Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-01-27
The Reason why.

| 10 me EdifOr 81 me DiSputcH
If any one will carefully read pages
80 and 81 of the last annual report OF
the Secretary of the Treasury there
will be found full explanation OF the
present attempt to diScredit silver
through the rejection of silver certiii-
Gates by the New York city national
bank clique and there will also be
found positive proof that the influence
of the Government has been lent to
this movement by the daring disregard
of the Secretary of the Treasury for
the carrying out of the law intended to
protect the silver certificates from ust
such action on the part of seliishly de-
signing persons.
The law prohibits national banks
from being members of any clearing
house in which silver certificates are
not receivable in settlement of balances.
Yet despite this law, we find that the
Treasury has been in the habit of allow
ing the banks to diScredit the silver GER
tificates in the settlement Of clearing
house balances in the city of New
York. 1t is there that the Treasury
makes the greater part of its disburse-
ments, therefore it is there that the
largest balances are against the Govern
ment. In 1884 the Treasury paid these
balances entirely in gold so long as the
practice dare he INDUCED i'll, and long
enough to transfer many millions of
gold from the Treasury vaults to the
vaults of the New York city national
banks. Since then the settlements have
been made in legal-tender notes and
gold, no silver certificates being used.
These certificates are not legal tenders.
| They are receivable for customs and
| other dues to the Government.
If the banks of New York city are
allowed to demand gold or legal tenders
in settlement Of balances at the Clear
ing-House while the Government allows
customs to be paid in silver certificates,
it is easy to see how the New York anti
silver men can embarrass the Govern
ment and defeat the legislation intended
to put silver on a par with gold in do
nestle transactions. The officials of
the Treasury are wholly responsible for
this state of things. as it is not only in
their power to compel the banks to take
these certificates in payment of bal
ances due by the Government, but it is
their duty to enforce the reception Of
silver certificates in the proportion of
the receipts of the same by the Govern
ment in payment of customs and all
other dues, or they practically refuse
| 10 obey the instructions of Congress IN
this regard. These treasury officials
are the servants of the people and are
instructed by the people through their
representatives in Congress, but, grown
bold because of long-tolerated abuse of
power, they dare openly attempt to de-
feat the will of the people and disre-
| gard the laws of Congress governing
their conduct and set up their own wills
as law--this. too, to do injury, know
ingly and willfully, to the credit of the
Government that they may advance in
terests of their own and aid con-
federates in obtaining advantages to
which they are not entitled. Turn the
rascals out The depreciation of silver
certificates beyond a nominal figure is
impossible so long as the silver dollar
which they represent is legal tender,
for if the depreciation should offer an
inducement they will quickly be taken
to the Treasury and silver obtained for
them, which silver will practically do
all that gold dollar will do in pay
ment of notes, drafts, and all dues Of
that nature due to the banks.
! T. r -