New-York tribune., 1885-01-02
LETTERS FROM TIE PEOPLE.

PLEA FOR SILVER.
VIEW OF JAMES b. COLGATE, THE wELL-KNowN
BULLION BROKER.
| TO the Editor Of The Tribune.
SIR: The chief argument urged by those who
oppose the continued coinage OF tho standard silver
dollar is its want OF circulation. IL not GOLD coinage
open to the same objection The number OF silver doars
coined up to October l. was oOO000 the amount IN
actual circulation fully 4O000OO0 or about ~ per cent
data to show the proportion OF goid
to It's actual circulation 1t Is safe however 10 assume
this proportion less than 22 per cent the rato Oh
silver 1t lies either In bank vaults or In the
represented like silver, by certificates II We suSpena
the coinage OF silver for lack OF circulation why not also
suspend the coinage OF gold
Assuming that circulation Is the CHIEF funcon OF go'o
and silver coin seek the why neither ofcu
lates Is 1t found in the excessive amount Oh
lcga-tender and bank OF the former
and $500 600 900 OF the OF paper
with no intrinsic value whatever This inferior cur
rency crowds out gold and silver coin While the IDEA
prevail I'm Congress and with many nnahcers
that legislation should be strained to preserve the ma
tional bank currency, necessity, may IL NOT 10
affirmed the contrary, that every bank OF issue 10
financial evil It's nDtes secured BY Governmeht
bonds which within twenty years sold at 40 cent
on their valuc and what has been may be- In othcr
words. national bank notes are based upon aeo''
IT, however 1t is thought well TO preserve bank notes.
could it be done by retiring egal-ender notes. In
stead of paying bonds not yet due 7
national paper currency frausht with danger. Az.
tached TO paper is always solemn promise TO pay
yet cannot recall sngle instance where nation mas
fully redeemed its promise. The old Continental money
payable in Spanish milied silver dollars, lies unre-
deemed. Who has forgotten Confederate paper or the
circulating IN Cuba unrcdceinabe. ana god
selling 2322IO. Japan following cur system secureu
the circulation OF its national banks by Government
bonds. and at one time silver dollar was worth TWO
and "A half In paper In OF war with y nrst class
Power, OF intestine strife. would not our lcga-tender
notes sell at heavy discount Yet this II called sound
currency. Convenient indeed In peace Is 1t not fearful
the Of about S2OO.000000 which could be
done In two or three years without Inconvenience Ihe
SiOO0OOOU OF In the Treasury would take care
OF the balance.
But gold ana silver have n moro important function
than circulation. They the basis OF secure
and permanent credit Gold and silver .certlfcates,
representing dollar for dollar gold and silver held by the
nation, sacred trust. for their redemption ID the
sOundcst paper currency conceivable.
No need be entertained about silver. II Is the
natural currency OF the world For four thousand years
has answered the commercial wants OF mankind No
nation do without TT s Use Is universal Silver Is
tc currency OF the people while gold Ia the convenience
OF the fcg Give II free coinage with gold ana silver Will
Immediately assert Its supremacy. should our Treasury
hold SJOO.0OO.00o in silver an equal amount In gold
which should be issued gold and siyer certificates IN
cally richer, and credit unluestioned than
with the amount OF national bank and legal fender
notes Or 10 put tho question In another forn shall we
have for the security OF our currency gold and silver OF
the national debt. JAMES II. COIGAIE
No. AZ Waii-St. Ne,c- York. Dec. Is. 1884