New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-20
SHALL BANK NOTES BE RETlREDf
AN ARGUMENT IN BEHALF OF INCREASED COIN
AGE OF SILVER.

AN ARGUMENT IN BEHALF OF INCREASED COIN
AGE OF SILVER.
On the question, "shall Silver Replace the United
States Legal-Tender hottest, william P. ST. John
president of the Mercantile National Bank, of this city
s ands for the Affirmative In an argument submitted
Yesterday to the president of the Chamber of Com
merce he says:
have submitted figures demonstrate that there is
no longer any profit National banks upon their
present issue circulating notes and that the actual loss
il greater to National banks located where current rates
are highest ordinary loans Of money Therefore 1t
is fairly 20 be assumed that the last OF these National
bank notes will shortly disappear Congress VIII Afford
a slight amendment OF the banking law. And because
the United States Supreme Courts " legaender de-
cson OF 1884 is Justly interpreted as empowering the
Congress at any time times to appoint an Issue or
United States notes as our domestic money
and without requirement that the notes shall be
redeemed in coln therefore are reasonably assured
that no bank note the present issues OF the
National banks will in all the future be allowed 70
issue and circulate money in the United States II Is
from the standpoint OF this conviction that Iocer OF
National bank-have sought hearing; and because II
mi stake not question before us for immediate de-
termination is therefore merely this viz:
Is there sufficient present nducemen 10 retire the now
outstanding issue Of United States egatender notes.
Among inducements retire the now outstanding
United States legal tender the following have been
mentioned and supported with argument at length;
FirstTo retire these United States notes by replacing
them with silver to circulate in coin or az the owners
opton by certificate will avoid contraction not only but VIII
actually increase the volume. money by the release
Of prororonate Of the Treasury reserve meanwhile
maintained for the which thus retired and can
celled. Second-The plan proposed to retire the One1
States will Importantly enhance the price OF silver
and maintain advance for period OF at least nine
vars To enhance the price Of silver Is 10 enlarge the
,oraon demand for our spare grain and
Inn Third-Our proposed enhancement OF the
nrice OF silver is thus 10 increase our exports
The whole tendency OF the adoption OF our proposed
enactment is toward debating, 10 the coinage OF
silver the policy Of the world Fourth-The proposed
s,rement of the legal.tender notes and voluntarily
rendered bank notes by replacing them with silver will
bring us practically TO gold and silver only
a. our money. Ft-We propose that the silver certn
cates issued these OF law shall be appointed
iecal.cender in order that the po'sessor OF this
commemorative OF the actual coin shall possess where
with to legally tender payment for any debt Sixth
our proposto merely offered substitute the legal
tender coin outstanding legatender paper which
for a quarter OF a century ha, promised IT,
In order that the United States, independent OF Flu
rope may adopt ecolnagc OF silver without immediate
peril and without tie possibility OF demand from thp
people that shall by and by reverse that action ana
because that act after what under such ne
cessity IL shall meanwhile have occasloned u.s. VIII
forbid favorable treatment OF silver thereafter.
submit before adopt alone free-coaage OF silver.
that first test the influence OF high priced silver
upon and China the greedy sccumua;ors for years
OF the wO'dS spare silver, ana now prfhapS "a huRc
Joint storehOuse of return supply. II neither need
be feared a. likely discharge her hoard
or to refuse additions TO IT, at the enhanced price.
China now absorbing Mcxicos dollars about rapidly
coined let the fact established and thereupon and
will be idle TO mput error 70 the advocate OF
free coinage Of silver by the United States alone. For
the entire worlds Of silver in every one Of the
seven years past annually exceeded the entrc worlds
production Of silver FOR the year
This cannot much longer continues WORKOUT silver
ate aud old accumuations will not afford it. Germanys
dc hoard Of silver for sac and partly sold when France
had Maid her vast sums Of gold is now, long since be-
come GeImanys legsl.tender money ahoa and In bank
among her people Her silver being coined at an
valuation Of per compared with silver coin.
she needs her people for cent of additional
bullion and all transportation charges, and the must
be- said Of France and Latin Union-f Euope's stand
ard silver money shall be offered nnt for exchange
into money only here, mnts opened TO
them absolutely free.