Brief for the United States — United States v. Whitridge

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Guthe Supreme Court of the United States.

OcToBER TERM, 1904.

;

THE Unitep STaTEs, PETITIONER,

Morris WHITRIDGE AND Ricuarp J. [ 413.

White, trading as Whitridge, White

& Co., respondents.

ON WRIT OF CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE FOURTH CIRCUIT.

BRIEF FOR THE UNITED STATES.

Mey he Mampi

STATEMENT.

This case arose because of the material difference

between the gold value of the silver in a rupee—the

current coin of India—and its commercial value.

The law requires that all importsinto the United States

shall be invoiced in the currency of the country from

whence they came. The goods concerning which the

present controversy arose were imported from India;

and how the value, in American money, of the rupee

of the invoice should have been determined is the

question here involved. The answer depends upon |

the construction and application of section 25, tariff act :

1 i

16750—05

SECEDE NEEDLE MEGA ROLE LE LL OELR. LEEPER NES NEERS AEE SELES LV RIP oe |

August 27, 1894, entitled “An act to reduce taxation,

to provide revenue for the Government, and for other

purposes” (28 Stat., 552), which is as follows:

Sec. 25. That the value of foreign coin, as

expressed in the money of account of the United

States, shall be that of the pure metal of such coin

of standard value; and the values of the stand-

ard coins in circulation of the various nations of

the world shall be estimated quarterly by the

Director of the Mint, and be proclaimed by the

Secretary of the Treasury immediately after the

passage of this act and thereafter quarterly on

the first day of January, April, July, and October

in each year. And the values so proclaimed

shall be followed in estimating the value of all

foreign merchandise exported to the United

States during the quarter for which the value is

proclaimed, and the date of the consular certifi-

cation of any invoice shall, for the purposes of

this section, be considered the date of exporta-

tion: Provided, That the Secretary of the Treas-

ury may order the reliquidation of any entry

at a different value whenever satisfactory evi-

dence shall be produced to him showing that

the value in United States currency of the for-

eign money specified in the invoice was, at the

date of certification, at least ten per centum

: more or less than the value proclaimed during

the quarter in which the consular certification

occurred.

On April 1, 1900, the Director of the Mint compiled

and the Secretary of the Treasury proclaimed a table

showing values of current coins of the various nations,

in which the monetary standard of India was stated to

be silver and the unit the rupee, worth in United States

gold $0.207. There was appended to the table this

footnote: “Value of the rupee to determined by con-

sular certificate.” The same note had appeared upon all

similar quarterly estimates for several years. (R., 12.)

Respondents imported from India into the port of

Baltimore June 18, 1900, gunny bagging. The

invoice from the foreign shippers, dated April 29,

1900, was made out in rupees, and contained a certi-

ficate of our consul that the exchange value of that

coin was $0.32 American money. (R., 11.)

In July, 1900, the collector of the port liquidated

the entry by converting rupees into dollars at the rate

of 30.32 each—to which action the importers entered

protest. May 29, 1901, the collector reliquidated the

entry, converting rupees at $0.207 each, and trans-

mitted to the Secretary of the Treasury entry and

invoice. June 6, 1901, the Secretary returned both

to the collector with a written communication in which

he advised and directed him as follows (R., 7, 12):

In this regard I have to inform you that sat-

isfactory evidence has been produced to the

Secretary of the Treasury showing that the

value in United States currency of the foreign

money of the invoices—namely, the rupee of

India—was 32 cents at the date of certification,

which is 10 per cent more than the value pro-

claimed during the quarter in which the consu-

lar certification occurred.

In view of the facts stated, you are hereby

directed to reliquidate the entries hereinbefore

I GYR LLL GEILE ELE LLG EDEL BERET L ELL ALE RS

BORO 29 ma RR RIE RARE INTENT AREER Dee ONES ReMRAIE OS SRO NOR A RN neg

BETES 5 Neha RAL

mentioned on the basis of this latter value un-

der the authority conferred upon the Secretary

of the ‘Treasury by the proviso to section 25 of

the act of August 28, 1894

The collector, June 12, 1901, again reliquidated the

entry, estimating rupees at 80.32 each.

(The Secretary of the Treasury has the right to

2 tanh asi

wl i

order a reliquidation at any time within twelve months

after the original entry.)

Shee TL.

June 18, 1901, the importers, in a writing addressed

aise

to him, protested against the last action of the collector,

assigning therefor the following reasons (R., 5):

Cee tae

You have, by liquidation or reliquidation,

assessed duty on the basis, in United States

money, of an assumed value of the invoice coin

: or currency greater than its actual value or

proclaimed value, and greater than that per-

mitted or authorized by law. Duty should be

assessed on the basis of the value of said coin

5 or currency estimated by the Director of the

Mint and proclaimed by the Secretary of the

3 Treasury on the first day of the quarter year

5 during which the goods were exported to the

M United States. The Secretary of the Treasury

has not ordered the liquidation or reliquidation

of said entries at a different value from that

which is hercin claimed, or, if so, such order is

illegal, void, and of no effect. No evidence, or

no satisfactory evidence, was produced to said

Secretary to bring these cases within the pro-

viso of section 25, tariff act of August 27, 1894,

and they are not within it. The body of said

section should govern your action in this matter.

Betws iain

ee RA EOS UNE BRT PEELE CIEE BRE EP as OW MG SORES COI

This protest challenged the reliquidation solely for

alleged wrongful valuation of the foreign money.

The protest was submitted to the Board of General

Appraisers, and before it the importers undertook to

prove, by a witness and statistics, over the objection

of the Government, that the gold value of the silver

in an Indian rupee on the 19th of April, 1900, when

the invoice was consulated, was $0.2045015, and not

10 per cent more or less than the value proclaimed by

the Secretary of the Treasury on the first day of the

quarter year. (R., 8, 9, 10.)

No direct attempt was made to show what evidence

was considered or acted on by the Secretary before

he directed reliquidation.

The Board of General Appraisers sustained the pro-

test and ordered the collector to liquidate the entry

according to the metallic value of the rupee as pro-

claimed April 1, 1900—S0.207 (R., 11); in other words,

to admit the merchandise at a valuation of less than

two-thirds of its actual cost.

The circuit court affirmed the judgment of the Board

without opinion, and upon appeal the circuit court of

appeals sustained that action for the reasons specified

in its opinion found in the record at page 19.

The Government has admitted nothing as to the

value of the silver in a rupee in April, 1900, nor has it

admitted anything concerning the reasons or grounds

for the action of the Secretary of the Treasury in order-

ing a reliquidation at a different valuation of the

— —" So |

rupee from the one proclaimed—except what appears

above in his direction to the collector—or how he

determined the valuation fixed by him. It denied the

importers’ right to show by proof anything in refer-

ence to those matters, and the evidence supposed to

relate thereto was admitted over its objection.

The exchange value of the rupee ($0.32) deter-

mined, of course, the cost of the goods to the Ameri-

can importers, and if the entry was properly liquidated

at that rate duties were imposed according to the cost

price. If, however, the coin must be estimated at the

value proclaimed April 1, 1900—S0.207—duties will

be imposed upon a valuation less than two-thirds of

actual cost.

The importers maintain:

The Secretary of the Treasury had no power to order

reliquidation of the entry at a valuation of the rupee

different from its metal value as proclaimed by him on

April 1, 1900, unless, as a matter of fact—which was

open to inquiry and proof—the value of the silver

therein, upon the date of the certification of the invoice,

was 10 per cent more or less than the one so pro-

claimed; and that the proof affirmatively shows no

such change had occurred.

The Government maintains:

1. The action of the Secretary of the Treasury in

declaring the value of the rupee of the invoice when

he ordered reliquidation of the entry in June, 1901,

Se ERREL ENE IRL MRE SD RENE LET —

was final and conclusive, and could not be reviewed or

the facts upon which the same was based inquired into

by appraisers or courts.

2. Since September 15, 1899, the monetary standard

of India has been gold, the standard coin the British

sovereign (worth $4.8665), and the rupee a token coin

current as the one-fifteenth part thereof—$0.324+.

The Secretary of the Treasury, therefore, committed

no error of which respondents can complain when he

reliquidated the entry in question, valuing the rupee

at 50.32.

3. The proviso in section 25, act of 1894, gave the

Secretary of the Treasury the right to direct reliquida-

tion of an entry at the exchange value of the money

specified in the invoice whenever that was 10 per cent

more or less than the metallic value proclaimed at the

beginning of the quarter, and such right did not de-

pend on a change in the market value of the metal in

the coin.

STATUTES, ETC.

The tariff administrative act, July 31, 1789, ¢. 5

(1 Stat., 29), provided:

Sec. 18. That all foreign coins and currency

shall be estimated according to the following

rates: Each pound sterling of Great Britain,

at four dollars forty-four cents. * * * Each

rupee of Bengal at fifty-five cents and a half, and ‘

all other denominations of money in value as near

as may be to the said rates; and the invoices of

all importations shall be made out in the cur- ‘

rency of the place or country from whence the

importation shall be made, and not otherwise.

ge OH he LRN ARES PTC RE ARPES a APTS CA BapAT NET heh Ne ire ae aseint ®, — |

Values were prescribed for certain foreign coins by

similar statutes prior to 1873. (Act August 4, 1790,

sec. 40, 1 Stat., 167; act March 2, 1799, sec. 61, 1

Stat., 673; act March 3, 1801, 2 Stat. 121; act June

28, 1834, 4 Stat., 700; act July 27, 1842, 5 Stat., 496;

act March 3, 1843, 5 Stat., 625; act May 22, 1846, 9

Stat., 14.)

In 1873 Congress, departing trom former practice,

required annual valuation of foreign coins by the

Director of the Mint and proclamation of the same

by the Secretary of the Treasury. Act March 3,

1873, c. 268 (17 Stat., 602; R.S., 3564), provided:

Sec. 1. That the value of foreign coin as

expressed in the money of account of the

United States shall be that of the pure metal

of such coin of standard value; and the values

of the standard coins in circulation of the vari-

ous nations of the world shall be estimated

annually by the Director of the Mint, and be

proclaimed on the first day of January by the

Secretary of the Treasury.

The tariff act of October 1, 1890 (26 Stat., c. 1244,

pp. 567, 624), modified the act of 1873 by requiring a

quarterly estimate and proclamation. It provided:

Sec. 52. That the value of foreign coin as

expressed in the money of account of the

United States shall be that of the pure metal

of such coin of standard value; and the values

of the standard coins in circulation of the vari-

ous nations of the world shall be estimated

quarterly by the Director of the Mint, and be

proclaimed by the Secretary of the Treasury

_— Posting “3 r aed cin Tana OS tINGTSS

NESE LOR ODIO ILE ELLIE SE LEONEL LENT EL REEL LTE

—

immediately after the passage of this act and

thereafter quarterly on the first day of January,

April, July, and October in each year.

“An act to reduce taxation, to provide revenue for

the Government, and for other purposes,” August 27,

1894 (28 Stat., c. 349, pp. 509, 552) provides:

Sec. 25. [This section is set out in full, p. 2

ante. It was not repealed by the tariff act of

1897, is now in full force and constitutes the

present law providing how foreign coins and

money shall be estimated.]

The statute and regulations in reference to depreci-

ated currency are set out in Appendix K, p. 69, hereof.

The policy of Congress as to ad valorem duties,

shown in the first customs administrative act and all

others, is to assess them on imports substantially at

their actual cost or market value, and to effect this

invoices in currency of the exporting country are

required. (Act July 31, 1789, ¢. 5, sees. 17, 18, 1 Stat.,

41; act August 4, 1790, c. 35, secs. 39, 40, 1 Stat.,

167; act March 2, 1799, c. 22, sec. 61, 1 Stat., 673; act

March 3, 1801, c. 28, see. 2,2 Stat., 121; section 2903,

R. 8.)

The purpose to arrive at actual cost or value is

accentuated by the strict provisions of the customs

administrative act of June 10, 1890 (26 Stat., c. 407,

p. 131), in which it is provided:

Sec. 2. That all invoices of imported mer-

chandise shall be made out in the currency of

the place or country from whence the importa-

16750—05

——

tions shall be made, or, if purchased, in the cur-

rency actually paid therefor, shall contain a cor-

rect description of such merchandise. * * *

Sec. 10. That it shall be the duty of the

appraisers of the United States, and every of

them, and every person who shall act as such

appraiser, or of the collector, as the case may

be, by all reasonable ways and means in his or

their power, to ascertain, estimate, and appraise

(any invoice or affidavit thereto or statement of

cost, or of cost of production to the contrary

notwithstanding) the actual market value and

wholesale price of the merchandise at the time

of exportation to the United States in the prin-

cipal markets of the country whence the same

has been imported, and the number of yards,

parcels, or quantities, and actual market value

or wholesale price of every of them, as the case

may require.

(See also sections 3, 4, 5, 7, 11, ete.)

Reliquidation of any entry may be made within a

year after the original entry.

Section 21, act June 22, 1874 (18 Stat. C. 391,

p. 190, Comp. Stat., p. 1986), and section 24, act June

10, 1890 (26 Stat., 140, Comp. Stat., p. 1987); Beard v.

Porter, 124 U. S., 437-441; Neresheimer v. U. S., 131

Fed. Rep., 977.

Section 2652, Revised Statutes, provides:

It shall be the duty of all officers of the

customs to execute and carry into effect all

instructions of the Secretary of the Treasury

relative to the execution of the revenue laws;

ECE RURE HAN EL LLM LLELEL BETIS ARE MOLISE DE LEO LEA LEE SII IN OT ON —

and in case any difficulty shall arise as to the

true construction or meaning of any part of the

revenue laws, the decision of the Secretary of

the Treasury shall be conclusive and binding

upon all officers of the customs.

A collector is merely a subordinate to the Secretary

of the Treasury. (21 Opinions Atty. Genl, 203;

R.8., §249; U.S. v. Ballin, 144 U.S., 1-10.)

By Act VIII of 1893, Indian Government, the mints

were closed from June 26 of that year to free coinage;

but the Government remained empowered to coin

rupees from silver presented by itself. (Report Di-

rector of the Mint, 1893, p. 235; id, 1900, p. 383:

Appendix I hereto, p. 67.)

Act XXII, Indian Government, passed September

15, 1899, made the monetary standard of India gold

and the unit the sovereign which then became legal

tender at the rate of 15 rupees. (Report, Director of

the Mint, 1900, p. 381; Appendix J hereto, p. 68.)

The following from the treaty with Japan (1894)

illustrates our obligations to other nations:

ArTICLE IV. No other or higher duties shall

be imposed on the importation into the terri-

tories of the United States of any article, the

produce or manufacture of the territories of His

Majesty the Emperor of Japan * * * than

on the like article produced or manufactured in

any other foreign country. * * *

FACTS RELATING TO THE COINAGE AND DECLINE OF

SILVER.

To understand the purpose of Congress in enacting

the proviso in section 25, act of 1894—an act to raise

revenue—consideration must be given to conditions

then existing and to certain facts relating to silver

and coinage.

For more than a hundred years prior to 1873—except

in 1808, 1812, and 1813—the average market value of

16 ounces of silver was in excess of 1 ounce of gold

and an ounce of pure silver was worth more than

$1.29. Variations in average yearly prices were very

small. (Appendix E.)

A decline in the market value of silver began in the

last of 1873 and, with some temporary changes,

continued until in July, 1876, an ounce of fine silver

was worth $1.0768. The price then increased, until

in January, 1877, it was $1.26. Thereafter, with

some fluctuations year after year, there was a gradual

fall until in June, 1889, the average price per ounce

was 30.921, and the bullion value of the silver dollar

$0.712. From the latter date until April, 1890, the

value gradually -increased, the average for March,

1890, being 50.962. Congress was then in session

and was expected to enact legislation favorable to

silver. It did pass what is known as the Sherman Act

July 14, 1890,

Commencing in the last of April, 1890, the price of

silver began rapidly to appreciate, and in September,

1890, the average per ounce was 51.164—a rise of

more than 20 per cent in less than six months. Imme-

4 STII PET! GEOR PAL RANI EE 1) ESTE AER AES ANAT SEINE ONE OT TH PROS PATI St

diately after this rise the act of October 1, 1890,

requiring quarterly estimates by the Bureau of the

Mint, was passed.

The Secretary of the Treasury, January 1, 1890,

proclaimed, as directed by the act of 1873, the value

of the rupee to be $0,332. Under the act of 1890 he

proclaimed its value, as of October 1, to be 80.404,

After October, 1890, silver rapidly declined, the aver-

age price per ounce for June, 1893, being $0.817, and

for July, 1894, 30.628. (Appendixes D and F.)

On June 24, 1893, when rumors became current that

the Indian mints were to be closed, the quotation for

silver per ounce in London was 37$d, in New York

$0.82. On June 26, when it was definitely announced

that they had been closed, silver in London was at

36d, equal to 50.784 per ounce fine, and in New York

$0.78. The rapid decline continued until on June 30

the London price was 303d, equal to $0.664 per ounce

fine, and the New York price $0.67 to 30.65. (Report,

Director of the Mint, 1893, p. 18; 1894, pp. 205-206.)

Only twice in history has the market value of silver

changed so much as 10 per cent in any quarter year—

once in 1890 and once in 1893,

Conspicuous among the well-known causes which

contributed to the great depreciation of silver was the

closing of the Indian mints, to which something like

one-fourth of the world’s annual production had gone.

Prior to June 26, 1893, those mints were open to

the free, unlimited coinage of the silver rupee, the

standard coin of the country, and its value declined,

RL IT EME ERE ERLE LEE LIE LEDGE IE SINT ~ SEI

BOERNE EO

following silver, from $0.48, in 1873, to $0.29, April 1,

1893. The exchange value, coinage being free, fol-

lowed, of course, the fluctuations sir dhe vale uf ake

bullion, the slight difference between the two being

controlled by such facts as ordinarily determine the

price of foreign exchange.

In October, 1892, the British Government appointed

a currency committee (Lord Herschell’s) and charged

it with the duty of making a report concerning

the coinage of India. After thorough examination of

currency systems, May 31, 1893, this committee

made an exhaustive report wherein, after expressing

the opinicn that so to do would result in further

depreciating the market price of silver but would

steady the exchange value of the rupee and cause the

Seat nee CIO SSE Re

same thereafter to materially advance, it recommended

that the Indian mints be closed as a first step toward

establishing the gold standard in that country. With-

out previous notice this was done June 26, 18938.

(See act No. VIII, Appendix I hereto, p. 67.) The

immediate result was an appreciation in the exchange

value of the rupee and a radical depreciation in the

market value of the silver therein, And such values

have been wide apart from that day to this

On June 21, 1893, the bullion value of the rupee

was 30.287, its exchange value 80.303; on June 30

the former was 380,228 and the latter 80.322. In ten

4 days the metallie value declined more than 18 per

‘ cent, while the exchange value advanced nearly 5 per

i cent. From July 1, 1898, until October 1, 1894, the

siisus

average exchange value of the rupee was more than 20

per cent in excess of its metallic value. (Appendices

A‘ ana’ 3?)

July 1, 1894, the Secretary of the Treasury pro-

claimed the metallic value of the rupee as 50.217; on :

the same day its exchange value was 30.261. The q

tariff act of 1894 was passed on August 27. |

The report of Lord Herschell’s Currency Committee :

attracted wide attention and was regarded as so im- e

portant that 6,000 copies of it, together with the evi-

dence—a volume of more than 800 pages—were printed

by direction of Congress contained in resolution dated

SOTERA RY Eat

SPS x

August 18, 1893. It was much read and commented

upon. It distinctly pointed out that while closing the (

Indian mints would probably result in further depre- ‘

ciating silver, nevertheless the exchange value of the

rupee would thereby be increased and would gradually ‘

advance to 1s. 4d. (80.82). The result proved in har- ;

mony with the committee’s anticipation and was watched f

with great interest throughout this country. ‘

The express purpose of closing the Indian mints was ;

to divorcee the metallie and exchange values of the

rupee, to steady and then advance the latter while the if

former declined. And this was undertaken as a_pre- i

liminary step to the ultimate establishment of a fixed ;

gold standard.

As appendices (A and B) hereto are printed tables

from the Report of the Director of the Mint, which con-

firm the foregoing statements. (Report Director of the

Mint, 1904, pp. 205, 206, 207.) Reference is also

ee |

made to the report of Lord Herschell’s Currency Com-

mittee, printed by resolution of Congress and the report

of the Currency Committee of 1898, dated July 7, 1899,

and printed in Sessional Papers, House of Commons,

volume 31, 1899.

In January, 1898, the exchange value of the rupee,

after having been for some years below that figure,

reached 1s. 4d. (50.32), where it has since remained.

The value of the silver in a rupee at that time was $0.20.

By an act of the Indian government, passed Sep-

tember 15, 1899—the outcome of the report made

July 7, 1899, by the Indian Currency Committee,

appointed April 29, 1898—gold became and since then

has been the money standard of that country. It

made gold legal tender at the rate of 15 rupees to 1

sovereign, and left the rupee likewise legal tender to

an unlimited amount, thus placing the silver coin of

India in relation to gold in a condition similar to that

existing in France and the United States, and estab-

lishing a practical gold standard and a gold currency.

(Report Director of the Mint, 1900, p. 154 et seq.)

Silver rupees since September, 1899, have been in

fact only token coins like the silver dollars of the

United States, or, in the language of the Financial

Statement of India for 1900-1901, ‘‘our notes printed

on silver, as we may really regard our rupees.”—(Ses-

sion Papers, Llouse of Commons, 1900, vol. 57.)

cae

——

HISTORY OF THE PROVISO IN SECTION 25, ACT OF 1894.

The facts ascertainable from Congressional Records

are meager. The bill when first before the Senate

provided:

Sec. 52. That the value of foreign coin as ex-

pressed in the money of account of the United

States shall be of that of the pure metal of such

coin of standard value; and the values of the

standard coins in circulation of the various na-

tions of the world shali be estimated quarterly

by the Director of the Mint and be proclaimed

by the Secretary of the Treasury immediately

after the passage of this act, and thereafter

quarterly on the first day of January, April, F

July, and October in each year. ?

This was the language of section 52, tariff act, :

October 1, 1890, which modified act March 3, 1873. i

On June 20, 1894, the committee recommended :

section 52 be amended by adding the following:

Aud the values so proclaimed shall be fol-

lowed in estimating the value of all foreign

merchandise exported to the United States dur-

ing the quarter for which the value is proclaimed,

and the date of the consular certification of any

invoice shall, for the purposes of this section, be

considered the date of exportation: Provided,

That the Secretary of the Treasury may order

the reliquidation of any entry at a different

value whenever satisfactory evidence shall be

produced to him showing that the value in

United States currency of the foreign money

specified in the invoice was at the date of certi-

fication at least ten per cent, more or less, than

A OS CORALINE GOMES NE IEOIESLE DAE ID IIE OE OBE EM OS

16750—05——3 :

Bae BESS ee gia ATE NPE RENE NAT PMNS SAO TINE IG ILE TNE IT AB PI |

the value proclaimed during the quarter in

which the consular certification occurred.

The amendment was agreed to without debate, and

in the final arrangement section 52 as amended became

section 25. (Congressional Record, vol. 26, Fifty-third

Congress, second session, p. 6576.)

That part of the amendment which preceded the

word “provided” was not new legislation. It in sub-

stance expressed the effect of the acts of 1873 and

1890, as expounded in Collector v. Richards (23 Wall.

246, 259, 261); Cramer vy. Arthur (102 U.5., 612);

Hadden v. Merritt (115 U. S., 25); United States v.

Klingenberg (153 U.3S., 93).

The proviso contained in the amendment was new

legislation.

HISTORY OF LITIGATION TOUCHING THE VALUE OF THE

RUPEE.

United States v. Newhall (91 F. R., 525), United

States circuit court, Massachusetts, January 7, 1899,

opinion by Colt, circuit judge.

In this case no reliquidation was ordered by the

Treasury. The collector liquidated the entry in the first

instance at the exchange value of the rupee instead of

the proclaimed one, assuming it was depreciated cur-

rency. Judge Colt held the proviso in section 25, act

of 1894, did not permit the collector to adopt the

exchange value; and he further said (unnecessarily)

that it did not authorize valuation of foreign coins

according to exchange values by anyone, but that they

SARIS AILMENTS NT

should be estimated only according to price of the

metal contained.

This case was not further prosecuted. Possibly a

correct result was reached on the facts presented,

because an estimate not based on the proclaimed value

of the rupee was first made by the collector, and not

by the Secretary when directing reliquidation. It was

unnecessary to pass on other questions.

United States v. Beebe, U.S. circuit court, Massachu-

setts, August 27, 1900. (103 Fed. Rep., 785.) i

In this case also the collector liquidated the entry in :

the first instance at the exchange value of the rupee, ‘

and no reliquidation was directed by the Secretary. :

Colt, judge, said: “This petition for review is governed :

by the principles laid down in United States v. New-

hall.” (106 Fed. Rep., 75.)

An appeal was taken to the cireuit court of appeals,

first cireuit, which declined to construe generally sec-

tion 25, act of 1894, but held the collector erred by

failing in the first liquidation to follow the proclaimed

be a i mes

metallic value. The cireuit court was for that reason

sustained, but it was expressly adjudged without prej-

udice to either party to proceed further, after reliquida-

tion, under direction of the Secretary.

A petition for certiorari was presented to this court

at the October term, 1900, and denied March 11, 1901

(180 U.S., 640). There was reason for such denial

without consideration of the questions now involved.

The judgment below was not final and no reliquidation

had been ordered.

‘SSOP AE GON PPE EE IM LIP SPL IEEE EER DELETE ENO LL OM! REE NER NE OL

Ee ee .

Bios ESE RAS VOM AAO ELEN EN RET ECL LIN TARE «PETRA TM LI ROE OTE

After the action of this court the collector reliqui-

dated the entry at the proclaimed value of the rupee,

and the Secretary informed him that upon satisfactory

evidence he had found a different value and directed

another reliquidation. The case was thereafter tried

on an agreed statement, which contained a stipulation

that the order for reliquidation by the Secretary was

not based upon any difference between the pure metal value

of the rupee on date of invoice and that proclaimed at

the beginning of the quarter, and, further, that the value

fixed by the Secretary was not intended to be the pure

metal value on date of certification, the metallic value

being then substantially the same as the one proclaimed.

No such stipulation is in the present record, and it does

not appear aflirmatively why the Secretary adopted the

value specified by him.

On the second trial of United States v. Beebe, Sep-

tember 4, 1902 (117 F. R., 670), the circuit court

adhered to its opinion (unnecessarily expressed) in the

Newhall case, that the Secretary should have been

governed only by the metallic value of the coin. The

court also said (correctly) that in the case then pending

it was expressly stipulated the Secretary did not base his

action upon any diflerence in metallic values, and that

the pure-metal value of the rupee on date of invoice

was substautially the same as the one proclaimed. It

accordingly held that no question of fact upon which the

Secretary had passed was involved, but only questions

of law. Basing such action upon the stipulation, the

contention of the Government as to the finality of the

Secretary’s action was overruled.

A AE I RR PEATE EDT Te SN ER TY

SI LER. ERA EE MR ET

The circuit court of appeals affirmed the judgment

of the cireuit court. (United States v. Beebe, 122 F. R.,

762, March 10, 1903. Opinion by Putnam, J.)

Its conclusion seems to have resulted from an entire

misapprehension of conditions existing when the act of

1894 was passed. They are stated in important particu-

lars as being exactly the reverse of what they really

were:

Discussing the proviso, the court said (p. 764):

Previous to June, 1893, the mints of India

had been bound by law to the free public coin-

age of silver into rupees, and therefore the

rupee circulated at its bullion value. * * *

Thus it will be seen that the silver rupee,

like our silver dollar, had, at the time this mer-

chandise was invoiced, a practical value as legal

tender far in excess of the bullion value at

which, according to law, it was rated by the

Director of the Mint; and these changes in

value accrued after the act of 1894 went into

effect. Previous to that act there were no dif-

ferences with regard to the rupee of the char-

acter which we have described as existing in

1898. The prior differences were such as arose

from the fluctuations of the marketable price of

silver. * * * [The facts set out above show

statements in this paragraph to be erroneous. }

(P. 768.) The reason for this proviso can be

suggested only by the fact of the numerous vio-

lent fluctuations in the market value of silver and

in the corresponding market value of rupees,

which we have fully explained, and this brings

us under the leadership of the safest guide for

—_—— eRe WRAL LOOMED ETE TIL TORI OR A I BM BE EEE

peer,

SEES SARTRE RT ILE P ESTILO STEEL LE ONL TENEMENT MN TT

ES Se ete or eee oe

the construction of a statute—already referred

to—that is, the consideration of the causes

which moved the legislature. The circum-

stance that the legal-tender value of the rupee

far exceeded its bullion value, which is now

presented, did not exist when the act of 1894

was passed, and it could not have been in the

contemplation of Congress. In fact, it may be

said never to have previously existed so far as

known to our customs system. [It had existed

for more than a year, and was notorious. ]

In view of the effect given the stipulation in the

Beebe litigation, it seemed proper to submit the present

ease in which the Government could finally present to

this court its exact contentions on all points. In this

the collector liquidated the entry at the proclaimed

value of the rupee. The Secretary thereafter notified

the collector that satisfactory evidence having been pro-

duced to him showing the value in United States eur-

rency of the foreign money in the invoice—the rupee

of India—was 30.32 at the date of the certification,

which was 10 per cent more than the value proclaimed

for the quarter in which the consular certification

occurred, and directed reliquidation of the entry at

$0.32 per rupee, under authority of section 25, act

1894. The cireuit court decided against the Govern-

ment, and its judgment was aftirmed by the circuit

court of appeals March 14, 1904, in an opinion writ-

ten by Boyd, district judge (129 F. R., 33). That

opinion follows the cases in the courts in Massachu-

setts above referred to without adding anything of

importance.

_——— ea eae

The action of the Secretary of the Treasury in declar-

ing the value of the rupee of the invoice, when he

ordered reliquidation of the entry, in June, 1901, was

final and conclusive, and could not be reviewed or the

facts upon which the same was based inquired into by

appraisers or courts.

Section 25 has two important parts: First, the pro-

visions for valuing foreign coins taken from the act of

1873 requiring an annual estimate, as modified by the

act of 1890 requiring quarterly estimates; and, second,

the proviso relating to reliquidation, which was entirely

new legislation.

The action of the Secretary, taken in pursuance of

the power given by either part of the section, should

have the same ultimate effect. His action under the

provisions adopted from prior legislation was pur-

posely made conclusive, and no reason appears why

the same finality was noi intended to result when he

proceeded under the new provision incorporated in the

same section and relating to the same subject.

This court, in cases decided prior to 1894, settled

the conclusiveness of the Secretary’s valuations of for-

eign coins under the acts of 1873 and 1890.

Collector v. Richards, 23 Wall., 246.

Cramer v. Arthur, 102 U.S., 612.

Hadden v. Merritt, 115 U.S., 25.

United States v. Klingenberg, 153 U.S., 93.

In Hadden v. Merritt (May 4, 1885) the invoice was

in Mexican dollars, the value of which had been im-

properly estimated. The importer offered to prove

that such dollars, instead of being worth 51.01 as pro-

claimed, at date of the proclamation were worth only

$0.87; that such valuation had been reached by wrong-

fully comparing the Mexican silver dollar withthe Amer-

ican silver dollar, instead of basing the estimate on the

gold dollar; and that duties were being charged upon

his goods at a valuation much in excess of cost. The

evidence was rejected. This court, speaking by Mr.

Justice Matthews, said (p. 27):

SUS gest 9 ah eae aa EG ie eile

The value of foreign coins, as ascertained by

the estimate of the Director of the Mint and

proclaimed by the Secretary of the Treasury,

is conclusive upon custom-house officers and

importers. No errors alleged to exist in the

estimate, resulting from any cause, can be

shown in a judicial proceeding to affect the

: rights of the Government or individuals.

There is no value, and can be none, in such

coins except as thus ascertained; and the duty

of ascertaining and declaring their value, cast

upon the Treasury Department, is the perform-

ance of an executive function, requiring skill

and the exercise of judgment and discretion,

which precludes judicial inquiry into the cor-

rectness of the decision. If any error, in

adopting a wrong standard, rule, or mode of

computation, or in any other way, is alleged to

have been committed, there is but one method

of correction. That is to appeal to the Depart-

ment itself. * * * The whole subject is

confided by the law exclusively to the jurisdic-

tion of the executive officers charged with the

CE aE A, Ey.

utd

duty, and their action can not be otherwise

questioned.

United States v. K lingenberg (April, 1894).

The goods were from Austria, the invoice in paper

florins, worth in American money 50.32. They were

converted by the collector at 50.482, according to the

proclaimed valuation of the gold florin. This resulted

in charging duties on the goods at a valuation greatly

exceeding their cost. The importer protested and

unsuccessfully claimed he was entitled to show the

facts and have the entry reliquidated. Speaking of

those provisions which required invoices in currency

of the exporting country, and the Director of the Mint

to ascertain the value of foreign coins, this court, Mr.

Justice Jackson delivering the opinion, said (p. 99):

These provisions being substantially reen-

actments of former laws, must, upon well-settled

principles, be interpreted in the light of the

decisions already referred to, and the estimate

of the Director of the Mint, as proclaimed by

the Secretary of the Treasury, fixing the values

of foreign coin or currency in terms of the

money of account of the United States, must be

held equally conclusive both upon the Govern-

ment and the importer as under the former

statutes.

The above cited cases establish the conclusiveness

of the Seeretary’s action in proclaiming values of

foreign coins when proceeding under the first part of

section 25, act of 1894. The Government contends

that when he acted in this ease under the second part

16750—05—— 1

OR en oe IAA.

ren

sai demm haa

ies

‘e

PPR en a a ais eae mise

Pato! Pe ORRIN NAMA OR DNL tna We AON EON thee MDP IBERIA re SY

of the same—the proviso—his action was likewise con-

clusive. He passed on facts, not law.

See also Muser v. Magone, 155 U.S., 240, 251, and

United States v. Passavant, 169 U.S., 16.

In Muser v. Magone, the importers sought to show

that the general appraiser arrived at the valuation of

the goods by a wrong process. The court, speaking

by Mr. Chief Justice Fuller, said (p. 251):

The course of business at St. Gall in respect

of these embroideries was peculiar, and to

reach a result, in estimating the value, re-

quired the consideration of many elements

making up the amount which actually repre-

sented the pecuniary basis of transactions.

How these various elements impressed the gen-

eral appraiser, and what grounds influenced or

controlled his mental processes, were matters

in respect of which he could not be interrogated,

since his decision, when approved by the col-

lector, was final, and could not be reviewed

and the verdict of a jury substituted. The

proper evidence of the decision of the apprais-

ers and of the collector was to be found in their

official returns, and if they acted without fraud

and within the powers conferred on them by

statute, their decision could not be impeached

by requiring them to disclose the reasons which

impelled their conclusions or by proving re-

marks they may have made in the premises.

No affirmative evidence shows in the present case

that the Secretary's instruction to the collector to re-

liquidate the entry by valuing the rupee at 50.32 was

ae OLE AL NOLAN RONDE GLE NTR OW PELE her eerie

‘

not based on that coin's metallic value. No affirma-

tive proof in the record and no agreement shows the

ground upon which the Secretary acted or why he

fixed the specified value, and the Government objected

to the introduction of evidence on that subject. The ‘

importer undertook to prove that between the begin-

ning of the quarter and date of consular certificate the

rupee’s metallic value had not varied as much as 10

per cent; but what evidence was before the Secretary,

or upon what he based his valuation, the record does

not undertake to show. There was a stipulation cover-

ing this in the Beebe case.

Objection may be made to giving the Secretary

power to order, with conclusive effect, reliquidation at

a different valuation of foreign money from the one

proclaimed. Objections were strenuously urged against

his power to conclusively determine and proclaim valu-

ations under the old law, but this court upheld it, not-

withstanding, as in the cases of Hadden v. Merritt and

United States v. Klingenberg, the importer was required

sah R PEEL GOI EEA IEE LL LLL IIE NT

to pay excessive charges. The Government now only

CLES

secks to impose duties upon actual values, in harmony

See

with the well-defined purpose of all customs legislation

Il.

Since September 15, 1899, the monetary standard o1

India has been gold, the standard coin the British sov-

ereign (worth $4.8665) and the rupee, a token coin,

current as the one-fifteenth part thereof—#s0.324-. The

Secretary of the Treasury, therefore, committed no

error of which the importers can complain when he

reliquidated the entry in question, valuing the rupee

at $0.32.

Fg eae es

ERTL RIS TIE LALIT FERIA

APS BLO LILES. I LIN I MIT |

The Secretary of the Treasury has the unquestioned

right to order reliquidation of the entry of any

imported merchandise within a year after its arrival.

This enables him to correct mistakes and do justice to

all concerned; and for such purposes the power is con-

stantly exercised. This use of it was referred to and

sanctioned in Hadden v. Merritt (supra), wherein this

court said: “If any error in adopting a wrong stand-

ard or mode of computation, or in any other way,

is alleged to have been committed, there is but one

method of correction. That is to appeal to the Depart-

ment itself.”

If, as the law stood prior to 1894, the Secretary had

proclaimed a wrong valuation of a foreign coin and an

entry had been liquidated according thereto, upon dis-

covering the mistake he would have had the right to

correct it within a year by ordering a reliquidation.

He could have done this in favor of either the Govern-

ment or the importer. The proviso in section 25, act

1894, clearly was not intended to take away from the

Secretary any power then possessed. It follows that

if in the present case a mistake was made in the pro-

claimed estimate of the rupee he had power to correct

it without reference to the provisions of the proviso.

At all times since September 15, 1899, the money

of India has been ona gold basis, its standard coin

has been the English sovereign, and the rupee has

been, in fact, a mere token coin, current as the one-fif-

teenth part of a sovereign. Rupees since that date

have not in any proper sense been such “standard

2B RENT —

VLE GIO IT LY LUTE BI OIL YE IR

coins in circwation” as to be within the language or

meaning of section 25.

The above facts were fully disclosed to the Secre-

tary of the Treasury in the report for 1900 addressed

to him on December 18, in that year, by the Director

of the Mint. They were used in making up the quar-

terly proclamation of values of foreign coins issued

October 1, 1900, which for India specified the standard

as gold and the monetary unit as the rupee worth

$0.324, with this note: ‘The sovereign is the standard

coin of India, but the rupee is the money of account

current at fifteen to the sovereign.” All similar quar-

terly proclamations since that one have been in accord-

ance with it, and importers have acquiesced and duties

have been paid upon estimates following the valuation

of the rupee therein given. No material change in

the money of India took place between September 15,

1899, and October 1, 1900.

The Secretary erred when he proclaimed on April

1, 1900, that India was on a silver standard with the

rupee as the monetary unit worth in American money A

80.207. He should then have stated the standard was i

gold, that the sovereign was the standard coin, and that }

the rupee was a mere token circulating at a valuation 3

of one-fifteenth part of a sovereign—0.32 i+. Satis-

factory evidence of the foregoing facts was certainly 4

presented to him as early as December 18, 1900, the

date of the report of the Director of the Mint—more 3

than six mouths before he directed the reliquidation ‘

now complained of. (

AES Spe KEATS IGLRAT ERLE A NINTRTS REL GDS LUE AT IO IEEE TNE BELLE VENT GAINS SI BO A IYNS IE | ORY ORE TI Nee, oc |

The proviso in section 25, empowers the Secretary

to order a reliquidation whenever satisfactory evi-

dence shall be produced to him showing the value

of the foreign money of the invoice was at date of

certification 10 per cent more or less than the one

proclaimed at the beginning of the quarter. This

power continues during a whole year, and is broad

enough to apply to those cases where money values

have been affected by a change of standards, and

certainly to instances when a token coin has been mis-

taken for a standard one.

When the reliquidation (within a year) was ordered

in the present case’ the Secretary, from overwhelming

evidence, knew what the money conditions in India

were at the time the goods in question were exported

and he knew the error contained in the proclamation

of April 1, 1900. The Government respectfully insists

that, possessing such information, it was his right and

duty under the provisions of the old law and also under

those in the proviso in seetion 25, act 1894, to direct a

reliquidation, valuing the rupee as one-fifteenth part

of a sovereign, Certainly importers can not complain

because he placed its value at a slightly lower fig-

ure than the one he might—perhaps, should—have

fixed,

Respondents undertook to show by proof that the

market value of the silver in a rupee during the year

1900 was not greater or less by 10 per cent than it was

proclaimed to be on April 1, 1900, and maintain that,

therefore, the Secretary committed error which the

court should correct when he ordered reliquidation,

EM EUE DET AMINA NWR NN RAN PSE PLT IME LR IN ON

valuing the mpee at 50.32, But as the monetary

standard of India during 1900 was gold and the rupee

a mere token coin, the value of which did not depend

upon its silver contents, and as the Secretary of the

Treasury had a clear right within a year to order re-

liquidation estimating the rupee according to the true

standard, silver values can have nothing to do with the

case.

The Director of the Mint, in his report for 1900, said

(p. 154):

The outgoing fiseal year has witnessed the

end of the unsettled state of Indian currency,

which had in 1893 led to the closure of the

Indian mints to the receipt of silver for coinage

from the public and had since engaged the

solicitude of the government. By the act passed

on September 15 of last year (act XXII, 1899),

as the outcome of the Indian currency com-

mittee’s report, gold has become legal tender in

India. To quote the language of Mr. J.P. Finlay,

secretary to the government of India, in its

financial statement for 1900-1901;

“India has at length emerged from a period of

transition in her currency; has reached the goal

to which she has been struggling for years;

has established a gold standard and a gold eur-

reney, and has attained that practical fixity in

exchange which has brought a relief alike to

the private individual and to the government

finances,”

The above is followed by a review of the monetary

history of India.

RRA OMT

The director-general of statistics for India in a letter

to the Director of the United States Mint, dated July

13, 1900, inclosed a summary of the Indian monetary

system then in effect (see Report Director of the Mint,

1900, p. 383), in which it was said:

RFRA EMAL NNER ENE

By Act VILL of 1893 the Indian mints were

closed from June 26 of that year to the receipt

of silver for coinage from the public; but the

government remained empowered to coin rupees

and fractions thereof from silver presented by

itself at the mints; and this power has been

used since the closure of the mints for some

years for the coinage of subsidiary silver coins,

and, in 1899 and 1900, for the coinage of ru-

pees and half rupees, in order to replace the

depleted silver currency. * * *

That system (the Indian monetary system)

has been settled as follows by Act VIII of 1893,

Act XXII of 1899, passed on September 15,

1899, and the subsidiary notifications and

orders issued under these acts:

The monetary standard is gold, and the unit

is the sovereign, coined in the royal mint in

London, or in any branch of the royal mint

established in the colonies or in’ India. The

sovereign is legal tender at the rate of 15

rupees, as long as it has not lost weight beyond

the limit of legal remedy or been called in,

PPAR SOM LED BERIT

xteere Sethe Dee NS oe

In a communication dated Calcutta, May 31, 1900,

the statistics department for India (Report Director

of the Mint, 1900, p. 378), said:

Act No. XXII of 1899, passed by the governor-

general in council, gave legislative effect to the

decision of the government to change the stand-

ard of the Indian monetary system from silver

to gold. By that act sovereigns coined at the

royal mint in England, or in any mint estab-

lished under proclamation by Her Majesty,

were declared to be legal tender at the rate of

15 rupees to the sovereign.

A copy of Act No. XXII, appears to have been in-

closed in the communication and is set out at page

381, Report Director of the Mint for 1900. (Appendix

J., hereto, p. 62.)

‘

Ill. f

The proviso in section 25, act of 1894, gave the Sccre-

tary of the Treasury the right to direct reliquidation of

an entry at the exchange value of the money specified in

the invoice whenever that was 10 per cenit more or less

than the metallic value proclaimed at the beginning of

the quarter, and such right did not depend on a change

in the market value of the metal tn the coin, M

The word “value,” in section 25, as therein used,

has radically different significations.

The value of standard foreign coin is the thing re-

ferred to in the first part of the section, whereas in the

proviso it is value of ‘the foreign money specified in

16750—05——5

ee ane PEAR VERT NTL TRILL ENE LL TNT AM PT NM A EDN —— |

the invoice.” The value of such coin must be prima-

rily determined by the Director of the Mint, an expert

as to metallic values. The proviso, which in this in-

stance carves nothing out of what had theretofore been

expressed, gives an entirely new power—delegated to

no one by the preceding part of the section—to the

Secretary of the Treasury and imposes upon him alone

the duty of ascertaining the value of “the foreign

money.” No specific words oblige him to base esti-

mates upon the market price of any metal, but such

words do restrict the Director of the Mint.

The first part of section 25 (the old law) provides,

in effect, that the value (relative worth) of a standard

foreign coin (not a token coin), as expressed in the

money of account of the United States, shall be that

(the value—the market value) of the metal contained

therein; and that such value (market value of metal in

the coin) shall be determined quarterly hy the Mint,

be proclaimed by the Secretary, and be followed in

estimating the value (that is, the invoice, cost, or

market price) of imported goods.

The proviso, I submit, provides, in effect, that the See-

retary may order reliquidation of any entry at a differ-

ent value (that is, invoice, cost, or market price of

goods) on satisfactory evidence showing the value in

United States currency (that is, the market value) of

the foreign money specified in the invoice (which may

include token coins) was 10 per cent, more or less,

than the value (that is, market value of the metal) pro-

claimed.

CSE I IOS BREE LPL LOL OS, —

——

The first of the section requires the value of foreign

coins to be determined by market price of the metal

therein; under the proviso the value of the foreign

money—not coin—specified in the invoice should like-

wise be determined by its market price.

The act is sufficiently doubtful to require construc-

tion.

The new legislation in the proviso must be read in

the light of former laws and facts known at the time of

enactment, detailed ante.

It is part of an act ‘to provide revenue for the Gov-

ernment,” and should not be construed to defeat that

purpose.

The policy of Congress in all tariff legislation has

been to impose ad valorem duties upon actual or

market values. The last customs administrative act

(June 10, 1890) contains stringent provisions to that

effect. All laws affecting collection of such duties

must therefore be read with this fixed policy in view.

Prior to 1873, when the act requiring annual valu-

ations of foreign coins was passed, fluctuations in silver

had been very slight, and such estimates then appeared

adequate to secure imposition of duties upon the true &

value of imports with substantial accuracy.

From 1873 to 1890 the trend of silver was down- :

ward, and as the valuation of foreign coins made at the

Po Ria ad

first of each year was followed during the same, the :

Treasury gained revenue in those years, since duties

were on the average estimated upon a sum greater

than goods from silver countries had really cost.

— OEE EASA OEP IE e RELIEFS LET TE PE

In prospect and as a result of the Sherman Act of

July, 1890, the market value of silver rapidly rose,

and in about five months preceding October 1, 1890,

appreciated more than 20 per centum. The values of

foreign silver coins proclaimed January 1, 1890, were

much below their real values during a large part of

that year. Consequently during such time goods from

silver-staidard countries were entered and assessed for

duty below their real values; the revenue suffered, and

material inequalities were occasioned.

To meet the specified difficulties and effect its fixed

policy of assessing duties upon real values, Congress

by act of October 1, 1890, so amended the act of 1873

as to require a quarterly valuation of foreign coins

Such modification then seemed adequate therefor.

After October 1, 1890, silver rapidly declined.

The Indian government for many years had sought

to secure the introduction of the gold standard in that

country. Influenced thereto by such efforts the Home

Government in October, 1892, appointed the Indian

currency committee (Lord Herschell’s). This com-

mittee in May, 1893, made its report and recommended

as the first step toward the establishment of the gold

standard that the Indian mints be closed, which action

it said would probably cause still further decline in

silver, but would steady exchange and eventually bring

about a gradual rise in the rupee’s exchange value

until it should attain 16d., or $0.32.

The mints were closed June 26; the exchange and

di stpm Ses od Setae

Sy ae a

metallic values of the rupee at once separated by a

wide margin, the former appreciating, the latter

——— —_—

cemmeircmramines Se STE: pe an, , y Se

PEL LSE EE OS re

i. Tir) Re a pais tae iin acted a Mae

depreciating; and during the whole time thereafter up

to October 1, 1894, these values were on an average

20 per cent apart and the treasury was again losing

heavily.

The condition thus brought about was unique in the

history of monetary affairs. Closing the mints was

regarded as only the first step and further action was

expected by which the desired gold standard would

be fully attained. This expectation was met by the

act of September 15, 1899.

The report of Lord Herschell’s committee attracted

much attention. It was published by Congress and

extensively read in the United States, where the effect

of its recommendations was watched with unusual in-

terest. The purchasing clause of the Sherman Act was

repealed November 1, 1893.

Congress knew the conditions when it enacted the

revenue law of August 27, 1894. During more than a

year before that date goods from India, paid for, of

course, in rupees at exchange valuation, had, under the

laws of 1873, as modified in 1890, been estimated for

duties at the metal value of the rupee and consequently

much under cost price. The Treasury had been de-

prived of revenue, as it had been for months immedi-

ately preceding the act of 1890, material and unjust

advantage had been gained by importers of Indian

goods over those who brought in like goods from other

countries, the spirit of our treaties requiring equal

treatment of all imports was being infringed, and it

was probable (as afterwards proved the case) that the

BRAIN MR ILI RE tee

om Sp cre

——

exchange and metallic values of the rupee would sepa-

rate still further, thereby intensifying the troubles.

The old law corrected at the beginning of each

quarter inequalities arising from fluctuation in the

value of silver, well known for twenty years; but it

provided no way to correct the ill effects caused by the

radical difference between the exchange and metallic

values of the rupee occasioned by closing the Indian

mints in the preceding year.

In August, 1894, two obvious obstacles prevented

assessment of imports from India at actual values.

The first, a minor one and of long standing, was

caused by fluctuations in the market value of silver

during a quarter. This was corrected quarterly, losses

and gains therefrom might offset -each other, and as

the trend of silver had for years been downward the

Treasury had gained more than it lost thereby.

The second difficulty, a most serious one and recently

developed, arose from the fact that the real cost to the

American importer of goods from India was deter-

mined by the exchange value of the rupee, which

since the mints were closed had been and then was

largely in excess of its metallic value, according to

which the law required entries to be liquidated. This,

for more than a year just passed, had caused and was

then causing most unjust discriminations and great

losses of revenue, with still greater ones in prospect.

In respect of the second difficulty, no matter how

great it might become, the old law provided no possi-

ble corrective at any time.

Notwithstanding it knew the existing conditions and

what was expected to happen in the future, we are

asked to believe that Congress did not intend by this

new legislation of 1894—incorporated in a measure to

“provide revenue for the Government”—to correct the

most serious defect in the old law, then causing disas-

trous results. And we are told that while not intend-

ing to correct this well-known and most serious defect—

the daily results of which were most unfortunate—with

great gare a remedy was provided for a negligible

matter well known when the act of 1890, providing

for quarterly estimates, was passed and from which no

great future damage could be anticipated.

It is respectfully submitced that no rational man

would pursue such an unwise course in his own affairs,

and that no construction of its language necessitating

such a conclusion concerning Congressional action

should be accepted when another is possible. The

court must assume that the lawmaker intended to act

with at least ordinary wisdom and prudence.

Since July 1, 1893, there has not been a change of

10 per cent in the market price of silver in any quarter

year, and when the act of August, 1894, was passed,

there was no good reason to expect such a thing.

If the consttuction of the proviso by the courts below

is correct, it has been absolutely ineffective and was

passed without any reasonable expectation that it

would become useful at a time when there was urgent

necessity for legislation to correct a patent evil.

Prsisrine tind bead

The following are perhaps the most useful rules for

construing statutes:

The most universal and effective way of dis-

covering the true meaning of a law, when the

words are dubious, is by considering the reason

and spirit of it, or the cause which moved the

legislature to enact it.

Where a particular construction of a statue

would occasion great inconvenience or produce

inequality and injustice, that view is to be avoided

if another and more reasonable interpretation is

present in the statute.

(Blackstone’s Com., vol. 1, p. 61; Knowlton v.

Moore, 178 U.S., 41-77.)

Both rules justify the construction of the proviso

in section 25, act 1894, asked by the Government.

That will tend to bring about assessment of imports.

at their cost, in harmony with the policy of Con-

gress; it will prevent serious inequality among im-

porters of like articles from different countries; it will

avoid infringement of treaty obligations requiring equal

treatment to the nations; and it will protect the Treas-

ury against serious loss of revenue.

The construction contended for by the importers

would defeat the beneficial ends above specified and

cause great inequality, injustice, and loss by reason of

past transactions, and possibly still worse consequences

from future ones. If Mexico, or any other country

now permitting free coinage of silver, should close its

mints and the exchange value of its coins appreciate

in excess of their metallic value, under such construe-

tion the Treasury might be unable to protect the reve-

nues, and other ills above suggested might immediately

follow. (See extract from Report Director of Mint,

1904, p. 99, copied in margin.")

Smythe v. Fiske (23 Wall., 374, 380).

A thing may be within the letter of the statute and

not within its meaning, and within its meaning, though

not within its letter. The intention of the lawmaker is

the law. Revenue laws are to be construed liberally

;

to carry out the purposes of their enactment. * * *

Where doubt exists as to the meaning of a statute, the

title may be looked to for aid in its construction. The

preexisting law and the reason and purpose of the new

enactment are also considerations of great weight.

Church of the Holy Trinity v. United States (143 U.S.,

457, 459, et seq.), and cases cited.

LORETO OIL ALLIS IER BES

Platt v. Union Pacific R. R. Co. (99 UL S., 48, 59). c

In construing a statute aid may be derived from be

attention to the state of things as it appeared to the ;

legislature when the statute was enacted.

“At this writing the Government of Mexico is understood to be about

to take the final step for placing its monetary system on a gold basis. It t

will follow the same general plan pursued successfully by India, and more ;

recently by the respective governments of the Philippine Islands, the 3

Straits Settlements, and Siam. The essential feature of this plan is that, e

while the currency of these countries continues to be silver, its coinage is

upon government account only, and the amount of the issues is carefully

regulated. The effect is that the commercial value of the coin parts com-

pany from its bullion value and is held toa fixed relation with gold by

governmental action. As of interest in this connection the Bureau of the

Mint has compiled from ofticial sources the figures showing this separa.

tion of monetary value from metallic value, as shown in the experience o

India. They are shown in the Appendix.

Sty spe

LORE GRETA MIN PSE ONS,

Fe SERA Rit A REA RENO IS PNG IER pes RELL ABET S LEE LIVE LEI eerie. |

Lau Ow Bew v. United States (144 U.S.,.47, 59).

Statutes should receive a sensible construction, such

as will effectuate the legislative intention, and, if

possible, so as to avoid an unjust or an absurd

conclusion.

Durosseau et al. v. United States (6 Cranch, 307, 313).

The spirit as well as the letter of a statute

must be respected, and where the whole context

demonstrates a particular intent in the legisla-

ture to affect a certain object, some degree of

implication may be called in to aid that intent.

Heydenfeldt v. Daney Gold and Silver Mining Company

(93 U.S., 634, 638).

If a literal interpretation of any part of it (a

statute) would operate unjustly, or lead to ab-

surd results, or be contrary to the evident

meaning of the act taken as a whole, it should

be rejected. There is no better way of discov-

ering its true meaning, when expressions in it

are rendered ambiguous by their connection

with other clauses, than by considering the

necessity for it, and the causes which induced

its enactment.

Hawaii v. Mankichi (190 U.S., 197, 212).

The books are full of authorities to the effect

that the intention of the lawmaking power will

prevail even against the letter of the statute.

United States v. 43 Gallons of Whiskey (108 U. 3.,

491, 496).

The laws of Congress are always to be construed so

. = arapetmpmuccertemns ey isos

PSR WRE TSG ARSE SG YC LN NE aK OP A LRA LE MEG TST BT rans

as to conform to the provisions of a treaty, if it be possi-

ble to do so without violence to their language.

Georgia Railroad and Banking Co. v. Smith (128

U.S., 174, 181).

The general purpose of a proviso, as is well

known, is to except the clause covered by it

from the general provisions of a statute, or

from some provisions of it, or to qualify the

operation of the statute in some particular. But

it is often used in other senses. It is a common

practice in legislative proceedings, on the con-

sideration of bills, for parties desirous of secur-

ing amendments to them, to precede their pro-

posed amendments with the term “provided,”

so as to declare that, notwithstanding existing

provisions, the one thus expressed is to prevail,

thus having no greater signification than would

be attached to the conjunction “but” or “and”

in the same place, and simply serving to sepa-

rate ov distinguish the different paragraphs or

sentences.

THE GOVERNMENT RESPECTFULLY SUBMITS THAT THE

DECREES OF THE COURTS BELOW SHOULD BE REVERSED.

Henry M. Hoyt,

Solicitor-General.

J. C. McReynoxps,

Assistant Attorney-General.

JaNuARY, 1905.

APPENDIX A.

Bullion ond exchange value of the Indian rupee, 1850-1900.

(Report of the Director of the Mint 1904, p. 205.]

/Bullion wae er yaaa Bullion vatuel af cane —

Average for of silve rmined by sale/Average for/ ofsilver —jterminedby sale

calendar Tapes. oa India council | Month or rupee. of India council

year, bills in London, given. bills in London,

Pence.) Cents. | Pence.| Cents. Pence, e. Conta, Pence. | Cents.

WR ansices 22.69 | 0.494 | 243 0. 536 ee ER ee 619.76 | 0.487

UTE saccancn 22.66 | .501 | 243 534 | January ...| 19.97 | 0.408 |........ Jeveensees

1852 ......4. 22.48 | 497 | 235 528 | April ...... 20.09) .414|........ Jovsecnons

BERD nccrcce 22.85) .505 | 24) 584 | July ....... 19.58 ree |Jseeeeeeee

eee 22.85 | .505/ 23) 512 | October ...] 18.78 | £388 |........)... cee

a 22.78 | 504} 24) 534 BOOP xansbesscaxs unancan 619.96! 441

eee | 22.78 | 504] 25) 556 | January...) 18.69 | 0878 |......../ a.

| eee 22.9 | .507 |) 249 M5 | April ...... 16.26 874 |... cess eeceeseee

WR i ciskins 2a 7 | 504] (a) (a) | duly... [1916 | 392 |... Lckenieiin

1889 0.0. | 23.06 j 0] (a) | (a) | October ...) 19.87 | 387 |... BRTBR

Wicsians [wage | 807} (ay | (ay) | 1880 fees, rans 19.96) 441

BOER a ccna | 22.60 | .500; 28; $28 | January...) 19.51 | .398 |........ funeescsae

I ec oe 22.883 | .506] 237 hos | April...... aan | | aera eeccccces

RS 22.80; .504| 23; as | Julyl...... 19.88 | .908 |........ oeeeecens

ete 22.80) 504) 23j §28 October 1..) 19, 42 | B02 |....eeee [reseeeees

eo 22.69 | .s02| 289 sob} 18D... ete. | 1.89) 440

oT 22.71} .802| 93 809 | January 2..)1929) 6987 |......../..

ee 22.51! 602} 23} 512 Aprill..... 19.37 am fer; |e. 408

eee: 22.48 | 497 | 234 big | July l...... 19.18 | .380/¢19) |, 398

ee 22.83 | .497 | 23) 614 | October 1../ 19.25 S88 19) | 408

1870........ 22.51} .502 | 224 495 | Semen oe a

OUR ciccicne 22.48 | .497 |) 23) 512 :

| Aprill..... 19.35! .395] 20) | ©. 408

Beaeyeeen 22.41 496 | 223 | ul 1 19.90 | .998 | 20 © 408

Piissase :

WE sicxicad 21,99 | .487 | 22.35 ‘Gt exert. 19.93! .seoleasy | cass

ee 21.67 | .480) 22,22 491 | '

OUR vcitacasns 21.06 | .466 21.65 479 | January 1..) 18.63 | 376 leg, | o.g98

DOR siscscxce |ssreseefoeeeens 20.49 453) Aprita..... 18.91, 383 /e19} 6.8983

Average for | | | July a...... 18.74! . 382 1198 ¢ 393

month, | | October 1..) 18.92. 384 \* 19} © 398

* on & H 18S4, j

a sss] wp a: os cauneafecesccees January 1..! 18.95 383 | ¢19) ©. 395

Kata " meonnnaiesvoseenal gacse Taeae | een lemme apne

PO. cktwien OU DMD Nic anxneaticcaccans j j

October ....) 19.681 6390 |... feo. Ipornndednoerren paged erworll heen. Maps

} | October 1...) 18.88 382 | 6193 ¢ 393

ee ERO. Eee 620.79 459 | ages,

January...) 22.38] .42¢|.......hocccc...! | January 1../ 18.538 375 19} 388

Abt ic a | eee NAG | April 1..... 18.21) .370} 183 . 383

Rs iinis eS See RG | July 2...... _ 8m | 18 .379

re ass’ BRE SEB Aicicccdianxeenae | October 1../ 17.65 5.358) 18} . 367

« Exchange was raised to a ebay rate,

a : Lo eR ap aah

Aprenpix A.—Bullion and exchange value of the Indian rupee—Continued.

ents

| Exchange value! Exch

{Bullion value} of rupee ==. ‘Bullion teal of ‘Exchange value

Val | ofsilver |termined by sale) _. ofsilver termined by sale

é alue on | rupee, of India eounell Value on rupee. —_| of India council

ate given, | bills in London, date given, | | bills in London,

Ee hemanberdemenatl | anaes

|Penc e.| Cents. Pence. | Cents, ome “e, Cents. | Pence. Cents,

ee irene a a — |

‘Rapier 4:

1886. 1894, |

: | ge as 7! } | |

pg Be at” we | ge, 882 | January 1./ 11.71} 0.987! 14g) amt

eet gpa - ati 882 ape ....(20.50| 1910] 199) sane

. | ! 3 2 Q40

eee as sq aa “m “yo DUA ee-ss) 1068) 217) 135 261

pr l../ 16.! 3 7 3h \ |

ws October 3.) 10.85} 2220) 138 269

: 1887, | ae

y H = | |

& January] ..) 17.18 | .347 18} 6365 — | | |

S April .....) 16.35. 332 7) 844 | January ).| 10.12) 2206) e258

BI July1...... 116.35. 380 16), 342] April ....{ 142! 233! agq m7

October 1...) 16.51 333 163}. 842 || July 2..... 111.351 .231] 23) 266

~—e } " | .

: I8R8, | October 1../ 11.38). 232 | 13% . 279

: . oy ee . ia

4 January ]..) 16.54 5.335 17} 37 196. | |

wy April .....) 15.98 |. 323 16), 382 |

* July) ..... (15.66, 319 16} U7 January 1.) ara 21 13} 281

| October 1... 16.12 328 16434 | ADRHDD.....) TOM). 286 Pe.. sed

4 1800, | July tice 111.71} ,288] 14 286

i Suneeret..i hes | an 162). 3gg | October 1.. 11.26) .2a8) 14g 21

i April... 15.68 .319 Te a

July 1...... | 15, 3h j 327

a puny Mer 818 16), TY January.) 11.08! see} 185 . 307

i October 1..) Usd gue 163). 832 ;

4 gy bon cae | i Aprill..... 10,57 218 | iB 304

q January 1.) 1640381 1741 2 | Wulyt...... | 10.24) 208 15 804

by are : : ‘tl ‘ | October 1..) 9.71 tran Re nwa ith ee tigh aden st

ie April l..... 16.30 © 83) 17) A }

* July bee... i ee) Ist). 879 ee

¥ October 1... 1914). 888 1) SSS | January). 959) 200 | 15}8 . 823

a 1x91, April 1..... | O54! 192] 158g 82%

ay January 1..) 17.93 362 18j) 6872 | July2...... , 10.08.2048) 54a 21

% April1..... 16.72. 340 17 B44 | October 1.) 1047 21 | 1g . 3238

t gf rn 17.23 350 174 BAS 1899 |

‘’ October 1... 16,72. 387 17.3 pice

x Ixy, January )..) 10.15.2056; 16 324

A January 1..\ 16.05 an 16; .gag | Aprilt.....)10.20 .207! a6 324

2 April 1... M82 .301 1: gog | July d...... | 10.81 6209} 16 824

4 July 2...... 1.93. 304 16j! gop | Cotoners..| O88, 208) 6h) = 887

October 1... M17 287 1! 302 1900,

F 1893. January 12.) 10,08 0) 16 32

Jy ary i.. 200 ) 32

3 January 1.. 14.240. 287 Mg. 209 O1. ™ s

% smelt + ‘ AGRE bo io.s 10.22 1207 16 | 824

¢ April l..... 1. Be Wi iat © CS ee 10.50 213 6 |. gat

% Jaly 2.6... 12.44 . 251 15; 302 i

i NOD OOMY 2 cafes tics strxenct Miankscactouccmcess

3 October 1... 12.68) 256 15}. 309

. AAS

PERERA Ae ee

APPENDIX B.

Bullion and exchange value of the Indian rupee from June 15 to December

30, 1898.

[Keport of the Director of the Mint 1904, p. 206.)

—

| Rate of | Rate of

Bullion value exchange in | ‘Bullion value exchange in

| of silver cutta | of silver Calcutta

Date. | rupee. | (demand bills) ! Date. rupee, (demand bills)

' onLondon, | on London.

| eae dae

Pence.) Cents. Pence. | Cents. | Pence. Cents. Pence.) Cents,

se. | 1893.

June 15.2... 14.30 | 0,290 1498, 0.302 |) Aug. 1..... 1.14) O44 154g (0. 318

16.... 14.30] .2k9 1448}. 308, Sae 12.17 |. 245 154% .313

17...., 14.90] .280! 15 304 |} Bc: 12.26 | .247 Lig’, 313

Wo... M40]. 201 oy oT Rix ads 12.35) 249 lym 313

20 14.30]. 289 15 304 | Beeeee, 144] 251 154g . 312

QP sss) 14.98 7 Mpg. 808 Feeeeel Co) | (a) Myy 313

Wo Me | 304 Bice. 12.63] 2 18R 18

3... 14129 Lay! 806 ae 12.82 | 261 1) rr)

24.... 18.98 1544! 307 || Wiccaivs 12,91] .2 1548 . 316

26... 18,37 1byy} 307 | M1.....) 12, 200001 | ha

wT 18,00 15g, B12 12.....) 12,82 | 280 14a 313

ws 12, 683 16 824 14,..../ 12.84] . 204 154 312

rT) 11,70 Va) 828 | 1. ey Te 230 TP)

BOssas) 08 Way. a2 ives 12.44) .2h2 15y', 310

July 1...:: 124 1gg! Ban | 17. aa! aha | 15,4, . 305

3... 12.4 13h 82 18.0... 12.54 | 25 Mi 02

5 12.91 Ia 319 | B...0: oe ee eT 804

7 12,08 145 321 | oe 12.63 | 247 ly 305

Kise. 12,26 148.820 | m. 12.91 263 MB. OB

10... 12.31 14h B17 | Pas 12.96 | 262 Mig . 303

il 12, 26 | 15a 319 | | rn 12.86 |. 260 1433 302

+P 12,26 IDR 320 S32. 12.63 |, 256 1443 300

18.4.5; 1.0 1g 319 26..... 12.63 | 256 1M4i 2

iM. 12.40 15}) 318 Wisin 12.63 | 256 14a of

1 49 1348319 ee 12.63! .2M gy «300

17 12.04 1th BIN Wisk 12, 2 | . 260 143 . 300

16....! 12.44 1544. 818 | ee 12.82) 260 ley . B05

192... 12.26 161i, 918 | Sept.1..... 12.63 | 256 Mi 307

2D oss; 19.37 1683; 317 Eee 12,58 | .255 15.4 . 305

ot ....) 12,08 154; . 816 eas 12.58} 255 1b 304

B.D, 1h} 314 Bccccs 12.58 | .255 15y'4. . 305

24.... 11.98 liye, =. 318 Minccxs 12,58 | .235 1g, . 308

5...) 1508 154 315 Riss ss 12.63 |. 256 dg . BOS

26 ..../ 22,08 154g; 815 Bias 12.72) 2258 1d} | . 307

27... 107 154g. 313 "a 12.72 | .257 Dy . BUS

OR... 12.07 28 | aR B12 "eae 12.82] 25g 133 . 308

292... 07] 208) EB 12.....! 12.82] . 269 1} . 307

$1.....12.07 | .248| 153g). 812 Toe 12.72 | .2h7 1s! . 307

« Holiday in India.

, 47

Bornes mnaepenmesnamenenne SHENG SPA AHO LA YOUN RN? STM

Aprenpix B.—Bullion and exchange value of the Indian rupee from June i5

to December 30, 1893—Continued.

i Rate of

Bullion value ouenee ta t Bullion value exchange in

Date. jofsilverrupee. (demand bills) | ate. ofsilverrupee. (demand bills)

| on London. |) n London,

‘Pence. ve|Cents, Pence.| Cents. i Pence. Cents. Pence.| Cents,

1893, | 1898.

Sept. 14.....) 12.68 | 0,256 15s} 0.307 | Nov. 7..... 12.10) (a) | (a) (a)

15.....) 12.68 236 1S yA] 306 | B..cas 12.17 | 0.906 j........]...000...

16.....} 12. 72 | . 257 15} 307 | eee oe | | eee ene

18.....) 12.77 | 258 lise]. 308 | hee 12.05.2483, 1533] (0. 808

19...../ 12.82 | .259 15x}. 308 Discise SS eee Kerri

20.....] 12.72 | .257 15} . 307 || is. 11.98). 242 lig . 308

om... 5 12.63 | 256 15} . 307 Discs 11.93 | .241 15; . 309

oe 12.68). 255 15} . 307 a 11.91 241 15: . 309

23...) 12.58 | 255 | 15} 307 | icc: 1.91) 281) BE}. 309

25...../ 12.58} .256 sal soe | "ao 12.08.2438. 15)! 309

26...../ 12.68! 1256 15al 308 RRS: i Pee RAR he

27.2...) 12.68 |. 257 liye}. 305 me 12.00.2483 15} 309

28.....) 12.68! .257 byl. 805 __ errr 11.98) .243 15} j; +809

29.....' 12.68} .257 1b . 304 Ris.. 11.98.2438 i} L309

is 2 12.68 |. 257 SS a a 12.03.2438 15} . 309

ee 12.68 | .256 1494). 304 ok... 12.08. 248 153 . 309

$.....] 12.58 | .255 15gs] 308 Mick 11.93 | .242 ligy . 310

oe 12.58 | .25 15y4} 305 __ eee 11.938 | . 242 15, 310

Rixsee 12.58 | 254 15yh} 305 Rad 11.93} .241 igh .310

aah 12.58} .254 lige}. 305 eR 11.89) .241 15} .309

ae 12.58! .25 15h}. 306 ee 11.89} (») logy . 308

eee C2 Ta perro een Bee. f..... 111.87) .240 159, . 308

10.....) 12.61) .255 15a). 306 AY 11.87 | .240 15y5) 308

ee 12.58.24 4} 2307 4.....] 11.87] .240 15%). 30

Rec. 12.54) 12h lig] 307 5.....) 11.87] .240 1! 308

- eee 12.49. 253 15a} . 308 6.....) 11.91] .242 153 308

, 12.49 | .253 15%; 308 7.....] 11.98 | .248 154i. 308

See 12.51) 25 lig 307 8.....) 11.93) .242 1if_} =. 307

is a0.52 | .958 |........ Dadian 9.....[ 1.89] .200! 15a) 307

inca 12.54) 2253 00.0... es Ri: 1.89) 24) 15h] 307

..... 12.64; .258 '........ Lstataees ee 11.89 241 i; £307

20..... 12.58) .208 ........ Rupes usu 1.89 242 15}. 3

A 12.54) .253 152,, 308 vate 1.89 281 1535 305

ee 12.58 | 24 lig! 308 ee 1.89 241 Lig 305

ee te Gir: Syeerees Coe 16.....) 11.89.24) igh 306

ee Sia) Seana ey ene ae 1.89.24 Dh . 306

cc, 12.42) 20 15.307 19.....; 11.98 248 dh . 306

ae 12.35 .249 153) 307 20.....) 12.00 24} 1g 305

ee 12.31 is 153. iM ae 11.93 22 13sy . 306

30.....12.03) 242) a gos ee: 1.93 22) 307

oo j 13.90; .236{ 15, 307 Sa if oe i age See

Pe Recacs j M7 236 ly - 307 BB, wns ; (¢) of Ae eee eet

ene } 11.89) .240 lyy) 307 eee 111.93 .242 15} 307

3.....] 18g) 2240 lige. 308 28.....,11.80 .2]) 1a 306

4.....] 11.93) 220 154.308 29.2...) 11.70 240) 15). 305

Occ 12.08} .43; 15g) 307, Rete 1.80 M0) 15g) 306

@Holiday in New York. 6 Holiday in United States. ¢ Holiday in London.

APPENDIX C.

VALUES OF FOREIGN COINS.

1900.

Department Circular No. 39.

TreasuRY DEPARTMENT,

BurREAU OF THE Mint,

Washington, D. C., April 1, 1900.

Hon. Lyman J. GaGe,

Secretary of the Treasury.

Sir: In pursuance of the provisions of section 25

of the act of August 28, 1894, I present in the fol-

lowing table an estimate of the values of the standard

coins of the nations of the world: *

Values of foreign coins.

i ) : mm —_——— ees

Ee |

| i 2 ° {

Country. Standard. | Monetary unit. | 2% 5 | Coins.

| lees

i | | Eno |

} in '

—_——____—_- --—— aneumemnaenn Wane -—— —!—

Argentine Republic.. Goldand | Peso..............- $0.965 Gold: Argentine ($4.824)

silver. ; | andj “ntine. Silver:

| Peso and divisions.

' (Gold: Former system—4

florins ($1.929), & florins

(83.858), ducat ($2,287),

' and 4 dueats ($9.149).

Austria-Hungary ....' Gold..... eee -203 }) Silver: 1 and 2 florins.

Gold: Present system — 20

crowns ($4.052): 10

crowns ($2.026).

De woos cava Goldand Franc ............. .193 Gold: 10 and 20 francs,

silver. | Silver: 5 francs.

eet | Silver...., Boliviano ......... .436 | Silver: Boliviano and di-

. 94 ' visions.

DRM S cccniskion | Gold..... NS svkccecvcce 546 | Gold: 5, 10, and 20 milreis.

| Silver: }, 1, and 2 mil-

| reis.

* . | * * *

PEE i cankdnaxces Goldand Frane ............. .193 Gold: 5, 10, 20, 50, and 100

silver. | franes. Silver: 5 francs.

German Empire ..... Gold...... NOR oon axscsssncex . 238 | Gold: 5, 10, and 20 marks.

« The coins of silver-standard countries are valued by their pure silver contents, at the

average market price of silver for the three months preceding the date of this circular.

rear smen ,

ApPENDIX C.— Values of foreign coins—Continued.

* *

Country. | Standard. Monetary unit. | 6” Coins.

| | eds

== 2

| s ot

\ ol

——— {cee — — —— ew —_

Great Britain........ | Gold..... Pound sterling .. ae] 866, Gold: sovereign (pound

| | sterling)and { sovereign,

GROMIG . 6s.vckscdecsnnt Goldand | Drachma .......... | .193 Gold: 5, 10, 20, 50, and 100

lver. drachmas. ‘Silver: 5

| drachmas.

POE ack end cinxevanns Goldand | Gourde ............) .965 Silver: gourde.

| silver.

DOIN cass coc anavenes | Silver....| Rupee............ .207. Gold: mohur ($7,105). Sil-

| ver: rupee and divisions,

En ee Goldand | Lira ............... | .198 | Gold: 5, 10, 20, 50, and 100

silver. | _ lire, Silver: 5 lire.

RO ee ot ieee eae ee | .498 | Gold: 5,10, and 20 yen. Sil-

} | ver: 10,20, and 50 sen.

pO eres Gold..... PE cissuacennsni | 1.000 |

Peer PGE 5 a.x6) ORAS wa sacnnnsccss ' .473 | Gold: dollar ($0. 983), 24,5,

| i | and 20 dollars.’ Sil:

i ae dollar (or peso) and

divisions.

* * | i

a av alee of | the rupee to oe: de ete rmined by e ensulat ¢ ce rtificate..

Respectfully, Geo. E. Roserts,

Director of the Mint.

[Only a part of circular is here printed, omissions

being indicated by asterisks. ]

TrEAsURY DEPARTMENT,

OFFICE OF THE SECRETARY,

Washington, D. C., April 1, 1900.

The foregoing estimate by the Director of the Mint,

of the values ot foreign coins, I hereby proclaim to be

the values of such coins in terms of the money of ac-

count of the United States, to be followed in estimating

the value of all foreign merchandise exported to the

United States on or after April 1, 1900, expressed in

any of such metallic currencies.

L. J. GaGE,

Secretary of the Treasury.

—_—

APPENDIX D.

[Report of the Director of the Mint, 1897. Pages 196-208. }

XXXIX.—Highest, lowest, and average price of silver bullion, and value of

an ounce fine, bullion value of a United States silver dollar, and com-

mercial ratio of silver to gold, from July 1, 1873, to June 30, 1897.

]

Lge J

} . | value of a

| Average Re Equivalent “United

| value value of | ' Com-

High- Lo aegend of ounce ounce fine wn S mercial

Fiscal years. | ~~ Lowest. POGnte fine with based on t average

laandara, xchange average price of to gold

0.925. > ie silver, (‘8°

exchange.

exchange |

at par.

a Se eee ee een See

1873. | Pence. Pence. Pence. '

Silbe « .nsnnxnndnvins | 50g | 88fe) (SM. SH $1.30089 $1. 29982 | $1.00824 | 15.89

BABE nnninesscone | Saye S8Ha | 58.000 1.20882 1.28186 | 1.00030 15.98

September. ..------ | 59, Saya] SK.968 1.29247, 1.27864 99961 15.98

October.......---+-| 58 58) | 58.750 (1.287861. 26069 99607 (16.05

November ......--- | 5a, mj | «(S8.000) 1.27142) 1.2808 9336 -16.25

December .....---- | sey, 58 | SRO86) 1} 27031 1. 26136 98250 16.27

1874. i

January .......---- 50, SK] SRK) (1.287861. 28795 9607 16.05

February ......---- ay 56) | 58.7 1.28786 (1. 2RHSH | «99607 | 16.05

ere EY 58.937 1.291961. 2822 | 99925 «16.00

BE av cncsnntesnsin 50, SKA | 88.906, 1.20579 «1.20619 oon 15.95

SD caxisnasnaeenen | | 58.687 1.286481. 29798 24) 16.06

JUME....00000000002 59 58h | 58.750) 1.28786 1. 29805 99607 16.05

Average ..... o50) | 757; | SK 78B) 1.28TRd | 1.28217 | QS 16.05

JUNG os ccascceccnne 58h Rap ON S7H 1. 27 1, 28798 | 98972-1615

Oe ee | 58 | 573 | (58.000, 1.2742) 1.28018 | 98336. 16.5

September.....--++ 58 57g | 57.687 | 1.26856 1.26672 | 97805 | 16.34

COdBe. c<cuscieres svg! 57) | 87.718 1.26524 | 1. 26807 | 97858 | 16.33

November .....--+- say | 878 | 88.000 1.2742) 1.27766 |. 98886 16.25

December .....--+- rr 57.500 «1.260461, 26836 g7488 | 16.40

1875. |

January .....--:---) 574 | 5873 | 57.562 1.26182, 1.27243 | 97593 16, 38

February ......---- amy | AT | 57.487 | 1.28002, 1.26050 | 7377 | 16.41

ae re 87} | 87 57.125 1.276901. 24800 | 98760 | 16.18

ee re 6% | 573 | 57.250! 1.25498 | 1. 26104 97064 | 16.47

| ESE st | ooh 56.562 | 1.23090 | L244 |. 958 | 16.67

FORD.» .ssr0sensee0s a 55.687 1.22072 |_ 1.22075 |. SHS | 16.77

Average...) 268) | @55) | 57.408 1.26050 | 1.26408 | 97491 | 16.38

a Denotes highest and lowest for each year.

mh a seaert in ¥

ab SaaS we:

XXXIX.—Highest, lowest, and average price of silver bullion, ete. —Cont’c.

| | | ep F j

{ ie . value of a |

| Average rent value eavalent punited | com

Fiscal years, | High- Lowest,| Price per } bpd ounce a verdollar cor

’ | est. | ounce | as » ataverage AUC

standard, exchange | average price of Silver

| | 0.925, 9 Bt par, price of . Silver, old,

$4.8665. exchange. exchange

' at par.

$$ |__| ___| es SSR aN . a

1875. | Pence. | Pence. Pence.

DONE siseisiesscnies | 85% | 5548) 55.781, g1.20075 $1. 22868 $0. 94576

BOM se Er] 56 56.312 1. 23442 1.24088, 95474

September......... | 560 | 56. 56.218 1.23236 1.22368, 95g15

Ovtober ........... | 573 563 56.927 1, 24999 1, 23856 - 96619

563 56.781 | 1.24470 1.24 . 96269 |

56h 56.375) 1.23580 1. 24151 | 95581

aj 55.500: 1.21662, 1.22175 | 7

53 53.937 1.18236 | 1. 18356 91448

52) 53.375 1.17004. 1. 17K09 | 90195

53} 53.750 1.17826 1. 18395 . 91131

52 58.000 1.16182! 1. 16981 - 89859

50 51.000) 1.11797, 1.19567 - 86447 |

Average ..... @57) ano ‘4.917 1. 20386 1. 20655 93109

5, eR 51k 463 49.125 1.07687 1.0842 - 83277

WR sccen. AB 50 52. 000 1.13990 1. 14634 SSIN4

September... 52%, 5 51.843 1.13936) 1, 13379 - 88122

October 2... 533 52 52.812 1.15770 1.15258 . 89540

November... Bt) 53} M4. 062 1.19733 1.17860 - 92605

December ......... 58} a 56.875 1. 24676 1. 24100 . 96429

1877

January ....... | 58: 56j 57.567 1. 26193 1. 25843 . 97602

February ....... EE] ie 56.575 1. 24676 1. 24356 . 96429

PR os Fil AB! 4.687 1.19880) 1. 19473 92928

ee ee 55 53) M.250 1.19012 | 1, 19874 . 92048

cco, ST ee 5a 53% 54.125 1.18648 1.19485 91766

ee | 54 53) 53.750 1.17826 1. 18637 91131

Average ..... | 5a ase: | 53.907 Line a 18401 91671

ee ih BE | A187 LLIRTS2 1. F9DBD 91870

on Bee Mo} O5M.125 1. 18648 1, 18538 91766

September... ESY 5a: | 54.750 1.20018 1. 20005 . 92826

October ........<.. ADR hay | 55. 125 1.20840 1. 20604 - 93462

November......... BS) 54 4.500 1.19470 1.19065 92402

December ......... DAL AB2 M000 1, 18372 1. 18649 91553

1878,

January... BY) 53; | 53.750 1.1 7R06 1.17426 | 91131

February .......... SAS 534eB | 54. 593 1.19672 1, 19219 . 92558

MERTON oo aoc ccc 55 ME | 54.562 1.19606 1.19987 | 92507 | 17.98

oe a PAL 53; | 54.062 1.18510 1.19228) 91660 17,44

eee 53; 533 53. 562 1.17405 1.17812 | . 90805 17.60

WOE rice Sve 52h | 52.968 1. e112 1.16314 - 89805 | 17.80

Average.....| 0554 | @62) | 54.182) Icle7e "1. 18842 | 91862 17.40

« Denotes highest and lowest for each year,

OER EOE EEE RS LEE ZE EEE PED

XXXIX.—AHighest, lowest, and average price of silver bullion, ete.—Cont’d.

Bullion

j j

| > aie value of a-

Average | Equiva- Equivalent Unite oo

London lent value) value of States si]. _ Com

| High- | ‘price per Of Ounce | ounce fine ver dollar Mercial

Fiscal years, i = ‘Lowest. P pd ng fine with | based on at average ratio of

ae standard exchange; average ee silver

0.925, at par, | price of Waees to gold

| $4.8665. | exchange. exchange |

i at par.

' ~ aiid =s La _ Be aE eet

1878. | Pence. Pence. Pence. |

A coe Ver netac 5248) Ay, | 52.562 | $1.15222] $1.15304 = $0. 89117 —:17.94

RRS idecte cece | 503 52) | 52.437 1.14948 | 1.15385 88905 17.98

September......... 52} Alg 51.812 1.13577 | 1.13659 - 87844 18. 20

NO wonancascen 41%, 49} 50.531 | 1.10769 | 1. 10621 . 85672 18. 66

November ......... 508 503 w. 2 1. 10837 1.10917 S725 18. 65

December ......... DO 49; A. 093 _ 1.09809 1. 10069 - $4930 18, 82

1879. ! |

Ce) ee ; ol 493 0.081 1. 967% 1. 10054 S825 18.84

February .......... HO 495 | 49.875 1.09331 1 ri 84560 «18.90

MO eitncrectecs i 48; | 49.562 1. 08645 1.09272 - 84030 19.02

QED Uiwecvesecuces WO; | 49) | 49.812 1. 02193 1.09631 . M458 18.92

| eee Ae Sean Ali iO | WO. STS 1.11526 | 1.12131 - S255 18.53

DOD ci cknsicncsens a8 jij 52.250 1. 14438 1.145308 . S87 15.04

Average ..... ass 145; 50. S66, 1.11505 1. 11545 mide 18.54

July .............-., 52 | 61) | SLeSS | 1.381671 1.19412 87597 | 18.26

MOND kceiaivencas 5lqZ 52 51. 601 1. 13030 1. 12534 87421 | 18.28

September... 2.2... ald a 51.3125 1. 13030 | 1, 12439 - 87421 18, 28

gees ABe 51% | 52.271 | 1.14674 1.13980 - 88693, 18.02

November......... Ae AS AB. 386 1.17003 | 1.16319 . 9494 7.66

December ......... AS a 92. 5975 1. 15222 1.14761 - 89117 j 17.94

1880. j '

PUG oixacucdcnas a | 52%, 52.480 1. 15085 © 1. 14700 . 89011 17.96

February .......... Rly A 52.326 | 1.14674 1.14594 88693 «18.02

vi '

MOO 5 ccntickcicce i & 4l@ | 51. 995 1.14126 | 1.14511 88269, 18.11

BS ona cedateiaked 52} 51g | AL. 974 1. 13989 1. 14953 SS163 | 18.13

’ 1 on l we

1 1 7

CeokecerCantek? F 1 1

NE oon Onc (eGo 623g; Ws 42. 635 1. 14400 1.14873

September......... 52% | 52) | 52.437 1.14674! 1.24246

CORI o's ach ewenss h2f,; Alj 52.143 1.14400 1. 13798

November ......... 514g.) Sle | 41.75 1.13441! 1.12698

December ....... | 52 Ald | 51S 1.13578 1.12669 |

I8s1. |

Ue : ee Bf 51 51.28 1.12345 1.11821. 86891! 18,40

February .......... | 623 | 513 | 61.41 1.13578 | 1.13407; 87845 | 18,20

Maithis fo ocstcscce 623 | 52 | 52.19 1.14400 1.13616; SS481 «18,06

| eee eee 524) 62 | 52.07 1.14126 1.13697 882691811

Mine cis 52 | 514 | 51.66 1.13304 1.13896 | 87683! 18,24

Sie si ose YT | 51.33 0° (1.12482 | 1, 12592 86997 18.37

Average ..... | ah2y | abt 51.937 1. 13852 1.13508 | 88057 | 18.15

4 Denotes highest and lowest for each year,

EMOTE. BE EES AS BILGE NE LPS. IPRA! LIES NSS SLUE DRY ORT IS YEN NS ER GNE,

XXXIX.—Highest, lowest, and average price of silver bullion, ete.—Cont’d.

eesti | | eats

| | | Average tent value "value of guinea. | com-

Fiscal year. High- lLowest.! price per; fine with | ‘Nese’ on ver dollar ‘on

| est. | ounce eage wtaverage “c:

| standard, exchange xsverage price of silver

| - | $4.8665, exchange. oxchange

| | | } at par.

=e | ~| -| SS eae ‘

Iss. | Pence.) Penee.| Pence, | }

BOM coi cescarh even: 52), SO; | SLS55 | S1.12619 | $1.12454 80. 87103

pee ee Sly | BI} | 51.559 | 1.22893 | 1. 14S S731 |

September........- Bigs} 51g | 51.706 | 113442 | 1. 12883 . 87739

October... oe) ee ee ee 87951

November B2 | Bg | SLANT | 1.12893) 1, 13898 LS7315

December ......... so | BE | SLNWY | 113715 | 1, 18282 LR7951

1882. |

peers {| Sapo! Bly 51.980 | 1.13989; 9 1.14121 88163

February ......-.-- 524 52) B2O28 | 1.13989) 1.14987 |. BBI63

MAN 555 cccbunni ns b2y, SNR | S1.96S | DL TRNSZ | 1.14700 . 88057

MAM si cceunsss ves 52h | Sey, | 52122 | 1.14126!) 1.15081 _RS269

Miigia ss scks bess ais b2 625 | 82.223 | 1.263 1.15886 LR8875 |

FMB ss cca chavestc 524 51g! 82,016 | 1.13979 1. 13879 88163

Average ..... adh 250) | S1S8I2 | 1.136238 1.13817 . STBSO

WOR xisnessonis 52 MA | OSLSIT7 | LBS) 114079). NTNAD |

RANE wan ccinxaves Bly, | 51g | 51.974 | | 1.13989, 1.14659 RSI 63

September......... Aye | 51a | 51.918 | 1.18715 1.14291 LRT7951

COMME nistaseanae BME | Fl} | 61.75 | 1.1844 1. 18350 . 87739

November......... Sly ss) | | AL. 39 1. 12619 1, 12258 87103 |

December ........- 5 0 | 50.48 1.10701 | 1, 10806 85620

1883. |

January ........... , WE | FO | W. 24 1.10153 1. 10058 285196 |

February ......-..- 51 AO, | 50. 6025 1. 10813 1, 10912 . 85706

roe 5, | Oe | H1.022 | 1.aN797) 1.11302 «86447

WEE och bs cas css Wi OE | 50.572 1.10811) 1, 10704 _ 85700

Sedpics Be 50%, | Ss | 50.206 | 1.10140) 1.10198 _ 85186

PO Su vnnciseasces Ws Ws | 50.187 1, 10160 | 1, 10835 85201

Average ..... as2y, 50 | 41.023 1.11826 | 1.11912 . 80490

Pilg es en 50) | 50g, | 90.375 | 1.105101. 10862 S72

DAE scl ons xo Wi, 50h | 50.524 1, 10754 1, 10831 S566]

September......... WOE | 0,50, 73 1.11205) 1, 11047 _ 86010

October............ 5 oO; | 30.914 1.11649 | 1, 11305 56353

November......... WES wh, | 50.702 1.11172 1. 10887 . S04

December .........! jl Ay, 50. S48 1.11440 1.17 - S191

ISS4.

1 ore { 51 Wi | 50.885 1.31501 | 1.11667 _ 86239

February .......... / Big 51 | 51.135 1.12093 | 1. 12882 _ 86696

March............- Al} O}R | 50.937 1.11659 | 1.12513 86361

Pe ree a BOR | 50.757 1.11265 | 1.12118 S056

MR as cccsnukask OR OF | 50.839 1.11459) 1, 11856 _ 86206

BODE. ce en sa nan Se 5H | 50.800 1.11359 | 1.11818 . 86129

Average ..... | @S1g | 450, | 50.791 1.11339} 1.11529 86115

a Denotes highest and lowest for each year,

— — Ee OR EP

NON IOSN GES SOE RTE St SRILA TRE IS rae ng

= ~—_ Dy ood 1 wae

Uh serene Boa ok i ald " Bae : = ae at

XNXIX.—Highest, lowest, and enerage price ve etna bullion, ete. —Cont'd.

| ——

2. vaiue Ola |

| | Average eaten, Mauivelet | waited | Com.

cee - High- “price per. of ounce ounce fine | Ver dollar mercia!

Fiscal year. t Lowest. * ounce | fine with lat vera: ratio of

| ondara,| &=* hange average | price ° silver

(con | grees: | pecect, | Vaieer, joes.

| ' iude

al par.

Bilticccscocakcseess 50} SOUA | SO.TSS | $1.11333 $1. 10991 | 80. 86109) 18.58

SUBURE in bccesccens 50% OE «779 | 1.11313 1.10953 86083 18.57

September........- PY |) cS 1.10956 80024 18.58

October ........++- | 0; Wyn O724| 119TH 18.5

November ........- Og, | 494, W.007 | 1.09023 1.09241 , MOH 1s. 86

December ........- | 493 | 19) | 49.641 | LOSSIS 1.08500) MHIGS 18.99

1885, | |

JONUATY ....0ccccee 1 0 | 495 49.058 1. OS836, 1. 09089 MT 15.99

February .... ca) 494 45h, 49.125 | 1.07791 1.075% SoU U 1y9. 18

MBE vrs ntpanexuss gy} 49 19.098 1.07561 1.07610} 83191 19.82

495 485 49.375 | 1.07773 1.08299 | SBS 19. 1S

50 48; 49.437 1.07929 1. 08915 LSB4760 19.15

493 49 49.125 1.07791 1.07818 | 83338 «19.18

LabOi 9 a 482 | A943 1. On 202 1.09226 LST | IS. 92

a 49) | 49.186 1.0TN9 CLOGS HO 19.17

ROI cacsadesane 4am aBye | ARIZ 1.07085 1.07075) eT 19.31

September......... | 488 47h) A782 1.04895 1, 04166 | 80534 19.80

October...........+ | AT ATE | 87.4061, 08967 1.03887 SON11. 19.88

November ........- 473 47 5 47.406 1.089%) 1. 03587 | SUIS 19.88

December ........- 478 46; | 47.187 1.08308 1, 03338 79819) 20.01

ISxb, | |

January ........+2. 7 46, | 46.7831. 02444 1.02951 79234 (20.17

February ........-- 46h 46h, AG. 68H 1, 02339 1, 02852 | .79152 20.19

BION. 5 sss ticeness 465 48h 46.766 102517 1.02999 79200 20.16

BROAD axxxkicctsces 4H 46 46.3861. 01683 1.02032 | 78645 | 20.38

Wi Aint 46 443 45.425 £99577 1.00046 | T7016 | 20.76

SONG: vcakvrcecsees 4) 44h) 44.835 . 98283, 98768 TOO 21.08

Average ..... O49, 44, 47.088 1.03112 | 1, 08295 |

DOR cirssnnstecss rr se eC

RODE cxcadcaccces 423 2 42.310 . 92748 92333 |

September......... 445 424 43.41 96105 25091

October...... OS 444 45.089 -Qss40 _ S338 7646 | 20.91

November i 46.485. 0190B | LOLA) TNS | 20.28

December ....-.--- ii 45) 48.008 1. 0986 1. 003M4 .78106 5 20.56

1RS7. ; ' j

JORURET ccsiiexneccs iT, M6; 45.833 1. 02063 1.02500 | .79408 | 20.13

February .......-.- 47 My, 46.660 1.02284 1. 02669 .79110 | 20.21

Mareh .....02. +0055 My, Ay 45. 440 99610 | 99706 | -77042 | 20.75

Ramilscoesin 44) 43) 43.964 96374 96190 | 74589 1 D4

GS. cake cecakeres 431 | 487, 43.580 95532 | 95658 73887 | 21.68

Ln See ara are 44002 488 43. 968 96383 .96130 7446 | 21.44

Average ..... 47, 42 44.843 (98301 SSMS. 76029 | 21.02

XEXIX. — Highest, lowest, and man nage price of silver Section, oo. —Contionel.

Bullion

j si bi value of a |

| “Average lent value value of gUBItE0 | Com,

Piscal year. | Hish- lvowest. Pree per| gtounce /qunes fine ver doliar mer

; i Ps: | ounce lexchange average %t Average ay

standard, price of

ms | gar | Qpeiecot, | Milver, tO sol

exchange

| | at par.

1887. | Pence. | Pence, Pence. | H }

44y_ 435 44.148 $0.96777 90.96385! $0.74850 21,

45a 443° 44.570 . 97702 97154 75566 | 21,

se 45 447, ' 44.642 =. 97860 . 97287 | 75688 1,

44} 434% 44.159 . 96802 96442 748702.

* 44 4344-43. 840 . 96102 _ 95788 7432821,

2 3 45} 4343 «44.3685. 97260 . 96972 75224! 2.9

Ee 4% 4% 44.380 97286 . 97219 75244) 21.

* 443 4333 44. 033 . 96525 . 96421 .74656 21,

my | 438 43 43. 293 . 94903 . 95083 73401 21.

4 eres | 42; 424 42. 669 . 98535 . 93709 72343 | 2.

* ee Sees 42% 41g 42. 048 92174 . 92577 71219, 22,

PRRs crecuseas | 423 42+ 42.092 92271 . 92683 71365 ' 22.43

: Average ..... Ne Ale 48.675 95741 . 95617 .74008 , 21.5

& Oe Ene yn 42 42.111. 92312 92634 ‘7141822.

4 A eae 424 4148 42.007 92085. 92251 71221 | 22,

a September......... 4) 424, 48.160. 94612 94971 7317621.

& October...........- | 438 2; 43.097. 4474 94697 7308921.

a November ........- 43} 423 45, 029 . 91325 94595 . 73163 | 21,

$ December ......... 423 «42 2516 93200), 93581 7208422,

‘a 1889.

7 January ........... 1 99g 4284. 9328 . 93616 .72131 22,

oa DORPORET <6 ccs cess 2: 424 42.594 . 33371 | . 93752 . 72216 22.1:

2 nr 42 423) 42.5210. 93211 . 93652 7209222.

. 2 | ee ae Be 42%, | 42} 42. 185 92474 . 92918 71522 | 22.

a MRE (ces chic eaus, 42) 41}R 42. 162 92424 . 92898 71484 | 2.

@ Pe ee eee 427, 2 2. 084 92143 . 92547 71266 | 22.45

4 Average ..... a4si a4dlgh 42.499 93163 | 93510 .72055 | 22.18

% Sec ses “2, 2~”~C«SSSY |= AIT) =SSC«C 98S FM62 22.36

& pC eee 42%, 23 42.349 | Y2RBE | 92959 71801 | 22.26

a September......... 124, 42 42.522 | 93213 93477 72944) 22.17

¢ October. ..........- 435 42 42.914) 94382) 91086 72998 21.90

a November ........- 143 133 13.923 | .96284| 95959 74469 21.46

‘4 December .......-. 142 433 3.967 |. 9638) 95894 ve bet a) Be

% 1890.

ae JOMMAES 2225.5 0<-% 443 44; | 44.502} 9.97504 97447 L745 + 21.19

Pe February .......... 443438 | ator |) 96 |. 96583 14671 2.41

| Width fos acaccns 4a 433 | 43.908 96251 . 96024 THM44 21.47

a CS rer ee 48 433 | 45.401 96634 .99751 74699 | 21.39

% a ER re Ti | 4% 46.971 | 1.02966 1. 02820 79687, 20.07

se cee 49 | 463 47.727} 1.04623) 1.08778 8091919. 75

Average ..... a4g | ag 44.196 . 96883 . 96839 . 74982 | 21.33

« Denotes highest and lowest for each year.

XXXIX.— Highest, lowest, and average price of silver bullion, etc.—Continued.

} ee

j | j are _e value of a |

| | Average ,gulen., Pautralent "Vattoa | comp

oo tae High- eat Price per of ounce ounce fine ver dollar mercial

Fiscal years. est, Lowest. ounce fine with bused on at average | Tatio of

standard, exchange average price o silver

0.9%. | Ree | eet | aliver, |'sold.

’ Be. exchange |

| atpar |

S40, | Penee.' Pence.’ Pence. i

Gee Dre Eta Wh A7%s 49.201 $1.07854., $1.08367 | 80. 83418 19. 16

Mo Soc esscn ns Ag WP | 52.707 1.15540 (1.15643 -89363 17.89

September......... 5g 50 | 53.123 1.16452 1. 15946 -90068 17.74

October........2... 51a 48} 49.708 1. 08966 1. 08821 B4278 | 18.97

November ......... | 494 45 47.305 1. 03698 1. 03404 80183 | 19.93

December ......... 49} 47; 48.135 | 1.05518 1.04989 -SI611 | 19.59

1891.

See 1 483 46; 47.9399 1.05085 1. 05034 .81276 19.67

February .......... | 463 4420) 45.5470 99844 1.00202 | . 77223 | 20.70

MRO oder essen 45y,. 448 | 44.928 |. 98487 . ORR 76173 20.98

Be fe assay 45 43} 44.528 . 97610 99453 -7549 2.17

a AS Es 452 443 44.481 | .97507 | 97805 75415 | 21.20

pre een etl 46 44! 44.973 . 9R586 98924 76250 | 20.97

Average ..... a54g | 44330) «47.714 1.04195 1. 04780 .80588 | 19.83

fo ed Rapa ea 464 458, 46.002 «1.00841 «1, 0082 77994 | 20.49

Po eee +6fy 44%, , 45.112 . 98890 . 99390 - 76485 20.90

September. ........ 458 443) 45.016 . AS680 . 97767 . 76322 20.95

DONE. .-6 552s 45 44, 44.555 . 97669 . 97046 .75540 21.16

November ......... 44) 43) | 43.690 99773 95257 .74044 21.58

December ......... 44) 43 43.775 95059 95517 .74195 21.4

Isg2,

JORWAES . 005.200 433 413 2. 830 . YBSN8 93515 . 72616

February.....:....; 4149 4} 41. 460 . 90885 - 91106 - 70293

ee 413 39 40. O87 S787 89699 67965

MU Sacvenescacesd 4U, 39) 39. 705 S6BRS 87229 . 66966

EN sess cet 403 39h 40.060 STSIG . 88029 . 67920

Wie. oe totes. 41: 407, 40.564 89298 . 68772

T2430 |:

eee cere ates 39,4 | _67193 |

(ho ene 307, 377 | 65136 |

September. ........ 35,55 3h} | - 4694 |

Se a | 393 383 j 66013 |

Noveniber ......... 3y: 38i | . 60073 |

pecember 5... ..... 30F 3745 - 65013 |

1593.

January ........... 38%, 38} | 38.331 S4026 4217 64988 | 24.60

February .......... 3S) 3s! 38. 356 84080 . $4316 - 65030 | 24. 46

A 3S: 37f6 | 38.108 . 83537 83255 -64610 | 24.74

BEE res eeseacts 388, 373 38. 028 83361 . 83610 - 64495 24.79

May B8y_ | 37% | 38.069 83451 SBR 6444 | 24.77

ee aA St 383 = -30k_-'| 37.279 .81719 8164 . 63204 | 25.29

Average ..... 240%, 930} | 38.375 84123 . 84263 65063 | 24.57

4 Denotes highest and lowest for each year.

PRR e ne cscoe CARIES Se ES

CRESPO ERY AERO mr ea a re 7

’

258

SPS.

5 ae

POISE

Tee hn ie ars Cane ac!

;

PREM A TEI TEMPLES STL IRS

XXXIX.— Highest, lowest, and average price of silver bullion, ete. —Cont’d,

pation

Equiva- | Equivalent Value ola

ve, Equiva- | Equivaler

| diverage lent value, value of Pe A Com.

yp Ofounce ounce tine S > MePeia)

Fisewl year, Mlgh- Lowest, Price Per tine with | based on Yer dotiar

‘standard, ©

0.925,

5 , Tatio of

xchange) average #U &V erage silver

j price of

Hee | eichape. me Miter

| at par,

oy 5 i

Pence. | Pence.| Penve.

34) | 3) 88.060 80. 72471 $0. 71981 S80. S82 28. 52

34, | 82g 33. M4 . 74409 - T4337 - 97550 27.98

September. ........ Hi O88 34.120 74799 . 74709 784 27.€3

Gen sccaxckcus Sat 3j 33. GOS . 73672 . 73339 M723 2S.05

November ......... Bu, , a 32. 240 . T673 . T8980 at 29.25

December ......... 324, oe S2.015 . T0180 . 90197 MLTS 29. 45

18M.

January ......... e- iy 304 33. 338 ONTER 8694 AST30 30.07

February .......... 303 274 29. 169 63M - 64052 40 32.33

BS : : SYSL4 60037 eS) ey

‘ 63138 _ 6SBA2 4902282, 74

Se -G2021 ASTSO ISSO S285

4 - G2879 68129 {Sah 32.87

: eine | a

e oy eT

y 61398

% 2A C: HANG]

% October ........, - 2% 22 29.150 -oag00 64005 AH Ba 99

4 November ......... 2% 2s} 28.977 03520 63628 AMZ 32, 48

¥ December ......... 2s) 2, 2t.ra7 HOS2S 61063 17044 BS

| Is

be January 2.0.0.0... a) i 601% 46339 Bagg

“A February .......... zThA 27% 27.440 6OD52 HO 16523

ot EO 2 27% 28.337! Lagniy G47 ASO

4 nt ae 30, 29 SO.415 rire | . 67059 . 16s

s MD U¥A6i55085%665: 30: 30,3, 80. 625 . 67133 - H7289 1923

‘ Paiste betas 30}, 304 30.460 66TT OTI89 1683

b: Average ..... “a0 e277, . HRHIS 8798 ory

% WOM eater tt * ) OA. snes] een eC

Fs et ee SO; BE 80.393 6H GTI22 besti

Sy September. ........ 308, B07, BU. 489 GONS6 7234 tea

A i ee 31y 30; 30, 42s 0779S 68010 WN3T 30.49

e November ..... 0... 31 308 30, 789 67498 68592 52201 | 30,62

December ........, 30480 20,395 aEsy| B69 ao Gos eS OU

ea 1s06

i , |. ae 30, 3a SO. 049 JUTIS6 -O7518 2 188 00.76

‘ February .......... 314 803 30. 992 3) -GR104 | S26 30. 41

March ......, er B14 31) 31.372 .O8TT2 . GSORS 53190 80,05

gue LUT CTT Bly | B0ug 31.060 . OSU8T 68401 52061 , 30.36

WO eighhixts screed 3h BOHR 31. 078 68126 S851 52691 | 30.34

WB ictiescckeee! 31, ! 81 81.408 _ 6S840 69091 533} 30,02

Average ..... a3lie aso 30.832 .A7AKN NOOB aD | bo

« Denotes highest and lowest for cach year,

ee ameee

. WESSEL DEP RTE RAI TUNA GaP REO A a ’

ETS IG Ne ees SL are BA, > Ok a ee oe Pag or eT ee

—_

XNXINX.—AHighest, lowest, and average price of silver bullion, ete.—Cont’d.

= end ] Sores Gee Bullion |

: Equiva- Equivalent, Va ue of a |

_———- Jen a a my ' ee ' Com-

of ounce ounce —y ver dollar (mercial

Fiseal year, | fine with

om. ounee | exchange average St average | iver

| SOAR SEIS. | Beit | ier, et

i i i g . exchange |

| | atpar. |

Iso Pence Pence. Pence.

le cinttainnniecs 31, BTR 81.4399 SO. 68919 80, 69185 $0. 59304 29.99

ee a ee 31g 308 80.9593 TNE .G7879 | 5490 | 30.45

September......... 30}, 800.8100. aN 66169 | 51439 | 31.08

ee 307, ! 202 20.087 —_.e5R0 65528 | 50923 | 31.39

November......... 30 29) 29.9212 .65590, 670,078 | 81.51

December ......... 30-298 VIZ ATT. 65605 OTIS | 31.52

1897,

Jannary ........... | ee oes! soto) she

February .......... 29028). aT 65169 50379 | 31.73

eae 29008, UR OGIT 8 8H9E 63577 49108 | 32.56

oS OE BESAE pe ee Sc eS 5) 62323 48034 33,28

NE i cccxtxuxssxce ee a! a or ee 61010 47091 | 38.95

BOR icc hanteee’ Wi T5817 |. noe? 60536 .46763 | 34.19

Average ..... «31h @27) 29.5617 64794 . 64807 BONG 31.4

« Denotes highest and lowest for each year.

APPENDIX E.

XXI.—Highest, lowest, and average price of bar silver in London, per ounce,

British standard (0.925), since 1833, and the equivalent in United States

gold coin of an ounce 1,000 fine, taken at the average price.

aio of the Director of the Mint, 1902, pages 168-170.]

| - | Value of | | Va alue ue of

i aieh tore oe “ounce at Calendar ctttgh | Laweat} ry lounce et

} Won. | i ' tion,

‘rae prance

ad. | Dollars. | {| &@ | & | & | Deltere

Renae 1.297 | 1868....., 61} 60; | GO) 1.326

Vouwen 5948 1,313 | 1869.....5 61 | 60 60y, | 1.325

betel 594 1.308 1870... 608 602 | GO| 1.328

— 60 1.815) 1871.....; 61 80% | 60h | 1.326

bake 59, 1.305 1872.....) 61y 59) On | 1. 322

Ren 594 1.304 1873..... 59)8) 57] | 59a! 1.20769

Re 60 60g 1.323 1874..... 50), 572 { BS, | 1.27888

poise : 60} 1.323 | 1875.....) 57) 54, BGR) 1. 24233

ee | 599) 604, 1.316 1876.....) 584 46 | 53). 16414

een i F 597, 1.908 1877...) 58s 538i | 8448) 1. 20189

Licwnall 5 Aa, 1.297 | 1878.....! 554 49) | 523 1, 1535s

oma 59} 1.308 1879.0... 539 483 | 51} 1, 12392

een 59) 1.298 1880..... 5249 -5NY | Sat | oa agso7

Wks 59% 1.300 NST... 525 SOF | sag | Laseag

ee AQR 1.308 1882.....) 52 nO 51a 1.13562

ene jQ| 1.304 1883.0... SI SO | SO) 1.10874

pecans 593 1.300 1884.....) 51g 419) 5OeA 1.11068

rare bly, 1.316 | 1885.....! 50 46; | 48% 5 1.06510

eckch 61 1.387 || 1886...../ 47 2 | 4a | | oper

buen 60j 1.326 1887.....! 47} 43) | 44th) 97946

Beas 6 1.348 T888..... dy, 4g | 425 93974

ee 614 1.348 1889.0... 44 4148! 4234) . 93511

one 61y, 1.844 1890.0... Sy 433 | 478 1. 04634

pata. 614, 1.344 1892.2... 48e 43) | 45e, 9800

K6heee 61) 1.353 1802..... 433 Ti | 392 87145

ae 61 1.344 1898....., 389 3h | 3% 78030

kexts 2h 1.360 1894.....) 32a 27) | OsR 63479

ol 6144 1.852 | 1895.....) sla 27 | 29h 65406

Penent 6033 1.338 1896...... S1Rg 293 3043 67565

Tae 61ya 1.346 1897..... 298R) 288 27% 60483

bouak 6 1.345 || 1808...) 283 2B 2648 59010

cecal 6 1.345 1899..... 29 264 Yive 60154

Gly | 1.388 || 1900... 30) 27 28,5 62007

pects 61} 1.339 1901..... 29) 24g] 27a]. 59595

baxenk 60%, 1, 328 |

i} ! | ;:

Years! Ratio, | vears| Ratio. | Years. | Ratio.

XXIV.—Commercial Ratio of Silver to Gold each Year since 1687.

1687.

--| 14.94 | 1728..

...| 14.94) 1724...

[Report Director of Mint, 1902, p. 170.)

[NoTE.—From 1687 to 1832 the ratios are taken from Dr. A, Soetbeer; from 1833 to 1878

from Pixley and Abell’s tables, and from 1879 to 1894 from daily cablegrams from London

to the Bureau of the Mint.)

15. 20 1

15.11

45.12 |)

1690... | 1726.) 15.15

1691. 14.98 | 1727..) 15.24

1692...) 14.92 |) 1728...) 15.11 |

1698...| 14.83 | 1729.) 14.92

yest...) 4.87 | 1780..) 481

1695...) 15.02 | 1781..) 14.94 i

1696..., 15.00 || 1732..) 15.09

1697...| 15.20 | 1783... 15.18

yous...| 15.07 | 1784... 15.39 |

1699... M94 1785... 154d

1700...) 14.81 | 1736... 15.18 |

1701...) 15.07 , 1787... 15.02 |

1702...' 15.52 1788... 14.91

1708... 15.17 1789... 14.91 |

1704...) 15.22 | 1740.. 14.94 |

1705... 15M 174. 4. 92

1706...| 15.27 || 1742... 14.85 |

1707...) 15.44) 1743...) 14.85 |

1708...) 15.41 | 1744...) 14.87 |)

1709...) 1.31) 1745... 14.98 |

1710...! 15.22 | 1746..) 15.13 |

1711... 15.29 |) 1747.) 15.26 ||

1712...| 15.31 | 748... 15.11

1713...) 15.24 | 1749. 14.80

17M... 15.13 | 1750... 14.55

1785...) 15.21 |) ATL... M39

1716... 15.09 | 1752... 14.54

1717...! 15.18 | 1753..! 14.64 |!

1718...) 15.11 |) 1754...) 14.48 |!

1719...' 15,09 |) 1755...) 14.68 |!

1720...' 15.04} 1756..) 14.94 |!

1721...) 15.05 | 1757..' 14.87 |!

1722...! 15.17 | 1758.. 14.85

1750... 14.15

1760...) 14.14

1761..| 14.54

| 1762...) 15.27

' 1763. 14.99

1764... 14.70 |

| 1765...) 14.88

1766..' 14.80

1767. 14.85

1768...) 14.80

1769..! 14. 72

1770..| 14. €2

1771..! 14.66

W772... 14.52

1773...) 14.62

1774...) 14.62

1775..' 14.72

1776..| 14.55

1777..| 4.54

178. 14.68

1779..| 14.80

1780../ 14.72

rm. 14.78

1782...) 14.

1783...) 14. 48

1784...) 14.70

1785...) 14. 92

1786... 14.96

1787...) 14. 92

1788... 14.65

1789...) 14.75

1790... 15.04

1791... 15.05

1792...) 15.17

1793..' 15.00

1794..! 15.37

Years | Ratio.

aad 15.55 |

1796...) 15.65 |

1797... 15.41 |

1798../ 15.59

1799..' 15.74 |

1800..) 15.68 |

1901... 15.46

1802...) 15.26 |

1803... 15.41 |

1804... 15.41 |

' 1805..5 15.79 |

1806..! 15.52 |

1807... 15.43 |

1808... 16.08 |

1809...) 15.96 |

1810... 15.77

1811... 15.53

1812..' 16.11 |

1813../ 16.25 |

1814..| 15.04

1815...) 15.26

1816..| 15.28

1817..! 15.11

1818.) 15.35,

1819.) 15.33 |

1820... 15.62

1821... 15.95

1822..! 15.80

1823..| 15.84 |

1824...) 15, 82

1825..! 15,70

1826..! 15.76 |

1827..! 15.74 |

1828..' 15.78 |

1829... 15.78 |

1830... 15, 82

1831..

1832.

15.72 |

15.78 |!

15.93 |

15.73 |

15.80 |

15.72

-| 15.88 ||

Ratio.| Years, Ratio.

1867..|

15.57

15.59

15. 60

15. 57

REESE Rona east!

APPENDIX F.

XL.—Changes in the values of foreign coins, 1891-1897.

{Report of the Director of the Mint. 1897, pages 205-207.

| Value 1891, | Value 192.

Countries, Monetary unit. 9 |——-——-—- SPE Poa NEE pins ene

| Jan... Apr. i. July 1.! Oet. 1. | Jan 1. Apr. 1.

: : ——_—_—_ banca

Austria-Hungary... Silver florin........ ‘$0.35, 1 $0.36,3 $0.36, $0.35,7 '$0. 34,1 $0.32, s

ee Silver boliviano....) .77,1 .78,5 73,6 | 28) -69,1 66,5

Central American Silver peso ......... ) 701) 735 .738,6) 272.3) 1691) 66,5

States. | | |

INI censsscccuce Silver tael,Shanghai 1.13,9 | 1.08,5 1.08,7 | 1.06,8 | 1.021) .98,2

| ee Silver tael, haikwan 1.27,0 | 1.20,9) 1.21,0) 18,9 | 1.13,7 | 1.09,3

Colombia.......... Silver peso ......... “TH1) .73,5) .738,6) 72,3] 269.1) .66,5

SOU ds cecxxasexns Gold peso. .......... | 92,6 92,6 92,6) .92,6] .92,6! .92,6

Ecuador ........... Silver pesor........ | 771) 173.5! .938 | 7231 .69,1 | 66,5

Silver rupee ........ 36,6 34.9 35,0 | -34,3] .32,8! .31,6

PAPO wn ccceccsnves Silver yen .......... | 83,1) .79,2/ .79%3) 77,9] 74,5) 71,6

RRM vacencacaass Silver dollar........ -83,7/| .80,0) 80,0, 78.5] .75,0 | 72,2

DN sss cccinuaks Silver sol ........... | -77,1) 73,5) 173.6! .72.3] 69,1) .66,5

BMNER osincssvseses Silver ruble ........ | 61,7) 58,8) 68,8) 1878] 255,31 581

Tripoli ............ Silver mahbub .....! .69,5 | .66,3| .66,4/ 65,2] .62,31 60,0

Venezuela......... Gold bolivar........ [6-15,4 j>. 14,7 | 0,14,7 j-14,5 | 6.13,8 ,>.13,3

Value 1892. Value 1893.

Countries, Monetary unit. 25 eeeeseres _ —— cele —

July 1. | Oct. 1] Jan.1.) Apr. 1. July 1. Oct. 1,

Austria-Hungary. Silver florin ........ 80. 32, 0, $0. 20, 3/0, 20, 3 80. 20, 3 80, 20,3 80. 20,3

Bolivia ........... Silver boliviano.... 64,9) 61,6) 61,3 61,0 60,4 .531

Central American Silver peso ......... , 64,9 61,6) 61,3 61,0 60,4 58,1

States. |

RG sien ban cks Silvertael, Shanghai » 95, 8) -91,0; .90,6 90,1 89,2) . 78,4

Colombia ......... Silver peso ......... -64,9 61,6 161.3 .610. 6,4 58,1

SOUL cikckscucence Gold peso........... 92,6 .92,6 926 .926 .926 926

Ecuador .......... Silver pesoa 64,9 61,6; 61.3 61,0 60,4 58,1

| SER Ate Silver rupee 30,8) -29,3) 29,2) 29,0 128, y 25,2

Mies Silver yen .......... 69,9 66,4) 66,1) 65,8 65,1) 57,3

Rene Silver dollar........ 70,4, 06,9) 66,6 66,2 65,6 .87.7

oy EO en tar Silver eal ........... -H,9 61,6 61,3 -61,0 60,4 RI

| Ee A Silver ruble ........ 51,9 49,2 2491) 48 483 4s

WORE i siccscccss Silvermahbub...... 58,5, 55.5) 55,8) 55,0 5 479

Venezuela........ Gold bolivar........ b.13,0 12.3) 19,3 193 19,8 .19.3

{ t

@ Since 1887 called “sucre." 4 Value of the silver bolivar, Value of the gold crown.

eens Secon

a ————

XL.—Changes in the values of foreign coins, 1880-1897—Continued.

Value 1894.

Countries. Monetary unit. Se RaEEEEneT ee

Jan. 1. | Apr. 1.| July 1.) Oet.1.

Bolivia ........ Rackbaneress Silver boliviano ............ $0.51,6 $0.46,5 $0.45,7 | $0. 46,4

Central American States... Silver peso ................- ' .51,6] .46,5 | 43,7 46,4

China Silver tae), Shanghai....... | .76,2] .68,6) .67,6: .68,5

DOiauicancuss Silver tacl, haikwan ....... -84,9 -%6,5 | .75,3 76.3

Do Silvertael, Tientsin ........ 2.2.2... MRK TS NRL Rh

Do Silver tael, Chefoo. ........ ........ :: er err es

aM Sn nedicacrecbues Silver peso ................. 51,6) 46,5 | 45,7) 46,4

ORNINE oa sconscacaaccesscs ’ Silver NS On ick i xciccncnce 51,6 .46,5' .45,7 46,4

India Silver rupee .......... 2... M45) 221] 27. 2RV0

Japan RO Nk knivcdvenceaciss -35,6 | .50,1 1) .49,3 - 50,0

Ws 5 Kann Sehakatccs Bil vet QOMAl.« «.ceccncesess. 56,0 50,5 ' 49,7 50,4

Pinan ccccduntvevescccous STRVOE WOE. cccccascarcacive e} .51,6 46,5 | .45,7 46,4

rrr Te PO SN ccccaxeenthnt uns ; .41,3] .87,2; .96,6 37,1

MVIDREE < csccraccokevcanentx | Silver mahbub ............. 46,5; .41,9] .41.8) .41,8

} ! i |

Value 1895

Countries. ' Monetary unit. ' :

Jan.1., Apr.l. July 1. Oct.

ORIYA oo ciics vabeickctcce ++) Silver boliviano .......... .. $0.45,5 $0. 44.1 $0. 48,6 | $0. 48,6

| Silver peso .......0....0000- a8 | 44,1) 48,6, 48,6

Silver tael, Shanghai....... | .67,8] .65,2 .71,8 71,8

' Silver tael, haikwan ....... -74,9! .72,6 .80,0 . 80,0

, Silver tael, Tientsin ........ 71,4! .69,2: .96,1 . 76,2

| Silver tael, Chefoo -70,4; .68,3 .75,1 75,2

Colombia.......... Sehaeek -| Silver peso ......... -45,5] .44,1 1486 | 48,6

NE ks Beccunaceusseence } OO C evckcancecnkan 45,5) 44,1 48,6. 48,6

SURE a biscenasccdcuraanxce 4 TU SD a hice dninsncnnns +216] 21,0 0.23.1 .28,1

BOAR xchat cs cus vnc Se IED ei ckcke bene | .49,1 | 47,6 .62,4/ .52,4

MOR cat ssaccoccascuece | Silver dollar. ............... 49,51 47,9 .52,8/ .52,8

POD ss cixxansnnxae macwuene | Silver kran........ ae -08,1 =.08,9 - 09,0

| NE US nn aneh veenesabaxns 44,1. 48,6 48,6

j Silver ruble SkGneeckante 35,3 =.38,9 38,9

, Silver mahbub ............. 39,8 .43,8 -43,5

«Since 1887 called “sucre.””

ee ES eee ee ee PANE RELS SY nes - ——

XL.—Changes in the values of foreign coins, 1880-1897—Continued.

Value, 1896.

Countries. Monetary unit.

| Jan. 1. | Apr.1. | July 1.| Oct. 1,

a SSE enen TNT SNTNE | |-—_———} —___

ae eterna ted | Silver boliviano............ 180. 49,1 $0.49,3 '$0.49,7 | $0. 49,0

Central American States ..| Silver peso ................. 49,1) .49,3) .49,7/ .49,0

RE hat uewacd\ vecsmkanwee Gold and silver peso........ 12), 01,81. eee

DD Ss swiss sndncuiatemens SE Miso spies ninncaatlnsdnas odlecdspiw: | .36,5) .s65

se caxescucas vacances Silver tacl, Amoy ..........]........|..-.....| -80,5| .79,3

Bi entasenisckveswsuinain Silver tael, Canton .........|........|........ | .80,2] .79,0

SE Sinn oosienbeectkenninatil Silver tael, Chefoo.......... -75,9 | .76,3 | .76,9 - 75,8

MB acswennwnendiavasaces Silver tael, Chin Kiang.....]........)........ | .78,6) .77,4

Dinawetuuckentheeseuces Silver tael, haikwan........ -80,8) .81,2) 81,9! 80,6

PO i vevekserenceenknenenl RRO WOE, TOs ais icc cbo cau ccnchesivecte | 15,3 -74,2

BEDS, Ci ctoabasecawtancenk Silver tael, Hongkong...... (@) (2) | (a) (a)

PR raveressensomnninond Silver tael, Fuchau.........!........ Jocteeees | 7441 73,3

IO a candinnns ceaaskcanes | Silver tael, Niuchwang ....)........ Lewweken | .75,5 - 74,3

PPE cvunvnsukveneiaiecns Silver tael, Ningpo.........)........ Fale tracickicn 74,4 - 76,2

RE STEER Silver tael, Shanghai....... 72,5 | .72,9| .73,5] 72,4

BOR in crekundbneannasien Silver tael, Swatow........./........ Jucccuces! 096, 8 . 73,2

ECE Silver tael, Takau.......... Sea Siesta | .81,0| .79,8

EE ac ro | Silver tael, Tientsin........ | .76,9! .77,8/ .78,0] .76,8

I a ocivicntenduivuuiees oe te ee ee | .49,1 -49,3, 49,7 - 49,0

a one Loo fee 49,1 | .49,3) .49,7 49,0

PR tii sctenactidwenen | Silver rupee ................ 23,3) 23,4! .23,6/ .23,3

WOE Vasbtnbrvceucté sennce | Per SO x kines ciwecaniinen -62,9 | .63,2|) .53,6 52,8

BOD ox caneunswensvasenes POO OE: GOED. cocnsvcenscstes -53,3 | .58,6 .54,0 53,2

WE os GC\ain au eakcnaceuwe Pecado -09,0 .09,1/ .09,2/) .09,0

i ansnievcnusecueiassiea SUINOUE sciniansuunnavestac 49,1) .49,3) 49,7] 49,0

creme Oe Co eens | .89,3| .39,5; .39,8| .39,2

INI Sescsehstasaceccadan | Silvermahbub.............. | 44,8 | 44,5) .44,9 4,2

«The “British dollar” has the same legal value as the Mexican dollar in Hongkong,

the Straits Settlement, and Labuan.

—E——

XL.—Changes in the values of foreign coins, 1880-1897—Continued.

is Value, 1897.

sama ee Jan. 1. | Apr. 1. | July 1. | Oct. 1.

es ay mee i

oon Scene Silver boliviano ........-.+- ‘$0. 47,4 |$0. 46,8 90.44,3 | $0.41,2

Central American States...| Silver peso ........---++-+++ .47,4 1 .46,8 | 44,3 41,2

Cie: Scacgecceestesseae Silver tael, Amoy........... | .76,7} .75,7} .71,7] 06,6

DO cccascssscdonevcsess Silver tael, Canton ......... | 76,5) .75,5| .71,5 . 66,4

DO. ....sccccescccsccces Silver tael, Chefoo.......... | 78,3] .72,4 | .68,6] .68,7

BiG Gx hvceshucarasos ccny Silver tael, Chin Kiang ....' .74,9 | .73,9| .70,0| .65,1

DG is cc cackvissxaviseace Silver tael, Fuchau........., .70,9] .70,0; .66,3{ .61,6

vee REE te Nee Silver tael, haikwan ....... | .78,0| .77,0| .73,0| .67,8

DO ce srvvsescsvsacseccess Silver tael, Hankow........ : .70,799 .as | . 67,1 | . 62,8

DG as vs covscesseessssece Silver tael, Hongkong...... , (a) (4) | (@) (a)

DO covccsavessnsesseucss Silver tael, Niuchwang..... | .71,9] .71,0) .67,2 - 62,5

Gini cuss caxktnxducsoacd Silver tael, Ningpo......... | .98,7| .72,8] .68,9]| .64,0

Bs dnievcnenncevnves sss Silver tael, Shanghai....... -70,0 | .69,1) .65,5 60,8

Wi kn nikaccasknesacnsine Silver tae], Swatow......... .70,8 | .69,9), .66,2 .61,5

Bb, oss avaccscpaansetne Silver tael, Takau .......... 77,2 | .%,2!: .72,2 . 67,0

BBD. .ncsssccasccsensscct MERUOD SDD, TUMORI. 5.50025 .74,3 | .73,4] .69,5); 64,6

CHEE. bc datsisncsvisee URW cs is San ic kaxscasan | 47,4] .46,8] .44,3 41,2

BeUMROl 2.0. cnvccccscscccses GEWOR BROS. «2. cnccccccccces | 47,4 46,8 44,3 41,2

Co SAE Raabe Sep ne ome ite ee Silver rupee .......... sacs 10001 81 1) 8

JOPOM conc accccccsesccascs BUVOT FOR 2. .ccccccccescecs -51,1}) .50,5) .47,6 |........

DG iv cccrsivsekeeikiar SE WON coca cpuapevceusen | exbhes ibn kaek Getiier ioe

WOE cu tencnnn | Silver dollar................ | 51,5 | .50,8| .48,2] 44,7

OE oe ccatuees Wertdaes ! Silver kran..........-.-..- 08,7! .08,6| .08,2| .07,6

OSE RET IT Re BE ee Ramee 47,41 .46,8| .44,3] 41,2

DIN cs cacao esse veckponces ! Silver ruble ................ .37,9 .37,4 j PN a sGmisakeres

« The “ British dollar” has the same legal value as the Mexican dollar in Hongkong,

the Straits Settlement, and Labuan.

APPENDIX G.

INDIAN ACTS—ACT NO. XXIII OF 1870.

Passed by the governor-general of India in council. (Received the assent

of the governor-general on the 6th of September, 1870. )

AN ACT to consolidate and amend the law relating to coinage and the

mint.

* * * * *

12. No gold coin shall be legal tender in payment

or on account.

* * . * * *

APPENDIX H.

INDIAN ACTS—ACT NO. XX OF 1882.

Passed ly the governor-general of India in council. (Received the assent

of the governor-general on the 26th of October, 1882.)

AN ACT to amend the law relating to the government paper currency.

* * * * *

11. The head commissioner, the commissioners, and

the deputy commissioners shall, in their respective cir-

cles of issue, on the demand of any person, issue from

the office or offices of issue established in their respec-

tive circles, currency notes of the denominations pre-

scribed under this act, in exchange for the amount

thereof—

(a) in current silver coin of the government of India.

(b) * * 4

EES eee

APPENDIX I.

INDIAN ACTS—ACT NO. VIII OF 1893.

AN ACT to amend the Indian coinage act, 1870, and the Indian paper-

currency act, 1882.

Whereas it is expedient to amend the Indian coin-

age act, 1870, and the Indian paper-currency act, 1882,

it is hereby enacted as follows:

TITLE AND COMMENCEMENT—X\NIII, 1870; XX OF 1882.

1. (1) This act may be called the Indian coinage

and paper-currency act, 1893; and

(2) It shall come into force at once.

REPEAL OF EXISTING ENACTMENTS.

2. The enactments specified in the schedule hereto

shall be repealed or modified to the extent and in the

manner mentioned in the third column thereof, but no

such repeal or modification shall affect anything already

done or any right or obligation heretofore acquired or

undergone under the said enactments or any of them.

Number, Title andshort sections. Extent of repeal or modifications.

Act XXIII of 1870 (the | 19t026, both | The whole to be repealed.

Indian coinage act, | inclusive.

1870).

Act XX of 1882 (the In- | 11 Clause (b), clause (d), and the proviso to be re

dian paper-currency pealed.

act 1882).

12 | The word and letter, “clause (b)"" to be omitted

13 | The words * to an extent to be ified in the

| order, not exceeding one-fourth of the total

| amount of issues represented by coin and bul-

lion as provided by this act,” to be omitted.

14 and 15 | The whole sections to be repealed.

j 21 | For the proviso to subsection (1) the following

| shall be substituted: “ Provided, That any coin

| or bullion so received and appropriated ma be

sold or exchanged for gold or silver coin o the

Government of India of the like value, which

shall be so appre riated and set apart instead

| ef the coin or bullion sold or exchanged.”

| Subsection (2) to be repealed.

28 Subsection (1), clause (f) to be omitted.

| | Subsection (3) to be repealed.

APPENDIX J.

INDIAN ACTS—ACT NO. XXII OF 1899.

Passed by the governor-general of India in council.

(Received the assent of the governor-general on the 15th September, 1899. )

AN ACT further to amend the Indian coinage act, 1870, and the Indian

paper-currency act, 1882.

Whereas it is expedient further to amend the Indian

coinage act, 1870, and the Indian paper-

wun of 1870, XX

currency act, 1882, it is hereby enacted

as follows:

1. (1) This act may be called the In-

Short title and com-

dian coinage and paper-currency act, ™emen-

1899; and

(2) It shall come, into force at once.

2. For section 12 of the Indian coinage

act, 1870, the following section section for section 1,

XXIII of 1870, : ¢ » 1870.

shall be substituted, namely:

“12. Gold coins, whether coined at Her Majesty’s

royal mint in England, or at any Mint Gora coins a legal

established in pursuance of a proclama- “"*"

tion of Her Majesty as a branch of Her Majesty’s royal

mint, shall be a legal tender in payment or on account

at the rate of fifteen rupees for one sovereign;

“Provided that such coins have not been called in

by any proclamation made in pursuance of the coinage

sand #4 Viet.,c.10. act, 1870, or have not lost weight so as

to be of less weight than that for the time being pre-

scribed for like coins by or under the said statute as

the least current weight.”

——

3. To section 11, clause (a), of the ,aaition to section

11, clause (a), Act

Indian paper-currency act, 1882, the **. 1s.

XX of 1882. following words and figures shall be

added, namely:

XXIII of 1870. “or in gold coin which is legal tender

under the Indian coinage act, 1870.”

[See Report Director of the Mint, 1900, p. 381.)

APPENDIX K.

Revised Statutes, Sec. 2903: The President may

cause to be established fit and proper regulations for

estimating the duties on merchandise imported into

the United States, in respect to which the original

cost shall be exhibited in a depreciated currency,

‘ssued and circulated under authority of any foreign

government.

CUSTOMS REGULATIONS, 1899.

Arr. 409. In the assessment of duty, the currency

of the invoice must be reduced to the money of account

of the United States upon the basis of the values of

foreign coins as proclaimed by the Secretary of the

Treasury on the first days of January, April, July,

and October of each year. The date of the consular

certificate will indicate the value of invoice currency.

When the standard value of a foreign coin has not

been thus proclaimed, any invoice expressed in such

coin must be accompanied hy a consular certificate

showing its value in standard gold dollars of the

United States.

When invoices are made out ina paper currency

which has become depreciated the consul is instructed

EEE EE EEE CRE ATF ERE:

VER Ceatisitn PEK

RE SIP ORS BER DPR PSS

ord

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