Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-07-18
Rnlldozing in Finance.

the following threatening paragraph
ave notice weakness in Govern
ment bonds. Is this owing to the con
tinusnce Of forced coming OF silver! y
The Herald's conduct is an induce
men, to a panic. 1t is trying to prove
that silver coins are not as good even IS
paper. And yet one Of its editorial
writers, strange to say, has had flashes
of sense whilst treating this interesting
subject, and says;
THE BANKS AND THE TREASURY.
Our Washington correspondent has
lacked into the laws which relate to the
currency. and into the practices which
have grown up under other Admins
trations, both in the Treasury aud IN
the banks. and presents statement
which will interest bankers, and per-
hans show them and the public that the
Treasury does not depend upon the
banks. but they on the Treasury.
Certain practices have grown up
both in the banks and in the Urea
sury, under Republican administra-
tions. which in their effect have drained
the Treasury Of gold. Secretary Nc
Culloch said months ago that the banks
were strengthening themselves in gold
at the cost of the Treasury. Our cor
respondent shows how this IS done.
lie adds that Secretary Manning is
willing to cooperate with the banks to
help them to avoid silver payments;
but he will execute the laws Is they
stand, and if the banks are so stupid
as not to do what is open to them 70:
their own preservation they WI, have
themselves to blame for the disagree
able results which may follow.
We are glad to be assured that the
Secretary means faithfully to execute
the laws. That is his only safe ground.
We advise the banks to take notice Of
this and TO act sensibly. They are not
running the Government under this Ad-
ministration.
No subject can be more important.
II silver is not to be treated just as
gold is treated, and received and paid
out by the Government, then, as we
have heretofore said, let the coinage of
silver dollars be stopped. 1t is abso-
Lutte folly to pretend to coin silver
money and at the same time tell the
public that it is not as good as gold
money, nor oven as paper money. Let
us confne ourselves togold or else have
q bimetallic currency. Both parties
in their national platforms last year
declared for a currency Of gold and sill
yer or paper redeemsble in gold and
silver. Let us either discard silver
altogether, cease coming it, and handle
no coins except golden ones, or else let
us have real bimetallic currency.
We rejoice to learn that the Secre-
tary Of the Treasury has at last come
TO the conclusion that it is his duty to
execute the law as it is. We are re-
minded of ANDREW JACKsoN's sue
cessful contest with the old United
States Bank when we read that Mr..
MANNING has determined hereafter to
stand by the Government and the laws
and let the gold-dealers and Wall
street Spectators take care of them
selves. AS the Herdid's correspondent
says, it is mistake to think that the
Treasury is asking favors Of the banks.
On the contrary, it is the banks who
desire to be helped by the Treasury 20
save them from going to a silver basis.
We quote;
For this reason the Secretary in-
formed the banks that some. change in
their modes of payment must be adopted
by them il they wished that the Tres-
sury should continue to pay gold.
" But it belongs to the banks Of the
country to make the continuance Of
gold payments from the Treasury pos
sible. Secretary Manning's duty is to
obey the laws, and he will do his duty
when he can no longer pay in gold he
will pay in silver. II the banks desire
TO prevent this they must, as body,
adopt such policy as will maintain
the Treasury stock Of gold. They car
do this il they wish without violating
any Law or irnperilling their own situa
ton. II is undoubtedly to their in
terest that this should be done"
The Law requires that all custom
duties shall be paid in gold or silve
coin or their certificates. But afte
the resumption a.. took effect tn
practice grew up Of accepting at tn
.c,issom-houses legal tenders also in pay
ment Of customs dues. Yet nobod
has ever said word against this US
of greenbacks or legal tenders!
Was silver, not valueless paper, ths
everybody was afraid Of. We quot
again:
"The Treasury has of late receive,
about 70 per cent. Of its total rev
enues in psper--either legal tenders o
silver certificates. Now the banks Ion
ago combined to refuse to receive silve
or silver certificates on deposit, or us
either ct the clearinghouse settle
ments, nevertheless the silver certit
Gates which are paid into the custom
house and Sub-Tress1fy are obtaine
by those who. pay them from thes
same banks"
Think Of that. They pay out tb
silver certificates and then refuse to re
ceive the same.
Again
"The banks themselves frequently
make deposits OF silver certificates with
the Sub-Treasury when they are re-
quirod by the corresponding banks ID
make deposits Of legal tenders for the
redemption Of their notes."