New-York tribune., 1886-08-21
reached and this evening the Rev. q. r. MOTIFS VI
THE FREOUENT BOND CALLS.
MR.. FAIRcHILp TALKS A SECOND TINE.

NOTHING DONE FOR POLITICAL fFrECr - 'hh
TROUBLE WITH Mr.. MoRRIsoN's IDEA.
WASHINGTON, Aug. 20.-Acting Secretary
Farohild made ihe following statement to-day In re-
gard 20 the call for S15,0O0.o0o Issued yesterday:
"Thc receipts are unusually largo Just at this time
silver is being absorbed by the people pretty we anu
the conditions generally quite favorable for such
call at this time The call does not affect the money
market enough 20 mako the tight market motive as
the bonds are mostly held by the National banks but
what little effect has helpful and the pubic may as
well get the benefit of It."
To suggestion that 1t looked like following out the
Morrison resolution, the Secretary said with smile.
that it was more than that He denied that the calls
we're made for political effect The reason secretary
Manning had made such calls was that the condr
tjors favorable The thing had been overdone
when he assumed control of the Department, and Mr.
NcColloch doubt about The result when he went
ont secretary Manning had TO walt until the condition
of the Treasury would warrant further reduction OF
tho debt. To have gone on calling bOhds Win the
Treasury in the condition IT was might have reduced
the money to the single silver standard ]. was not
safe call bonds at that time II the two metals
gold and silver. were to he kept on an equality
Mr. Fairchld ooniuued " Tho situation is just this :
The Government has gold silver and paper money, the
fractional and silver certificates in paying ont
allow the payee the option 10 select which ne pre-
fsrs whichever ne ntsgod, silver or paper-ne can
have The Is good the other, and he VIII take
|
scarcity Of these moneys precuies this selection
fthe Government hands out silver for instance ana
says Here you must take this; it Ia the only money
have tue condition changed For Instance say dhe
Government pays man IN ms us "ny orc Sbs1
$4,000. He cannot use more han ~ tnat IN
uis business distribute II among Tue poope.
He has the other $4,000 his hands lie must q" one
things with buy property or put on the mar
ket II be buys property the he bnys OF does not
the silver any more than he does lie must thsIt
FORE pay for the property In thar money bu
| f,I< h.. a q
public has absorbed all IL can, so there II no neahu
does not stop there. This discount runs thouB
al silver circulation and all there IA IN the Iress
ury. We then have deprecated currency 20
| YOU see we cannot run the rsK M oI n,ob sni :.
held all the money that cannot pc sOaorpeu
by business AMI by the people The natural cohalu9h
OF euusiy beween the moneys must Oe preserved. he
coinage OF 100000 silver dollars per monlh was an
unnatural condition made by statutory action 10 pal
ance this Treasury surplus had to be Increased so as
10 provide for that which could not be u,ed
Even II there is silver iban the people "sb',
distribute II. ana IT must be held N thc
Treasury and let demands IL must De cl
1nt fast as the people VIII absorp ~ no issteI
Tho Department had 10 wait before maAing iAIge oor
"a 10 allow the choice Of money. Now the
recrips Of tho Government are large the people are
taxing the silver pretty we'll The calls are by way OF
experiment. We will call as much "a We can IAnS lar
The PROBABILITY is that tho calls during me year VIII
very far exceed tho amount necessary Or tho sihAh
fund. They will be made OFTEN as he cOhNltioh OF
fhe Treasury will warrant There ~ no liked limit
ia the bond calls the trouble Win the AlOtf
resolution was. as was said IN CONGRESS that II
made obligatory TO call Just so much Tns cannot be
II ~ Impossible 10 tell Just Wnat INC si'uuoh
IL be "A III future time