New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-01-10
SILTER CERTIFICATES As CURRENCY.
VIEWS OF A NATIONAL BANK OFFICER.

VIEWS OF A NATIONAL BASK OFFICER
To me Edttor Of The Trt6u"e
SIR: In The TRIBUNE of the 26th nit.
read follows:
If the COINAGE OF silver and the Of these promises
ccrtic4tes) how long would IL
be before the gold ~ the Treasury would "vhpo
rate silver promises coming In for duties Whe gold goes
ont for interest This queei' Is pertinent one LOT lt
considerations not Of committee only but OF several
By Ignoring It Congress can only rrnuer o'ner "o' 'H
portant legislation entirely NaIelrss
The Hon. A S Hewitt in a letter published u few
DAYS SINCE admits that the coinage Of silver viii con
time; and he has introduced bull to keep the legal
tender dollar on par with gold by redeemlng 1t witt
gold mt the Treasury. Your apprehcnslOns are wei
grounded Silver and silver certificates are last Oec"n
ing an important element in our currency More than
hundred millions Of in the pockets Of the people
ono third in coin ana twOids IN certificates; all tie
certificates are against coin hcd deposit IN the
Treasury The idea that silver Will not be denonetzed
is probably correct. Putting my text which Is yours
and adopting Mr. Hcwltts opinion, am led into some
comments on currency troubles ana the nest
measures financial and legal, 10 bs adopted.
1t is udispuiabe that yarous currcnces are on
par with each other and that ali current IN al parts
of the country The people satisfied II l. evidently
true that a majority of the eople and OF Congress are III
favor Of 1ug silver not currency but as deposited
security fer currency silver cercatrs). Tic most im
poraut item in the National Bank system Is the security
dcpostod with the United states Treasurer for the re-
silver bullion will certainly STAND Is well IN the con
aaence of the people as bank ncy secured by OF
3is pcr cent bonds Tie orig ual National Bank Ac' re
quircd II per cent bond as security, and when felAe
Der TINT UGted states o. worth only - TO 30 ana
NewYorL Is - 10 So and ohio 6s 30 to so, and when
read that history rel" ais i-c cannot hlpappfHend
Hg that the National Bank currency may not be per
mancrty secured Tic people DO lot want SILVER IoI "a
currency: nor 60 they want gold. Every morning app
do ut silver GpFtll
cafes III exchange for gold without Obtaining them.
Orders from every part he country for currency have
this sentence send lcgus bank notes or silver GER
tncates; don't send gold"
Think that two things sufficiently proved; Flr5t
the ueopIc viii not have silver deIuont tz2d second
they will have paper circulating medium l"i|'n near
tns remark made by the opponents OF the silver dollar:
"Ciye a silver 0olar that IL worth dollar; then we
won't object" Now. let rs Try TO coilo"i7t on NE io
loving basis: stop coming uol ans "t l'a"t oNei Ger
In r cent more silver rcprcs ntcd tie certificate
imam il contained in tie Standard dollar
one word ahOIt "uN er promises coming I'D lor G"tcs
Nil oI zoe. ont for interest" From the expert. nee
Of the past Two years II Is qc evident tla silver prom
iscs VIII NOT faster than ley VIII Zee iaAth on
IN Scuauge tor gold Hence, Tie gold reserve WI MOI
he m paired Another word ~ rcGarDS p"rr cont. dc
tioD and "a Sion tuat may lad To another suspension
Il &, quite evident titi by bHalnE our citdu' "u cur
rcucv on hotn urecOG5 mrH- ts danger IL essentially
diminished acn gold I'm large amounts Il bcilg tx
ported II Il a,u be boarded by the nn"r"7 OF Qua owl
i,.ur and there Wll 70, be gold enough to 20 around
miIice OF silver can b. utilized INTO debt-Payln& eur
rcI,cy Tie lrga-tenGtr currency will bo presented
ior @ IN ,ie and tGis in itself works contraction
for one 10 not forget the trouble caused by the ~ en-
t. Treasury: nor do forget tue efforts made even 10y
bank officers their reissue. Ny p!ta Is ior IaIi
currency, - cured by p,oI17 n,CtN. Si'' S PHI
joins THo,u son,
Nicc-frrSidtut chase N&'i"ndi BANK.
Ncr- York. Jan. I, 1852.