New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-13

issued in with the location OF the banks
at which thev were redeemdbe. Before me is state
showing the prices OF of specie paving bauks
In Pna iepra at certain periods In 1897. Notes Issued
by banks In the New England States were ~ discount
OF to l q per cent. Those II Georgia at dis
cent in Iuly. The notes of Mjcbira5 Hanks varled
at the different periods IN that year from a To 10 per
cent.
For the banks Of every State there was different
rate the several periods. the country merchant
who had bills 10 meet IN the city could tell before he
leit nome bow much money would be required for the
purpOse. Nor could the mechanic. paid IN such cur
rency. calcuat IN advance the shave" his wages
20 when Ne WOuid De subject. Tue establishment OF
National bank currency has removed all tGUse hucua-
lions; and not only the business aud the mechanic
out me government can receive and paw out at par a
any period OF the year In any part OF the Union the
notes OF National banks without suffering loss from their
change 10 value The value Of such stable currency
can hardly be estimated or appreciated
Again, every country should have not only sound
auu uhiOrn currency, nut should nave oI ~ slch IN
amount a. It's business require To secure tnS the
orgna Banking act has been amended rs TO remove
M eEs! as 10 the lllt OF NOTES ssueu
only limit 70 Their issue now is the demand
for them. With the depression resulting from
the pane Of 1873 tie circulation Of National
bank notes decreased from S3J5 4iS.51o ia 1879 10
SSl6396 $40 IN 1877. when II reached ITS MINIMUM
AM with The rturn OF prosperity has already increased
% S34i lj03l3 with such elasticity there hardly
initiation or stringcnoy in the oircu atng medium and
the relief H. such fortunately afforded without
20 Issue ana redeem he notes and 10 mold the necessary
security for their redemption l. would seem, there
fore, that only has the original purpose OF the
sct aeen nett glylngt0 the country UNIFORM ava
currency made adapt Itself in amount the actual
needs OF the country without the AID OF dioua lrgs
latIon or interference by the Executive Department
The second purpose to be secured was add tiona ac
tiles for the receipt, satekeepng ana disbursement OF
the pub 80 money.
THE GOvRRNMFNT FUNDS sECURT D.
Under hority OF the original act he Secretary o
the Treasury has from time To time, ected certain c
the National banAs for TINS purpose requiring o. each
bank "a security depo,s OF ChcI rte' DIlue W itis'
equal 10 the moneys which the Gvernweot w0ud prob
abls nave IN al any time In suel BANKS mere nave neen
received TIE coll cuOns o feVehde One r. ana t1e ia
Or discussing officers OF tie former there has been e.
POSTED T. me 80. b OF June lasi me sun o,
e4,349sO3s3l 90, and or tn. lar an estnaie9
amount TSU0OO0OOO. These amour e Lave been paid
ont transferred 10 where .ded generally without
expense 10 the Government. ana exc pllng ID 10"
eases OF comparatively email amounts. without loss.
Not dollar Of these moneys has been ost since lsoO
TIE Amount OF labor aud eXpene saved To- the Govern
ment through these agencies cannot De computed, oul
s7g2 46t qO5 SO arose from the sale Of bonds
count or rerunding and resumption operations. And
banks the unprecedented funding operations OF last
wear would have been almost, u nos quite Impossible.
80 - o,'i.y M" No.ional b1nk deposlrory ss
PAID Tor bonds sold would necessarily nav been placed
IN The en treasury vaults 10 await the maturity oi jle
bonds called under the three months noucc requir Ivy
roua b,criptlon m the several depository banks for
~ mol fc fovcfuuent held the crltifcate- OF thc bank.
secured ~ Uu.c1 States bonds collateral tne amount
OF $3.50 9l4.25j g. But for depository banks tins
in,,iui would nesrs.arily have been turDed once
into Treasury, o. pe paid ou onY as p1nls called
Mc't. in that ease more than 4aH the paper
creu alton OF the country would have been H nE
10 one time in tie pubic 'uiiS 10 III, 1ta.
az every bus interest 20 the c1uutr@ But through
The gcncy of the banks this disaster was aNereI lor
within tlc uue required me calico oo". we're -..u'e u
up 10y the banks aAd turned i1 for credit tus acrom
pl,hin- the re'undin- OF t-c ,ieo ny l'n ~ 20 .lI
out ait. drawing currency from circu excepting
for tae slaD balances whch were hDu'e4 al LAs SUD-
ADrEG sEsUApTIoN.
Tho banks have also az al uues ard To valious WAYS,
the uds of The Government a. its e1rs
TO bring about specie payments though ia tie accom-
plishment OF that purpose they have been Obliged O.
charge IN Drol ana loss on account Of shfiukags On
premium che bonds pos tel NY tneio Tor heii rcu
lauou and deposits, an amount ~ about SIOpVV VOV
ytuia last years do not presume mat the
ass-ranee which tr BANKS have thus rendered the Gov
err nj ana Indirectly The peop been with
art r,ai.rfi i returns 10 the bank, iu some torn
Cata is placed banking as IN ether schemes. mat
the owner may make prof tnerefroG ana h'tcvrr
FOR tha purpose Whetner tue IrlhcllSrs sfahItI "a
tonal banks are exceptionally Va'uaDie or ".eI ler
further restrictions or their powers II desirable,
attention to the Ntte SUI D"lAs nay o, IA ~ t.o
erumcnt comparison win tuat 81 the banks orsan
zee Gbu-t s'd'' - -. o 10 10y, rr7,sif,rr p- -
Noh' u ~ 80 -, he r.aori- ~ -,
hau- p0rtHlY embarrassed Tor currency anu
that The Govctnu ert Tor brief period was compelled
Tras,y Tor -brr.el,uts. FROM tle vaults oi those
ones mono, we'd INTO the cuaanes OF business. not
only saving credit OF me country Dut relieving the
financial distress tnen g Z enly .eit
Their no reason why they SHOULD not 0e 20 oraniZ
Ia v-.+n needed thrv may also help the Goverumeul
Una" ~ ,'r l,gs win the accumuAtlou. Of
ac,ia money iu lao suD-Irea-ures sufficient % bridge
e,eiit nv depostory BANKS con rolled by che Gov
frnl. mr. 10 ld in great Transactions requiring banking
factt.s the country feel assured thar 10 mas ry
I'm ca.she Of NEE M a probable demands. system
,lc h. orfrscp, Inc attention other nations, aud
winch shouo be abandoned unless neiter one can
DC ue' '''O ~ '''10 JonS SHERMAN.
The chairman announced that the japanese Minister
had sent paper or the financial system Of Japan, hur
that as 1t contained macy important tables 1t had Deou
decided that justice could not be done 70 the paper IN
less II was first printed. !, mad therefore been decided
10 Inc uCc IN the annual report or ne NJ I7
be announced accordance with the WSshs Me-sis
Takahira Kogoro and Ogula Jlro. who were present
on motion OF Robert IL Pruyn, Of Albany, vote Of
than ~ was passed 10 Secretary sherman Tor tAo aDIe
and interesting paper he had forwarded
VARIOUS ADDRESSES.
GEORGE S. COE Oh NETWORK SPEAKS oN THE
SILVER QUESTION.
George s COe. of New-York was next introduced He
read paper on the silver question He urged:
Trst-that the coinage or silver dollars OF 4129 grains
should be arrested and those already produced recon
verted into vcr bullion; silver 10 be coined only
wani,d for subs diary currency
Sccogd- Tnat the Treasury receive silver bullion and
T.. ne certificates of deposit without limit dcnonina
ito for as nearly as possible at market
value The advantages. be claimed, which would be
l. The arrest Of he eva OF TWO values inmoney.
2 The provision OF a much needed paper cIrcua
ton for business Of UNDERSTANDABLE value
q me resumption Of coin payments upon the
cold basis now begun would be confirmed and
secured.
a A certain legitimate and extended
aud market silver well rs the god productions
of the country would be provided.
& A way tor the gradual substitution OF bullion
notes for tue leglLtenders now outstanding would be
opened -,,
q The financial situation OF the country would be
esfs shed upon basis that would promote the well
re of the people ana the stability OF the Government
Mr.. Coe supported his recommendations by forclbe
orgnmeo; He said that the silver question had
become non-partisan. and observed that the DeO-
nile refused TO accept silver coin because II
was not worth its nominal value and was announcement
for business purposes Referring to the persistent coin
age OF silver, he said:
60 .oon therefore, this rising tide shall over
dow IT'S banks, all the business or the treasury
must thenoeforth be conducted upon basis or
sltver dollars at present worth eeVenclShts
% AL In rnld The continued cOlnnge