The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1886-01-13
BECK'S SILVER SPEECH.
Continued from Second Page.


ing gold certificates amounted to S137, $780,
SEQ, of which all but $50, $50, coo were in de-
nominations of $500 and upward, more than
$4,000, 600 of them being for $4,000 each
IL is obvious that the people get no benefit
in the form of currency when bills or certl1-
Gates exceed $780,
The Director of the Mint, on page % of his
report, speaking of these paper substitutes,
says: AS these certificates represent coin
in the Treasury, which coin can only be used
in their redemption, they really form part
of the active coin circulation of the coun-
try" The Director, perhaps, did not know
that S55 OOO, 900 OF them were for SO, 900 each,
as il would be absurd to speak of such notes
or certificates as forming part OF our active
circulation.
The Treasurer's report (page 24) shows that
on June 20, 1885. silver certificates amount
ing to S139, 901 $40 were outstanding, and that
$lU3, 75s. O91 were in ten and twenty dollar
bills, in about equal proportions.
None were higher than $1,000; so that
the only real currency furnished to the
the people in the shape of certificates is
that based on the deposit of silver coin. Yet
the dollars so deposited are held up as useless
membranes. performing no function OF
value and all our officials Join in the crusade
against them and the certificates that repre-
sent them, and urge Congress TO withdraw
the one and stop the coinage of the other. l
do not propose TO do either unless better rea-
sons are gwen why it should be done than
any have yet seen or heard. / would, how
ever, amend the law so that no certificate
should be of a higher denomination than
$500, and not more than % per cent. of the
amount outstanding at any time should be Of
denominations higher than $50. The legal
tender notes. too, are attacked. Ii seems as
every form of currency which costs nothing
and enriches nobody is condemned.
II is assumed that the Government has no
-,.lt 80 r,r sch
part of the currency the people need. Legal
tender notes are denounced as a forced loan,
as rag-babies, shinplasters indeed every OPP
prObiOus epithet has been hurled against
them by those who insist that they must be
vested with the sole right to issue currency
to loan at profit 10 themselves, and to die
tate through their organization how much or
how little it is most profitable to them to
keep in circulation. But the people and
their representatives have so far Sus-
tain ,RiIed the g gTFeeGDacks sn and While
ated to the extent that they could
not be legally paid at the custom-houses for
duties on imports. and that this is the law
now. over $47, 100000 of them were received
for duties last year in New York alone by
executive orders plain violation of law.
The majority of the Senate refused last year
70 make them receivable for duties, and yet
we permit S47 ,OOO, 900 of them to be so re-
ceived. / have bill now before the Finance
Committee making it legal to receive them
for customs dues, as | believe they ought TO
be; yet insist that no executive officer
ought to be allowed to do anything in viola
ton Of law, or to be placed in position in
which he feels authorized or compelled to
disregard il.
Congress by the act of May 81, 1878 (see
Statutes at Large, volume 90 page 81 J. made
effort to retain what was then left of the
legal-tender notes, and to preserve them in
rr.ob cbopo Not fboxy v-on1d ho on1rrorox- in,
the hands of the people We provided. in
substance, that whenever legal-tender notes
are received at the Treasury from any source
they snail not be retired, but shall be reis-
sued and paid out again and kept in circu-
latiOn, and that new notes of the same de-
nomination OF those returned because too
much mutilated for use shall be issued in
their stead. 1t is obvious that Congress did
not intend to allow any increase of the de-
nomination of the legal-tender notes
above what existed when that act was
passed, yet the table on page 30 of the
TTeasurer's report, shows that bills of the de-
nomination or $500 have increased in the last
year nearly SIC, ZOO, 600, while those OF smaller
denominations have been proportionally de-
creased.
There can be but one purpose in this attack
all along the line on everything except gold
and national bank notes and that is to trans
fer to the holders of our bonds absolute
power over the currency, which means over
the business of the country.
The report of the Comptroller of the Cur
Teney develops that purpose, perhaps more
plainly than the others. After insisting that
Congress should repeal the tax on circula-
ton, give up the profit made on the lost bank
notes, or put it into a safety fund, with other
things, for the benefit of the banks, he adds,
on page Is:
such legislation would have the effect of main.
tanning bank-note circulation and prevent its be-
authority as high as Alexander Hamilton has said
''are of nature so liable to abuse, and it may
even be affirmed so certain of being abused. that
the wisdom of the Government viii be shown in
never trusting itself with the use of so seducing
and dangerous an experiment"
assume that it is too clear to admit of de-
bate, no matter what Mr.. Hamilton or any
body else said, that circulating note in any
form, properly secured, is as good when is
sued by the Government as like note would
be when issued by corporation created by
the Government and secured by Govern
ment bond; and hardly anybody but the
would venture to assert that
the Secretary of the Treasury is not
likely to be honest and careful of the public
interest in maintaining and keeping the
necessary amount of circulation afioat for
legitimate business purposes as bank Presi-
dents would be who are under no obligation
to consult the public welfare. but as the
private interests of their.stockholders de-
mand, may contract or expand their issues
as the one course or the other best subserves
their private ends regardless altogether of
the public veal indeed they are apt to be
enriched when they can most surely Cypress
the masses.
Yet in the face OF his claim that all other
circulation is unsafe, the Comptroller shows
that the decrease in national bank circula-
tiOn in the last three years amounts to over
100000 and says that it would have de-
creased 5000 600 more if the Secretary of
the Treasury had not come 10 their rescue by
refusing to use the money at his command
in the purchase of the per cent. bonds on
which their circulation is based; in other
words, the people have lost over -, 600 900
of interest, and the bankers have made S.
100000 on interest by the operation. The
Comptroller shows very clearly why the
bondhOlders are so anxious to get clear of the
silver dollar; they fear that the premium on
their bonds will fall if they are paid in whole
or in part in silver. But he stated the whole
case so clearly that will read on page Is of
his report:
1t VIII be seen that the banks held on November
j, lss4 Slj5 col 100 and November 1855. $685.
9060 Of per cent. under the act of July r. 1852,
payable at the pleasure OF the Government The
Secretary Of the Treasury. d1ring the year ending