New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-27
A CALIFORNIA VIEW ON THE CURRENCY

A CALIFORNIA VIEW on THE CURRENCY.
TO the Editor Of The Tribune.
Sir: California always has been a gold basis.
AMI probably always will be. Since the paper
and silver have circulated freely; the paper drifts
eastward and the silver into the Sub-Treasury at
san Francisco so that excess or deficiency In
the moneys in the hands OF the people is notice
abb. Specific contracts the rule. and they are
payable in gold All OF our wheat and much Of our
other product go to foreign markets and the cable
Is busy every dav with money transfers from
London san Francisco Prices huctuate, but not
for any chargeable to doubts within this
State to possible change from gold 20 silver stand
ard In Northern California. in spite Of a poor
crop. there has been panic In Southern Cali
fornia where less business is done with London
and whore the people all "tenderfeet' without
our experience to the workings OF specific con-
tract law. when paper and silver are below par)
they have had taste Of the panic
Let II be remembered that state will remain
gold basis. and tina; State bank notes cannot
be issued here under our constitution ana that
all such State bank notes must rate below par
here because they cannot be made legal tender In
State OF the Union The writer is an officer Of
"A National Bank which owns $4,000 bonds and has
issued $4,000 thereon Of currency At this amount
he that silver basis is hreatened and
that greenbacks will down to 20 cents and lower,
II the purchases OF silver continue. For such OF his
notes as NAV be redeemed IN washington ne can
remit greenbacks: but what shall he pay for those
presented his counter and bearing his
signature? Legally. he offer greenbacks for
them. but II he does this he will bring down
his head the ill-wll OF the whole community. The
amount involved is trlnng. but II is typical
OF the whole country at the present moment. We
all depend largely upon the prosperity of the gold
bugs and Of the SILVER bugs. it is tho policy Of
the United States to maintain the parity and the
Of If M
It IL respectfully submitted. however. that the
silver miners have received more protection and
more bounty from the general Government than any
other class of citizens: and that It is necessary
sometimes that a minority shall suffer die.
that the majority may live. The silver men should
shut down their mines for year or two as n
slight acknow edgment of the hundreds of mil
lions lost within the last few months. following
years OF great expense in trying to save them. The
majority feel like the man who, In attempting to
save drowning person. Is dragged down below the
waters
As usual nowadays each writer has a plan"
and here is mine. | Allow free coinage only OF
gold into so pieces and make them the only
limited legal tender coins 2. Allow the Secretary
OF the Treasury great authority 70 sell bonds when
silver To- be- coined into present denominations
dess than tN eachl those to be subsidiary coins and
legal tender to limited amounts. 3. Retire ali
present paper and reissue an equal amount as
with the restriction that this paper shall b.
tender from the Government II the people. I'm
cases OF National distress when the President shall
have the right to make II legal tender from the
Treasury 10 the people for "A term OF one year
porting our own. with III" hope that own stock
of silver may thereafter appreciate give part of
our stork-sav lj0.1WG0 ounces-as a bounty to
American silver hereafter produced This might be
duccd ;. Leave the National banks unchanged
Sacramento. cal. Aug lj 1893. NO 2Oi4