FREE BOOKS

Author's List




PREV.   NEXT  
|<   947   948   949   950   951   952   953   954   955   956   957   958   959   960   961   962   963   964   965   966   967   968   969   970   971  
972   973   974   975   976   977   978   979   980   981   982   983   984   985   986   987   988   989   990   991   992   993   994   995   996   >>   >|  
harge of no important measure. Mr. Eustis, on the 8th of February, introduced a resolution instructing the committee on finance to inquire whether it had been the custom for the assistant treasurer at New Orleans to receive deposits of silver dollars and at a future period issue silver certificates therefor. This led to a long and rambling debate, in which I took part. I stated my efforts, as Secretary of the Treasury, and those of my successors in that office, to put the silver dollars in circulation; that they were sent to the different sub-treasuries to be used in payment of current liabilities, but silver certificates were exchanged for them when demanded. Also, when gold coin or bullion came into the United States in the course of trade, and was inconvenient to transport or to use in large payments for cotton or other products, the treasurer of the United States, or his assistants in all parts of the country, issued silver certificates in exchange for gold, that in this way the coin reserve in the treasury was maintained and increased without cost, that during one season $80,000,000 gold was in this way acquired by the treasury. I could have said later on, that, until within three years, when the receipts of the government were insufficient to pay its current expenditures, there was no difficulty in securing gold and silver coin in exchange for United States notes, treasury notes and silver certificates. The greater convenience of paper money in large commercial transactions created a demand for it, and gold and silver were easily obtained at par for all forms of paper money issued by the government. The exchange was temporarily discontinued by Secretary McCulloch. It is a proper mode of fortifying the gold reserve and ought to be continued, but cannot be when expenditures exceed the revenue, or when there is the slightest fear that the treasury will not be able to pay its notes in coin. On the 8th of March John F. Miller, a Senator from California, died, and funeral services were conducted in the Senate on the 13th, when I announced that: "By order of the Senate, the usual business will be suspended this day, to enable the Senate to participate in the funeral ceremonies deemed appropriate on the death of John F. Miller, late an honored Member of this body from the State of California." The services were conducted in the Senate Chamber by Rev. William A. Leonard, rector of St. John's church, the ch
PREV.   NEXT  
|<   947   948   949   950   951   952   953   954   955   956   957   958   959   960   961   962   963   964   965   966   967   968   969   970   971  
972   973   974   975   976   977   978   979   980   981   982   983   984   985   986   987   988   989   990   991   992   993   994   995   996   >>   >|  



Top keywords:

silver

 

certificates

 

Senate

 

treasury

 

United

 

States

 
exchange
 

Miller

 
current
 
services

conducted

 
funeral
 
California
 

issued

 
expenditures
 

government

 
reserve
 

Secretary

 
treasurer
 

dollars


Chamber

 
demand
 

easily

 

obtained

 

William

 

McCulloch

 

discontinued

 

temporarily

 

created

 

Leonard


difficulty

 

securing

 

church

 
insufficient
 
measure
 

Member

 

commercial

 

rector

 

convenience

 

important


greater

 

transactions

 
ceremonies
 

participate

 
deemed
 
Senator
 

business

 
suspended
 
enable
 

announced