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United States. Congress. House. Committee on Banki.

Resumption of specie payments. Notes of a conference between the Committee on banking and currency of the House of representatives and the Hon. John Sherman, secretary of the Treasury, April 1st and 4th, 1878 .. online

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Online LibraryUnited States. Congress. House. Committee on BankiResumption of specie payments. Notes of a conference between the Committee on banking and currency of the House of representatives and the Hon. John Sherman, secretary of the Treasury, April 1st and 4th, 1878 .. → online text (page 9 of 10)
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resumption?

Secretary SHERMAN. The repeal of the resumption act would prevent
me from maintaining resumption by the sale of bonds. That would be
the first thing. Then the resumption act is the only provision of law
which requires me to redeem United States notes in coin.

Mr. Ewma. But you are at liberty to do so. If the resumption act
were repealed, you might maintain an equivalency of paper and coin?

Secretary SHERMAN. No. It is perfectly clear that I have no right
to exchange one form of money for another.

Mr. EWING. But you could pay out gold and silver.

Secretary SHERMAN. Yes.

Mr. EwiNGf. And you could thus maintain an equality of coin and

* Statement of one and two dollar United States notes outstanding at the dates mentioned.
Date. Ones. Twos. Totals.

JuneSO, 1873 28,911,309 34,210,356 63,122,165

June.30,1874 26,571,512 28,117,438 54,688,950

June 30, 1875 27,416,863 26,345,326 53,762,189

Jnne30, 1866 28,007,504 27,480,479 55,487,983

June 30, 1H77 25,160,297 25,369,825 50,530,122

April 1, 1878 22,744,288 22,707,443 45,451,731



paper upon your theory, which is, that as soon as paper and coin are
equal nothing will be likely to occur to disturb the equilibrium ?

Secretary SHERMAN. There will be more or less fluctuation, and we
must be prepared to meet those fluctuations, so that if greenbacks be-
come superabundant we can get gold for them ; or if, on the other hand,
gold becomes a drug, as it may, it will be deposited for greenbacks.

Mr. EWING. But if greenbacks become superabundant, and are pre-
sented to the Treasury for redemption, you will have to pay them out
again ?

Secretary SHERMAN. Yes, as soon as the equivalency is restored.

Mr. EWING. That is, you will hold whatever greenbacks come in
until there is an equivalency ?

Secretary SHERMAN. Yes; that is the effect of it.

Mr. PHILLIPS. Would it not be safer, by legislation and by taking
greenbacks for customs-duties, to secure and maintain an equalization
of values in that way rather than by resumption to authorize the com-
bination of bankers to drain away the only credit resources in the
Treasury?

Secretary SHERMAN. I think not; unless you maintain this equiva-
lency you have no right, under your law, without violating your prom-
ise, to receive anything but coin in payment of customs-duties.

Mr. PHILLIPS. There may be various means of bringing up greenbacks
by equalizing values. Would it not be safer for us to legislate so as to
preserve an equality in values rather than to have forced resumption ?

Secretary SHERMAN. No ; because legislation is not powerful enough
to do what can only be done by the actual redemption of the notes on
presentation. No law can make two things equal to each other in
values.

Mr. PHILLIPS. Can the law force you to resume if you have not the
coin to do it?

Secretary SHERMAN. No; but we have the coin. As a matter of
course, if we had not the coin we could not resume, but if we have the
coin we can resume.

Mr. EWING. I understand that your idea is to exercise about the same
power which is exercised by the Bank of England, in regard to these
legal-tender notes.

Secretary SHERMAN. No; because the Bank of England loans out its
notes for profit. That is its business.

Mr. EWING. The Bank of England, when a drain sets in, interrupts
the movement of circulation by taking in its notes and not paying them
out until the drain is checked. In that respect your idea of maintaining
resumption is the same.

Secretary SHERMAN. Yes. When the notes are presented, the Secre-
tary of the Treasury pays them in coin, silver or gold, at his discretion.
When, in his judgment, it is wise to pay out these notes, either on the
public debt or on the interest of the public debt, to those who are willing
to take them, or any current expenses, he does it.

Mr, EWING. But he would not pay them out

Secretary SHERMAN. Unless they were equivalent to coin.

Mr. EWING. And he would judge of their equivalency by the drain
upon the Treasury ?

Secretary SHERMAN. He would never be likely to pay out these green-
backs if they were to come back again on him for coin ; and he would
not be wise if he did it.

Mr. EWING. In that respect, he maintains resumption by exercising
the same power and control over the paper currency as the Bank of
England does?



RESUMPTION OF SPEOIE PAYMENTS 63

Secretary SHERMAN. Yes, sir. Practically, that is done by the assist
ant treasurer in New York. I know, every day, how much coin-certifi-
cates are outstanding, and how much coin there is in the subtreasury.
Every day these certificates are presented for redemption and somebody
else deposits coin for other certificates, and thus the thing goes on, in
ebb and flow, sometimes to the amount of a million or two a day. I se^e
nothing of it, but I see the subtreasury reports every day. One man
brings gold to the subtreasury and gets certificates, and another man
brings the certificates and draws out the gold.

Mr. EWIN&. I think I have your idea pretty clearly that your control
in putting out legal-tenders or withholding them is the lever by which
their convertibility is to be maintained ?

Secretary SHERMAN. Yes; and then there is, too, the fact that the
Secretary is under the constant eye of Congress if he abuses his powers,
because a great power is less liable to be abused than a small one. The
eye of the public is on the Secretary in the exercise of power of this
kind, and it is not likely to be abused. If there is any sign of his
abusing it Congress is always present to prevent it. The Secretary
would not dare to sell bonds to raise gold for resumption while he has
any notes on hand unless there is a drain for the gold. All these pow-
ers will be exercised under the eye of Congress.

Mr. EWING. If there is a drain of gold you would sell bonds ?

Secretary SHERMAN. The Secretary might sell bonds, and, again,
when greenbacks were abundant in the Treasury he might make a call
for six per cent, bonds, as I have done. I exercised my discretion in the
matter last December, and I made a mistake in making a call lor
$10,000,000 of bonds which had better not have been made. I under-
estimated the effect of pending legislation. I did it under my discre-
tion ; but I did not sell enough bonds to redeem that call. So, the Sec-
retary of the Treasury, administering under this law, if he found coin
or greenbacks accumulating in his hands, would make a call of six per
cent, bonds and would pay them off and sell four per cent, or four and
a half per cent, bonds whichever was the current bond in the market
and thus make good his money. That operation would go on without
difficulty. That is the way, at least, that I would conduct it if I were in
charge.

Mr. HARTZELL. I understood you to say that in order to complete
your preparations for resumption additional bonds to the amount of,
perhaps, fifty millions would have to be sold between now and the 1st
of January.

Secretay SHERMAN. Yes ; I think so.

Mr. HARTZELL. Is it your expectation that, after resumption day,
you will have to continue the sale of bonds at different periods for the
purpose of maintaining the specie reserve?

Secretary SHERMAN. Not at all. If I would sell any bonds at all after
that, I would sell them merely for the purpose of refunding. It might
be that, to meet a sudden drain, I would sell bonds in order to accumu-
late coin ; but the very moment the drain ceased I would use the coin
or the greenbacks which I had received in calling in 6 per cent bonds.
Under that the whole of the public debt might be reduced to 4 per cents.,
if that should prove to be the ultimate rate of interest in this country,

Mr. HARTZELL. But the interest-bearing debt of the country has to
be increased in order to bring about this result.

Secretary SHERMAN. Yes, in the absence of surplus revenue. There
is no other way except by the increase of the public debt temporarily.
We would have the coin to represent the bonds. That is all.

The conference here ended.



APPENDIX.



APPENDIX No. 1.
Statement of gold and silver in the Treasury on the 1st of February, 1877.



Gold coin $71,944,129 47

Gold bullion 8,720,150 25



$80, 664, 279 72



Less amount to credit of disbursing-officers, and outstand-
ing checks 3,074,445 45

Less gold certificates actually outstanding 50, 791, 240 00

Less called bonds and interest 10,117,672 63

Less interest due and unpaid 9, 993, 750 26

Available gold coin and bullion '-.-.'. $6,687,171 38

Silver coin 2,228,898 02

Silver bullion 3,211,796 21

5, 440, 694 23

Less outstanding checks 191,194 52

Available silver coin and bullion 5,249,599 71

Available gold and silver coin and bullion 11,936,771 09

APPENDIX No. 2.
Statement of coin and bullion in the Treasury February 1, 1878.*



Held by


Gold coin.


Gold bullion.


Silver coin.


Silver bullion,




$397 628 39




$201 679 74




Assistant treasurer "United States, New
York . .


92, 024, 604 20


$3, 367, 713 26


1, 171, 368 14




Assistant treasurer United States Boston


659 618 47




392 540 55




Assistant treasurer United States, Phila-
delphia


454 884 35




809 674 75




Assistant treasurer United States, Saint
Louis


274 722 64




273,045 33




Asnistant treasurer United States, San-


1 854 963 38




146, 608 35




Assistant treasurer United States, New


1 120 121 66




224 170 16




Assistant treasurer United States, Balti-
more


509 154 30




166, 450 22




Assistant treasurer United States, Cin-
cinnati


280 064 83




217 877 33




Assistant treasurer United States, Chi-
cago ...


528 326 04




253, 549 38




Mint Philadelphia


1 403 416 24


637 557 34


748 546 67


$671 116 55


Mint San Francisco ...


978 757 74


5 039 352 92


41 327 65


893 651 51


Mint, Carson City


224 154 54


73 693 61


427 894 76


214, 462 31


Mint Denver


3 000 00




100 00




United States assay -office, New York
United States assay-office, Boise City.


3, 672, 671 37


2, 079, 834 24


21, 148 22
500 00


1, 048, 137 70


United States assay-office, Charlotte






200 00




United States assay-office Helena






500 00




First National Bank, Milwaukee, "Wis


28 078 19








First National Bank, Portland, Oreg


165 00


















Totals


104 414 331 34


11 198 151 37


5 097 181 25


2 827 368 07













* The items to be deducted are the following, taken from page 4 of Senate interview :

Amount to credit of disbnrsing-officers and outstanding checks $6, 189, 626 60

Gold-certificates actually outstanding 44, 498, 500

Called bonds and interest 6,818,677 29

Interest due and unpaid , 4,909,705 21



H. Mis. 48 5



62, 416, 5C9 10



66 RESUMPTION OF SPECIE PAYMENTS.

APPENDIX No. 3.

[In reply to inquiry No. 1. Letter of March 28, from Hon. A. H. Buckner.J
Statement of coin and bullion in Treasury at close of business February 26, 1878.



Held by


Gold coin.


Gold bullion.


Silver coin.


Silver bullion.


Treasurer United States Washington


$675 899 51




$179 377 97




Assistant treasurer United Slates, New
York


99 699 528 09


$3 367 713 26


1 407 992 53




Assistant treasurer United States, Boston


663,577 50




379 903 05




Assistant treasurer United States, Phila-
delphia


467,415 70




797 294 75




Assistant treasurer United States, Saint
Louis


276 031 00




263 694 98




Assistant treasurer United States, San
Francisco


2 458 100 00




149 260 81




Assistant treasurer United States, New


1 168 719 00




217 575 95




Assistant treasurer United States, Balti-


519 391 50




157 218 52




Assistant treasurer United States, Cin-
cinnati


251 636 00




211 828 16




Assistant treasurer United States, Chi-


665 527 50




248 319 12




Mint Philadelphia


2 829 834 32


556 035 45


887 057 86


1 244 000 00'


Mint San Francisco


4 045, 079 73


1 887 305 3fi


72* 920 54


904 61 65




655 147 80


46 412 00


225 145 33


175 974 98


Mint Denver


3 000 00




' 100 00




United States assay-office, New York
United States assay-office, Boise City . . .


3, 672, 671 37


2, 079, 834 24


21, 148 22
500 00


630,741 02


United States assay-office Charlotte






200 00




United States assay-office, Helena .....






500 00




National banks and depositaries


300, 150 03




456 45




In transit






455 000 00














Total


118 351 709 05


7 937 300 31


5 675 494 24


2 955 577 65













TREASURY UNITED STATES.

Washington, D. (?., March 30, 1878.



APPENDIX No. 4.

Statement of coin and bullion in the Treasury March 28, 1878.



Date.


Offices, &c.


Gold coin and
standard sil-
ver dollars.


Fractional sil-
ver coin.


Gold and silver
bullion.


1878.
March 27


Treasurv of United States Washington


$676 282 68


$958 165 65




27




511 6 a 8 00


149 093 52




27
27


Assistant treasury,' New York

Assistant treasurv Philadelphia . ..


100, 128, 068 09
271 109 97


1, 374, 628 52
791 004 75


$3, 367, 713 26


25




975 607 50


370 333 46




25


Assistant treasury Cincinnati .


233 659 50


207 141 33




25




623 807 00


247 819 89




25


Assistant treasurv Saint Louis


279 373 00


251 208 84




23




1 139 747 00


213 706 76




19




2 803 900 00


150 648 66




23


National bank depositories .


2 938 910 93






23


Mint United States, Philadelphia


1,245,220 75


642, 114 97


1, 633, 609 46


16
9


Mint United States, San Francisco
Mint United States Carson


1, 903, 552 50
933,03-2 05


79,260 86
279,260 09


4, 927, 353 92.
65,387 97




Mint United States Denver


3 000 00


100 00




23


United States assav-office New York ...




20,951 89


3, 670, 849 8




Other small assay-offices




1 200 00
















Totals


114 666 958 97


5 736 639 19


13 664,914 46













NOTE. Standard silver dollars included above, 454,711.



RESUMPTION OF SPECIE PAYMENTS.

APPENDIX No. 5.
Comparison of condition of the Treasury April 1, 1877, and April 1, 1878.



67



Balances.


1877.


1878.




$8 184 863 58


$751 851 35


Special fund for the redemption of fractional currency




10 000 000 00


Special deposit of legal-tenders for redemption of certificates of


35 155 000 00


25 215 000 00


Coin


8(5 818 285 26


138 357 608 14




48 279 400 00


57 883 400 00


f ^oin, less coin- certificates ,


38^ 538, 885 26


80, 474 208 14


Outstanding called bonds


5 262 900 00


7 305 200 00




6 786 028 00


4 643 276 23


Outstanding legal-tenders . .. .... ....


362 656 204 00


347 848 712 00


Outstanding fractional currency


23 440 512 08


16 950 115 62




29 Q37 001 43


38 662 487 02


Total de^t less cash in Treasury


2 074 674 126 63


2 039 723 514 31




*14 107 016 41


2 313 614 77


Reduction of debt since July 1


*24 765 218 36


20 434 708 95


Market value of gold . ........ . ...


105 00


101 25


Imports (12 months ending February 28) ........... ..........


420 199 831 00


475 638 634 06


Exports (12 mouths ending February 28)


603 631 538 00


637 757 892 00









* This reduction includes $9,553,800 Geneva award bonds canceled.
TREASURY DEPARTMENT, WARRANT DIVISION.



APPENDIX No. 6.
Circulation and deposits, and specie of the State banks, 1857 and 1860.



Years.


Circulation.


Deposits and
bank bal-
ances.


Total


Specie.


Ratios of specie to


Circulation.


Circulation
and deposits.


1857


$214,778,822
207, 102, 477


$230, 351, 352
253, 802, 129


$445, 130, 174
460, 904, 606


$58, 349, 838
83, 594, 537


Per cent.
27.2
40.4


Per cent.
13.1

18.1


1860





Compiled from statement in Finance Report, 1876, pages 204, 205.
Circulation, deposits, and cash reserve of the national banks, December 28, 1877.

LIABILITIES.

Circulation $299,240,475

Deposits 661,575,577

Total.., 960,816,052



CASH RESERVE HELD.

Gold coin $5,506,556

Silver coin 4,300,274

United States gold-certificates ,. 23,100,920

Total specie 32,907,750

Legal-tender notes $70,568,248

United States certificates for legal-tenders 26,515,000

Total legal-tenders 97,083,248

Five percent, redemption fund 15,028,340

Total cash reserve... 145,019,338



Ratio of legal -tender funds to circulation 48.4 per cent.

Ratio of legal-tender iunds to circulation and deposits '. 15.1 per cent.



68



RESUMPTION OF SPECIE PAYMENTS.



Circulation, deposits, and cash resources of the national "banks December 28, 1877.



LIABILITIES.



Circulation 1299,240,475



Total 960,816,or,2




Gold coin $5,506,556

Silver coin 4,300,274

United States gold-certificates 23,100,920

Total specie 32,907,750

Legal tender-notes $70,568,248

United States certificates for legal-tenders 26,515,000

Total legal-tenders 97,083,248

Five per cent, redemption fund . . 15,028,340



United States bonds, par value, $285,887,350 j currency value, $405,181,717 405, 181, 717

Total cash resources 550,201,055

Ratio of cash resources to circulation 183 + percent.

Ratio of cash resources to circulation and deposits 57.3 per cent.

Abstract of reports made to the Comptroller of the Currency, showing the condition of the na-
tional banks in the United States, including national gold banks, at the close of business on
Friday, the 26th day of December, 1877.



Resources.


Liabilities.




$878, 055, 305 95
3, 801, 438 92
343, 869, 550 00
13, 538, 000 00
28, 479, 800 00
32, 169, 491 03
75, 960, 087 27
44, 123, 924 97
11, 479, 945 65
45, 511, 932 25
8, 958, 903 60
8, 841, 939 09
10, 265, 059 49
64, 664, 415 01
20, 312, 692 00
778, 084 78

32, 907, 750 70
70, 568, 248 00
26, 515, 000 00
15, 028, 340 14
1, 465, 236 94


Capital stock paid in
Surplus fund ....... ...


$447, 128, 771

121, 618, 455 32
51, 530, 910 18

299, 240, 475 00
470, 540 00
1, 404, 178 34

604, 512, 514 52
6, 529, 031 09

3, 780, 759 43

115, 773, 660 58
44, 807, 958 79

4, 654, 784 51
5, 843, 107 03




United States honds to secure circulation.
United States honds to secure deposits..
United States honds on hand


Other undivided profits..
National hank notes out-


Other stocks, honds, and .mortgages
Due from approved reserve agents
Due from other national hanks ..........


State hank notes outstand-
ine


Due from State hanks and hankers
Real estate, furniture, and fixtures






Individual deposits
United States deposits. ..
Deposits of United States
disbursing officers

Due to other national


Checks and other cash items ...........




J >i 1 Is of other national hanks




Specie, viz :
Gold coin $5,506 556.39 )


Silver coin 4 300 274 31 >


U. S. gold certificates. 23,100,920.00 $
Legal-tender notes


Due to State hanks and
hankers ..........


United States certificates of deposit for
legal-tender notes


Notes and bills redis-
counted


Five per cent, redemption fund \vith
Treasurer


Bills payable


Dae from Treasurer other than redemp-
tion fund . . ...




Agrrrreeate


1, 737, 295, 145 79


1,737,295, 145 79







* The amount of circulation outstanding at the date named, as shown by the books of this office, was
$321,672,505 ; which amount includes the notes of insolvent banks, of those in voluntary liquidation, and
of those which have deposited legal-tender notes under the act of June 20, 1874, for the purpose of re-
tiring their circulation.



TREASURY DEPARTMENT,

OFFICE COMPTUOLLER OF THE CURRENCY,

Washington, February 16, 1878.



JNO. JAY KNOX,
Comptroller of the Currency.



RESUMPTION OF SPECIE PAYMENTS.
APPENDIX No. 7.



69



Statement showing the apparent and probable condition of the United States Treasury, in-
cluding the proposed accumulation of $50,000,000 coin.





Apparent.


Probable.


Demand liabilities, April 1, 1878 :


$347 848 712 00


$340 000 000 00




57 883 400 00


57 883 400 00




4, 121, 146 77


4,000,000 00




8 439 391 04


8 000 000 00




25 215 000 00


25 215 000 00




16 950 115 62






62 342 50




Unclaimed Pacific Railroad interest . ..


7,267 03










Totals


460 527 374 96


435 098 400 00








Demand resources, April 1, 1878:
Coin


138 357 608 14


188 357 608 14>


Currency


35,966,851 35


35, 966, 851 35-








Totals . ...


174 324 459 49


224 324 459 49








Percentage of resources to liabilities


37


.51









APPENDIX No. 8.
Statement showing resources and liabilities of certain European lanks at dates mentioned Mow.



Bank.


Date.


Demand liabilities.


Total.


Demand re-
sources.


Percentage
of resour-
ces to lia-
bilities.


Average de-
preciation,
per cent.


Circulation.


Deposits.


Bullion.


Bank of England


1818


26, 202, 000
24, 299, 000
17, 465, 000
20, 132, 000
21, 564, 000


7, 928, 000
4, 421, 000
6, 399, 000
9, 680, 000
7, 200, 000
10, 201, 000
11, 621, 000
10, 278, 000
13, 300, 000
12,040,000
8, 922, 000
6, 254, 000
8, 690, 000
12, 138, 000
16, 322, 000

28, 054, 497
21, 193, 000
10,311,000
2, 330, 000


34, 130, 000
28, 720, 000
23, 864, 000
29, 812, 000
28, 764, 000
31,559,000
33, 086, 000
28, 598, 000
32, 495, 000
30, 058, 000
28, 410, 000
23, 424, 000
29, 022, 000
33, 623, 000
37, 712, 000

54, 639, 171
120, 543, 000
41, 298, 000
15, 500, 000


6, 363, 000
8,211,000
10, 098, 000
11, 787, 000
6, 754, 000
10, 499, 000
11, 150, 000
7, 514, 000
7, 303, 000
5, 250, 000
9, 540, 000
4, 299, 000
9, 729, 000
15, 315, 000
16, 388, 000

24, 730, 793
78, 896, 000
24, 759, 000
3, 991, 000


.18+

.28+

:si

.39+
.23+
.33+

!"+

.33+
.18+
.33+
.45+

.43+

.45+
.65+
.58+
.25+


2.13.2.
2. 12. 0.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
Nil.
NiL

Nil.


Do '.'.


1820
1822


Do....
Do


1824
1826


Do
Do
Do
Do
Do
Do
Do
Do
Do
Do

Do


1828
1830
1832
1834
1836
1838
1840
1842
1844
1846
1878.
Feb. 20
Feb. 14
Feb. 7
Feb. 7


21, 353, 000
21, 465, 000
18, 320, 000
19, 195, 000
18, 018, 000
19, 488, 000
17, 170, 000
20, 332, 000
21, 485, 000
21, 390, 000

26, 584, 674
99, 350, 000
30, 987, 000
13, 170, 000


Bank of France


Bank of Germany


National Bank of" Belgium



APPENDIX No. 9.

An estimate of the amount of gold and silver bullion and coin in the
United States April 1, 1878.

Gold.

In United States Treasury (including bullion fund of

mints and assay office) October 31, 1877 $125,122,843 94

In national banks (exclusive of coin-certificates) Octo-
ber 1, 1877 4, 867, 909 18

In California banks 18, 000, 000 00

Private banks (Pacific coast) 2, 000, 000 00

State and county treasuries (Pacific coast) 4, 000, 000 00



70 RESUMPTION OF SPECIE PAYMENTS.

Merchants aud individuals (Pacific coast) 84, 000, 000 00

Unpaid deposits, United States mints 500, 000 00

Smelters and private refiners (exclusive of the Pacific

coast) 500, 000 00

Gold bullion in California 1,500,000 00

In private hands, including bullion dealers, savings-
banks, aud private bankers east of the Kocky Mount-
ains 15, 000, 000 00

In State banks 2, UOO, uOO 00



177, 490, 753 12

Production from October 31 to April 1 20, 000, 000 00

Approximate excess of imports over exports 2, 000, 000 00

199,490,753 12
Silver.

Fractional coin in States east of the Kocky Mountains, in-
cluding trade-dollars and Mexican coin, October 31, 1877. $42, 000, 000

California banks ; 2, 000, 000

Private banks (Pacific coast) 500, 000

State and county treasuries (Pacific coast) 500, 000

Merchants and individuals (Pacific coast) 500, 000

Silver bullion (Pacific coast) . 2, 000, 000

Silver bullion in hands of smelters and refiners east of the

Bocky Mountains 1, 000, 000

48, 500, 000

Silver bullion in mints 2, 000, 000

Production from mines to April 1 15, 000, 000



65, 500, 000

I have not the data necessary to ascertain to which of the foregoing
items should be credited the gain of gold and silver since October 31,
1877. It may be stated, however, that the Treasury stock has been in-
creased, and the amount of trade and Mexican dollars which have gone
into circulation may be set down at not less than 4,000,000, exclusive of
about 1,200,000 trade-dollars in the mints.

According to the above estimate the amount of gold

coin and bullion now in the country is $199, 490, 753 12

And silver coin and bullion 65, 500, 000 00



Total 264,990,753 12

Allowing for gold and silver used in the arts and for manufacturing


1 2 3 4 5 6 7 9

Online LibraryUnited States. Congress. House. Committee on BankiResumption of specie payments. Notes of a conference between the Committee on banking and currency of the House of representatives and the Hon. John Sherman, secretary of the Treasury, April 1st and 4th, 1878 .. → online text (page 9 of 10)