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
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