New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-09
TO DISARM FREE COINAGE.
MAKE ALL MONEYS INTERCHANGEABLE.

A sTGGE STION on THE SILVER QUESTION FROM
GEORGE Il. GIBSON.
The question Of silver legislation is enc which Is
yagng considerable attention among banker, and sO x
brokers and the fear Of free coinage Of the white metal
prevails 10 extent. 4 suggestion on the SUD
iect which is intended 10 show the way OF avoiding
possible evils from that measure has been made hy
George Rutlcdge Gibson, Of Watson Gibson. In the
following letter. which he has sent to President Knox
Of the National Bank Of the Republic, and several
ober interested in the financial problems OF the
day
l have In ny mind an idea which think has not been
broached by any one but which think might tend 70
dlminsh-f reuove-sny danger arising from re- com
age The Treasury fund OF =loo OoO'pO OF
gold purpoe Of rtGcemiag IT, Treasury note ol'
owing confidence OF the noe-hodrr' ana 4e-'''
tender quality OF the paper these no,e arc rarely pro-
ented redemption and therefore tbs iund ie, o' anu
unproductVe It, existence, however is an insurance
that perhaps indispensable 70 te perfect cl1I Oh @
notee a enough sum consiuess inc ,i'hB
demands made upon il justify increasing it, utility
The ear Of unlimited f. Of course that IT "ouo
hiring our monetary basis down practically n sole silver
standard Notwithstanding the fact that legally TIE soaFi
would BE- bIetal.cj and that therefore mere "o1'1 ~
contraction the circulating medium 20 me e8thV o.
he existing Of gold now in circulation. ms N'
psctation. shared in by everybody Is peFnsp'
common one founded the belief OF theory ta' -oa
would rise TO premium which would pract cay oeinohee
t. Vow my proposition + 10 maze cold ana sI'ei COZ"
Staie AZ the pleasure Of the holder Thus II the holder
Of so god piece desire small silver either silver doa-
silver certificates subsidiary silver upon presentation d.
the Treasury ne should receive change per contra
II the holder silver desired 70 exchange 1t fof gold ne
could do so upon demand the Treasury.
With $1,000 600 Of god as a fixed fund which II
uecs,.arT could be increased don't see how any COM
ersl demands made upon the Treasury for Euch
conversion that could be easily net Capitalists
od not b. disposed 10 hoard gold long as they knc"
that their silver coin could al pleasure he con-
vered into god Spectators would bid premium for
IL, use when holders Of silver notes could eo to the
Sub.Treasurv and exchange silver for god Inc OIL!
veal commercial danger the existence Of two metals
in circulation side By side would be that oy uhoef
val,rnr one OF them. It would be driven out o.
ne country 70 mect any trade balances due aOioad'
o.. $50 mr. country IS 20 situated With
Terence 10 the Of the world that no fear need
h felt OF expressed reversal Of the present h'e
national trade current which now runs strongly IN o1
favor there would be no drain on this country ior the
uDder.yalued metal believe tina; provision iof the
mutual and free interchange Of al coins issued by me
Government would steady the relation o. the two metals 80
that free coinage would b. relatively harmless, lnaeea
no.. wholly beneficial. There j. no stock Of SILVER
bullion exposed ior any market IN the world. The
immense quantity Of silver coin in existence mas beeD
pla Cd l. g.. it is either n the hands Of banks a. a
reserve deposit obligations, o. IN the pockets o.
the people and cannot be upooted from IL present
stu and turned the meltincpot except hY faoca
change in Governmental policy By some such county
a. France where bnaetaism really obtains at present
and where the demand small silver coin i so great
tha. i highly improbable that tlat country would
ba disnosed % part with any Of its white metal.
The fact that silver advanced 70 Il p an ounce last
autumn without bringing into this country any iofen
bullion IS proof Of fact that was FOR sale.
Ordinarily exported about $4,000 600 annually
and there i no reason suppose that after the silver!
BUYERS Of the far accustomed o the unmIoItant
let AdNance which has taken place IN the prce o. SILVER
they Will able obtain th-r supplies elsewhere
tn.u in thi, country o. do without them.
II the holders Of want them redeemed
in gold any reason % suppose that tl-
holders Of silver dollars would gold dollar when they
know that they them Withdraw all N1tiona!
bank notes currency consist o. gold, silver
sad Treasury notes all nterconv@rtble That VIII give
u as nesr stable currency political science can
suggest. discredit silver bv leaving tn
sp,ion the Government 70 whether they shall De
redeemed in god silver. A. natter Of fact the Gov
eminent exercised H. option % only IN gold
but perfect equality al Federal money issue
gold silver coin greenbfcks or notes issued
against purchase Of silver buion-let the holder instead
o the Government: possess the option and when he knows
he can get any kind Of money that be wants he will be
satisfied with he has. This would the fear
tia: now lne-rs his mind that sometime the Govern
Inent might the option In way % hunt him.
The ught make all money INTERCHANGEABLE
and ertbe and legal tender, sna prohibit all
other kinds O. currency