Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1889-12-14

will necessarily continue under the exist
ing conditions. 1t Is probable that the adop-
ton OF the suggestions made by the
comptroller of the currency, viz: That
the minimum deposit of bonds for the estab-
llshnent of banks be reduced and that an
issue of notes to the par value OF the bond
be allowed, would help TO maintain the
bank circulation. But while this with
drawalo of bank notes has been going on
there has been a large increase in the
amount or gold and silver coin in circula-
ton and in the issue of gold and silver GER
t~iicates.
The total amount Of money Of all kinds
in circulation on March l, 1873, was $S05.-
795, S07, while on October l, 1889, the total
amount was LAOS, 0lS.000. There was an
increase Of S!93,4lT $50 in gold and of $50
5j4, 100 in standard silver dollars: ST2, 3ll,-
24y in gold certificates; of S256,6i9,7t5 in
silver certificates, and Of Si4,d73.1S7 In
United States notes, making a total f. s7l3,-
9i6, 403. There was during the same
period a decrease of 81 4, l0g, 10 in the
bank circulation and of S642, 4Sl in subsi-
diary silver. The net increase was $685.
PA, 1913.
The circulation per capita has increased
about - during the time covered by the
table referred to. The total coinage of
silver dollars was, on November z, 1889,
S43,b3S,O j, Of which S2S3, $50, sci were in
the treasury vaults and SO, ZOOS, 4S0 were in
circulation. OF the amount in the vaults
S217, 3i9,94 were represented by outstand-
ing silver certificates, leaving So. 2l9, ~ not
in circulation and not represented by GER
tiicates.
SILVER COINAGE.
The law requiring the purchase by the
treasury of 81, w goo worth of silver bull
ion each month TO be coined into silver dol
lars of 4l214 grains has been observed by
the department, but neither the present
secretary nor any of his predecessors has
deemed IL safe to exercise the discretion
given by law to increase the monthly pur-
chase TO 81 900, oU, for which the law was
enacted February %, 1873. The price of
silver in the market was Si.20 40 per
ounce, making the bullion value of the do
lar W cents. Since that time the price has
fallen as low as 9l,2 cents per ounce, re-
ducing the bullion value of the dollar TO %
cents. Within the last few months the
market price was somewhat advanced,
and on the lst day of November last the
bullion value of the silver dollar was -
cents. The evil an~ticipations which have
accompanied the coinage aud use
Of the silver dollar have not been
realized. As a coin it has not
had general use and the public treasury
has been compelled to store it. But this is
manifestly owing TO the fact that its paper
representative is more convenient. The
general acceptance and use of the silver
certificate shows silver had not been other
wise discredited. Some favorable condi.
tons have contributed to maintain this
practical equality in their commercial use
between the gold and silver dollars. But
some of these are trade conditions that
statutory enactments do not control aud of
tbs continuance of which we can't be GER
tain.
l think IL Is clear that IL we should make
the coinage of silver at the present rate
free we must expect the difference in bull
lion value of the gold and silver dollars
will be taken account of in commercial
transactions, and | fear the same result
would follow any considerable increase of
the present rate of coinage. Such u result
would be discreditable to our financial
management and disastrous TO all business
interests. We should not tread the dan
gerous edge of such a peril and
indeed nothing more harmful
could happen 10 the silver interests. Any
safe Legislation upon this subject must Sc
cure the equality of rtbe two coins in the
commercial uses. | have always been an
advocate of the use of silver in our curren-
cy. We are large producers of that metal
and should not discredit it. To the plan
which will be presented by the secretary of
the treasury for the issuance Of notes of
certificates upon the deposit of silver bull
lion at its market value, ! have been able
TO give only "a hasty examination, owing to
the press OF other matters and TO the fact
that IL has been recently formulated. The
details of such a law require careful con-
sideration, but the general plans suggested
by him seems TO satisfy the purpose TO con-
tfnue the use of silver In connection with
our currency and at the same time TO obyi-
ate the danger of which ] have spoken. At
n later day / may communicate further
with congress upon this subject.
II CHINESE EXCLUSION ACT.
The enforcement of the Chinese ex-
clasion act has been found 10
be very difficult on the north
western freatier. Cinnamon landing
at Victoria fad II easy to pass our border
owing TO the iasuficiency of the force at
the of the customs officers of
guarding so long an inland line. The see
rotary of the treasury has authorized the
employment of additional officers, who will
be assigned to this duty, and every effort
will be made to enforce the law. The do
minion exacts a head tax of $50 for each
Chiraman landed, and when these persons
cross to our territory and are apprehended
our officers do not know what TO do with
them, as the dominion Offices will not
suffer them to be sent back without a sec
ond payment of the tax. An effort will be
made to reach an understanding that will
remove this difficulty.
THE SEAL FISHERIES.
The proclamation required by section 8.
OF tto act Of March 2, 1859, relating TO the
killing OF seals and other fur-bsaring ami
mails, was issued by me on the 21st day of
March, and q revenue vessel was dispatched
to enforce the laws and protect the inter
ests vf the United States. The establish
ment of a refuge station at Point Barrow.
as directed by congress-, vas successfully
accomplished.
HI COAST DEPHNsZs.
Judging by modern standards we are
practically without coast defenses. Many
Of the structures we have would enhance
rather thar diminish the perils of the gar
risons IL subjected to fire OF improved guns,
and very few are SO located as to give full
eject to the greater range Of such guns, as
we are now making for coast defease use.
This general subject has had consider
alton in congress for some years and the
appropriation for the construction of large
riaed guns made one year ago, WAS, l am
sure, the expression of a purpose to provide
suitable works In which thass guna might
be mounted. An appropxiation now made
for that purpose would not advance the
completion Of the works beyond our ability
TO supply them with fairly effective guns.
The security Of our coast cities against
foreign attacks should not rest altogether
In the friendly dispositions ofother nations.
There should be a second line wholly In our
own keeping. / very urgently recon.