The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-28

III tllCll COIHllIClC ldl CACudIIEc WIFI
each other, and to withhold their
influence in fastening them upon the
community; and it is their most obvi-
Gus interest ana duty to do so. But
the practical result of this action will
be to raise the standard of bankable
funds above that of the government,
to draw into banks and commerce the
current gold OF the country AID to
create Il general aversion to all trans
actions with the treasury, and with
all persons whose payments are made
in this deteriorated coin. A resump-
ton Of coin payments like this must
prove a national humiliation, in which
1t will be found impossible to unite
the active cooperation of banks, OF to
enlist the enthusiasm Of the people.
We do not fOrg t the fact that under
existing law the secretary of the
treasury is required to coin not less
than 100000 of silver dollars Of Alp
grains per months. and that these
viii constitute portion Of the re-
sources OF the treasury. 1t is conf
iently hoped that congress, in view
OF the unexpected fluctuations of sill
yer bullion since the law was passed;
Will reconsider and repeal it at an
early day. In the meantime, hOWev-
-. ~ is ID the power OF the secretary
to limit the cOiaage to the minimum
sum allowed by law, and to make
place for it in the circulating medium
10y withdrawing an adequate amount
OF notes Of small denomination. for
which the silver dollars may be sub.
5tiLuted, and to that extent become Il
subsidiary coin without serious inju-
ry. These could be held at gold val.
ne ny permitting them, when excess
sive to be exchanged at par at the
treasury for gold coin. BY this
means the amount required to be is
SUED within year. may be health
fully absorbed. within which time it
is believed that the permanent resto-
r"ti2n OF the gold standard. with the
commercial prosperity Of the country
now attending it will have made
the duty of congress respecting ii
clear and unquestionable. With this
assurance from the government, the
banks may confidently and Zeslously
combine their energies with the Sec
Rotary IN the movement toward re-
sumption on Il gold standard, with the
conviction that they are at the same
,ime fulfilling their highest duty to
| he nation and TO their constituents,
and promoting the best Interests Of
commerce and trade.
The following outline of policy is
suggested as proper to be recommend
ell for adol ton by the banks in New
ok city alter lot OF January, 1915:
fnst-Decline receiving gold
COINS AS special deposits, but ac-
cept and treat them only as the law
ful money.
>tcond--Abolish special exchanges
Of gold ut the clearing house.
1hird-Pay and receive balances
between banks ut the clearing house
either III gold or currency.
Fourth Eecline silver dollars upon
deposit aS money. but only receive
them under special cOotract to with
draw the same in kind.
Fifth Prohibit payments of bal
| ances on the clearing house in silver
dollars, excepting us subsidiary coin
| III small siiDo-Say under SO.
SiXth-lSanks Will hold the same
dttltttue III respect 10 silver uoIldl
| that California banks hive done re-
spect ing legal tender money, /. e.:
accepting them only when legally
compelled, and decline further COM
merclal relations with the compelling
party.
Seventh-Discontinue gold special
accounts 10y notice to dealers to ter
inmate them on the LIST of JANUARY
| next.