National Republican., 1885-09-04

An interesting phase of the currency
question is brought to the front by the re-
cent statement Of Treasurer Jordan in rela-
tion to the effort to force silver into more
general circulation. We use the word force
because no other term would be so fitting.
When only Ilobson's choice is offered to
the public-when applicants for notes of
small denominations are officially notified
that such notes will not be issued, but that
they can have silvcr-it cannot be said that
the outflow OF silver is natural.
The treasurer congratulates himself that
lie has realized gratifying success" in
this forcing process. He states that during
August there IVES paid out from the differ
cnt subtrcasuries $1,6T7,4ii in standard
dollars and 81 l,495,902 in fractional silver
coin, which amounts were largely in ex-
cess of the issue of silver daring the cor
responding month of last year. lie then
goes on to explain that
The withdrawal Of one and two-dollar notes
from circulation was made necessary by
the rapid accumulation of silver In thcisub-
treasures. 1t was expected In this way to
create demand for silver coin That the
plan was successful is shown by the large out
put of silver during the past month. So far no
formal complaints or protests against the with
drawal Of one and two-dollar notes have been
made.
That the "rapid accumulation of silverr
in the vaults iustifies such an arbitrary eX-
ercise of power as the peremptory with
drawal Of small notes is not conceded. The
law-maliing department Of the government
has provided various kinds of currency for
the people, and It has not ordained that any
executive official shall decide for the people
which Of these kinds is best for them.
Congress has known for years Of this
''rapid accumulation Of silver" and 1t has
provided ample facilities for its storage.
There is one new vault In the treasury
which is not filed, or likely to be, and there
is plenty Of room in subtreasury vaults in
various cities.
Would it not be safer and better in every
way for the people, through their Congress,
to determine questions Of this character
questions affecting all citizens in the daily
transactions of lifc-than to have them arbi-
trarily determined by the custodian Of the
peoples money!
If the treasury may properly decline to
issue one kind of lawful currency, may II
lot, by its own will and of its own motion,
decline to issue any other kind? Where is
the end to be, If precedent like this is to
lie established and go unchallengedP
The treasurer says that $50 far no formal
complaints or protests against the with
| drawal Of one and two-dollar notes have
ECon made. Applications have, however
teen received for large quantities of small
TCtCs. In each case answer has simply beer
made that the issue Of these notes has beer
suspended for the present.
There has been and now is much dissatis
, action in trade circles about .the with
drawal Of the one and two-dolar notes, bu
| tie parties inconvenienced are not accus
toned, like bankers or brokers', to formu
late their grievances and have them laiC
| leforc the head of the Treasury Depart
ment. They know, however, that the law
allows thCm these small notes, and the,
are not convinced that anybody has au
thority to interrupt the operation Of tn,
law.
Whether the shutting of of the suppl,
Of the kind Of money generally used in al
descriptions of retail trade, on the plea Of
necessity to get the silver out of the vaults
is part of programme to create prejudice
against silver is a branch of the subjcc
that may call for comment at another
time.