Chicago Daily Tribune Newspaper, December 4, 1877, Page 10

'1IE CHICAGO TRIBUNE: 1877—TWELVE PAGES. Tt will appear that 4f Coneresa shall make ap- | cussod,—it i4 respect iy sub 1+ | yet heen The Secretary 1= of theopinfon that they s pronriations based upon the foregolne estl- | Eress that an express exceptien be made requir- | amount can, with the all of an ample reserve wnder existing 4, el otight to be, made the | Latin nationa mates, ncluding $37,100,045.04 for the Sinking- | ing that fn o, be always maintained o cireulntion. | arents ot the Government (u the sale of bonds, [ silver, anily it s gupposed, wilk gradually eidher Fund, there will be GOLD COIN ALONE Should not the benetlt of this cfeculation ture [ upon conditiona that will make it for their in- | adopt the sole standard ot gond or provide for A DEPICIENCY ghatl be patd for princdgal or integest on bonda | to the peoplte, tather than tocorporations, elthee | terest to promote such y and wiil Lo eate | the convertibility of sliver coin, on the demand at the close of the yearof $11,43%,700.33. The | ksued to public eredito Feb, 12, 153, | State or nattonal! The Government. has amploe [ and advantageous to the Government, Varloits of the helder, into gold coln, following estimates are fn excessof the expendi- | the amount of which | 00, Theso | @ity for the eallection, custody, and care ot | plaus have been submitted to secure their co- In the United Rtates several expertments have tures, for the same purposes, for the last fiseal honda have entered Into th ts of the | the coin reserves of the conntry, It 13 a safer | operation, and Lhe best will be adopted. been niade with the view of retaining both ol year: warld, 1 the imarket value of the sflver fn the | custodian of s reserves than 4 multitude of AAVISGA RANRE, and sllver i elrenlation, The Xecond Coniress Tudicial..... new coin Is less than the gold dotlar. a foreed | senttered banks ean be. The authority to saue The attention of Conut 18 called fo tha | umdertook to eatabllsh the ratlo of ({fteen of Military estabitshment, pasment in the new coln 18 o repudintion of a | circutating notes by banke {2 notjriven ta them | great value to our fellow-citizens of the orzanl- [ miver to one of golid, with [ree colngze of both Naral éstablishment, pavt of thia debt, The saving that would thits | for their henetit, but for the public conventencey | zation ot some nlan Jor the eollectlon, sales [ me By this ratlo gold was umdervalued, 4 Indian afTairs,, be made I niterly fnmgniceant compared with | awl toenable them to meet tae cbb aml fow o keeping, and profitable employment of emall | one vunce of gold was worth more - the mar. Pensions.... v o the Injury done to the puhlic credit, edrrency cansed by varsine ceops, productions, | deposits Ly the people. How ‘far this can Lo | ketsof the workd than fitieen vunees_of silver, Pabliec Warka: nd even as to bonds fssued prioe to Feby, 12, | ol geasu It 1k fwdispensabie that o power | done without trenching upon the proper fune- | and gold, therefore, was exported. To correct \\3.; n]e’p-m;mnl, 1538, public pottey and entizhtened self-interest | etionld exiat somewhere to f<sue nnd loan eredit- tons of the State Governments I aquestion of | this, in 137 the ratlo wag fixed at sfxteon to D s 3 Fenuiite ns to par them In he col thew in cire | money ut certatn. times, and to redeem it at | difffculty: vet It 13 Important to sceure, If pos- | oue, but sixteen ounces of silver wers worth in 1,,,.,"““.“{ of Aprlenit : R, 01 culation and vontemnplated by both varties as | others, This tunction can be pertormed better | ihle, a genieral aystem throughont tho Unlted | the market more than one ounes of goid, so Portal SErVICO. . ooreeiressr . 2,000,112 the medfum of paverent. Silver dollars h: by vorporations than by the Government. ‘Thy | States, “This can bardiy be effected by the or- | that silver was demonctized, States | Government eannot loan money, deal fn bills of | ganization of A multitude of ravings Lanks, ae- These diffienltics (n the mlrulmcnt of gold capy-rizit poblicattons and _reords, This Jilrary Tiae outerown the provisions for s ac- enmodation, and! the creetfon on such site as tie judzment of Conzress ity anprove of o FIRE-PROOF LIBRARY RUILDING to nreserse the treasures and enlarze the uee- h:lw»c' of his valuavle collection I8 recom- menled I recommend aleo such legislation ae will ren- der available and efticient for the purpose of in- straction, 2o far as t= consfstent with the pub- lic service, the eabinets or museums of (nven- tion, of mirgery, of educaton, and of agricul- ture, and nther collections the property of the National Government. The Capital of the natlon should be omething more than a mere patitieal centre. We should avall oursclves of all the opportunite which Providence has here Pmmlamur command to ndd tothe general ntelligence of the people and increase the con- thes ean be bronght to trial; whieh delay 12 g, veese to the futerests hoth of the Govenne, awl the importers, ‘Uhe recommendatfon of yyy predecessor, that n special tribtinal he o by law for the trinl of customs-revenue at thu port ol New York, Is rencwed, In compiinee with the fourth ecction of gy, act approved Aug. 15, 157, and since the 1ty Mareh Inst, COMMIARIONS TTAVE NERN ONGANIZED, under direction ot the President, 1o lnvestzage generally the manner in which the cust tusiness has been conducted ab nany of principal ports. They were alro directed to gy, quire Into the mhanner in which appolutments In the eustoms service have been heretotore made, and to sugirest such changes fu extstine taws ns would more fully meet the necessitley of commerce at the precent time, and promtg cramony 1 the collection of customs revenye, w be, | adopted 0 ¢ not been_In cirenlation i the Unit nzfi::gmrls“ga'l‘l‘&‘;:\(l:l::flsl';n“:{[n“?fxv‘l‘::(‘;nc-lnp::fiT\‘} lnco 1537, and shice 1863 fractional siiver voine | exchangze, o make ndvatices on property, pending wpon the tdelity, teeity, and skiltof | and siiver cotnaze were Tul ditlops most favorable. to the success and pers ¢ ! iy considered” by | The netion taken by this Dejartment, e, wifhat o1 | have been {u circulation and a legal-tender only The Secretary ventures to express the opin- | thelr oilleers, but the benetl.fal abject of such Conzress prior to the passage of the net nv- | gusnes of the recoivmendation ol these O Nll;‘:[::y;'lg%r fasiegians R. B. Haves. :‘;‘:‘:;:ll“llnrr‘xulf.n:ugggecls:f;l :::’«‘Jll::trr:{tx‘fl“l‘!’fia:‘ffi; for Hmited sums, amt Lave not be i x Ton that the best eurrency for the people of the | banks micht be seenred by nnthoriziuze the d proved Fob. 21, 1333, By that act n new, and b mx_‘.‘i},",._ Has worked n .‘,mr (.,.pm?,,(;"'c‘;‘,i e e onte mproptiations for the flscal yeac | Plated a8 the medium of payment sivee any con- | United States would he posit of sinall sums with any postal monev- | Was believed TR hE MOt Ol SR CHathiig sarvle, " ' excl o8 siderable portion of the outstandine bonds werke | & CAREFCLLI-LIMITED AMOUNT OF UNITED | orler oflice in the United Stotes, A PERMANENT PoricY, :;:;Ha‘}',',“"';‘\fi‘”,'hfim\t:},‘,}'i‘;fiufl{ L’;‘;},’a},&;‘,‘ fssucd. The silver dollar was. fn facl, more STATES NOTES, | the tssuc ot Govermmeut certificates, con- | was ndopted to seatrd the slmultancous clrenln- This sl require the appropriations 1o be re- | Yaluable than the szold doliar. It docs_not be- promptly redeemableon’ presentation tn cofn, | vertibie on demand of the holier into 4 | tlon of buth sitver and wrold colus fn the United dueed ot Tenst §11.000,000 below tho estimates | come a natlon iike oiirs to avall fiself of the and supported by omple ryves of cofn, and | per cont bonds of the United States of | States. Silver fractlonal colns were provided rubmitted nboye,—a reduction that, inthe opin- | Market deprecintion af liver to gain a small | euppiemented by o system of Natfonal Banks, | such character, description, and amonnt as will | forat o ratlo ol 14.55 fn sliver to vno fn gold, THE TREASURY, REFORT OF THE SECIKETARY O THE TREASURT. ‘IrEAsURY DEFPARTMEST, \AsKINGTON, D. C.y Dee. 3, 1857.~8mt: In obedience to law, Ire- A copy of the sixth repoct of the Commirsion anpointed to invesugato the New York Cust Htinse {8 herewlth transmitted, and the cha recommended [n existing laws_nre conunen! to the conshleration “of Congress. Othey 8 ean DIV | eaving by the payment of silver doliars Instead | organized under weneral luws, free and opon to' | enable and Induce prident pereans to convert aml were only saued iy exchange for gold coiti | ehanges, recommemied by the varlons Co . B i follo;v o 'fimm [{ {z"l?n:'n'vlml;\'f\:-:l‘:ur:hl‘x:':rsfiIg'xlrnvm;“mm eip- | of the cofn contemplated when the bouds were | ali, With power to jssue clroniating-notes see | thelr carnings toa publle seourity of stable | The right of ‘prieate partices to depoeit sliver mmgf will be presented I‘;Cumzrc!sl nluxu‘tl;r‘;u ‘the ordinary revenues from all sources for T LCTION 18 PUDLIG BXPENDITGRES fssucd, cuted. by 'United States bonds deposited with | value. The money thus recefved could be em- | bullion for such cofnage was repeated, int | for sttch nctlon s may be deemed necessary, the fiscal year ending Juno 80, 16§77, were: cannot be ucnur‘cd‘mnrcly by a reduction of ap- A FAR GREATER EAVING the Government, utd redecnablo In United rluyml i the redemption of -vutstanding bonds | these colus were fssued (rom bullfon ]mrrlmnm\ Lanbarrassinent has oceurred during the past From customa, 810.050,400.07 | Ueinriotions. [t must ‘b necompanied by n and higher publle honot can be sccured by the | States notes orcotn, Such a ayatem will secure | bearliys a highee rate of fnterest, By some sitcli | by the Treasitrer of the Mint, and only tpon the | year in tho From internal re From eales of public land From tnx on clrculation and de- posits of National Hanke, ... From repayment of Intercat by Pacific Itallway Companies, ... 1,661,008.G4 Froni customs fecs, Bnes, pons 118, 0130, 407, K 070, 253,68 e it " | zale ot 4 per cent Lomds under the Refunding | to the people a safe curreney of equal valte fn | system it is belleved that the great bady of v | nceount and for the profit ot the United States, :‘:"’:"h’fl:,’:fi;‘r‘m ,l::“f ',':,‘;:,3‘{:"2 ,25“‘:‘,‘5"5’:,‘, act and the payment of outstanding bunds in | all parts o tue vountry, Tecalvablo foe all ducs, [;ublledubz reduced tn s smallest possible | The coln was o lecal tender only i payment of n{m‘nmmt um-mlmlpm'n px\b te works now fn | kel ol An assurance given by Contress of and casily convertible 1nto coin. Interest can | burden, conld be distributed umung our own debts for all sums not exceeding 83" Though x‘-nxm--s' by postponement of all new worka | Bch payment would at uonce secure th com- | thus be saved on so much of the publlc debt s | peovte. With o slight modification of existing | the eilver in this coln was wortlh {n the mar- gnt h"il!‘ “"m,,,c ,},, the publle rervice; und by plete suceess of the refunding process and great- | can he conveniently maintained in permanent | law this beneticid vould va'secured, The | ket 8,13 cents on the dollar: less than jndlclousb:crbum-omlah{mumemn. ¥ v adsance the present hiich credit of the United | elrenlation, leaving to National Tanks the prop- | deposits now held by savings hanks throughout | gold cofn, yet {ts convenfence for usc ns COLLECTION OF DUTIES ON SUGAR, under Schiedule G, Titlo 33, of the Revisel Stat. utes, 'These dutles nre hescased by the Duteh standard, - according 1o colors and it has been nlleged that sugarg have been artifielally colored 3 £ s in the country of export, to sccurs theif passaye alties, etc. ..., . 1,044,7T12.84 tates, er hustuess of such corporations, of providing | the country amount to £313,154,804, deposited | change, its {ssue by the Government only inexe | 5 " et 1 Fromicon, —éaniinr, eficra-nai: * m‘;}“: f:“:l‘ls:"“"“"‘;:fi,“:'l‘l’;‘“‘l’é “’)‘;"n:c“;x;‘,?,f“fla“% ‘Another practical impeiiment fn the salo of | currency for the varying changes, the ebb aud [ by 2,300,000 persons, and mostly by deserving | chauge for, and its practical convertibility into, gL the Cl',‘;l‘;'l““l,,':"“l”"n“ct‘:‘"’fi“'“":‘: ",',;‘:‘l‘. "'r'ml ent, nod Iands.., ... X 1,72%,011.97 233, 034, 240,080, 78 diminished expenses In the public service, ‘Tho revenue from duties on {mports baving Targely diminished, the expenses of its collection should be reduced. OId claims should be cozely serutinized; and any increase in any branch of publie expenditure should be arrested. The Sceretary will not undertake, In this re- ort, to revise the cstimatesof the different Departments,—many items of which are sub- mitted without recommendnation,—but urges that the appropriations based upon them, in- From proceedn of sal crument property. From premium on From profits on colnage, clc. Fron miscellaneous source: bonds was, that, umler the law, the Sceretary | flow ol trade. cltizens, who thus wiscly acek to preseryve small goldeoin matntained {t in efreulation at par with could recelve coln alono tn pavient for them, Tne legal-fender quality given to United | saviues for future need. No objeet could morg | £old coin. I the slicht ercor fn the ratio of and the only existing cofn that could be re- | States notes was Intended to matutaln them n | strongiy appeal to the considerate judgment ot | 1702 prevented ol from enterlaz fnto clrenln- ceived, under tho law, was gold cofn, As this | forced cireulation at a tue when their deprocka- | Conarese, The heavy loaree that have been sus- | tlon for forty-tive years, and the slight ervor fn was not in general cirealation, it was lmpractie- | tiou was inesitable, ' When they are redecmable tained through savinza banks, whose funds have | 1817 broueht gold ‘futo cireutation and banlahed ble for the peopleto pay it into the U'reasnry for | 0 coln this quatity may cither be withdrawn or | been improvidently Joaned upon Insulliclent se- | silver nntil 1¥5% how much more certainly wiil these bonds, '['herclurn. it beeame necessary to | retaiied, without wiTecting thelr usc s currency | curlty, have Inflicted far greater mjury upan | an ereor now of 9 per cent cauro gold to be.exs conduct all fales through thind partics, who | Inordineey thnes, But all experlencs has showir | the depusitors than woull agtnilar loss sitffered. | porterd and silver to hecome the role standard eould receive bank-bills, United States tes, | that there nre periods when, under any avatem | by persons engayed in banking - or commercial | of vuluel Is it worth while to travel again the draits, certillcates, nnd other forms of con of paper money, however carcfully guarded, 1t | pursults, The Sccretary, therefore, recom- | round of crrors, when experience has demon- merclal paper, and convert thein fto ol The | Erimpracticable to maintain actual'coln redemp. mends that authority be granted to fssuo certif- [ strated that both metala can only bo matntained Recretary, therefore, recomniciils that lie be | tion. Usually contracts wid be based oncur- | cates for amalt depozits, convertible into § per | fncirculation tozevher by quired fu the ordinary process of manufacture, Whifle the truth of such allegation tns ot heen established In any positive manner, not. witustandig the thorough _examination which las been made by the officers of this Depart- nient, 1t has heen nscertalucd that Lhe suspect. ed sugara, which pay tho lowest rate of duty at the Custom-House, were of o higher iutrinsle prrade In many cases than those paynng higher rates of duty, Statlstics show that, from some _cause, n marked increase has o 3,00 Total ordinary recelpte. . ....8200, 000,580,602 TIE ONDINART EXPENDITURES for the same period were For civil expeneen, For forehen lnter For Tndiana. cluding the amount estimated for the Sinkiug e 4 curred fu the lmportation of sugae sab. o - authorized to sell sich bonds either for cofu or | rent paper money, and {t 18 just that, durlng a [ cent bonds now authorized by Jaw, the proceeds ADIERING TO THE POLICY 07 13331 g o Tor ponstonay f 3 :“'"{,' ":z'{fl:‘.’: ':::lxt::'ly f::m,‘w:xafcfhé"ufi"f: for its equivalent in United States nutes, it i, o i nnreasouable demund for | fo bo used solely for the redemption of bunds | The siiver dallar was not mentloned in the act ia’;{‘né;a;l'fiel;fi‘imlf';,‘fi “l’,‘l‘lll'c‘”{;““"_fll;"{“)‘l"”‘l Including rivor and harbar im- ot RESCMPTION OF SUBCIE-PAYMENTS. ot 1he ereditor ahoull ot be allowed to de- | beating u higher rato of Interosty and now re- | of 1S53, but from 1703 until 1371 i was wortis | BRGS0 LGS GG OB o 1nynJ.:v;u-nnu‘. nn&n‘nfinnln.‘. e 97,082,735.00 | CTMment. T By |huqllcmnmlluu act approved Jan mi‘lnd pi\ymm:zlm other t‘huntthlo cqll‘runcy uplxlm deemable at par. n;«;rcllgl lllm dnnrkc‘t ftl‘mtmthf gold dotiar pro- | { \oubticss e 1n “par to the act of March ‘,; For the naval es , Ine i D, i, the Seercta Treasury fs ed | which the de cted, mdet L 2013 vhilc ct of 15 vi - | %t I pAmICIencin A7 ST S, 4030095, | st tat bl tho Foaoiech of e Sty | 50 pee ccatun o, the wun of Sationa ok | SAETACY SHE LEGMCTEMRUAGALITE, | toshesepsrtusthe Diesuril b Mith T | ol B0 o, o prior | 145, i presrioed fn Skl 2w s 5 inereased the discrimination in fuvor of the ldw. er grades of sugar. The Duteh standard 1s an unsatisfactory hasly for the assessment of duty, founded ns ftls on color nlone, which bears vo deflnite relatlon ty the value of sugar. If, however, the Dutch standard is to he retalned, [t Is recommended that the grudes be reduved in number so that there hall be but threa rates of duty, one for suizars not above No. 13, one for sugzirs above 13 and not above 20, and another for ail suzary nabove No. 20, Including nll refined suvars, Based upon the quantitics of the varfvus wrades imported during the past two years, the follow- iniz rates would yleld about the same nmount of revenue as was collected durlune that time: Sugars_not above No. 14, per pound, 3 33-100; nbove No, 13 and not pbove 20, 8 451005 abuve 20 and ull rellned sugars, b cents, ‘This (s fuclu- sive ol the U per cent ndditional duty iimposed by tha act of March I}, 1875, Exteusive nudervaiuations in Tucluding public boidings. izt 1! Unlted States notes. If thoy are not at | genernl munagement of the mints and assay of- [ Whole nmonnt of such dollars, Issued prior to houses, ant tho rev. O of us clreulating uotes aro fastied, until thero shall | pre with colt 1t 16 the fault of the Gosernment | ficgs, sud the amonnt, nccuracy, and perfection | 133 was £2,553,000. Subscquent to 1835, and Ve outstandine the sum of 300,000,000 of such | and not of the debtoe, or, rather, [t 18 the resuit | of their work, sra highly satlsfactory, ‘Tho until it was dropped from our colnage In 187, Jewral-tender United States notes, aud no more, | ofunforcseensteingency ot contemplatedby the | colnags of gold and . sliver, their relativo value | Uie total amount fesucd wos 85,4253, or an In obudlence to this act, there lave heen | contracting parties. to cach other, and thelr Jepal-tender qualities, | agerezate of 83,015,878, and this was almost ex- fastied gince. March 1, 1877, to Natlonal Bauks | In estabilshing o system of paner money de- | are now tho subjects uf discussion aml legisla- | elusively far exportation. & = £10,1%L495 of efrenlatitig-notes, and there have | slgned Lo be permanent, it must be remembiered | tion tn ald civilized countries, ‘Thoso questions By the coluage act, npproved Feb. 12, 1813, beeh redeemed, rotired, aud canceled §12,599,103 | that heretofors no expedient lias been devised, | ara espectally fniportant to- the Unlied States, fractional sflver colus were wuthorlzed, similar of United States notes, leaving outstanding on | cither in thisor othier countrics, that tn 1mes | naw In o transition from an frredecmable paper | I general character to the coing of 1831, hut the 1st inst. the suim of $151,510,238, af panle ur adverse teade, nas prevented the | eurrencyto s mixed currency, redeemalo i | Witha slight Increase of ellver fn thom, to make Ty the same act it Is provided that, on and | drain and exlianstion of coin_reserves, lowever | goln, aid will justily tho Secretary in a fuller | them confurm exactly to the French eolinxe, after the 1st day of Januars, 15:9, the Secretary | larce or carefnlly guarded. Every such system | presentation of these topics thin 18 usual fn hls o the oll dollar was replaced by the tradu- of the Treasury shall redeem, i coln, the | must vrovide for asuspension of speclo pay- | annual report. 7 doliar of 42) gralns of etundard silver, United States derul-tender notes then outstand- | ment. Laws may forbld or Iznore suvh o con- ‘The Resumption act of Jan. 14, 1873, provided Much complaint has been mudo that this was fug, on thelr presentation for redenntion at tho | tingency, but it wili come; and when it comes | for the exchanre and substitution of sflver ol done with the deslgn of depriving the people aftiee of fio Avsistant ‘Treasurer of the United | 1t cannot_bo vesistod, but’ should bo ackuowl- | for fractional currency. Lo fucilitate this ex- | Of the privelege of paying thele debls fna States, in the City uf New York, In sumis of not | edged and declared, to prevent umiecossary | change, the_ jolnt resolution approved July 22, ( chieaper money than gold, but It is maulfest that leas thon @30, “And, Lo enable’ the Secretary | eacrifice and ruin, In our free Government the | 1576, provided that such coin stiould ba issned TUTS 13 AN BRROM. of tha Treastiry to prepare aud provide for the | power to make this dectaration will not bo will- | tg an amount not exceeding 810,000,000, foran [ No onc then did or could forcseo the subsc- redemption I this act suthorized or required, | tnely intrusted to fudividuals, but should be de- | gqual mmount of Jewal-tender notes, It also quent fall in the market value of silver. The he 18 authorized to uso any surplus revennes, | termined by cvents and conditlons known to ol | provided that tho sgzzragate amonnt of such | siiver dollar was an unknown cofn to the peo- from time to time, In the Treasury not oth 1t is fur botter to fix the maximum of legal- | coln and fractional currency outstanding shail | ple, and was not i dreulation cven on the wise appropriuted, and to Isene, sell, and dis- | tender notes at 3300 000,000, subported by a | pot exceed ot any tinie 860,000,000, ‘That limig | Lacile slope, wliere voln was n common use, pose of nt 1ot less than par In eofn elther of the [ minfinum reserve of £100,000,00) of evfn, | would huve been reached soino timo sinee, 1¢tho | The trade-dollaraf 420 eralns was substituted Gescriptlons of bonds of the Unlted States de- | only to be used for “the redemption of | whole smountof fractional currency fssucd and | for the sllver dollarof 1234 gralns because it scribed in the act of Congress approved July | notes mnot to be relssued untll’ the re- | pot redeomed had been held (o b “outstand- [ Was believed thot it was better udapted to su- heen sulliclent to anake o literal comblianco with tho conditions of the Sinking-Fund law racticnble, o total of em}sos 2! bavo veen’ applied to that fund July 1, 1570, whercas the actual reduction of the debt, inciud- fnje_aceruca intercst, less cash in the ‘Freasury ot that date, amounted to $658,092,290,44, On the same basls the amount in the_ Sinking Fund would have reached $475,31%,848,78 on the 1st of July, 1877, on which date the reduction of the debt, includivg accrued intereat, less ensh in the Treasury, since its hichest point in - 1863, amounted to $6X,TT,HY.17, or SH0,U51, 150,39 in excess of the amuunt required by law to bo provided for that fund. FUNDING, ETC. The contract of Aug. 24, 1870, made by tho Sccretary of tho Treasury with vertain parties for tho negotiation of $300,000,000 43¢ per vent. tiouds, had so_far been cxceuted on thie 18t of March, 1877, that $90,000,000 had been sold to tho assoctated contractors, and ealls had been made for the redemption of a like amount of 5-20 bonds, While the contract explred In terms on the NMC L. ae For interest P Total ordlnary expenditure: Leaving a sarplus revenuoe of, Which was applicd as follows Tothe redemption of United States notus, ete, To the reds CUTFCNCY wevesersrnnss To tho redempi o Horuda for tne Sinking Fund o 447,500.00 Slo increase jof cushi-valanca in tha Treasury... . D0,778,002.04 $30,710. 577,60 The amount due the Sioking Fund for the Fear was $33,720,833.20, leaving o deflciency on this account of 83,389,255.51. COMPARBD WITH THE PREVIOUS FISCAl YEAR, Ahe receipts for 1877 have decrensed as followa: In customs revenue, $17,115,491.54: In proveeds . THR ENTRIES OF MILK 000DS have oceurred during tho uw.?'cur' and the pere slsten effurts of the officers of the Departmiens of safes of public launds, $153213.27; In sles of [ aorhy day of Jutio, 1977, 1 vontained n stipulas | 14, 1570, entitled * An nct to wathorizo the re- | 8ervo 13 restored. A demanit Tor coln to exbaust | fng,? 1t was well known, however, that a racdo tho Mexican dotl iaao. | 2% the peinctunl ports to prevent, and breuk up Al g v 4 2 - . B 3 el vory | persede the Mexiean dollar i the Chinese 1 ! 1 9 cuin, §3,473,005.02; In semi-annual tax on banks, | tion that it might be terminated by the Sec funding of the national deld,” with fike quall- | Bucli o reserye may not occur, but, If ovents ]m;'vc amount of fractiony currency tsaued had | trade, amd experhnent prove:d this to be true, ::_"L,:{J[["";fi'l',‘,’;,",fi',f",’:‘“m',',‘:" t’l‘"l‘n‘l: &‘?,"le'iz"p::z £:250,0:22.33; {n prizo money, $321,370,92; In sales | tary of the Treasury, upon ten days' notlee, | tics, privileges, and exemptions, to the exte t | force 1t, its extstenco wonld be known and coulil | peen destroved, and would not b presented for | Since tho tradedullar was authorized 830,- necessary tu carry this act tnto full effect, mid | be declared, and would justity a temparary sus- | yedemption, ana_could hardly be held to hg 710,400 have been fssued, or nearly four times to ure the procceds thereof for the purposes | penslon ot specle paymients. Some such ex- | soytstanding.” The Treasurer of the United the entire {saite of old silver dollars since the aforesald,” pedient could no doubt be provided by Con- | States, the Comptroller of the Currency, und | foundation of the Government, Had not the to the practice of shipphig gouds to azents In the United States on consigniment fer sale on the manufacturers’ account, for witich gomls, §t after the 4th of March, 1577, In May last it became apparent fo the Seere- tary xhnr] by a favorablo c¢hange in the money of public propesty, §1,29%,212.73; aod fu mis- scllaneous ftems, $034,612.81, Tlierc was an in- rrease In the following iteme: In Internal reve- | matket, 4 per cent bouds could be sold at par, IN OBEDIENCE TO TIII8 PROVISION, reress foran exceptional emergeney, In other | gno Didector of the Mint concurred Inestimating | Colnnge act of 1873 passed, tha United States Is_clutimed, . thety {8 cpsayuedtly o inarios oue, £1,000,675.80; In profits on coinage, $1,63%- | in coin, with great advantage to the Govern- | 1he Scerotary hus sold at par, for coln, §15,000,- | tines the vencral conlldence in these notes | the amountso lost-and destroved to bo % | would now be compelled i suspend the freo ,‘,SL‘:fl-‘;"?.‘}:".'..J.‘ 13“1:“:: iflf‘."&fik l:jlxtulxl:'u 121,73 and In miscellancous fteme, 81,03,630.01, | ment: and, ovalline bimaclf of the privilego | 00 415 vef cont bouds, or 85,000,000 duriniz | would maintain them at par In coln, aud Justity NOF LR4S THAN 83,031,513, colnaze of sllver dollars, as the Latlu nations | quties on sliks o chanyed to one per pound —maklng a net decrenso in tho recelpts from all secured by tho contract, be gave notiee that lio | cach of thy montha of May, Jung, vnd July last, thelr use as reserves of bunks and Jor the re- As it was evident that Coniress fntended to | 91ds or to have silver as tha sole colu standard | jnatend of the prerent nd valorem duty, The s, for tho year, of $19,451,452.54 wonld Mot the sato of 43¢ ber cent bonds to | and hus suld 825,000,000 ut par, b coly, o1 4 por | demption of bank-notes. pravide an agsregate isse of 50,000,000 of such | Of value. e AR e e AR Solrcys; [OELBpIYCAty waybuerls £200,000,000, cent bonds, or £5,000,000 for cacl of the monthy NATIONAL RANKS. coln and curreney in cfreulntlon, the Sceretary | - 8ince February, 1873, great chauges Rave oc- | tion of Conuress, Tne expenditures show a deercase a8 follows: On the 11th day of May It was agreed that a | of August, 8cptember, October, Nuvember, miud In thisconnection, the Secretary calls the at- | directed the further fssue of silver coln eqial 1 | curred lu the market valto of eflver. Prior to For thu rensons nlrendy stated tho aguregate rovenuc frum fmports cannot be decrensed with dug regard to the wants of the Government, A UEVISION OF TUHE TARIFP scoms desirable, aud the Seeretury recommenls that u duty oftwocents per pound on coffeeand 10 vents per pound on tea bo adopted, which would yleld u rovenue, basea un the averaga an- nnal consumption of the last five years, of over $12,000,000. By tho adoption of stich a measuro In the War Department, $068,152.74; in the Navy Department, £4,003,074.40; in the Interlor Department, $953,10L375 In clvil and miscel- lancous, 10,700,307.18; and In tho futerest.on the public debt, £3;118,750.63,—due to the fund- fuee of 6 per cent bonds in news 5'8 and 434 per ‘cent honds,—making o totgtreduction {n all of the Departinents of 10,700,753.40, ‘The lurge npparent redi fon 1 the cxpenses portion of the latter should be soll under the authority ofthe Resumption act fur resumption purposes, and subscriptions were rupidiy mude untll the ageregate reachied 200,000,000, of which $155,000,000 wers nnplied to the redomp- tion of an equal amonut of § per cent bunds. On the Oth doy of June, 1877, tha Seeretary ENTERED INTO A CONTRACT with a portion of the previously-associated par- tles for the sale at par, in coin, of the 4 per cent December. OF the coln thus recelved, 34,00, | tentlon of Couurcss Lo the report of the | amount to the curroncey estimated to have been | that time the silver fu the old dollar was worth 00 hiave been sold for the redenmiption of United | Comptroller of the Currcney, luat and destroyed. more than u ol dollar, whily ot pre 11t (s States notes, and the residue is i the ‘Freasury, | Tho number of Notlonal Banks {n_existenco | 1t s submitted that the limitation upon the | worth about 02 cents. 10 by Taw uny holiler ot Tou surplus revenue las. also, ander the vaue | on the 1t day of November fast was 2,080, ‘The | amount of such fractional ol tobe fssued fnex- | slives bulllon might deposltit In the” mint and authority, been appifed to the redemption of ainount of thelr clreulating notes n:llr,g L WIthin | change for United Statesnotesshonld berepealed, | demand o full lezal-tender dollar for every the residue ol United Statea notes, not redeems | the vear prior to Nov. 1, 1977, ts 320,(8L,037. | 7This coln Ia rendily taken, is in great favor with | 4124 cralns of standard silver deposited, the ed by th kale of coln a8 above stated, and the | The mmount of clrenluting-niotes tassued ‘to Na- | tho people, its issie Is profitablo'to the Govern- | re. it would Lo fnevitablo that as soom us the balaiice (s behd i the Treasucy ln preparation | tonal Banks during the same perlod {s $1,300,+ | gent, and expericnes s shown thut thero fs | mints could supply the detnund the gliver dal- for resumption, 3 O3, “Iig aweregate mmount of thele circulation | ng dinleulty i maltalning it at par with Unit- | Jar would, by a inauclul law a3 flxed aud fuvari- “These operations, aided greatly, no doubt, by | ontstanding Is §316,775111. ‘Thelr loans and | o States notes. ‘The astimated amount af such | able o the law of gravitatlon, becomo 111 opportunity will be given for a moderate en- ‘i ‘partment, liowever, s nat real; | bonds of the United Statcs, nuthurized to bo | the favoruble conditlon of our, forchen conis discounts amonnt 10 858,343,200.11, eoln In clrenlation In the Unitea States 1n 1560, TIE ONLY STANDAKD OF VALUB, lurgement of the free list, o of, e Rivy epartment, lowoser e et £eols | Dt Sy tho Ttofunilng act ‘Thisconraut | ey hava sivancel tho, market vaiup of | T voneral vofvuey ot e Suttonal Banke, | ot par with col, vas S190W00. Great il | AR forms f paver mowey wauld, il to, thet s B uy the current Habllitles of that Department, | V83, in substance, aimilar to previous contracts, | Unite Tuted artieles are now inciuded in the dutlable llst which yleld less than 810,000 n year each, and the vost of collecting the duty on these artlcles I8 proportionatly greater than on ths lmrlu articles, The additlon of many such articles to the free liat, tn the event of the duty };u{n‘g placed on tea and coffee, would be benes iclal, The coln values of tho z EXI'ONTA AND IMPORTS of the United States for the last fiseal year, as appoara from returns mado to and compiled by the Bureau of Statlstics, uro os followa: Exports of domestic merchandine ...8380, 070,224 Exports of foreign merchandivo . ... 12,801,000 Total Imporis Excesa of oxports ever Imports, ....8151,152,004 For tho Hazal year 1870 there was un excess of oxports over jmports smounting to..euviee States nuntes to 0735 per cent, or withiu | 83 uow ui anized, and thelr benelit to the peos | with a popylation of 82,030,000, mafntalus an ine | standand or below it, and rold would Lo demon- nearly 21§ per cent of ol ‘They have ulso | ple, have Been demonstrated dunimg a perlod of | ferior fractlonal coln to the umount of $02,463,- | etized snd quoted ot u premium_ cqual to (s convlusively demonstrated the practlability of | fourtcen sears. No onp has lost o dollar by | 500,# at par with gold, and otlier nations main- | value in the markets of tho world, For a tio restorliz. Uit Slates notws to ey i cotn, | reeelving thilr notes, “They ave been loss sl | (ol o much larger per enpits amount, Tho truo | tha run to depoait bullion ut tha mint would by the time fixed by Taw, and that without dis | fect to revulaton und faildra than nny otber | it of such o is the demand that nay bo | give to sliver an _artiticial value, of which the turbing either dumestle or Torelin trado | torporations or tems. Thelr organlzation under | made for fta fssue, and If only lisued fu ex- | holderaand producers of silver bullion would or commerce, Every step s been ne- [ 8 general law contalntog every saluzitard which [ chango for United States notes thero fa no dan- | have the sois benefit. ‘Tho utmost capacity of companled With grrowlng - Lusiness, with | experictiee hus sugeested—the supervision over | gor of an excess belng fssned, tho mints would be cmployed for yeara to sups the advunce of ‘publle credit, and the [ them by the Comptroller of the Currency, tho By tho coltiaze act of 1873 any person may | bly thisdemand at the cost of “und without steady opprechation of United Statea [ frequent und unforescen examinations to whichh | geposit stiver bultion at the mint to by coinedt | profit to the people. The sflver dollar would notes, ‘The export of bullion has been aprested, | they arg subject, the sworn statementa re- | ingy take the place of zold as rupldly as colued, nnd aud our domestic supply has accutmulated fn the | auired of thei nluverrdeml necessary to dis- TRADE-DOLLARS bo used hi tho payment of custom ditics, Treasury. ‘The exportation of other domestie | ¢lusu neir condition, the ubsulute security of | ot tho welzht of 43 gralus troy, upon the pay- cansing an accurmulation of such coius In the products has been largely fucreased, with preat their fssuca—makes this systen ::( banking a8 | | leneor th cost of colnage. 'ThI8 provision was Treusury, 1f used fn paylng the uterest on tho sdvantage to all industries, The vourse adopt- | safemid efficient as nuy yeb devied, Tho re- | Jua i e when sueh s dollar was worth fn | Public debt, the grave questions already pre- ed under the Resumption uet, us heraln et | muining comlition to perfect this syatem 18, | 4000 rker $1,03 15100 1 gold, nud was desige- | Seuted would arlse with public croditors, serls forth, If pursued, will vmb.\lfiy bo folluwed | that thelr notes shoulil by readily convertible | oi% U0 O Yeude (i -Ching, where siiver | 0Usly alfecting the publie eredit, with Into coli. While United States notes were frea- | ©0 Sy stundard, By the jo‘ln‘ reeolution 1t is urged that the freo colnage of sliver In LIKE PAVORABLE RESULTA, decmable aml deprociated, it sras not posstble | (F g1 Tz pavsed wiien the trade-doliapin | the United Stutes wiil restore it market valuo and o sufficient fumd for the maintenines of ro- | that bank-notes should rlse ubove tha par of | ket “Vuluo )llml fallen greatly below $1 fn | t0 that of gold, Market valug s #xud by the sumption will doubtiess aceommulato fn the | Uniied States notes. : goidy it was provided that it ahould yov he | World,and it by the United States aioue, and Truasury at or bofora the dato txed by faw, Tie | THB TIUR TEST OF TINS SYSTEMOF DANKING | {yorgafier n logal-tender, and the Sceretary of | 18 ullected by the wholo muss of sllver fn Drovision for freo banking has alded this process | Whi vome whou the United States notes are |y ofrepsury was authorlzed “to limit the cojn- | tho world, ~As the enoruous and —con- by nlluyiog smaiinary fears that wontd other. | sobitained at pae with colu; then the bauks | 1oy yperaf to such an umount as he niay deem | tnuous ~ demand for sflver in Asla lus wise iave beet aroused by tho withdrawal of | Wust redvem thefe notes fu colw or United | gumclent to miect the export demand for the [ Bob prevented tho fall fu silver, it 18 not Unfted States notes, Btates notes equal to colin, 2 same.” Under these laws tho smount of tendes | 11y that thie hunited demand for stiver coln in The Secretury vannot too strangly urzo the | Ao ample stutlstics gven by the Comptral- | §yiars (sayed, maluly for cxportation, yas §10,- | this” countrs, where papar nionioy I8 now aud fiem, malutetmnc o polley that will’ mutio B s iy At oot | 710,40, I October fast It becamo apparcut, | Wil bo i hiet mediim of exclauze, wil ol 112180 ¢ 7 d < CEGEVL cause any couslderable advance in its valuo, uo:cn‘wfi&msumhmw:‘n:—:;‘nls‘n‘x:lc;lll:\.‘-‘.'u'l‘::lc‘llfi“l'l?: il condition af other systenis of bunking fo | ihek thers was no further export domand for | £Buse any Yaue YAluo, Songress has, by deflefency bil, during the re- cent sesslon, appropristed the suin of §2,008,- BU1.27, which [s properly chargeable to the ex- penditures of tho last year: but, fncluding such deficiency, the reduction in recelpts has boen nearly wict by the reduction of expendltures. 1t will alse be noticed that more than one- half of this yeduction hins been madg in the clvil and miseelancous expendlitures, and Is {n part duo to the reduction of the safarles and oflice: expenses of the clvil oflicers and employes of the Governtaent. FISCAL YEAR 1878, Fur tho present fiscal year the revenucs, actual and esthnated, will bo ds follows: Fow the quurier For the rematning endling Seut, " IAree guariers vf 477, Ak [he year, Exli= 5 muted, U83,990.50 8 U2,510,408.44 . 26,000,382.54 §0,000,617.42 214,708 10 201, 208.61 but was ta ternlunte o the 30th day of June, 1879, with the right reserved to tho United States to terminate {t at nny timo after tho Slst of Deceinber, 1377, by giving ten dava’ notico thereof tothe coutracting partics. ‘This con- tract nlso contalned a stipulation as follows: Tt4s also agreed that the parties of the socond part shall ulfer to the people of the United States at par und accrued interest in coin tne 4 per cont re, tered cansols and 4 per cent coupon cansuls uf tho denominations of 840 and 8100 cmbraced In this contract, fora period of -tiirty days from the pub- Hic notich of such subacelptions, and in such citics and upon rich notice us the Secretary of tha Treas- ury may prescribe prior to the openlug of the lisla; and further, to uler t the subscribera the option of paying in fnstailments extending through three months, Under this contract, Invitations havinz heen publisiied, subacriptions 1o this lnan were opun- ed on the 10th of Juue, 1877, Within the period of thirty days thereafter the subacriptions had reached the sum uf 400,530, which were pay- abla within ninety daya'from the date of sube suription, or un or before tho 15th uf October. Every subscription to theso bonds Las been pald, and of the proceeds $30,000,000 have heen nwllml to the redemption of an cqual amount of Oper cent honds, ‘Tho residue has been ap- plied to resumntion purposes, us hercafter Receipt From eustoma From tuternal From siea of pubil land: 70,013,481 sShowing an excess for the last Uscal qur vvor tho preceding, yeuarofiieeis woee v an 8 71,608,013 Exports of xpocie and bnltlon B, 1 7 Twports of specle and bullio It 3,440,030.84 3,550,003 18 Froim repayments o [ntereat by Pacltio lallway Cumpuiiles From customn fines, penalifes,eic. Frumn feve—vcunsular, pateut, K 236,162.18 $63,637.83 208,940.33 ¢ 504,630.08 wd i i 30| frde-dollurs, but deposits of stlyer bullion were | This adsance, ifany, will be sccured by the do- | Iixcor of exports over imports......8 1 Ji Lior-patent, Ku . Siated. Thy wnnual reduction of interest on | uct * Tu strengthen thy publie credit, approv- | ¥peciu-paying thies, glve assurance that the Su- | c \ ¢ mant for silver builion for coin Lo be fisued by ——— iy wnootan 7 nsemsones | A b e Tans Tollowa et o slrention o pubile credited appeot. | W ihica ara ablesto sedecn their circulat. | iade uid wuc doliure wers demanded, of Y | Total oxcous of oxporte of merchan- tho mint for circulation dn the Uujten | #nd lur the L‘ulw-lsmwflmwullanlnzw«:ru » I *ive by the Resumption act, ine notes 1 colis ut by dato fixed upon by the | gegee ™ hae (he owner mient sec isaued for the henefit of the holder of the bull- Dishonored motes, 1ess valuablo than tho eofn | Guverument, ~ They ceptainly should not ujoy | diiferines osiwees Lho yatao ut. n:llu):li:-l:)ll;illun‘ll::‘ fon, 11 tho financtal condition of sur country Is y ] ee tue franchise of dreulating as iwoncy thelr non- i # very Vi s'hym]l.'F::lll::,";fl:’f:“‘::",c{",",w:fl‘fl h“lm;:llfu.‘.‘fi Intereat-heariig notes, e thoy e e tpared | tio market aud Unlied States notes, At s 20 grevious that wo must at vvery hazard bave of §1K3,000,000 4§ per 1. §%,776,000 b 1,000,000 dlse and the preclous metals over imuorty. .. ..$100, 530,017 ‘There was withdrawn from boud for cousump tlon, in cxcess of that entered for wurchouse, €5,589,38 zeq, 41104 130,432,067 £€9,807.39 7T 0 ) ¢, 1o mints were fuly oceupl A CHEAPRIL DOLLALL, e LI oo | B vt an praciieable” T puutlcredi et | 1o, rlsem phcin, | Th preseat batets o £ Gt e colus o acogut ot th | 10 onder Lo fevsa Ut burdes of'ucbte aready | durihe the pask acal yvar, muoeciandlvs of PIURT =B Tt ¢ ed v fada 1 iy cry o 4 i crument. Lhoref contracted, it 1 far better, rather than to ado; 20401, The'total esportation u Lo 230007733 | 1, Getober Jasts after ment of the ‘!“fl; b et i P A 2 holder | R Ok od van Do coutinued afior® United | Upverument, “hierefors, undee the muthority | ¢ ' ot sil oo | Bpecio and bultlon was Tces thai that for the W1 Y T o them has Total recelota.....$71,037,500.63 _ $103,00,430.18 THE EXPENDITURES for thie same pesiud, actual und esthnated, will boy Fur the quarier Fov (heremaining, ending Seut, tAree quurier, G0, (T7 “dgie OAE beur, E maled, at, ) been deprived of a part of his just duc, Now, when odr national fesourees are ample, when the process of appreciution {8 almast vomplete, whei the wisdom of toe existing taw has been demonstrated, it 13 the dietate of good poliey nud guod falth te coutinue thls process ol prepa- ration, su that at ur beture the thne fxed by law every United States nute will have cqual pur- chusing power with coin ‘Fo reverse Lhis policy ro:mlur subscriptions, arrangements were pees ected to open Durther subscriptions to thy 4 er cent loan, and a cull was about to fssue for RIU.M.W of 8§ per cent bouds, but ft was TEMPORARILY FOSTIONED by reason of th sgitation of the repeal of the Resuinptionact and the remunetization of silver, which tho assoclates Lel I woull prevent further sales of theso bouus. For thls reason they declined to oifer them, and so further call untinued of the law referred to, the Secretary dire:s the single standard of silver, to boldly reduce Btatea natca ure at ur witl colt as swell ue WOWs | ot o further franes of tiadocdoliars shind o | 1ho wumiber of wralns fn thy kold Holfie or'to If experiencs should show that additional 1e= 1 ol gouniil necessary again 1o mect an exporg | Sbandon and retrazsall efforts Lo maku United Lo il uury'll‘w catbe required. \Hhety | i, T caso anothier silver dollar [+ suthor. | States notes equal to coln. Eitier expedient as uuw, thelr uotes will bo amply sccured by the | 0G5 g Socretury recommends that tho trade- | Wil do.greater barm to the public at large than dopunit of bonds, and confidenca In this security | g 400 L' discontimucl, auy possible benelt to debtors. n'.lu: ‘:;‘":{n‘:‘“l.’:‘:;;‘:!u I:“Lu.v:l,‘::’lmll,“fiurz:.Ir‘l‘;:: "Pw question of the issuo of I'l‘llm free ruln.m}u of silver \\'llll also Impalr the " ¢l K 4 " ? tho ac or denands on banks for payment of thele notes, A BILVER DOLLAIL #OIl CILCUCATION A9 stonmy | Plelso iindu ol tie customs dutlus, fishe et * ¢l CUBE! . 1 Februay, 1562, for the psyment of the foter- 1 tha pulley 1 the Government shuuld ba to | B, beett autchh discusicd wnd caretully cxum- | g inalutalh i rcuation at par with co u snaxp. | 16d by 8 Commission organlecd by ""'“""“I preceding year by 344,105, while tho exports of domestic roods fucreased in value §51,037,977 Importations of merchandise decrensud to the aimouat of 8,418,064, a3 compared with those o the preceding flscal year; and of 831,632,310, a3 compared With the year cuded Juus 80, 15875 There was an tneredse in the value of fmports of the followlne articles, which nrg free of duly: Hides and skins, $1,027,03; crude India-runixr = bunidingz, huuses, wind e ho ruvi est of tho public debt, Th pulley thus far wl- river “and harbor 1 payment for thesu bonds thelr face value fu nts and old coln, (6 was not anticipated that any future egislation of Congress, or any sctlun “of uny Department of the Goverument, would sauction or tolerute the redemption of thu principal of theso bonds, or the payment of the intercat nmwm:‘ in coln of less value thanghe coln au- $3 ¥ thio fucy of assured success Wi . ¢ 4 Dered to, of volioeting theae dutloa fu gola cofu, | and gntta-percha, 81,178,507, raw silk, §1,305 It sz a0 of © per ceut bouds was thereforo made, o wu::.‘r-;':‘a m,.‘:,‘:,',,‘.‘::.:,::!‘.lllu cuent, mum of three hundeed mitllons of Uniced States :‘;{Ivb:-lr‘:l‘:l‘l::‘m\"\mf:":m.lr:hl‘::‘l’;‘l‘:\: ;’u“‘ ':l‘:‘;“(‘i'n et vm;(c}mn of u:,n‘zm‘[lnfi m,&m.q'. 520, The largest lucreass 't value of dutls. For penunii o 70676100 il e s{}",",;',’,‘f,‘.‘fl",' Tetudinig e sihicelo arrest tha process of reduclu tho iuecréat on uotcs and bo aupport thein witlh u resorve Of | 4 will maintatn lts current value At Vit yanslug th publls eredit, und ninklog it possible ble ngmfi:r;}:: 11 browiu saar, chiefly for re 5 ¥ e ouere brmed | ates, di | ghe public debt, and cause o ' 3 olily e rev ’ 10 levscu the burden of {uterest rocesa | fnlug 3, $25,454,601, Foreatins b a0 Olfcial letter, Uiat, us tho Government exicts | dlytices our coniry lmnnn-c:xl:lel‘;n‘:lllltr\:mmd“ Hicae notes will bo tho natural rescrves of thy | ¥Uldy its lésue Ia respectiully recommended, A v ¥ V:”m = EXPORTS TO CANADA, s ? . gold'coln of the denominatlon of one dollar {s | Of 1etumhing, :‘,‘,“;‘m :‘ll"‘“l;:: o conveniany for tiat purposs | 1y, suall for conveutcot circulation, whils such | | 1n visw of these constderattons, the Beeretary T reat danger that in toruer systems thircat. | % uiu In sllverwould ho couventeut fur 3 multl- hastell It to bio lits duty b caraustly trgs upois T ity Tod depostte, 1T | e of dally transactions, aud Is i o forus to | Coukress, the scrlous oblectioug to the freo thess wers suddenly withdrawi, or L'n;nll satisly the natural justinct of hoarding, coluuge of silver an such conditions as will do- e e honter wao tho chiby “aul. | OF tho unctals, siiver fs of wost general ugo | Muctize kol greatly disturh all tha fuucial ferer, 'The Hrst rumor uof weakness about a for volnage. It is & part of every system of | Operations of the Govermment, suddenty revos The Resumption act contemplutes thu redue- tlon by the 1st duy of January, 1879, of the amount of Cnited States notes 10 $300,000,(00, by the conceilation of such notes 1o the ¢x ol W) per cent of the creulation lssued to Nu. tigual Banks. ‘I'he amuunt of circuintion so fssued may ot Ovwing to the fact that there i no law requir- ing persons exporting merchandise by land-con- veyanee 1o Canada Lo fle maidfests contalong kv quantities and vulues thereol, thy value of cur cxporty of domestic merchaudiso to the Previncesof Quebee, Ontarfo, und Mauitoba Is not fully cxpressed in the returus mado to tho Shhes, . r naval uvstabllahe L tuding ety Vesscloand nscnius €1y, aud_lupraves s oL navye 3,072,037,48 83.027,02 53 8,603,855 12.604.434.40 20 Lye 3 whe lutionize the Lasis of vur currency, tirow upou by law at the time of th —belng 1 : banik browgit & demand from depositors and | €Ol0agy even dn couutries whers gold ta the ety it litlcal bureau. alled state- 40,408,850.00 82,094.033.78 :;'xfl’:;m y"l"‘lm‘vungu mnfi.x«;fi“,flfi’u :.fulhf. be '"{“"fl[" ‘&“‘3[""5:’“ u"’. ."’.}l"‘""" con- | euollces afikes bub uuder thu Natloual. | sole leol standard. It Lest mcasures the coin, thu}luvlunu}«n:'\h.a l;‘;.',““{,fi‘.’al fif w“.i‘fi.c'. :llx::u‘:hfr‘upnr:r&‘::y Ill:;or::lntlll‘l‘llludl:fi:ul:tul.é‘\llL Vi sove el o o o Ll ; : o 3 wot u convenfeut modimin o the largey s " 4 - H = 3 e B B O e tha dnc st ot o oo, Naas. | d futa 4 por cont homie, Al ol Staes TilR NOTE-HOLDEN 18 sxcukE, cxehnies of commacree. 113 production ia fea. | VANtaK 16 thio peoplé ut large. 1hat tho Catiadian VAIUC 6¢ GuF exports 16 thuse UUU,000, the bonds to ba [saucd at par for c ts_murket equivalont ju United States notes, ‘Thls will be In hare mouy with the declare ub{;-ct uf existinie law, and whil vpen su casy w.lr y which the pevple may (nvest sheir mvings In o public security, Or the reduction ol United States notes to the maximum of §300,000,60 may be ascvomplished 1 Cangress will suthorles the coinage wf the eitver dollar, tohe exchavired for United States nutes on demand of the holder, auth uotgd to bu retired and canceled, Exiating laws do ot A']flll"! define whether i) Provinees durtng tho last fiscal year paounts to £13,051,703 In exvess of that returncd by the custowss officers of the Unlted States, Asiuvis {nze that tho Canadian valuelsidentical with the value taken as o Lasls for returns by the Burau of Statistivs, the valuo of the total exports of Elg r-;r. withi this addition, smouuts to $613- “The attention of Cougress 4 called to the do fects of law which prevent the colisetion of o curate returns of our exporta to Caaadu, and the recomnmendation of my predecosior that remedial leglvlation may be enacted is rojewed ‘Tho etfect of hg act uf June 23, 1874 (Stetuted and Inditferent whettier the bank breaks or not, | sunably steady b awount. ‘Thu relative market | The Secretary belicves that und the depositor, who tsa voluntary creditor | valug of silver and gold {8 far more stable than ALl THE BEKEVICIML NESULTS ul the bauk, 1s not lkely 1o basten 4ts fall. 1o | tlat of uuy other two comumodities; still, it hoped for from liberal lisuo of sliver cofn can 13 usually pald by a transfer of credits, sud i | does vary, It is not in_the power of human | Do secured by lasuing this coln, u Lursuauce of i03% cuned b5 4 debtor us well ssa credltor 00 | Law to prevent the varlativn. ‘This inlerent | the fi?naral yolicy ol the act af 1534, in exchdnge the Laok. Scarcely 5 percent of deposits arl | giglculty has compelled all natious to adopt for Uuited Etates votes, colned from bulliun pald by currcncy, E ong or the uther as the su's ward of value, | purchased lu the open murket by tho United Llie capltal stuck of National Banks pald in 18 | ue to authorize so alteruative standard of | States, and maintalaing it by redemptlon, o now §4iU407,7i1, aud the surplus fund and | gither, or to coln both motals 8t an arbitrary otberwlse, ot par with gold colu, 1t could be t undivided protits fe vow $164,343,109.00. | giandard, and to_maintain oue at par with ths wmadoe n Jegal tender for such sutns aud on such Tyo bauks aro exceptionally sroug 1 their cash | Giher by Hiniyiny lia mmount, und legal-tender | contracts wa would securu Lol th most general seaerves. Thelr conditlon is e lsvarable 10 | quality, sud recolving or redecwing io at par | Sizeulation. It coutd Lo eusily redeemed in maintain redemption in coin us in United States | with the other, United States uotes and gold coln, sud only re- notes, und the Sccretary concurs in the opimion It bas Leea tho carcful study of statesmen seund when demanded for public convenlence, ever policy ths Governinent may adopt, st uny e, 10 its system of coinage, 18 should not re- duge the value of the coia 1o which 1t pays its obligations below that it demanded and re- ceived, ‘The Secretary earucstly urges Congress 0 give its sauction Lo this assurauce, The high credit of the Luited States, the faitnful observauce of its public ublizations, the abuudance of [ts wealth and resources, the rapid reduction ot its debt, the great accumutation of suvings smong the people, the favorablu state of lureign trade—all contribute to enable the United States tu borrow both from itsown people of tho lscal year aud tho estimates for the re- walning three quariers, based upun exbting laws, thie total revenues for tho current year will amount to $205,500,000, and thy expendi- tures 1o €234,430,013.19, whivh will leave a sur- plus revenue of &&3,000,U50,955 and as_th smount reyulred for thy Minking Fund bs $35,- £24,504.50, there will bo detleit on this account 04 §2,355,448,52 PISCAL YEAR 1570 ‘The revenues for the tiscal year ending Juna 80, 157, estimated upon existiug laws, will be: From custome $1:5:3, 000, 000.00 0, B0, 000, 00 Uuited States notes, wheo redvemed after Jau, ¥row interual fev. aud i foreigu warkels on thio most favorable | 1, 137y, of the Cotuptroller thut they ought to begtan by o 10 tha ewseotial quality of redeemability wiven | 8t Large, volume 18, pags 150), eutitled az act Frow sale 1,000,000.00 | terms. Y MAY DR REINSUED. Sndwill be. prepsed fur o Beihpson ot ¢ foruisiy y;‘;‘;.‘,:’;::.‘_‘::‘g conRByOY to United Ntates noted, buuk-bills, tokens, | 10 amend the Custoins-Roveuuo laws aud ture- From ax on ty pige Tl Socretary does not doubt that, i no aues- | The trst section of the. Hesunpilon act plaialy | circulating uotes. in voin, vr tu United States | nos subjcet to tho changes of market value, and | frectional culus, and currency ‘maintaing | peal moleties, (usits of National lianks 7,100,000.00 | t1ous hiad arlacu disturbing the puolié credit, the | proviice for the perniauent substitution of »if: | Butes equal o colt, by Lo tine xed by Ia¥y-150 adjuated that both kluds can bo kept 4a cir- | them ot pan, bow much | cuslor 1t would JLAS XOTLERN EALVTARE: t;:;mr:ll‘?x‘ll\::; gflm;“:{' 1,100,000.00 fl;n:r ceut w“l:‘:nw‘ium bo ruuum‘llv pnl;{l off by | Vercoin for the whole amount of fractional | Withuuy itecferhng with Abkeirs sbliity o | culution_together, not alternatiug with cach | bo to mafutaia thu siiver dollar, of intrinsic | The procecds of fines, penaltice, aud forfeituns A~ e proceeds of the 4 per ceut bonds, sold at par From custous fe: currency outsiauding, Bec.d plaluly provides | disbesitlon to zeudee thelr ald, us “pow, recovered for the vivlation of Customs Jaws uit othicr, The growing_Loade irkut vakis, BEArly eul Lo Kol ot pac il : B has been o ) ‘i s ©00,000.00 | i1t colu or fts equivalent, for the permanent reduction of United States | by loaus uud discounts, fu couductivg the i, ¢ AT e col, by giviuiz to it tho like quality of re- | pald futo the Trensury frow Juue 80, 1530, Lavt 5.‘.'.‘,'.'.'(."“ 3.000,000,60 TUB UICHEST PUBLIO CREDIT uotes 1 an amount ot ;‘&m“'m Iu‘m;)‘(m,;;z busiuess aud exchavges of the mumrr.‘ The fg-":‘:",{;,‘:fh‘: ::,"mm,fiffi:l,?f. ':,'( ,.':,‘;‘,‘ ::‘,:f,‘:,l Seomutilivys Il Turtlier socura w i3ed rel- flcnn us follows: cut, and lands. o ere seees 1,750,000,00 Fruw broceeds ofsaleaof Govern- can be eecured ouly b a constant observance of | No distiuct leglalative declaration s ade fu | market value of the {reulating-uote is 07 v tok atve value of silver aud gold, the United States | Year eaded June 30, 187 every publis cugagement, coustrued secording per cent, ‘The diller (‘ By Mt tokeuws siver, und paper mosey (o i 3 t the Resuruption uct thut notes redeemed aftee 13 not equal 1o eix | g a1t Eee 48, wight juvite un luteruational couvention of | Year cnded Juue 30, 187 il vl of sl OF Cotn 00 -0 ‘",,"'mx'f?'fld HiEhE u’l""'u'" i‘"f“’“““h" e i eacned shar - o el bt | wouthe m}m“ o bmid'“"i’fi‘“ e “’“‘u'ly;:‘ 0“‘n'““:gm'x‘rkb:"'.“'cmmmrz'f'fl; “"'x'l'"fimll 'f.‘z““x'x'"k}i{.""{‘l‘fchx“.‘if"""'wi'.i 1‘{3553“ Juns o it A . B 4 ¢ ratied by Slates, | Bec. 8,57 y 8 ul i v of gthe P ot oy | W wight cheek tho fall of silver, coul car endel 3 Frow profits on coluato, et 000, 000,00 ‘v:ll;m!:‘ll:,"m{rp;lm} Ao ".‘)uu;t:_“ &ffflu'.’.‘:t.‘,‘.‘u Bee, 8,579 of the Hovised Btatutes of the Unfted | security of gthe notes, aud not & per centof | (fug Lo fu_excess, all these forms of woney | Whits sk & " Year ended Juue 30, 187 Btates provides that * when any United States Yearended June 30, 1874, . Bliiulesdisneouimnc nutes ate Feturned to the ‘Treasiry they shail be their urpids on Land, It s scurcely 10 b0 | can bu kept . i circulation, iu large | ub preveus the vperutlon of that bichee law vay are of noayatl. ~ ALa time when wo are en- credited that the paywent of this will disturb | ymounts, at par with gold. fu thls wuy, | Which places the wurket valuo of silver above dod Juno b0, 1677 lug such cpedit, snd rapidly securivg the | relssucd, from thne to thoe, as the exigencles | §0 sy way the even course of their busivess. ¢ i 4 e readily chr | human control, Jssucd upon the conditions Year on d L ¢ coeive crest from § Lo 4 per ¢ cem to 'ho Secretury Is of the opivfon that, ander & Culntry O aoney iGto which thes copyertible, 1 s Lres ¢ il % Y for thewatno period, reelved from tho several | iifivols” rror 16 Tabsa i question out 1 | thiy ectios, otes et edeeuned uier the 5t TUBTAX ON THEIR DEPONITS, aoney | inte which oy aro vonseetible, "L | DU thab If lseuod without. ILaity upon thi du: | 3 icreased obacrvanceof thy law b L entrie) coln ju which the Interestjs payable, Selffu- terest aloue, without respect 10 pride o public credit, would lead us 1o securo 80 great 8 bene- L sa Would bs thesaving of one-thind of the futerest of the punlic debt. - U thie 6 ber cent Juaus about $660,000,000 are now redecmable st the picasurs of the Unlted States, uud of the whuls debt $1,452,000,00 are of January, 1679, {f the amouut outstamliog is nut fu excess of F300,000,000, way be reissucd s the exizencies of Lho publle service imay require, A note redeemned with coln s 10 the Freasury sud subject to the same faw as il recelved for tuxes, or us a bauk-vots when redecaied by the curboration lssulig it The authority to relisue it dues not depend upon the mode ta whid i is und attention (v called 1o what is sald by the | tho siiverof which it [s con 'of luws | wand of the owuers of silver bulllon, it will bo Uulnfiuull\:r of the Curreacy us to the sepeal | o ‘v.louu 1han meh p”fi.l‘." uu’fiu:;. pm: o great publwe injury. of this tux. Wbilo the uecosslty exbits for | peudily swony all classes ol peupls, aud unswers 5 EXFORTS AND IMPORTS, colleting the swount of reveuus uow required, | gl (he purpuses for which It was designed. The receipts fruus custoins for the year ended the Becrotury is wot prepared to recommend Aud so the sifver doltar, if restored to our coln- June 3, 1315, wers §143,071.U34.01, aud at the aucl repeal, but whencver & sulliclent amouut | age, woukl greatly udd 10 the coaveicnen of | Cotrcspouding duta of 1317 "wf wers 130,050, of reveuus for the support of she Government | the'people. But this colu sbould be subject to | $8LUT=0 ducreass of §17,115,40L.54, Tho re- Lextslative, o{ F'-)Odl. but rather to the fact that violativnd Exceative ok : unvtu uot l.\cle,nr den.i]cled fu ue K;el:l';]: nuwber of cases us before thy passage of the act, The Commlssion which cxamiued tho Custom-iiouss at San Franclsco makes TUB YOLLOWING HKECOMMENDATIONS in regard to a modification of the law: " 1. ‘Uhat from the gross procecds of any sale o .§ _2,540,256,10 RE T % can be derived from the other urtlcles uow sub- | the samie rule, as to lssuo and convertibility, 8a | eipts for iret quarter of th lust flscal year ther Puule wo redeemuble before, or on the 1st of Muy, 1681, | returned to the Treasury. But this construe | Ject to tasation, a reduction of buuk taxation y { wony, avertlUllibys 5 | Were $47,654,725.59, while, for tho correspouding | 0048 scized In the act of beins smuwkled, 30 Liciury Lepartaent) 5.070.073.90 | liy thu reduction'of the futereat, from 610 4 | tlon {» cuntroyerted, wi Tioutd bas oustruc | S5 Hhen be advhabic, other (uriua of money, 1€ tho wasket Ve of | S00GT 0! thy year, they wera $30,53,01 Sliuld bo pala 2l egal aud olir costsof i Nuvy Départuent, Ts 2al.00 | Per cent, on the public debt huw redcowuble, SETILED LY DISTINCT PROVISIONG OF LAW. § | - The vost of redemption of bauk-notes i | of the sane denominstion, aud it wers fssucd decrease of 8531, LALOTC Aphen e ted bk Tutvilor: Departent 124,00 | there woull bo o eaviug of $184,200,000 uunually, | 1t shuuld tiot be opeu to doubt or dispute. ‘The United States uotes at the Treasury, under ths | jy yuli nited quantities, sud wady s legal teuder The coubarrassineuts sttendant upon the col- 2, ‘Lhat the Government should receive e Department of Agricultuse. 13,750, 00 | #od l"ny nlm re:luu:tfiumw id per n:m I;:l lltm }n- I!:s"hlullul( lh‘l‘s yuestion ‘by Congreas tuvolvus iutu-n; sysLe, lulmu uut un‘-l-.-d oni:muj (i: for ull debts, it would d.mwguz} gold nud de- lmlllm :hc l::v:l:mor:amu J}w:u ol er‘:u\rcxl‘:ltku muuu:a “s‘e Ifi.‘:l‘ np‘r: lflfi:{&u{fififl: |‘|l.l't{ll:dwh 1 werviee., 0, 072,73 | terest on tue tutal debt, redecimable by the 1st | uot wuercly the construction of “exbtivg law, er ceut un the amount redeciued, wu o 1uBeY. —u o Q. Fel ¥ 3 i 4 o iiaceliar con. s o A TEREEE 3 | 0TSy 1591, Hicro would bo a savioy of 824 | bub the public policy of mialitaiutiug b clreatas | refunded o DS Uovermimens by the banke The | Ve o T of ol preducessor—growluys out of largo wuber of | 3 Tt tho reinulader bo cqually divlded b Yeruaneut anoual -“mp T By 00, 205.50 per anuua. tion United States not. ituer with or witheut | redemption fs 3 preat convenlence Lo them and TUB STANUARD OF VALUN suits brougbt to recover alleged oxcess of | tween tus informer and sel |nu.4nuunf e lllm-x at ;ufllw public dold g‘:.bw.m@-bl A casuro Lhat creates distrust or doubt | tae legul-tender #lau. hest uotes wre of | to the pabllc, und sbould b contued. 1s concoded by all. Sincs 1531, it bas becn prac. | dutics, Lave not cewsedj but o considerabl [ whero there fu no fuforuer, the whole lr e Tumnsbaud 7 ap STARLOLLIE ity by divabliug Lho | Kreat publitvonveuietee—they circulatereadily g | - The act crcatlug the Nutional-bauklog system | el aily tue solo coln standand uf the Unitel | Buuber of such suily bavs Levu presscd to reunaiuder, after deductivg oxpenses suld doifs e Tde ble 3,013,000,00 b Btutes "“'";w?‘:}""fi} '{.m cowpel thy wg of universul uuhl:uundcblt of the peuplé revozulzes the character of lt‘huu bauln s h'olvj Btutes, sod since lol3 has been the yole stands f"f‘n‘ ':L'M’fi;"‘r luutn\'ur "5. ‘Ihu 1‘”‘{1",""-:.":1' :’:‘.’i‘:llx 5::':‘11'1.““ Jfi;’z""‘,.Tf,‘:lfif‘innlfr”.‘fih uliuet sty i o o TN wentiuued vayweut ol i ] i pe w cTest) wra protected v evel Crugie] ren aries. ‘Tuey coul ret 1 g u the ity of cuse 3 o - citber ee! 3 ¢l 2 {uiiverng setvune from castud: | G SbRECHS et : 4 1 Sl tl:1!;“‘::!3.‘:[:2':5‘_.“:“;iualtmt:n:nlvrls B | Euane sacisc b e s Ty | 474 Ot Great Britujo. Gurwany bas seceutly | (G 0" Such suits, @ considenable deldy | titled toreceive creceding $5,00 lor avy ol . therefore, the :blle futercets demand thy wien redevuiable Tn coln at the disgaad of the 4 suUjuct Leicatior dle selzuro: Aud provided further, That uo vili~t Lobder, fura o paper curseucy as £o0d ws bas oI the custows . Fecclpt of w salary or dav tire cotvenisuily distributed »o 08 to bu Within |« Ay estimated by Mr. Froemautle, Deputy Mas- | osesarlly occurs befure they vau bo brought cagy reacl uf the pevble of the Uaited Statea. | terof tho Royal Miut, Ducomber. 1875, totral; which delay uceeszacdy oceurs belord - st s a g - - s 2 buii vl siover dullars,