New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-26
SELECTIONS FROM THE MAIL.
WHY SILVER COIN IS NOW GOOD As GOLD.
AND WHAT WOULD QUICKLY MAKE 1T ONLY
lpOr-T UATF As GOOD


questions In The Wccldy Tribune:
lst.-fs the United states Government obliged by
law TO exchange gold coin for silver certificates or
silver dollars
2d.-Can the Uritcd states Government redeem
coin certificates With silver dollars, or must the gold
by paldl
3d.-Can 4 person legally demand gold coin for
the greenbacRs or Treasury notes OF the United states
Government OTIS G. PARKER.
Moravia, y Y. Dec. Il. 1892.
Questions and are so nearly the same that
Will answer them together. The law does
not oblige the Government to exchange gold coin
for silver certificates or silver dollars. Indeed
,he silver certificates are, by their very terms,
PAYABLE In silver standard dollars. The gold
certificates on their face. are redeemable in gold
coin. The law permits the Secretary Of the
Treasury to redeem such certificates in the Iund
Of coin that he may prefer, with this exception
The holder of silver certificates would have
right TO demand silver dollars, and tho holder OF
gold certificates would have a right to demand
gold dollars In neither case, however could the
holder actually compel the United SIXTIES Govern
ment to pay in any coin different from tlat
stated in the certificate. Nor is the Chlteu
States Government compelled by law 10 exchange
gold coin for silver coin. Neither does the Ia"
compel it 10 give silver coin for gold com
y
hacks arc a promise of the United States TO pay
their face in "coin" It is entirely at the option
Of the Government to make such payment IN
either qold or silver coin, as the officers OF the
Government may prefer
The foregoing answers Of the questions OF ms
correspondent would seem T. he complete; ana
vet. if should leave these simple statements o'
the law unexplained. ! fear that my answer
would be misleading 49, 20 the actual facts Ip
IN date il has been the custom OF the treasury
DEPARTMENT 10 permit the holder OF any "oVerh
mont certificates or Government opnealonS I"
.o,oc, .bc kind Of currency he shall receive.
ithcr in tho poylncnt Of his claim or IN the
ro1omn,ion Of hi. certificates. That practice mas
enabled the holders of silver coins 10 co"'r''
them into silver certificates: ana theh' wiz" ~
sired 10 convert these silver certificates mo S""
coin M their pleasure This easy conversion u
any one kind oi money into any othcr' III" INC
po.siblitv Of receiving gold coin for any ana
cvorv kind Of Government money without 'N-
nonsc 10 the holder. is the existing fact when
las kent all the money Of the United states OF
oo,,l ,olpo 80 long 10 all the people Of tA'
I-,i,od c,o,es last 50 long as one can "NehahS'
. national banll-note for a grccnhack' ana mon
,,i.bout cypcn.c convert that grcenp"cK H'0
i,s foco in cold inst - long national pahK-no'7'
orccnhocli notes. aad god will remain ot 'o"n
,.oluc lust 50 long os the HoVerhh'h' win
rr,i, ,hc holders Of gold or silver cer'lHca''' !"
mako their own choice and 10 r'cciVc INC i'''
- srcb certificates I'm gold. if they demand IT,
,, 80 ,orr thc silver dollar. tho gold dollar I'll,
H.. cor,i0cates and the gold certificates Will
~ ro,roir % equal value Such has oeen 'N'
~oso NOW for several years. The silver "'"A''
,,hicb il not ir,rirs.cally worth over So,
cents day. is kept ~ par by inc '"o' ,''1 o
~, Government treats II ~ being worth A' '"'
in gold. .,.,,, that hereto
I, j. propor - state At this point 'H''
fr,. tho confidence ~ thc I"op'' Nus
c,,,,,.,o I'm alb ,hc different k'hr7 - "''' 80,
...,rc,. Tint very l.ttlc demand has been in""'
f.r the redemption II any OF its paper
CO.. ,ro exchange Of one kind Of coin tor "'.
c,..,.i1 .t.rc hc an attempt on the part OF
49, n.o,1c 70 convert ;hcir holdings OF natIonal
',.o cold no doubt the Secretary OF the
r....s,,r,, vo,ld ~ ONCE avail himself OF ms Iee"'
.;.,,o He world r,fu-, 20 pay out the goa On
.',. IN exchange for gold certificates ana per
,. ,r crcouhact. there being under the law
lr,c r,ll reserve kept all tho time In me Ire'7-
,r,. for the redemption Of the grccnhacks' 10"
,,,.,,, .l,., tho United States Government 7ho""
r.f,a. t. pav ont cold, except ~ above '"A'
cement cold and roN certificates would nc wort"
,rcnium: they would, in little whhe' alSap-
n.,r fran the currency Of this country. " l.
,his fact which 'ads many careful puN'l''''-
mon tn fear tie result Of issuing monthly :"
lorc. an amount of the now oliver treasury
mics - il required under the law which pro
yidcs for tic hr,o plrchas" Of SILVER ca'h mont"
ms the United states Government.
The currency problem IN this country IL at the
pr,scnt time ~rrious one. Just ho" long We
can continue 10 increase the volume OF paper
money! based upon th" purchasc or s'ich az
enormous amour. - silver, viii" that metal Is
constantly dcprccia'ing in thc markets oi '''
world. i, hnrl 10 answer 1h" Monetary Con-
ference which ha- lust adjourned IN Europe
,,tbout reaching any valuable conclusion, shows
,.I,, . compTcx and difficult problem it was try
inc 70 solve. That conference was composed OF
,hIo Gnoncicrs. selected from all th" leading IN
tions Of the wor'd II. members were full Of en-
pedicnts. proposed various plans. and yet adj
iourucd without agreeing upon single remedy.
There seemed 10 be- no difference OF opinion as 10
tho Gravity OF the situation. Tho members All
orreed TINT something ought to be done. Jus'
what 10 do however. was Il puzzle they could NOT
solve Not only dil the leading nations diii'r
omong themselves. but the members from hardy
q single nation could arrive among themselves az
= conclusion which was satisfactory to all IN"
delegates from that single nation Yet one VIII
run across many men in the United States who
will not hesitate to e'ttlc this question AT once
and forever The Appancy with which some Of
there American inancicrs handle Il problem which
singers the best business brains of the world T.
to me AMUSING.
have been for two years. in season and
out of season. trying 10 impress upon nv readers
the great dinicuty of the money problem. which
oday confrout~ the people Of this Nation.
Very many times I have questioned my own
ability 10 reach any satisfactory solution Those
statements were made not because of lack
Of Investigation on my part but bcclusr the
more study the problcm the more complicated
il becomes
There is no one tlring which enters more con
stautlv into and contributes more TO the pros !
perity of "A nation than a good, sound currency.
4 measure of value which shall hlciuate as
little ~ possible is certainly most desirable