Morris tribune., 1884-12-03
THE SILVER QUESTION.
POSITION OF THE NEW YORK CLEAR.
iNG-HOUSE.
Something That win Have 30 Ise Soon At.
tended to - Danger TO the Gold Re
serve-Tho United states Treas
Jurors Statement.

WASHINGTON CRY, Dee. I. --rhore is one
passage i'll the report Of the treasurer OF tho
United States which Will attract the atten-
ton Of the friends Of tho silver dollar The
treasurer observes that, notwithstanding the
law Of July u, 1882, which prescribed that
"no national banking association shall be
a member of any clearing house IN
which such gold and silver certiicatoSl
shall not be receivable III settlement OF clear
ing-houSe balances" neither standard silver
dollars nor silver certificates have been or are
now offered il settlement of balances at the
clearing-h house The associated banks did after
the enactment of the law referred to, pass q
resolution which provided that the resolutions
adopted Nov. -, 1873, be amended so far as
they conflict with Sec. Il of the act Of July
10, 1882. The resolutions Of November,
1878, prohibited the Payments Of balances
1T the clearing house i'll siiYe" certificates or
silver dollars, except rs subsidiary coin
in small sums-say under $40. The
treasurer adds rha- the treasury
has refrained from taking any steps
to enforce tho receipt Q. either these de-
scriptionS of funds, which have, therefore,
not been used in payment Of Obligations pre-
sented through the clearinghouse. the
statement will doubtless be made in congress
that the clearing house has. violated the law
of July l., 1882.
The silver men Will DOUBTLESS lind it very
difficult to understand why the treasury
should continue this obse4uioNS couSe toward
the New York clearing house, and why
it is the same percentage Of the sill
Yer dollars now used il other
branches of the treasury service should
not to be used in the settlement Of the
clearing house balances. Tho statement Of
the treasurer, which is simply q report Of
facts unaccompanied by argument, midi
Gates very clearly how strong the opposition
in the treasury department and in the sub
treasury at New York is to the recognition
of the silver dollar i'll any form.
AS consequences of the inability Of the
treasurer under existing practice to use
either silver dollars or silver certificates in
its settlements with the New York clearing
house, whereby the far greater part of its
disbursements is made, available gold
ran down from $155, $4,000 January /,
1854, to $116,479,919 August IL, 1854,
while silver dollars anu bullion On
hand, represented by silver certificates out
standing, increased for the same period from
s27, 266, O37 to SIS, G03,o5S. As a temporary
expedient to stop tho drain Of gold from the
treasury, the assistant treasurer at
New York was directed to use in
payments to the cIearing-house United
States notes to the extent of
one-half its pav1nants But the amount of
these notes in the treasury, which. at the
time of the commencement II this mode of
payment, had accumulated bavol.d its needs,
has now become so much reduced
that thav are no LONGER available
for such payments to any considerable
extent If = return to the former
practice of plakine, 0avr1lert5 entirely in geld
or gold certificates <3au result ii q coutiru-
ous loss of gold to the treasury. not made ID
to a sufficient extent b. receipts Of gold from
other sources, the question must soon arise
for decision bv the department as to whether
it will continue to make in gold o. its repre-
sentative navran-s now made through