New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-27
LETTERS FROM THE PEOPLE.
THE CURRENCY PROBLEM.

THE GOLD STANDARD ADVOCATED.
"a m. Editor Of The Tribune.
SIR. II now seems pretty certain that Con-
rnss will adjourn without settling the financial ques-
,ion and SO aordng the country some relef ior the
widespread commercial distress and the starvation OF
,he Industrial classes which now prevail. As yet no
practical plan has come to light although IL is true CON
eress has shown desire to do something to meet the
pubuc requirements. Now believe that the foHo"lnR
propositions are generally conceded and agreed TO;
E,sf That the currency Of the country is nsuihcieu
for the business Of the country as 1t is less III amount
,han n was before the war, when the population was
smaller and the business operations Oh inoio
Second That the currency IL OF avery uncertain y,
eharacter-huctuan0, trredeenaDle, AT Inc -
corners" and combinations an" Se' 0"""0' "''" ''
Tard That the country imperatively needs is a
more solid currency readily convertible, always at P
aud independent Of circumstances IN audIIon aso q
considerable increase IN volume OF sucn eot'Tmey
sufficient for the requirements OF commerce. uHue' ana
IosTA That with such a condition Of things es-
tabshed life and energy VIII De unused INTO every
department OF trade 2ha orsG rSreDTise viii start
M labor will be IN demand, prices ana values VIII
become fixed. and an era Of substantial prosperity ana
lsppuos such As we nave not seen III many years VIII
DC luauSuraicd
To accomplish these desirable results, respectfully
rresent as worthy OF consideration the following sug-
ees.ious FOR the action Of Congress:
The passage OF an act declaring gold and silver 10
M the only standard Of value and the only legal tender
for the payment debts and obligations OF every ma
mon auy other currency. shall be legal.
II TIE repeal Of al acts making Treasury notes a
Inc acton Of Congress heretofore has had the effect OF
sbohshng gold and silver from circulation and making
them mcrchantable commodities, substituting therefor
r,per money. This was Of the exigencies OF war
ana pubc peril similar to the suspension Of the writ Of
habeas corpus The danger being past the necessity
for such action no ger exists, and the Government
now needs no further extraordinary drafts Of money
THIS action viii enable the people TO Use gold ana SILVER
again as money but viii tnOt impair the value OF the
present paper currency will bring into circulation all
our gold and silver itwn Increase the volume OF cur
reuey several hundred millions, without the issue OF
more paper and win dcpIeciate nothing; 1t VIII fix
present values aud prevent fluctuations and II will give
the country solid and substantial currency sufficient il
a.. likelihood for every requirement.
III The passage OF an act making Treasury notes re-
CCVatu al par Tor ! DEUS due 90 Tue HO'cIHIO- il"
C.ud.ug customs Oh imports.
It but just that the Government should receive It's
own paper back a par for debts due to it, Besides 1t
las bound tsefto redeem this paper 10 money at some
future time; therefore this is no aTishlp Counties,
towns ana cities receive their own paper back at
par for taxes &C., due them, and why not the Federal
Government This viii enhance The value Of these
Lote,; it viii enable the Government to gradually
retire them as they accumulate after supplying its pres
cut wants and 10 VIII soon bring the outstanding notes
within the abb. ty OF the Government TO redeem on
demand when they will be at par with gold all over the
country At tits point cancellation should cease, and
a. suIpus should he applied 10 the redemption
q. the bonded debt.
To provide Tor interest on the public debt the pay
mcut of diplomatic and consular salaries, the expenses
Of the navy foreign stations and all other obligations
PAYABLE I'D c1in the Government has, through its va
nous minis complete control OF the products Of all the
god and silver mines Of California, Nevada Utah, Colo
Iado &C., amounting 10 about one hundred millions Of
dollars year; and II this amount proves insufficient 1t
can readily purchase the balance required in the mar
L., III the same way the importer now buys gold to pay
customs duties.
" The passage Of an act to increase the weight OF
al silver coin hereafter coined, TO make them CORE
.paud in value to gold coins OF the denominations
Tie subject of this act simply TO do away with the
disparity now existing between the gold and silver dol
lar and TO simplify and systematic both. T.
Ntic- YORK, March %, 1874.