Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1886-04-30
COMMUNICATED.
GOLD AND SILVER CERTIFICATES THE
BASIS OF AN UNvARYING AND THE
ONLY UNCHANGEABLE PAPER

country requiring the government TO
give to it stable and Interchangeable
currency, we promised to give to the
readers OF the REGISTER tie views of
some of the ablest fnancicrs OF this i'm
portant question. In support of the
views heretofore set forth in the forego
ing articles by Il. F. OIL the currency of
the country, and as to the propriety OF
substituting gold and silver certificates
for the present national banking cur
rency we will now give an article con-
tanned in the american Register Of JAN
uary 20. 1888. AS early as that date
this very able writer and financier gave
TO the public his views upon this prac-
ticabe subject i'm so clear and so concise
a manner and so much more ably than
we are able to do that we now propose
TO give the eulire article containing his
views. He says:
SIN the last Register we promised
showing to demonstrate that, if Con-
gress shall adopt the policy and require
it, the deposits of gold and silver, in the
form of coin and bullion, can be gradu-
| ally accumulated i'm the United States
Treasury Department from the products
| of our mines ana the annual importa-
tons of gold, as a basis of gold and sill
yer certificates for our paper money cir
| - Full IN
take the place Of the paper credits now
circulating, even if it be thousand
millions of dollars, without producing
perceptible effect upon our trade with
foreign nations, or Oh the gold and sill
yer currency OF the world.
"The worlds supply of the precious
metals at this time is estimated, accord
| ing to the most reliable authorities, ut
SIS, TO-, 2S7 900. OF this it is estimated,
that there is the amount of about s. $780,
| 6O6, 900 of gold and silver in the United
States at this time az one form and an
other; and that 1888, 654, 072 is in the
form of gold coin and bullion; and $685.
3O4, 277 is in the form of silver coin and
bullion; making total of 1856, 95S, $40,
II little over half of the precious metals
in this country.
"Now, it is safe to estimate that the
annua. produce of our own mines will
not hereafter fall below the products of
the fiscal year ending in 1882. which is
as follows:
| silver products ACKNOWLEDGEMENTS, H,700,0O0
IOtal. 'o-V,VVV
And the annual product ofthe Mex
lean mines finding Its way into
this country annually Is ssti- 800
mated OBSERVATION-DISCLOSURES. 5OoO,Ooo
Making. .lOl, 200 900
| The annual average importation OF
gold may be safely estimated at. 75,0OO,UU
Making total annual amount Of. l76, 100000
''The annual deposit of 100000 of
gold and silver in the Treasury Depart
ment being less than the annual products
| of our own mines, and less than half our
annual receipts of gold and silver, could
not possibly produce any sensible effect
on the currency of the world or injure
our foreign trade.
"Now. this annual deposit of $75 ,00O,-
900 would furnish basis for gold and
silver certificates more than, sufficient,
in five years, to retire and take the place
of the whole paper circulation OF the
ho, &c
And the greenbacks, which are not
money, but mere credits, fixed in
amount at s346, 6sl 900, could be after
wards gradually exchanged for the gold
and silver certificates in the same way,
and i'm less time.
"With the resources above mentioned
in the precious netal-when, indeed,
the average annual products of our own
mines exceed s75, 900, 900, and the pro-
ducts of the Mexican mines annually
brought in here are at least $25, 900, 900
more, and the average annual importa-
tons of gold and silver from other
| countries amounts to at least $7o 600, 900
more, aggregating in fact, as they do,
more than SIG, 200, 000-nO doubt can
exist and no question can be made as to
the ability of the government to ac-
cumulate deposits to the extent of $780,
600, 900 annually for the issue of the
| Treasury certificates. This is less by
nearly million and quarter than
even the amount of the average annual
products of our own miues. And as to
the proposition to demonstrate the prac-
ticability of substituting gold and silver
certificates for the present paper credit
circulation of the country, without dis
turbiDg the equilibrium of our own cir
culating medium, or that of foreign ma
tions, or our foreign trade, we con-
clude, here is the proof.
"The thing can be easily accom-
plished, with absolute certainty, if Con-
gress shall enact a law requiring it.
The original deposits are to be made
from the gold and silver products before
they have gone into the circulation of
the country. Afterwards the amount
can be kept up in the Department by
purchases of gold and silver from the
circulation of the country in the ex-
change of the Treasury certificates
therefor, without disturbing the amount
of the circulating medium. The GER
tificates will circulate readily, not only
In our own country, but in foreign ports
wherever our people trade.
"The cost or expense of this change
in our paper money currency will be
nothing at all but the printing of the
certificates, and the custody of the coin
and bullion deposits, and that will be