The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1886-01-16

needs and labored to obtain, and when j
ia locked up, the circulating medium whicl
withheld from them. The thief VIII
ateals and eQuanders an unceded sur
Mus locked up in the Treasury vault
would infict less injury or the countr.
and it's business it the money he stole wa
nnt in circulation, than q Secretary VIII,
/ holds and hides in vaults currency whlcl
| the neople want, and refuses to use it t.
| nav the debts, especially interest-bearin
| debts. which the men b own this money
awe. It is to raise a clamor about q SUI
plus, but it will be more difficult to ex
plain to the people why such vast AMOUNT
Of the money they have been so heavl!
the overloaded Treasury vaults, n the.
deprived OF it's use, while interest is run
ming against them ON bonds which can b
and ought to be paid. The idle none!
when paid out for interest or bonds wOult
ut once be released and restored to circula
ton. H..
Speaking of circulation we are constant
w told that there is now a great abund
..nce of it outstanding; indeed, we ar
o&cially advised that the legaltende
notes and the silver certificates should al
be withdrawn presume because OF tn,
superabundance of currency. Let us lool
far a few minutes at the effect OF these rec
concentrations, if carried out, and see how
far these certificates are now used al cur
rency.
It was the avowed purpose of. the advo
Gates Of both gold and silver certificates
and / was one OF them, to furnish q sale
convenient paper currency. every dollar o
(which could be used just rs the COLI
| paid for it could be, and which would bt
secured by the deposit IF an equal amount
| Of coin in the Treasury. No better security
could be asked or given. 1t was not
thought desirable to have the coin OF either
| metal exposed to the risk of loss or reduc
ton of value by the abrasion which neces
sarily accompanies it's active use. The
transportation Of both was known to be
dangerous and expensive; all the expense
Land risk, as well as the deterioration
Iof the coin was avoided by the use oil
he paper substitutes, while the United
States were sure to be amply compensated
for all the expenses incurred for vaults,
custodians, and everything else.
VEL mean by we all the people-received
IL coin dollar for every paper dollar issued.
We only pay out the coin on the paper
brought bach to our agents. All OF it that
is lost by fire, flood, or the thousand acct
dents mat all transitory things are subject
to, is our gain. We had experience in OPP
erations Of that sort, and knew that they
we're profitable; $45 DOC, 900 of frac-
tional currency was issued. We
afterwards called it in for cancel
'~lation, and we now know that $4,000
900. or one-third OF it, has been lost or de
that issue, as we received full consideration
for the whole amount issued. We only re-
deem such National Bank notes as are re-
turned; and the amoun now known to be
lost is so great that the Comptroller is de-
vising all sorts OF ingenious plans in his re-
port to get it away from us for the benefit
Of the banks. None of them lost any Of it.
The people who borrowed it or worked for
it, after the banks got value received for it,
were the sufferers; yet the Comptroller wants
it all for the banks. Iexpect they will getit.
They have as much right to it as to have
their interest and principal paid in gold
alone or to have our silver stricken down. l
have no idea that $500, 0OO, 900 of
the S346, 600, 900 of g%reenbacks charged
in the reports as outstanding
could be returned if they were
profit to the Government. 1t is a sufficient
answer to all the clamor about expense
IiiO N"uiCo thOc Nv SoA 10 HAN "
loss and from abrasion. and that our gain
the loss of outstanding if it is kept
in denomination in which it will circulate,
as it ought to be, will amply compensate
the United States for all the expenses OF
it's safe-keeping.
The object we all had in view by keeping
in actual use paper substitute for gold coin
to the extent OF the coin deposited
been grossly perverted. The coin is
locked up. and four-fifths OF the certificates
are of such high denominations that
are OF no sort of use as currency.
The Treasurer's report (page 23) shows
that on the Both OF June, 1885, the out.
gold certificates amounted to
$137, 76O, 76O, of which all but S33, $3.50, 900
were Ing denominations of $500 and up
being for $4,000 each. 1t is obvious
cf currency when bills or certificates exceed
300.
The Director of the Mint, on page 20 of
bis report, speaking OF the paper substi-
tutes, says: "As these certificates repre-
sent coin in the Treasury. which coin can
only be used in their redemption, they re-
ally form a part OF the active coin %circula-
ton of the country" The director, per.
did not know hat $50. OOO,O OF
them were $1,000 each, as it you'd be
absurd to speak of such notes or %certifi-
,atetes as forming part of our active cir
The Treasurer's report (page 24) shows
that on June 20, 1885. silver certificates
amounting to $l39. 9O1 GAG were out
and that SOB, 75S, O91 were in
5en and twenty dollar bills, in about equal
proportions. None were higher than $1,000; |
an that tho Ov1v wool II, rropo ~ f,r~;,lo1 - |
lie people in the shape of certificates is |
hat based on the deposit of silver coin.
Yet the dollars so deposited are held up
rs useless membranes, performing no
JUNCTION OF value, and all our officials join
n the crusade against them and the Ger
:ificates that represent them. and urge
congress to withdraw the one and stop
The coinage OF the other. | do not pro-
to do either unless better reasons are
iven why it should be done than any I
vet seen or heard. 1 would, however,
lmend the law so hat no certificate should
We OF a higher denomination than $500,
md not more than 25 per cent. of the
mount outstanding at any time should be
II denominations higher than $50. The
egal-tender notes, too, are attacked. It
as though every form of currency
thich costs nothing and enriches nobody
. condemned.
It is assumed that the Government has
10 right to use it's own credit or to fur
ish any part OF the currency the people
eed. Legal-tender notes are denounced
IS a forced loan as rag-babies. shinplasters,
indeed every opprobious epithet has been
Iurled against them by those who insist
hat they must be vested with the sole
ight to issue currency to loan at a profit
o themselves, and to dictate through their
how much or how little II, is
nost proftablet to them to keep in circula-
But the people and their repre-
have so far sustained the green
acks, and while they have always been
epudiated to the extent that thew could
'ot be legally paid at the custom-houses
DR. duties on imports, and that is the law
over $47, 600, 900 of them were re-
pived for duties last year in New York
lone by executive orders in plain viola
lon Of law. The majority of the Senate
last year to make them receivable
pr duties, and yet we permit SAT, OOO, 900
! them to be SO received. 1 have a bill
ow before the Finance Committee making
legal to receive them for customs dues,
> l believe they ought to be; yet I insist
no executive officer ought to
3 allowed to do anything in violation of
wv, or to be placed in a position in which
e feels authorized or compelled to disre-
d, it. 4;
Congress, by the act of May 81. 1878, Use.