Telegram-herald., 1890-12-18
WISE SUGGESTIONS.
offered by Banker Hsnry clews 70
Secretary Wlndom.
lSOLUIlOS OF TIE FlSlNCEPROBLEg
81 Ext~aains tie Beaded fsTi~a Aza
AassaiHg the Frsssat las eessFn-
isE ths Purchase "a silver -
tns GsESra4eut.

SEw YoKK. Dec. I5.-Hon. William
WINDOW, Secretary Of the Treasury:
Dear siE-I regret that l was unable 20
see you during your hurried visit 10
this city on Saturday, as l desired 10
lay before you the following simnle sug-
gestions which, # acted upon, do moi
doubt would prove ample to provide
for the present fag ead of the disturb
anoe in the financial and mercan tile
world, 50 far, At least, as taking care Of
our end OF IL.
First Congress to postpone the date
from February 10 June for import
ers 70 take out goods now IN bond.
TINS Will immed.a .ately bring into clrcu-
latlon millions OF mo ney now held by
merchants as a reserve fund 10 provide
for their Obligations on or before the
first OF February. This money, there
fore, owing TO the present timldity, is
virtually boarded. lt has been sug-
gested that July or August l would
be a better time TO which TO defer the
taking OF these goods out of bond. j
am clearly of the opinion that June |
would be better date. The return of
money from the interior, after the
moving OF crops, sets IN strongly about
the middle OF April, and remains IN
this centre until needed early IN the
fall for the following crop movement,
preparations for which, many COM
mence to make IN the month Of July.
From the middle of april to the first OF
August money in this city becomes
plethonc; hence 1t will not be found
hardship for solvent merchants to OBJ
tain all the funds they require TO take
their goods out of bond by June l.
PostpOnement beyond that date is
entirely unnecessary. and would be un-
wise as it would be to close to the next
crop-moying period.
Second-Congress to amend the pres
ent Silver Law by inserting a clause
giving the Secretary of the Treasury
authority to change at his discretion
the periods OF the purchase OF silver.
At present the law provides for $500
900 ounces each month, which Is absol-
ute. In place of thls-to provide for
the present money cTisis-substitute at
the Secretary's discretion, authority to
purchase a double amount IN Decem-
Der, equal to 1900, 900 ounces, and the
same for January, February and
March, and suspend the purchase en-
tIrely, to provide for same, IN the
months of April, May, June aEd July
next. | suggest this, because now IS
the time this increase III silver cerut-
Gates Will satisfy the present need and
cry for more circulating medium, and
II issued as proposed will entirely re-
move the necessity of adding to or IN
any way changing the present Silver
Law as L now exists. What is important
for the people of the country to know
for a certainty, is that they can rely
upon the present law being permanent
and not subject 10 changes at
the cOnvening of every Con-
gress. When the present law has
been IN existence year, 1t will
bring out the new silver money, aggre-
eating IN amount about $50, 900 900, and
each year thereafter an equal sum. In
ten years from the date of the passage
of the act the amount of this money
Will be about 5000. 900 000.- This annual
increase, am of the opinion, Will be
ample for that class of money and it
would be unwlSe TO increase It. 1t GER
tanly Will De sufficient If Congress will
also pass at an early date Senator Sher-
mans bill, which provides Tor National
tank bills TO be issued up to the par
value of the United States bonds. This
viii Increase that class of money about
Sl5.000,000. A speedy passage of the
latter act by Congress would be unani-
mously considered as wise and Judicious
legislation, especially as the govern
ment, under the present law restrict
ing bonds to be received at 90c on the
dollar, is not only a hardship to the
banks IN having to put up So large an
amount Of their capital as margin, but
at the same time itputs the government
IN the false position of discredting is
own securities, IN being only willing 90
take the bonds ut 90 as security when
they are selling IN the market at l23.
Very truly yours,
IIFNrn- CT Frra