The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-03-09
THE SILVER QUESTION IN THE UNITED
STATES.

The agitation on the silver question
is at loose ends in the United States,
pretty much as it is in Hawaii. Nor
is it at all likely to be settled until the
United Kingdom, which is the great
creditor country of the world, changes
its monetary policy and adopts the
double standard. The attempt to fix
an international standard Of value
has always failed through the action
of the British representatives at inter
national monetary conventions; but
the worlds needs will doubtless in
time force an adjustment. The solu
ton would appear to be an intsrna-
tional currency and fixed ratio be-
tween the metals used in the coinage
of money.
England measures silver by gold,
which alone performs the functions of
money, and it has been the custom
of the banking interests Of the United
States to adopt the same standard,
although the law makes no dis
tinction between gold and silver.
Every session Of Congress an attempt
is made to depreciate silver. Last
session Mr.. Dorsheimer of New York
introduced bill to coin silver dollars
of $50 grains instead of the present
dollar of 4121S grains. Of course, it
stands no chance whatever OF becom-
ing law, bat it serves to keep alive
the agitation against the standard
dollar, which is promoted chiefly by
the bond-holding class. They would
greatly prefer q total suspension of
silver coinage, however, and from
time to time they formulate me-
MORALS to Congress to that end, which
are Endorsed by Wall-street bankers
and their organs in the city press.
But the debtor class being in the ma
jority, Congress responds to public
opinion and maintains gold and sill
yer at par as legal tender for every
amount.
The Secretary of the Treasury de-
fined the exact status of gold and
silver money in the United States, in
q communication addressed to the
House of Representatives on the 10th
OF February last, in reply to resolu-
ton calling for information regarding
the alleged refusal of certain banks
and banking institutions to receive
silver dollars and silver certificates in
settlement of their balances. Secre-
tary McCulloch states that the Treas
ury had no knowled ge Of any such
VAriy Tlaa vsis1 M
House Association, of which the Gov
eminent is q member, or of any ma
tional bank thereof, since the passage
of the Act of 1882, to receive silver
dollars or silver certificates in settle
ment of balances due from the Gov
eminent to said association. The
law provides Section II, Act of July
II, 1897 "That no national banking
association shall be q member of any
clearing house in which such certifi-
Gates (gold and silver certificatesl
shall not be receivable in settlement
of clearing house balances" And
the associated banks of New York
amended their rules to comply with
this law.
The Secretary goes on to explain
that settlements have been made in
gold cein, gold certificates, or United
States notes in New York, because
this was more convenient but he
significantly adds 1.-THE department
has deemed it 1nexpedient, as a matter
of public policy, to force the issue OF
silver dollars or certificates at the
chief commercial center of the coun-
try until compelled to that step by
the condition of the Treasury. Silver
certificates have recently been issued
ia part payment of the days balance
against the Treasury, and have been
accepted by the clearing house. They
will again be SO used whenever the
state of the funds in the Treasury
may require it," In other words
should the call for gold reach g
certain point, the United States