Year: 1878

-HE COIN TO BE USED IN THE PAYMENT OF


INTEREST AND CUSTOMS DUTIES.


wAsHISGroS, March 8, 1873.


The President is reported to have said, in
sation about probable results OF the Silver act
that tho aud principal Of the debt would
doubedly continue to be paid IN gold. II he sIad this
he had probably In mind tho fact that the mints can
coin but about fortyave millions OF silver dollars in
year; that therefore, 1t will require two full years to
coin the amount OF silver dollars needed TO pay the
nual interest," supposng tho whole silver coinage TO be
devoted thot purpose and that as tho Secretary OF
the Treasury will hardly offer to pay part OF tho In
erest in silver aud part In goId and as he will havc
in the treasury vaults at any time but q
small part of tho dollars coined. and
the law does not allow him to pay the interest in
grecnback It is obvious that his will be to
tho greenbacks he accumulates for tho purpose of
buying gold to pay the interest He has about
enough gold on hand to pay years Interest, aud he
must use this for that purpose, because he can
not get silver dollars, even II ho preferred
them. He can expect to accumulate but
comparatively small amount of silver dollars in place
OF the gold paid out during the nrst year. the whole
coinage Of dollars during this period will amount to
only $45 00 o00 Much the larger part Of his hoard
ing accumulation for the payment OF the interest
must therefore, be Ia greenbacks, II tho customs





and thcso grecnbacks, being useless to pay the In
tcrest, must be turned into gold.


But will the customs duties be paid In silver or
mainly SO during the nrst Year, This has been gen.
orally taken Tor granted but II the svor dollars
fairly distributed all parts or the country,
tho Secretarys intention, so as to crafty the impa
tient demands OF the dollar loving public, they may be
more difficult to got the seaports, and especially at
Now York, than gold 1t is secn that they will be in
demand at for the payment OF duties
and that their scarcity will probably bring them up
somewhere par of gold for time the broker and
the importer dividing the profit Of this accumulation
and use between them. But tho transport Of silver
coiu from distance rs costly, and If they are once
we'll scattered by the treasury 1t will be difficult to
gather them up In quantities. Hence It Is certain
that the treasury will not continue to receive gold In
considerable quantities Tor months to come


CONTEMPLATED MOVEMENTS '9oF EXTREME


SILVER MEN.


The extreme silver men apparently anxious to
try their strength II is said that Senator
Jones, OF Nevada, means to introduce his .'lat
money! to the Senate In the shape OF a con-
su,utional amendment providing for tho aboli-
ton OF all coin ana the issue OF irredeem-
able paper money at tho rate of $25 per
head Of population to be Increased at the OF
two per cent per annum until tho census enables a
moro accurate increase. Mr. Springer also means TO
try his luck In the House with silver bill 1t Ia
say that he will be badly beaten and that Sena
tor Jones will have any better luck than Springer.
THE REPEAL OF THE RESUMPTION ACT-sENT-
: INTENT OF THE SENATE FINANCE COMMITTEE.


The Senate Finance Committee which has the bill
repeating tho Resumption act in its possession, WILL
IL is believed slow about reporting the Senate.
1t is thought certain that the committee will not
act but there is some doubt about its
action Oh tho dato fixed for resump-
tion. The spirit tho majority OF the COM
mit,ee, however, Is conservative, and they now
inclined to postpone action until time has shown
elects the Silver act may have upon resumption The
committee disposed, 1t is well understood 10 keep
In mind In oil they approve the neces-
sity OF speedy resumption OF specie pay
rneuts, and they will, doubt, before
they como 10 any determinatian on tho bill before
them consult with the Secretary OF the Treasury Four
members of the commttee-Messrs. Morrill,, Dawes
Bayard and Kcrnan-aro firm, sound money men.
Mcssrs Allison and Ferry are understood to
be conservative In their views and may
oppose the repeal OF tho Resumption net,
IL they are convinced by tho Secretary OF
the Treasury that he can carry out the law as It
stands prominent member of the committee
thinks at present unless silver be utilized us
an aid to resumption tho law cannot pc carried out
as It stands an this will undoubtedly be tho point
on which tho committee will base any conclusion.
Immediate action, however, is not expected.