New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-05
BULLION CERTIFICATES.
A LETTER FROM MR.. l. W. SYLVESTER.

THE AUTHOR OF THE PLAN FURTHER EXPOUNDS
AND DEFENDS ITS PROVISIONS.
To me Edit Of The Trf6une
SIR: The object of this letter Is not to main
tain contovert opinion with regard to silver but
simply TO draw the attention OF your many readers to
propositions. have heretofore made that relate
entirely to gold bullion and coins.
The distinguishing feature Of the system outlined
n my recent pamphlet Ia the issuing by the Govern
ment Of certificates against deposits OF certain
weights OF bullion instead o. at present against de-
posts OF certain numbers OF dollars Silver certificates
issued upon deposit OF any number OF stand
ard dollars and have have had gold certificates.
issued against deposit OF any number OF gold dollars
but have had certificates issued against depos
its Of either silver gold bullion, having expressed
upon their face such weights or metal would make
them correspond In value to the ordinary bills In circu
lation.
My proposition briefly this n the security is to
inaiu deposit may just well continue In the form
OF bullion be erted into coin. The element OF
security Just a, strong while In many other respects
the form OF bullion or refined bars Is preferable The
facts make this principle equally applicable 70 both gold
aud silver. but | wish In this letter TO consider
briefly OF the moro important and desirable
results which would follow IL application to gold bullion
alone.
one OF the most obvious but. perhaps. the least i'm.
porant advantage OF this system applied gold IA
that OF economy aud the saving or gam would be de-
rived from three sources Frsrhe actual gold coinage
called for would hardly exceed tenth OF the amount
necessary under the present system nnetcnths OF ts
cost would therefore 10, saved Scandals nnc-t-nihs
OF the gold would remain permanently deposit. the
abrasion would be but onetenth Of the present
amount This loss In England is estimated nj forty.vc
thousand dollars year each hundred million
coinage Hird-Therc would be a gain In bullop to the
from the destruction aud accidental losscs of
certificates the bullion representing them remaining
deposit The losses ~ coins total but In the dcstruc
ton Of certificates the misfortune would fall upon the
holders only The bullion would stll exist and
wonld become the property OF the Nation
Great a. these economical advantages there are
others OF much greater Importance Fra-The system
would have very desirable effect clearing the pubic
mind Of many prevailing allacIcs about tho
paper money. aud the power OF tho Government
In creating values. Under its influence the
public would gradually learn to understand the
difference bctwhcn the substance and the shadow be-
real aud false payment. Such Ideas Of weight
quantity the coined dollar may have conveyed
to the mind longer ascot tcf with H. and
now IL II only theoretical and legal conception. IL
long n successive Congresses can make 10 not merely
out different metals hut OF different quantities OF tho
all other values must he referred can only be
some unit definite weight OF
mcrai and the more prominently this unit weight
il brought out by or Is expressed upon the
coinace and toe more generally II IS under
Community The American gold dollar f. legally manm
featured by tho Government 50 as 10 contain % $40
should our only unit weight; and the one dollar to
which all other dollars should he made to conform In
value Fine gold bars pass without tho as
sstancc Of leraltendcr law their value In Amer
can money being calculated AT tho rate OF % $40
were to weigh just 1880 grains it would be the exact
equivalent OF thousand gold dollars and either the
the banks II they empowered to do
40 could issue upon II thousand dollar ccrtf.
Gates of deposit each certificate calling for % $40 |
standard 1rai tho bar Itself being retained by the
the bank IT In course or time only few
Of the certificates should be presented for Payment
they could no redeemed In single gold dollars each OF
which Of % $40 standard grains or in larger
coins when the sum OF the standard grains they contain
equals tho total nub"r OF grains expressed ali OF the
80 presented
muny per ectly sound pancr currency based dollar
for dollar on gold bullion THIS currency would be ro
minis ana ASSAY offices located at tho different cities
our Uuion IL wond circulate par In every
The people familiar with resources and respect
our good name. These results In and OF themselves
leaving silver entirely out OF consideration At present
he Government gives us coin. and can give ns coin
paps9 and each cong Kind money S' CON SS
tho business o@naSty The National bank.
dive money aud the fact that they do 4 is no
y hen their bills be retired. and the greenbacks.
FEARS should have been received and DESTROYED
superior convenience Of bills recognizes the fact that
hey are demanded by the age and provides for their
sslc not 10 the exclusion OF any coins hut only when
hey preferred 10 coins The OF tho future
Sl be conducted With fewer and fewer payments In
ence the bnk Of both large and small payments would
% made in them.
Lasiy-Tf the time ever comes when tho gramme or |
my other weight IL adopted an intern monet
Try unit Of weight. these certificate, OF deposit being
community with the value OF such weight It's multiplcs
md subdivisions II could be done by printing these
Weights the backs OF tho certificates by the side OF
nr dollar. its mnltiples and subdivisions. II Eng
and. Germany ana France would simultaneously do tho
anne thing. II would not be n great many years before
III the modern commercial world would buy aud sell
nd make al their calculations In one ~ stem.
TmE rHIBt NJ may or may not approve OF tho use or
liver money form. but the application OF tho
rncpe OF Issuing certificates against weights OF metal
stead of against in the metal Ia he held In trust for
he redemption OF the cer;itcates, is very important
yhen applied gold alone, and when the public II ds
oscd TO consider monetary problems at ALL 4 would APP
to be moncnt To direct their attention IL
hcsr >idcraiiOns w. SYLVESTER
Nee. York, july 20, 1855.