The Red Cloud chief., 1893-09-29
WHAT KIND OF MONEY
An Able Address BY an Able
Man Upon Our Gold and
silver ~ Money.
Interesting Figures Arc Given
and Companions Made
~ 10 Their Use.

Hon. u. NJ. LAmberteon. OF LincolD,
FIRST assistant secretary OF the treasury
during Hsrrison's administration, dsliv.
cred an address before the faculty and
students Of the Lincoln normal univer.
sity upon the financial situation. The
address was an able one. and 10 valuable
for the information it contains from one
Who has been In q position to speak from
che record. lie draws his conclusions
from historical facts. and while the
whole address Is too long to reprint at
this time. extracts are taken from il
giving the facts. a. follows:
we have gold coin in circulation to
the amount Of si0,6D. 700, and gold
certificates ss2,OIo019. making q total
Of CAS-. 7U}.7la. BY the statute % $40
grains OF gold make a gold dollar. which
10 the unit Of value.
The standard silver dollar consists Of
Ai2ii grains OF standard silver and
37lA grains Of pure metal. Tho stand.
ard Of both gold and silver 10 required
TO be 90 that Of loo parts. 800 shalt be
OF pure metal and 100 alloy. The
standard silver dollars in circulation are
e57,09.7i3, and the subsidiary silver in
circulation 10 sG5.&0O.oGs; silver csrtif.
Gates, e3o6.iso.lGj. and treasury notes,
el40,66l ga. making . total Of silver
money. and paper money based upon
silver. In circulation, Of s~5s9,jsO.s10. as
against eig6,J1,7l OF gold and gold Ger.
ti6cates in circulation.
The United States notes in circulation
are ss0,s75.6s3; national bank notes.
sl~7i.I3l.l3o; making a total currency in
circulation Of H,5B,T5.ill. The
amount Of gold. silver and other cur.
rency issued is s2,l2o.2sl,093, OF which
amount sjGyjjiCs2 arc in the treasury.
1t is important to note the difference
between the paper currency in circula.
ton. Gold certificates are in fact notes,
and promises TO pay issued by the
United States. payable in gold dollars.
Silver certificates arc notes for the
United States. payable in silver dollars.
The silver certificates were issued under
what Is known as the Bland act o. 1873.
Treasury notes are notes issued by the
United States. payable in coin. These
notes are issued under what is known az
the Sherma6 act Of July ii, 1880. which
authorizes the purchase each month OF
10000 ounces % silver al the market
price, which are paid for 10y these treas.
ury notes. United States notes are what
are commonly called greenbacks, or
legal tender notes, the first Of which
were issued early in the war, immediate.
ly after the United States suspended
specie payment. There were $4,000.
600 Of them Issued. although at the
present time the amount il limited TO
s3iGCo,oco, and they arc reissued as
fast az redeemed by the treasury, so that
the amount remains fixed at about
s3iG,oOo,CO. These notes are made
payable in coin, as are the treasury
notes, but as the act providing for the
resumption OF specie payment, passed
10 1875. authorized the redemption OF
gteenbacks in coin, and as at that time
silver had been dcmonetized by the act
OF 1873, and gold was the only coin
recognized by the laws Of the United
States, the resumption act has always
been interpreted as authorizing the pay.
rhent OF United States notes in gold
coin, and for that purpose there has
been set apart. when the treasury had
that amount, at least l0O,OOO.0OO for the
redemption OF these United States
notes. Hence, when we talk about 100,
100000 gold reserve We refer to the
amount that has been set apart for the
redemption Of the United States notes
The treasury notes which we issue 10,
the payment Of the silver bullion Of
100000 ounces purchased MONTH,
unde the Sherman act are also payabl,
in coin. % that the secretary OF tn,
treasury, in his discretion, can pay thes,
treasury notss either in gold or silver
but the act requires the secretary OF tn,
treasury TO keep the two metals 90 "a,
a. possible, at a parity. II the secre
tars OF the treasury. when asked to re
deem tho treasury notes in gold, SHOULD
pay in silver. there would be a discrimi
nation In favor Of gold, and the result
would probably be that gold would g,
10 the premium. and the parity between
the metals would be disturbed in viola
ton Of the law.
The important distinction TO be kep
in mind 10 between the silver certid
cates that were issued under the Blsn,
act OF 1873. payable only in silver dol
lars. and the treasury notes under III,
Sherman act OF 1890. payable in coin.
The silver certificates are only b,
their terms redeemable in silver dollars
while tho treasury notes are by thei
terms redesmable In coin either gol,
or silver. The uniform practice of tn,
government has been 10 redeem them il