New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
VARIED VIEWS ON SlLVEK.
SOME QUESTIONS ON CURRENCY.
SHALL TwoTHrRDs OF OUR MONEY DE DE
sTHOYED7

STfOYED7
TO the Editor OF The Tribune.
sir: The excellent article "Thc Silver CUES
ton In your Issue OF this date is a mastery pre'e,'
tation OF the subject Its statements correspond III
nj pirti uars with what | believe to be the facts
am however, in daily association with q gentleman
who stands high among honorable business men, who'
strange " may seem TO You. as II does 10 me- "
llevcs In free silver conage-at the present r''".
We have frequent discussions, and your article "as
the occasion OF another.
have before me your artlolc and also Secretary
Carlslcl statement published IN your Issue OF June
a. Mr. Carlisle said Of 800 100000 silver dollars
coined since 1873 only about 500OOOOO were III
circulation June !. In your issue OF TINS u''e
you make Substantially the same statement. As
everybody knows all discussions must have some COM
mon basis OF agreement facts, and 1t Is upon I"
matter Of fac; that my friend and ! are nj iss"e'
He saws that besides the GOOOoOOO Of silver dollars
which you admit the Government has In circuIa"""
there are also outstanding S322.WO,OO0 IN s'NrI
certificate ~ which he says, means that 3o2Uoo"v,p
ng coin are In actual use. (2) besides the
l}j 900 900 Of Treasury notes, paid Tor s ne
i"siicd undcr the act OF 1890 are legal tender O.
Secretary Carlisle with whose statement you a,e 90
substantial agreement refers to the silver certlnu'
representing The silver held by the Government
outside the 5o.Oo0o0o in circulation rs odnS,,,on
Now what does he mean. or what IS the conul,ioI
Of affairs Are the silver certificates outstanding
the silver in circulation as ySs ana fS
900 900 dollars coined prior to tho OF 1907 One
more dollars cc ARR tender ini $ Hs treasury notes
under the act OF 1890 arc' u H.
Ncw-Yorh June a. 1903 ,
a. There are outstanding, according 10 the
official statement Of July ls, 332,634,5oi silver
certificates, Of which SAP sO4 had been returned
in the payment of taxes. and were that day hela
in the Treasury as assets, being ready TO be paid
out again 10 whomsocvcr might accept them IN
anv disbursement In name, but not il TACT,
tlcso certificates represent silver only theT arc
in law rc,lcema bic at the Treasury only in standard
silver dollars but because they are commonly
accepted in circulation at the sam" vain" win
and instead of gold paper rcdecmable IN goii'
they do in fact represent tn" Sold doiiar' w''c'
every holder expects he can got Tor thefh IL h'
wishes, and not tho standard silver doliar' VIM"
tho holders do not want. The proof that t'ic
people do not want and will not us" more thah
abont j7O20,743 of tn" standard silver hoia's
the amount on July /, is found in the farf tt''
after many years effort by successive Admihis'r'
tions to ge; more OF these coins into actuai
circulation the rest. S36? 1o1 on july /, r.
main in the Treasury unused. For time tHe
Treasury did succeed in getting somewhat over
co. 600 900 Of the standard dollars into use, bnt
part returned to the Treasury vaults because ho
one wanted them.
has nothing to do with the acceptance of the
silver certificates in us" for reasons Just s'h'e'
oiycs them no part of their value and Therefore
is rs useless % if it, all at the bottom oil INC
Atlantic. excepting that $j,O0o.0 900 or $4,000
600 Of thc vast amount might by some possibility
no brought into circulation in addition 10 the
81, O0O.O 900 now used.
"a The Treasury notes are, indeed, legal
tondors and vprr issued in payment for silver
bullion. but have obtained acceptance AMI com
mon use only because they are redecnable )n coio
When their issue began, some were speedily pr
scntcd for redemption, and SECRETARY FOSTER i'li''
that if they not redeemed IN goii' 'he
Treasury would be obliged to take them back IN
pavmcnt of taxes fast as they couli d" l'sue'''
and accordingly, he ordered them 80 r"lfr'h"''
For that reason. and not because they came INTO
existence in the purchase of silver bullion t"S
now circulate.
"a Tho silver coined dollars are legal tender
without limit except where oth"rwise expressly
stimulated in the contract The silver certificates
arc receivable for customs. taxes and all public
dncs and when 50 received may be rcissutd
f,ct of February -, 1873. but are not Legal
tenders II follows that when so received, but
net yet re.ssicd or paid out, they ar" acconntei
an asset, while the whole amount issued at any
Time il recl;oncd in IN" liabilities of the Treasury
With thcs" explanation. it will be- seen that
the actual circulation on July amounting 10
II .5o3.72G.iIl may be- properly classified thus
Gold coin, io3 633.10o; gold certificates, So
g7O0lV: total god SiD6.G03,5l9.
Papcr now rrd,cmablc in cold. United states
notes S3?O,sfj,Gs3: Treasury notes ~ i0,66l,-
coi. currency certificates. which are promises 10
dcliv.r United States notes rcdeemable in gold, |
81 oH5 600: National bank notes, redecmable in |
1 -rited states notes. which now rcdeemabl" |
in cold Sl1l13l,l39: total, SGis, 2O3,jl6.
Cirenl,tino because cxchangeablc for gold, |
tbouoh not bv law rcdccmablr in gold, silver |
certificates S32G.iso,l6j.
Silver standard dollars $j7,020.143: subsidiary |
silver. sG5.lOO.!GS: total silver. Sl22i3o,0ll. 4
The failure of the Government 20 maintaIn tn" |
,old busis would az once take from the current |
circulation about Sjo0.ooo,OOO, and leave AL |
th, rest rcdoenablc in silver only and therefore |
to get its value from TINT of silver bnli n. The |
rr."nt purchasing power OF III" remaining money |
is about 81 1 90. 600 600, and with silver bullion |
worth, as il il now. about seventy-one and hall !
cents. the real purchasing power of the same !
silver and paper money would then he worth |
about sos, OnO. 600 Virtually the country |
would throw away about twO.thirlS OF its present !
money. in purchasing power, shoul it fail TO
maintain gold paymcnts-ElJ
FOR Az AMALGAMATED COlS.
TO the Editor Of The Tribune
sir: Governor C,rnells views n to n new standard |
american union dollar composed Of geld ana silver,
are timely and practical some months ago I'll" writer
elaborated the same idea. The physical union OF the
:wo precious metals into diSiincvcly American
.fu1l. adv