The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1886-01-13

ance Of money in the financial centers; and
doubtless. uneasiness among certain Of the bank
of silver in the Treasury. such increase in
dicating that possibly the interest on the public
might be paid in standard silver dollars and the
Government bonds might thereby become de-
preciated in foreign markets, which would nn-
doubtedly affect their price in this country. The
credit and standing of this country is deservedly
high, and, il is not believed that the people desire
debt of this country 10 be paid in anything but
gold coin or its equivalent.
think the Comptroller makes il clear that
the country can not afford to rely for its
circulation ON National Bank notes. He as
Serts that the bankers will surrender circula-
ton and sell the bonds upon which it is
based. regardless altogether of the public
needs, whenever they can make more money
by selling the bonds than they can by loan
ing the circulation. We all know that to be
true.
Can Congress afford TO vest absolute power
over the contraction and expansion of the
circulating medium which regulates all our
transactions exclusively in the hands of men
who gamble with it for private gain without
any sort Of public responsibility?
think not; yet, If we retire the green
backs and the silver certificates, as our Off
Gals advise US to do, we will have no curren-
cy but National Bank notes left, which they
can expand or contract at pleasure. Nobody
pretends that in the reduction of these notes
from $324, GOO, 900 in November, 1882, 10 S276,-
O00000 in November, 1885, the pubic inter
est or needs were for a moment considered.
/ desire to state with great distinctness
that l am not making war on bondholders or
National Banks or bankers. / voted to re-
new their charters, to repeal all taxes on
their capital and deposits, and will cheer
fully vote for any and all measures neces-
sary to add to their usefulness, either by
increasing their circulation to par with
the bonds deposited, or. If it can be done
with justice to their competitors in business,
reduce or repeal the tax on their circulation.
But would require them to take the same
coins, both gold and silver, that all other
creditors of the Government receive. i shall
always oppose the grant or recognition of
any superior rights or privileges in them, or
in the obligations they hold over those OF
other citizens. / would divorce them from
politics, and deprive them OF power to con-
troll or influence legislation by contracting
or expanding, or by threatening TO interfere
with our currency, as was done when
they obtained President Hayes veto on
a memorable occasion. 1 would require
them to obey the law and receive the coin
which we take at the Custom House and set
apart a special fund for their security and
payment. When We say by law, as we have
done that ''no National Banking Associa-
ton shall be member of any clearing house
in which such (silver) certificates shall not
be receivable in the settlement of clearing
house balances would forfeit the charter
of any bank that dared to disobey the law,
as would fine and imprisOn any officer of
any of them who would certify checks when
the funds were not actually in the bank at
the time.
In short, no set of men should be allowed
to exercise privileges prohibited by law, nor
have rights given to them in regard to the
character and quality of the coin in which
their debts shall DE paid which are denied to
all other equally meritorious creditors; and
no set of men should ever have power to reg
ulate or control, as. their private interests
may be affected, the currency or the business
of the people. If that power is yielded or
conceded to them. with legal tender notes
and silver certificates withdrawn and gold
paid to them, and to them alone, for their
interest and bonds Congress would be
bondholders and bankers might make. i
know their power and appreciate the adroit-
ness with which they can have their claims
presented. Even the President, in his mes
sage, has been induced to say that up to the
present time only about $4,000, 900 of the
silver dollars we have coined have found
their way into circulation. He modified
that statement bv showing that a large
amount of silver certificates were outstand-
ing.
But the press of the country has taken up
the first statement, leaving out all the quail
fcations, and parade it before the county as
conclusive evidence that too much silver has
already been coined, and that all of it is an
incumbrance except about $4,000, 600.
They utterly ignore the fact which
the official reports show, that at the
close of the last fiscal year, June 80.
1885, out of total coinage of S203 OO0, 900,
100000 600 in round numbers was in active
circulation in the form of silver certificates,
in addition to the coin in the hands of the
people, of which certificates S44, 660,0 900 was
paid to the Government for customs dues
during the last fiscal year at the port of New
York alone-more than was paid in gold and
gold certificates combined. Why is not the
coin represented by the certificates as much
in active circulation as IL it was passed from
hand to hand as often as the certificates are?
] ask, is it fair to complain of the silver held
in the Treasury as being expensive, and yet
not utter one word of complaint in regard to
over S137 200, 600 in gold?
The Secretary says:
A special effort has been made by the Secretary
Of the Treasury TO increase the amount of our
silver coin in circulation.
Let him make one more effort and pay out
the S60,OOO,00O or $75,000,O00 he received
for customs dues and which he has no use
for, in payment of interest and in the re-
demption of the bonds now redeemable, and
the ordinary expenses of the Government
will keep the vaults reasonably clear of all,
not represented by certificates or bills,
which the people have right
by law to demand on making a de-
| post of coin. No public creditor other
than the bondholder has ever complained
when payment is made to him in silver or
silver certificates. All other creditors are
entitled to the same consideration as the
holders of our bonds. We as a tax-paying
| people are not interested in keeping our
bonds "a per cent. above par when we must
soon buy them with our surplus revenues.
may observe here that silver certificates
are now and have always been popular cur
rency.
The Treasurer in his last report, page "A,
says:
| The issue of silver certificates by Treasury Of
ficers in the SOlth and West for gold coin de-
posted with The Assistant Treasurer at New
| York, under departmental circular of september
4 Is, 1880, was discontinued in January last. The
| amount which had been issued in that manner to
| the date named was $50, 73O,5OO.
The Treasury order referred to reads thus
TREASURY DEPARTMENT, !
| ''SECRETARY's OFFICE,
"WAsHISGToS, ID. C., September IS, 1850.
"Until further notice the United States Assistant
4 Treasurer in New York will nay out at his coun-
Ter standard silver dollars silver certificates in
i sums of SO multiDles thereof i'm exchange