New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-16
THE LETTER.


NJ. 49, r. 36ru-sr., NEw-YORK, Dee. g. 20.
DEAR SIR: 10 must be evident to "A gentleman of
your intelligence that 1t Will be impossible for the
United States. without the cooperation of other
commercial nations, TO give 10 silver commercial
equiyaleuvy to gold How then can tie circulation
of silver throu ghOut the Union be increased Not
II seems 10 me. by a law which would compel the
National banks 70 keep their Reserves IN CON, for
II compelled 10 do this. they wOald supply them
selves with gold. the tendency OF which Is toward
increased value, 80 that the practical effect
Of such cOmpnsIon would merely be n
transfer Of gold from the United states Treasury
the vaults OF the banks. Regarding 1t 20 be most
desirable that the country should be fully supplied
with a silver well a gold currency ], long
snce came to the conclusion that this could only
be accOmp she'd by the substitution OF silver com
for the small notes OF the Government and the Ma
tional banks--ay for all notes under tine denom
nation OF ten dollars To accomplish this substitu-
tiOn. commencing with the retirement II ones and
twos there would be a home demand for the entire
production 1f our silver mines for many years. the
effect Of which demand would be not only 10 ap-
preciate SILVER in the United states but to aid the
efforts which ought 10 be made 10 elevate it 10 a
world
such policy as this might be objected to- on the
ground that small notes a convenience, and that
their withdrawal would reduce the circulating
medium Of the country, In answer to sucn obIec-
tons, 10 might be correctly said. that other nations
get on comfortably without small notes-that the
convenience of the of them, Is greatly OverTaied
in the United States ana that they are directly IN
the way OF an increase in the circulation Of the
preciOu metals Nor would the retirement OF small
notes contract the currency. It. would on the
trarv lead To expansion. The banks would substl-
tute larger for their smaller Ones while silver
which otherwise would, as bullion be- an article OF
merchandise. or. coin, lie idle in the Government
Treasury or the vaults OF the banks-would come
into active circulation. am you perhaps know,
hostile To imitation, but my hostility wOud be-
greatly dminished-indeed II would be overcome
IL IMITATION were produced bv increase the sup
ply of gold and silver, which i hold TO be alone
money.
You will. / trust pardon me for the liberty am
taxing in thus addressing YOU. You tine first
member of Congress to whom have written since
left the Treasury Department upon the currency
question. add should hesitate to write 10 you
wnom have not the honor Of knowing personally
this brief note. did not consider IL n matter Of
supreme Importance that every step taken by Con-
grees l financial reform should Do in the direction
of removing all obstacles in the way of increase
OF metallic currency. In this, our day Of National
prosperity. IL behOoves Congress to do what be-
done 10 supply the country with gold and silver 80
that 1; may easily bear the strain, which Will be the
result Of unfavurabls conditions OF our foreign ex
changes winch sooner later must come about.
have the honor To be with great respect. very
truly yours HUGH MCCUILOCH.
10 he Hon. -. House Of Representatives., Hash
fHgOn ~. &.