New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-07
SECRETARY FOSTER ON GOLD AND SILVER.
IFS REPLY TO A SENATE NEUTRALITY-SUSPICIOUS.
TIONS UNDER WHICH RATIO

u
TIoNs UNDER WHICH RATIO
COULD BE FIXED.
Washington Dec 6.--Just before Congress adjourned
f. AuOnst tho senate adopted n resolution asking the
secretary OF the Treasury what proportion oi one
customs duties and internal revenue tax received WIZ"
I'm the previous twelve monUs were pa'o III e"
month In gold coin, In standard siVcr uoiai'' III
silver certificates OF in United States notes. e'c also
the amount OF gold coin ana ceruhca'es III '
Treasury and the amount held by the bahN'' anu 'e
total amount OF gold coin In the country
- nsror IN tho resolution Secretary Charles
roster sovs that Il Is impaccabe 10 state wiat pro
norton OF the internal taxes collected have beeh Puo
IN the different kinds Of money enumerated A"e
amount of gold coin In the United sta@s a'eaou,'
rlv a was $40 $50 622 and gold cerlhcates' Sl >
73s 500 The amount Of gold coin ana cer]a.'.eS ,
hold be the banks was $10l, l42,oo3. Inc 'oAi
amount OF gold coin in the country Is stated oy 'he
socro,orv n have been 1851, 12o,0S2. 1t VIII De
ohservcd the letter says thnt mention Is mao VI
the amount OF gold bullion In the Treasury or Ia TUE
country In carrying out the provisions Oh 'ne Nv
OF July a. 1900, the Department has iou"a " au
yisable to interpOse no obstacle 10 tie reue"p" "
the Treasury notes OF that act In god COIN ""e ~
sired BIZ tho holders. The letter states iur'hcr "'
the amount of gold derived from the sale OF oo"s io
.oSonn,,on nurposes remaining In the Treasury was
aaa a-e Gao Tint being the difference between the
cold rocoved from bond sales and the amount vi
limited states notes but the gold Ia the tIe"s,
ru,v n available for redemption OF the puoio ueo''
was SllO, 444,30l. oo ooo
On October the Bank Of France held 1924 l2o'ooo
in cod and 1851 400 900 in silver. AT the same u'A"
tho Imperial Bank OF Germany held Sloo'ofi'Zoo III
gold and s560l3.750 In silver. The BANK 81 h'sA,'u
held sl25 400 $50 In gold. The amount OF silver the
,o,o- osscr,s ia matter of conjecture but according
TO n silver census OF Great Britain. undertaken ov me
Council OF the London Institute OF Bankers III '"''
last the amount Of silver In the Bank OF Engaho anu
in nrvate banks was about SlGOoo,oo0. This sum-
Secretary Foster says undoubtedly includes nearly al
the diver held by the banks Of England
The letter expresses the belief that there IS no con
census Of opinion as u the ratio which would es'ao
h and nrcserve nm equivacncy between the coins OF
the two metals I'm the United States or whether ~ Is
practicable by correcting the ratio to again estaDs
In this country the blmetnllic system adopted unuef
Washington. The Secretary holds that II IS mposs'pe
"a establish any ratio between gold and silver when
would permanently. for any great Length OF 'ne'
prcserve substantial equivalency between the COINS
in the United States except under certain conditions
These conditions limitation or suspension
OF silver coinage the general ADOPTION VI
monetary convention similar 10 the Latter Chion' DC
fore the countries composing II limited the coiNase
Of silver, and proper limitations OF the coinage u.
full legal tender silver while the coinage OF so'u
remains unlimited These conditions, he believes.
rouId enable silver To maintain It's equlvaency with
cold The Secretary Is OF opinion that the olmethihs
system adopted by Washington cannot again. withou'
the cooperation Of the principal countries OF EUROPE,
he established In the United states on sui"oie
basis I'm any way. 49,. AL.
Concluding his letter. the Secretary states that
,nould the monetary conference now IN session, III
nrnssels result In an agreement between the United
states and the principal European states TO restore
tho condition Of things which gave stability TO our
mmetalic system I'm the past-that H.. 10 open their
mints to the unlimited coinage OF fun legal tenGer
silver at fixed ratio stable basis for oimeHic
system would be found for this country as well as
Europe such a basis the Secretary snys. can be sup
piled only by a monetary union or the great com
mercial countries OF tho world.