New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-21
4 SOUND IND CONVENIENT CURRENCY.

A PLEA FOR ITS CONTINUANCE BY JOHN THOMPSON,
NONRESIDENT or THE CHASE NATIONAL
BANK.
To The Edftor Of The Tribune.
SIR: One year ago to-day l wrote short
article for THE TRIBUNE (Which you published on Jan
AIRY 81 advocating paper securedb by gold and
silver the metal to be stored in the United States
Treasury and Treasury certificates, suitable for cur
reney issued against 10 dollar for dollar. Inc main
points Of my article were a. follows:
a. Stop coming the 4l2l9-grain dollar and in lieu
doIIsr These treasury certificates will worth per
cent for export than the STANDARD sver doa
Told dollars by the time the precious metals wanted
for foreign account 2l Stop coming gold also az least
until a more active domestic demand shall make II
advisable to resume coinage Against the god Daon
Hold the foreign bullion in their imported con;
don ready for export OF % as may pc
for both gold and silver should be eabOraey engTaYea
and OF 3 al sSa%a bs Ss5eS 10 dspoos of both gold
and silver bullion without limit. In other woros he
omen TO deposors OF gold tn the absence Of inter
national understanding IL Is hardly possible 10 NIX
value In my opinion dollar OF 45O grains Of standard
silver will be the premium dollar when foreign exchaDge
is against Us.
These ideas attracted the attention Of the banking
fraternity and Mr. G. g. Coe president Of the American
Exchange Bank embodied that article in his address at
the Bankers Convention with a qualified Endorsement
This measure IL now freely discussed IN banking circles
The scarcity Of paper money and the necessity OF using
metallic currency at Inconvenience and extra ex'
pensa bringing the currency question prominently
before the people,
There now two acts of Congress under which such
Treasury certificates be issued one In relation TO
gold deposits tho language of which Is:
SECTION 254-The Secretary OF the Treasury is
authorized TO receive deposits Of gold coin aud Dunen
with the Treasurer any Assistant Treasurer OF the
United States IN sums not less than twenty dollars and
less than twenty dollars each corresponding with
denominations OF the United states notes. Tue coin and
deposit snan be retained in the Treasury for the
payment OF the same on acknowledgement March 3,
The other ia in relation to silver coin deposits as
follows:
SEC g. That any holder Of the coin authorized by
this aes may deposit the same T ba Re eeS
in sums not less than ten dollars, and receive
saS OF with Ss
the United States notes The coin Deposited Tor
Treasury for the payments OF the demand Said
certificates shalt be receivable Tor customs taxes ana
all public dges and when 50 received may De ressued'
approved February p. 1873
It viii he observed that the act relation to gold only
gives permission issue certificates while the actin rela
ton silver coin mandatory, hence the Secretary Of
the Treasury refuses the gold cercates but the
silver certificates finding their way into circulation,
though there are valid objections 10 them They
are engraved aud printed Tor convenient currency
monetlzed at our Clearing House, the Controller OF the
National banks has decided that they are not to De
counted in our reserves IN short they are species
OF " black sheep" to be treated only rs uneuETent
money Still the South and West prefer these silver GER
tihcates for currency % gold OF silver eoin
Ii Is now certain that National bank money Is to
he retired rapidly the coming summer ana there arc
plausible advocates for tho withdrawal Of the legal
tender especially the small notes. thus compelling the
people to Use gold and 81 coin nOsy silver against
their taste. convenience and economy.
admit that we are not yet in any serious currency
trouble, but IL u slowly and surely coming Tic
National banks as now taxed, will not only surrender
tnef circulation but abandon the system and strengthen
either tire GrpenbAck the State Bank party. Inc
silver dollar epusive Uhaps sol not 80 much Tor its
Lack OF intrinsic value for ia unDess for tne pncAt
H. however its vale pei grain ounce De rightly ad'
jsief II may made good anchorage or storage Tor
TREASURY CerHcatca 10 u Inconsistent II tdntellb
ing that Wall Street may pay and b. paid IN checks
and otheF paper taken, while an aspiraut Tor lhE
TRfBUSE's wisdom, thousand miles OF. can have on y
sijvrr dollars TO mail for his subscription. In the
absepee OF small RreenbackS and National bank
notes nuJ thing better than Treasury certhcat s.
Issued against or bullion BE- prorosedi The peCpe
will have currency that h more convenient tan either
silver gold coin. Yours, JOHN THOMPSON,
Yicc-PreshenI Of the Chase National Bank
Aetr- York, Jan. l, 1881.