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MEXICO in exchange for our imports there also for the
new issue of Treasury now asked from Congress-
constituting part Of the loan recommended, will is be-


eved greatly augment the coinage Of silver during the ensu
ing year.


Under the export duty upon specie existing in Mexico,
il is believed that when the Treasury asked
for shall be sued they may be sod is to be hoped, TO
considerable extent account of the Government for spe
Gle at a premium in Mexico and the Government funds
will not be subject to the export duty the specie may be
brought the country by this Department. in exchange for
these notes, and reconed at the mint III New Orleans into
American coin.


1t has been that the amount of foreign coin bullion
coined this year mint and branch mnts, under the
orders Of this Department. estimating December the same
November would be S23, sl4, 00l 92 AT which rate, we
would supply people with coin, and in
time, also, with augmentng commerce. Amencanze, to


great extent the coin of the world and thus introduce our
simple and beautiful decimal currency gradually throughout
all nations substituting for the complex system of pounds,
shings and pence or of douboons ducats, and rupees,
which reard business and complica,e accounts


Heretofore the world has supplied with foreign coin,
which will circulate among our people, because of its
treme compexity but coin flowing into the
channels of own ejaculation, aud must soon begin to dill
fuse itself into other nations Tor their benefit as well as our
own Thethree things which most the progress of
the wealth the world free trade and uniformity in coin
age and in weights and measures CONS as well as weights
and for the benefit Of all natons ought 9 be uni
form throughout the world and our decimal system OF coin
age should be more simple and perfect than that of any other
naton ought be, and ultimately will be- adopted, and
lead far practicable, to the introduction oil the decimal





and the weights and may DC simple and uniform
throughout the world.


Table shows the imports and exports of specie for the
fiscal years ending 30h June $40, and 3Oth june ls47
being for 1916 import of S3,777732 and the export
S34sl, ,4l7 leaving the gain of specie that year S29b
and in ls47 the specie imported SPA, 2ss, and
the export s45ll9, leaving the specie gained In s41
S22 276, 40.


Table shows the amount received in specie from all
sourcescusoms lands miscellaneous, and loans from s
January s47 to s December ls47, being S4s, ,66 $50 s
and the of disbursements specie during the same
PERIOD 81 showing the aggregate ofreceps and
disbursements in specie during the first eleven months OF the
new SYSTEM S96 S94 402 40, and proving that the Depart
has been enabled, during the last eleven months to
circulate by disbursements among the people the sum OF
S8226,5l6 81 under the receiving and specie-ccu
iatng Constitutional Treasury.


Annexed are tables (marked and p showing the market
value also the actual sales of Treasury notes and United
States stock in the market New York and New Orleans,
from the prices OF those cities from December 1916,
to December |, ls47 also table (hk) showing the
amount Treasury received each month in payment for
duesS 029 900 in the whole from lst December, 1916,
ls December lS47 from which Congress may judge oil
the probable which another loan be effected These


tables show how much these stocks and notes have ucuaed
being occasionally below par for long time at par
subsequently several cent above and again. upon tue
st of the present month"; in New York and New Or
leans These notes pe table XXX were paid IN Tor public
dues during every month from ls December S46 to st De
cember, lS47, the amount of 81, ,029, 900 and during
April ls47, the month in which the loan for them was ne
goaed premium they paid for customs alone to





extent in payments the Government and may be regarded
par The total amount Of notes advertised
eighteen millions of dollars and the amount OF the bids,
exhibited in table 3, hereto annexed, S517229s3 OF
which the sum OF So, S39 500 bid for at par, and
$50, $685. 1873 above par The assigned 10 the
highest bidders, varying from oneeghh o one per
per cent above par, all the lower bids being, OF
course rejected and the table last above mentioned will ex
hbt fully and in detail the pursued that OCCASION
The law conferred the power have changed all these notes
for SPECIE without ADVERTISEMENT with any one, at or above
t,t hnNao 0Eohtatp he nan IN
whole or in part bids were invited Tor the amount Of
$4,000, ,0o0


Annexed is copy of the advertisement Of this loan mark
ed dated the 9th of February, S47 having been issued
during the session of Congress- and extensively published
throughout the Union, from the 9th Of February TO the 10th
of April s47 The remainder Of the loan beyond the amount
advertised exchanged par partly for money to be de-
posted without charge New Orleans, where the wants of
the Government great and the rest paid out chiefly in
Treasury notes at par to the Smithsonian institution also to
other creditors Of the Government the notes at that time be-
ing generally par and the of the Government equr
ing the Of the money before could be obtained upon the
advertisement On the 22d October, s46 Gas per printed
notice hereto annexed marked the Department advertised
for the exchange of 49, 900 of Treasury notes at par Tor
deposites of specie with the assistant For
siderable time but very few Of such deposes were made or
Treasury thus taken and from this long delay and con-
tnued reluctance upon the part Of the community IN taking
these Treasury notes at par although at any time alter the
2Sh of January last they convertible INTO the twenty
years per cent stock par many OF the notes heretofore
offered at par not having been taken at the date Of my adver
tsemen Of the 9th of February last serious doubts were en-
teaned whether the whole OF the loan could be taken at
above par. 1t had been usual heretofore with my pede
in advertising for oan emit to any ndv
dual under SIS, 900 but with view to the largest
possible subscriptions and at the best rates. and TO duse the
loan far practicable throughout all classes Of the commu
ny bids authorized TO be received by the advertisement
low the lowest denomination of Treasury notes permitted
by aw-namey, fifty dollars. 1t the duty of the Depart
ment to accept nothing but SPECIE being the first loan ever ne
goaed in specie from the foundation the Government down
to that date, and the first oan except that Of last fall ever
thus negotiated at above par during period of war; The
magnitude of the loan, the fluctuations below par OF the pre-
vious stock and notes the uned, and to many alarming
restraining operation Of the Constitutional Treasury the heavy
expenditures OF the war; and the requirement OF all the pay
nens from time time in specie, deemed by many as IN
superabe obstacles TO the negotiation OF the whole OF the loan
above par But under the sauary provisions OF the Con-
utonal Treasury the credit Of the Government was IN truth
enhancedby receiving and dsbung nothing but coin thus
placing all its transactions upon basis sound and en-
tied higher credit than when held specie, bad money
creditors but bank paper Then dependant upon the
credit Of the banks and subjected to every lucuaion
which affected their credit Now stands upon the basis OF
Specie be above all suspicion Of dcred whilst by
its demand for coin for payments sustans not only
its credit but renders safe the credit and currency
and business Of the whole Union.


BY of Congress of Sd March, lS45 this Depart
ment was authorized select plan for the erection Of
custom -house in the city Of New Orleans BY the act OF 81
March, Isi7 the Of 900 appropriated towards
the erection of the cusohouse the square,
or much thereof could be procured by the Department