The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1886-02-04

bullion and silver dollars 124 millions Oi
silver certificates OF this amount eighty
millions were issued on the deposit Of that
amount of gold. As Senator Beck IN hl@
late speech in Congress says: Men all
over the South and West who owned gold,
sent their coin at their own expense to the
United States Treasury at New York in
order to have silver certificates delivered
to them as currency, and asked no better
security for the paper they took than the
silver dollar. SO far from boarding gold
because of its greater bullion value they
sent it to a distant depository to get il eX-
clanged for certili ate that was only re
dtemable in silver that vas from IS 10 20
per cent below gold in London.
On June 30, 1885, the outstanding gold
certificates amounted - 1870 millions, Of
which ali but 33 millions were III denoms-
nations Of 5000 and upwards, more than
% Millions being for $40, coo each. These
certificates are of such high denominations
as to pe of little use to the people, whereas
OF the 139 millions Of silver certificates
outstanding, at the same time 103 millions
were il ten and twel ty dollar bills. None
were higher than 81 600. SO the only
available currency furnished the people
III the slape Of certificates Is that IN the
form Of .he silver certificate, redeemablt
only in Silver. As the "a millions of silver
certiicatss outstanding, i. e., III circula-
ton. represent so many standard dollars
depOsitedin the Treasury with which to
redeem Sad certificates, 1t is manifest that
that numlpr Of silver dollars have found
their w2y mo circulation Ii to this number
you add the % millions of silver dollars in
circulation al you have in circulation III
million of silver dollars out Of total of
/ 4 i
for the popularity of the silver dollar.
An Ides, Paper Currency.
1t has alwaysbeen regarded that pa
per currency baad upon an equal amount
Of coin depOsltedtO redeem said currency
on demand, the PERFECTION of 4 circulating
medium. \ punmctallic circulation is
out of the question 1t is too inconvenient
Until this general assault, all along the
line, by the crcditG nations chiefly Great
Britain and Gcrmmy upon the employ
mcnt of silver us a measure Of value and
full legal tender, it vas ever satisfactory
to financicrs when th paper circulation of
q country was b&PQ upon an equal
amount of silver depoited to redeem it,
Even this day the rDtes of the bank of
France amounting tOlbout 500 millions
dollars are redeemabl, at sight either in
gold or silver at the OtiOn of the bank,
and they circulate and PISS current equally
and at par with gold; Ills too in face Of
the fact that the siye, dollar of France
contains 4 less number 0. grains pure sill
yer, (about eleyyn) than OF standard silver
dollar; and this other stiking fact, that
the coin held by the bankof I&lnco with.
which TO redeem her noes consists of
about as many silver as gid dollars, and
she has the option to redeGl her notes in
silver coin alone. This bnlgs US in CON
cluSiOn to consider the
Nature OF Our Present Cifu.atInn Me-
,iium.
1t consists Of about $50 mliOnS of gold
dollars, 215 millions of stadard Silver
dollars, 346 millions gleenbaks, all full
legal tender money; and about 8 millions
of National Bank notes, not leal tenders,
and about so millions OF subsidiary coins
(half and quarter dollars, dimes,nd cents
legal tender to five dollars. Ofhe above
amounts the U. s. Treasurer hols of gold
$50 mlllions, of silver 16 milllOt and ?.
millions of grecnbacks, which ar not, of
course, III circulation. The publ debt is
funded in $50 millions Of II ,er cent
bonds, 131 millions 4 per cent, nd 1914
millions per cent. bonds Thes bonds
are at premium from - to "a pt cent,
Notwithstanding the fact they are ayable
at the option of the Government silver
coin.
In view of the threatened rapid mtrac-
ton of the National Bank circulabn, as
stated above, it would seem thasome
substitute to take its place must pro
vided. Bills III the shape OF certltates,
based upon the deposit of silver ogold
bullion would be an ideal currencypro-
vided the bullion values of gold and liver
respectively would remain as stab as
they did in Europe between the years ,S6
and 1878, .vnen the ratio was | toJ.
In the main, those favoring the stoAge
of the further coinage of the stanlrd
silver dollar would consent to the iSst of
certificates based upon the bullion e.
market value of Slyer. That IS, lSSL
dollar certificate upon the deposit Of .
grains pure silver, 498 grains standal
silver III the shape of bullion, as toda
the gold dollar is equivalent to a allvt
dollar Of thao number Of grams. lhl
proposition, secretary Manning say>
''would be fatal to our legislative polic
for an international bl-metalllc union.
Manifestly so, as it would necessltate II
| coinage of all the SlVer coin OF the WOrlC
to accommodate the coinage to the ne
| ratio, / to 10. Besides, this ratio wOul
| be changing every time the market valu
the coinage of the silver dollar is a perfe(
remedy, says Secretary Manning Bu
| we must have more currency to take til
| place of the diminishing National Ban
| circulation There is not gold enough
| the country to base it upon exclusively.
More Silver Certificates Needed.
The unlimited issue of silver ceriificat,
at the European ratio | to 13.J based upo
| ~ OK hr,ll lliarD i,Vf eta Ira.
ury would relieve this threatened stril
| gency in the circulating medium, and
entirely constitutional,
.sThe coinage of silver" says Secretal
Manning. mot being free to all conner
but being exclusively a coinage of Trea
ury purchases of silver, there is no reasc
for making heavier dollar. If the silvt
dollar is full tender, but not of free col
age, its currency is confined within Il
| country where the laws run which NAL
it full tender" Ii no country is the
now open mints Of free coinage to {
| cOmers.
Foreign silver coin is no longer leg
tender with us (section 1854 revised sta
| utes. act 1879 1t can no longer be SCI
here coined into dollars to be exchange
for gold to be dispatched back to Franc
and in this way the United States 10
their gold as is charged will be the cons
Quence Of tie continued coinage OF Il
silver dollar. for our coinage not bell
free, our mintS not open to ali cOmerS b
only to cur own mined metal purohas,
by the Treasury, foreign coin will not con
here, as it would not be profitable to bril-
it. Why not then continue to issue cer
ticateS based on the Treasury purchases
silver bullion and make them legal tend