The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-04-06
RUFUS HATCH.

His Views N 10 Circulation aud Funding.
~ zee that the new Secretary oil the
Treasury Is in the city for the purpose Of
comforting with the business men upon
financial matters" said Rufus Hatch
to New York reporter on Friday,
~ suppose he intends to get the
views OF bankers and others upon finan.
cial questions Now to meet this Is very
simple question. aud the views which
advanced four years ego entertain now.
Here is a circular which | issued at thai
time, when the premium on gold was
per cent, and which sent 10 members oil
Congress aud financial men throughout
tho country, and II met with considerable
approval:
BANKINa OFFICE RUFUS HATCH 4 Co.,
No. II BROAD STREET, NRw YoRk,
March 4, 1878
10 The Senator'S and Members Of The House Of
Representatives. in Congress dSSsmb'ed:
GRNTLEMEN: -Presuming that you and
your constituents believe In hard money,
both gold and silver, We respectfully make
this suggestion:
That you prepare or favor the prepare.
ton OF bill to cancel greenbaCks, by re.
firing the denominations OF 81, 81, S., and
$40 bills, and issue In their places $40
Treasury bills TO the same aggregate
amount.
To coin and put in circulation an amount
Of gold equal to the s. and $40 notes thus
retired Ia denominations, In gold, OF S.
and 50 80; and Of silver 81, 80 cents, and %
cents, equal 10 81 and 81 bills.
You will sec al once that by this plan
the National banks would be compelled 10
keep on hand large amount OF gold and
silver coin wherewith 10 redeem their
small bills, thus making silver, greenbRCks,
and gold Of equal value.
In other words, we should then adopt
the English system OF circulating notes,
as well as gold and silver-the Bank OF
England notes selling OF a premium
throughout the world. That bank issues
no notes less than E5, or $25.
The limited liability banks OF England,
Scotland and Ireland issue bills Of not
lees than El, or IS.
No more National.bsnk notes OF less
than S. should be issued, and the bill
herein suggested should provide for the
gradual retirement and cancellation OF all
National bank notes under 50. Bills OF S.
and over to the fame aggregate amount to
he issued as those OF the 81 and 50 retired.
Also, that the United States Treasury
should issue no more bills OF less than $40
In amount.
THIS would put In circulation the gold
now held by individuals and banks, az
merchandise, and locked up In the United
States Treasury and Ito repositories, aud
would be apccie initiation, putting RhoAt an
amount Of coin which we estimate at from
$500, 600 600 TO 5000, 600 600. The combined
gold and silver product Of this country
for the last year was about 500, 900 0O0
New York would then rapidly and legit.
linAtely assume the position oIthe worlds
financial centre. The United States IL
already recognized az the greatest pfoduC
Ing country In material wealth, our mines
yielding the money, while the steel rails
Of our roads bring the grain fields OF the
West In Close communication with the sea.
board.
by the adoption OF such financial tneas.
tires as we have suggested, we believe our
Treasury notes would be not only a legal
tender In the United States, but fecog.
ni1sd medium oil exchange throughout the
world. Very respectfully yuuts,
RUFus uATCn 4 Go.
Mr.. Hatch said further. "By retiring
tho 81 and s. gteenbRCks and Issuing 9th.
ers Of no less denomination than q In
place Of those retired, az would propose
now. there would he no decrease In the
circulation Of gtesnbaCks, and Il would
bring silver into circulation. would also
approve Of the Government Issuing con.
solldAled bonds 10 cover all lie indebted.
neSs, with interest al 3 or 81 per cent BY
the plan have suggested we should then
adopt the system Of the Bank Of England
and the whole English Government"
The serious mistake Of this programme
consists In its neglect 10 provide for the
payment and absolute cancellation Of all
gteehbaCks under s. by their redemption
in silver. The Government has decided
profit in manufacturing silver bullion into
silver coin, and ihssmuch as said silver is
a legal tender II could be used for the re.
titemenl Of long overdue demand paper.
Tho Government keeps vast amount Of
silver hoatded In the Treasury, which II
could easily force into circulation by 70.