One hundred and two millions of
these dollars have been already coined, while only about thirty-four
millions are in circulation.
For the reasons which he specifies, I concur in the Secretary's
recommendation that the provision for coinage of a fixed amount each
month be repealed, and that hereafter only so much be coined as shall be
necessary to supply the demand.
The Secretary advises that the issue of gold certificates should not
for the present be resumed, and suggests that the national banks may
properly be forbidden by law to retire their currency except upon
reasonable notice of their intention so to do. Such legislation would
seem to be justified by the recent action of certain banks on the
occasion referred to in the Secretary's report.
Of the fifteen millions of fractional currency still outstanding, only
about eighty thousand has been redeemed the past year. The suggestion
that this amount may properly be dropped from future statements of the
public debt seems worthy of approval.
So also does the suggestion of the Secretary as to the advisability of
relieving the calendar of the United States courts in the southern
district of New York by the transfer to another tribunal of the numerous
suits there pending against collectors.
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