New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-03
MR. M4YYlNGS SILTBR POLIOT.
AN ANSWER TO TIE BLAND INQUIRY
EFFORTS xADE TO PUsH TIRE DEDAsrD DOLLARS
I1ro CIRCULATION.


INTO CIRCULATION.
WASHINGTON. March 2.-The Secretary OF
tba Treasury to-day sent to the Speaker OF The House OF
Representatives an answer 10 tho Bland resolution ea
ing for information in regard 20 tho past ana Autue
policy OF the Treasury Department Oh inc silver quc7
ton Ii r. an exhaustive document OF forty pages ara
includes vast amount of and stats'c"
Information The Secretary says IN part III Is TO"
become plain TO all who take comprehensive ara pracc@
views OF public policy that the United states can "o
no better than at the earliest possible DAY 20
metallic unit OF value. By this mean one, inc ho'o
tary unit embodied In CONS both OF silver ana OF gou
two the monetary unit OF value embodied In the silver
coin to be made and kept in that successive ana sh"
lannon's equivalence with tie present and prior unit OF
yalne which has been our honorable distinction over
since the Constitution was fra&fd; three, open MN"
for the free coinage OF gold and silver at fixed rao 10
every citizen OF the United states bringing either us'"
AID the right to his coins tceved neverJ SAFE anu
raymept as full dollars. II IS the facts OF
our present situation, would respectfully rcassHf
that c0nstrain towarl bimctaisn as our goal OF
$3.50 600 900 coined gold our 220oO0OOO coined SILVER
make any policy having ultimate oimotallsm Tor 'he
United states practically and politically an utopah
policy There Is one way ana only one by which sHfer
can be restored to It's old ratio and value. nancy An
international concert upon common ratio Win oPoh
mints to both metals ut that ratio.
The revised statutes and statutes At large d.
rect the e. s ST a9 Kinds of currncy 70 but one
do they assign Office OF standard The christened
he unit of all these ourrencies AID Of our money @"
eccount with tho name dollar. TO but ono dollar do
they assign the function Of unit ot Nhiue concrrt
oi European powers without Tue Concurrence u! lo
United states Is impossible Tor this reason mo ratio 10
gold which most OF the European sl!ver stoc7 nave
been coined ia 1851 OuvratOi Il lOl concert OF t0
European powers 10 .eiher with tnr ohlte1 STAIRS unl
We sop coning silver IL impossible FOR the same and
another REASON consideration OF Iheah lrkrr i'cts
and the still controlling one TO "hiGn nave al
ready referred. that mans inventions aud industries Ie
hammeUng down Ile pric.s VI al w II lJonca an
labor and VIII give us cornpOsurc ana c"hinehce ia
Joining with other nations TO open our nints az an even
ratio 20 both metals. But international concert we can
have except by stopping our Ttsthy Colhakc h
| tbat the Government has authority to TX TIE
| amount of the peoples currency. ana tGe po""se
an absrdity IN the Constitution, rs the power granted
any department or division OF the GoHernilent 20 u
satisfy the peoples mood for an INSTRUMENT o. trcu
tion and exchange There be mach or too llte
Ihey do not need to convert all Of tAsir wealth. not
even all OF their qOd and silver weaith, INTO neuuh
for circulating that wealth They do need to hnporon
some OF thcir wealth to that use whatever economies
from the Clearinghouse TO the hook account th'y may
practices whatever substitutes take TIE MI 81 ehchg"
notes, etc. whatever representatives, lkc Tie com
Tn following taDe does not disclose oil the peril
from which the finances OF tho county were Dtousas
ont after the adjournment OF the ALiNth Oplslcs'
without action upon subject now cngating tue de-
| alterations OF she NLiAth Congress, Olt u sn"m -
gradients whore descent II 80 much tasrE than te re-
verse Tue gold the Treasury beside tho ono hnhuti
million dollars held - the minimum reserve 10 sse.e
$iI6'OSl oie Hhg ~ ~ oon March lss5 s5G3JS
January :, lsS'' G56 oo0. j1Iy 10 iss5
so 900: iniy 30 1855. S25.035,Oo0; Janusrr ?.
I 1886, S4s4i4O0O LroIGay 9; h 1s" .nI,rge1 froy1
March 4, 1883. 20 daie from about fioVooOOo 10
about S5i 100000
III have worked to pro;a9;s the circulation Of silver
with unremittng energy have pressed It's circulation
constant expense TO the Treasury whgh 9iher iohs
OF lawful money could have been circulated without sgSh
hAvo pressed us circulation az inc ~ %
United states notes zones ana twoa., Nhcu as as -
redeened have been ressued only IN larger dehomhh
tons have prts,ed iis SIcG 1Ssd s.. ya I m beySr
compelling receipt by any creator OF tue NoNoTh-
ment aud failing to provide by exchange or rans
fsTs Whatever currrrcy might DO preferred. Tue policy
OF the Treasury had bcon undor my predecessors ever
JnnSaTy l. s7S To- admit their receipt FOR duties on m
ports despite tho provision OF the act OF ieoinaiy -
t IS,cb youd linen Immediately be returned from
the Custom House receipts for duths
A TO what application could be made OF the SILVER dol
lars In the Treasury respectfully answer that By care
ful managenent. neither TO contract the currency
nor 10 force silver basis, the silver dollars mSht sl
states notes which arc other dues OF the Government
now payable We're the currency. with such careiui re-
annual report reformed that the receipts and olgoes
OF tho Treasury should consist Nn,tsad OF SIX OF seven
spending certificates Is clear that the surplus which
Hci OF March g. 1871 the Secretary Is now TO apply
he may consider proper 70 the purchase OF Ielo
tiou OF United states bonds could always oc 50 cHt
an easy working balance We're that whole oenenccnt
reform OF the attained, which the country now
mans nsnshp Of the XIixtn Congress. annual
taxation could be reduced S2loooOO. az su3so Je'
more sver be coined IN due time and AZ the Ola price,
o that very plausible bnt partial view of the duty ana
pocv by law enjoned upon the Secretary which Ia inti
mated In the resolutions tho main objection s hal IL
ahandop, an hope OF bmetIlsm and OF raising ever
10 its old TO gold and invites silver m3nometasm
with gold expelled and tho present fall In silver perpet
acd The silver legislative acts from 1870 20 lsei All
| Inply or declare the object pursued in them TO be
CANNON ratio gold and silver, for the purpose
OF establishing internationally the use OF DnctaIno
money and securing HIlty OF value between thOso
| metals" 4, go
Tho secretary concludes as follows; But IL Is use
loss 10 dl-cuss the methods OF restoring Dinrtan unu
com honorable body shall determine stop the coinage
aud Mace indi pensable condition or negotiation IN
| the hands OF those who must execute your WILL