mexican and
spanish dollar, with which it was co-current in
there 1t is understood in business circles
That In China silver coin Is used by
weight and not by count, save in a few ports,
taken by tale. It is the practice of Chinese bank.
ers so it is reported, to stamp with their own mark
the coin which they take and pay out. The coin
tnus defaced soon comes TO the state and repute of
bullion, and the presumption Is that our trade
dollars have, many of them, been so treated and
Bear in mind, too, that from time to time for
some years past until of comparatively late date
there have been inducements TO reship this coin
from China hther, because il has been free in cir
cuation in most parts of the land and for most OF
the time at par with gold and silver money
There Is reason to believe, then that besides the
sum OF II in the hands of our own people an
abroad.
thorough and effective redemption Of IL can
be brought about in this way: Let authority be
given by Congress to the Treasury department 70
barter Tor trade dollars at their nominal value
standard dollars at their nominal value and melt
ing the trade dollars to rec0n them into standard
silver dollars counting the trade dollars got in this
way as part OF the silver bullion which the act of
1873 empowers and directs to be bought and coined
monthly. Should the trade dollars have been so
abraded in use as to have lost material part Of
their origiL al weight, which is not much to be ap-
pretended, deduction might be made from the
re Aa a., ,Hesd
1ary and minor silver coin.
This department does not recommend that le-
gal tender quality be again given to the trade dol
lar, 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 metal, of unequal real value and of diff
terent devices, yet of equal value in payment Of
debts and OF purchase of property. 1t recommends
that authority be given for the redemption Of the
trade dollar in the standard silver dollar, dollar
for dollar of nominal value, for the recoinage Of
the metal received into standard silver dollar
to accord with the law for that coin and for re-
ductlon 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
judgment of this department that legislation Is
safe, and is demanded By character of this ISSUE
and by the need of the people for relief from the
confusion and exposure TO recurring loss caused
by its presence in the monetary system of the
country.
COINS AND COINAGE
The coinage executed at the mints during the
mediately preceding Yet the continued demand
for smaller denominations of COIN for change
made an increase in the number of pieces struck.
1t was eleven and half millions over that of any
year since the organization of the mint bureau.
While upon this subject the department recon-
mends revision and amendment OF the coin
aye laws The minor coins are not what they
should be- either in appearance. in convenience,
or in the ease with whiLh some may be distin-
guished from Others by the sense Of touch or even
that OF sight. There is so much resemblance of
some of small value to some of greater value,
that often holders receivers confound them
and mistake them for Others and loss is sustained
From time to time there has been an increase By
law OF the devices upon them 10 an extent hinder
ing the attainment OF good design. There can
be an improvement by change of the metal of
which some of them are 70 be made, and by the
dlscontinuance OF some OF the denominations no,
needful for use.
The accumulation OF standard silver dollars in
the custody of this department at the date of its
last annual report was such to cause serious in
actual and prospective, for The want
by the treasury are still heavily taxed for room
and frequent transfers must be made at risk and
cost 1t is looked for that this i'll win soon, in
some measure, be absted- The department Il
making vault in the treasury building at Wash
ngtOn, which will hold 5000, 900 silver dollars
and another at New Orleans which will hold 2s,-
)oO, 900.
THE sCRPLUs.
That there is likely to be continuing surplus In
The treasury over the ordinary expenses of the
government, so long as the present revenue laws
remain, is seen by those attentive to fiscal affairs
I his has called out propositions for the disposal
u public moneys, two OF which may be noticed.
tates of the Union. This, though it has heen In
argued has not so approved itself the
common sense of the people as now to call for
elaborate statement of reasons why IL should not
De adopted. The public sense is shrevd enough to
ee that debtor owing large sum upon interest,
which ne must pay at short intervals, and some
II the principal of which ne may pay of when
ver he pleases, and thus save interest, would
lot be deemed good manager of affairs If he
hould give away or loan on terms yielding no in
ome and not likely to insure punctual repay
nent, the means which good luck or pru-
lent conduct had put in his hands; and thst
would be wiser for him, with the cash he had 10
so much es be c0Ald of the debt against
lin. And the United States has such means and
yves such debts Il owes over q billion and
uarier Of dollars, which Is running upon interest
has the option to pay over three millions of the
lebt whenever 1t pleases. II must pay the inter
st on the principal unpaid. at short intervals II
5 net good sense, nor is 1t common prudence to
i've away or loan its means instead of using them
o pay the debts against 1t, while, because of its
onhaant prosperity IL Is easy 70 90 So There Is
ody polite, which is the United States in the
curse that is proposed. surplus is in hand
s with it to pay off and take up that debt It ad-
ats OF no doubt that thus the people of the Union
re well served, and their money so paid as 10 re-
ound TO their lasting advantage.
The ground upon which the proposition is based
mainly that of the god TO De done 10 the people
the several states in the relief given to their
lay be more largely and efectually carried on,
Iithin the states and by the state governments.
Enterprises purely domestic. This department
lay not now make lengthy discussion of this topic
this feature of il. In the judgment of this de
artment, il is not legitimate function of the
ederal government TO raise money by taxation 70
: donated to the states, or to thus use
oney already raised In that way. Nor Is
lis uttered in ignorance or forgetfulness Of
,uncils of the Union have heretofore done and
i'd on the subject. 1t is to be borne in mind
lat they spoke and acted upon an existing sur
lus not needed for any public use then sanctioned
law; not upon prospective one to be avoided
y legislation; and in view of the temptation with
lat idle money, incapable OF lawful use under
ny existing law, held out for the broaching of
ew, and, in their judgment, unwarranted, per
aps improvident, governmental enterprises.
IL is perhaps enough for the present that the
syable debt of the Union can take up all surplus
ow existing or likely tc arise for four years 70
)me
II there be legislation the tariff at this session.
i improvement might be made in the provision
garding third-claSs or carpet woods, either By
King one rate of duty for them. regardless OF
slue, or by having broader contrast between
e higher and lower classes. Now the duty is2x
5 cents pound, according as the value OF the
DOL is over or under II cents a po md; and where
e market value is close to II cents, IL is now.
e temptation is strong TO undervalue the wool,
as 10 bring il in at the lower rate OF duty.
REDUCTION OF TAXATION.
The only United States bonds which are now
Iyable At the pleasure of the government are the
per cents. being $s5, 900: those which next
,come redeemable are the $500 0.00 OF - per
ntS, on september /, 1891. The S131,olD,7uO OF
- ,o,,,s .,d the nfr refitndfDx Certificates