New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-16
SELECTIONS FROM THE MAIL.
TRIPARTITE. NOT BIMETALLIC. CURRENCY.
URGING THAT GOLD, SILVER AND PAPER ALL
BE PUT on A LEVEL.

BE PUT on A LEVEL.
To the Editor Of The Tribune
Sir: Under the head What Free Coinage Would
Do on January The Tribune, arguing that free
silver coinage would large contraction OF the
currency, The people boarding gold coin through fear
of silver says
"Th, boarding OF gold by multitude OF ihdi-
vduas in sums varying from single coin up to
Thousands is supplemented by the deliberate with
drawal OF gold or gold certificates in large amounts
by capitalists who apprehend that at no distant day
gold may command a premium
If this statement and view OF The Tribune is based
upon fact. it strikes me argument. not against
the free coinage o, silver, but for some change in our
monetary system which shall make such withdrawal
OF money from circulation undesirable and practically
out OF the question. II ought not to be impossible
to find way to accomplish this. contraction OF
the currency, large small, is a serious harm TO
every productive branch Of industry the worker
suffering most because lie is most helpless This Is
a cruel injustice. \ chief argument in favor OF gold
and against silver is that the former Is required To
settle trade balances with foreign countries. Gold
will be required for that purpose If the people
OF this country arc wise enough to protect their in
dustries to keep balance OF trade in their
favor Then, again. silver has heretofore been, and
may again be. valuable in proportion ID IL to
i than gold Then The Trbunc's argument against
silver would stand well against gold coinage. a
large EXPANSION of currency in the United states
do harm. ON the contrary, it is clearly demanded by
business interests But the point under consideration
here is how to overcome this disposition Or tcmpta-
ton to hoard money in hopes Of profit Or fear of loss
by the light OF the Nations experience in the last
twenty five years this problem ought not TO be dfi-
| cult TO solve. The Tribune quotes letter from
George Il. Gibson January 8. suggesting " inter
cangeability Of all money, metallic and paper in use
as means Of nsuring confidence and overcoming
possible preference any seeming necessity for lock
Ing up for purpose money made OF material. and
thus largely contracting the life tool Of trade
Mr.. GibsOns plan would far toward solving the
pending problem and perhaps experience would prove
it complete. Practically the plan would make all
money in use-papcr, silver and god-a full legal
tender alike. which would unquc>tlOnaby prove OF i'm
advantage 10 all branche, Of industry II would
prevent the COrnerng1 Of any one KIND o! money,
making ii commodity and demanding premium
above it. face value because debtor merchants and
others are compelled under the law 20 inEe pr.
tcuar kind Of money or material win whlc; 10 meet
their obligations. This the ease with gold during
ard for several Yeas after TIE war Ihe mere ,ig'
ccstou of the Secretary Of the Treasury. vi. hher-
man. that the grccnback, he received for customs
duc> instantly knocked of the premium on goo ana
brought 1t into When the Coin Redemption Act
become operative. In 1-19. no man cared 10 demand
coin for hi~ glecnbachs, simply because the latter
Now. a, gold and silver never 20 abroad money.
but ,Oely rs commodities. 10 be weighed like wheat
or iron and 70 the market price. The question
whether would not Doe simpler and IN all Icsp"rts
-lfrr and more business Ike to make gold silver and
paper money all alike legal tender for all purp~ =
al once! This plan would seem - do away with
! the danger of crafty creditors taking advantage 81
unfortunate dcb'o. II j, evidently and clearly I'm
polite and di honest for Government 10 con- create
and i>su" money without defining il, use 10 De ~
creditor. why should not that currency he complete
for it, purpC," The simplest and most readily Under
stood form would far the best and most effective
the same ~ IN the case If any mechanical INVENTION
Brooklyn, Jan. II, l-9i. f.. .. BALL.