New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-13
SELECTIONS FROM THE NAIL.

A SUGGESTION on TIE MONEY QUESTION.
Tothe Editor OF The Tribune.
Sir In the editorial In The Tribune OF June
Won say 1T would be most gratifying To find even
I'm the most unexpected quarter any suggestion
pointing 10 a practical solution OF the silver qGeS-
ton" Permit TO suggest the following solution
OF the problem for your critical consideration: The
sherman act requires the secretary OF the Treasury
TO purchase 100000 ounces of silver month, al
Its market value and to pay for the same with United
states legal tender notes that are rcdccnablc In
coin Under this act adding 10 the
volume Of our money about SjOo0Oo0O n year OF
the very best form Of paper money that mas ever
boon produced. The objection made TO the sherman
act by continuing the purchase OF silver these
notes issued to pay for IT cannot be- maintained at
par with gold coin. Would not this objection be
entirely removed by amending that act 30 as 10
allow the S,crtlry Of the Treasury, his option, If
he has not sufficient gold and silver coin on hand,
10 redeem these notes In United states bonds bearing
from to per cent interest Would not the legal
tender quality OF the notes issued under the sherman
act together with the provision for converting them
into a bond bearing "A low rate of interest, always
keep them AT par with gold The notes issued under
the sherman nc, are far superior 10 the gr'enbacks
for the reason that IN. grcrnbacbs not a legal
tender for the pigment OF duties on foreign imports
or interest on the public debt. They are better uih
National bank notes, for -ilailar reasons; and ais,
because the bank notes are not a legal tender lor
prvai" debts They are better IMAM inc Sh'''
certificates sued under Bland act, because these
are not a legal tender, ana are r'dermable Only IN
silver dollar. They better FOR money than gold
coin. or even god clrncats. ana fcn'c. under
provision Of this KIND, can readily be kept nj par
with gold coin. II the sherman act Is amended rs
suggested even with the unlimited purchase OF silver
bullion ~ rs market value, these notes would lie
kept ~ par with gold coin. The great disturbance
In our present financial arrangements + the large
d.uu nd fnrc ID export. That demand VIII
not In the least be diminished by the repeal of the
sherman act. The demand for gold for export mas
grown ont OF the loss Of confidence resulting from
the adoption Of the Democratic policy on the farm
and silver qucs lions. which has caused change IN our
balance Of trade and a very large increase OF the
export OF gold 4, required 10 pay that balance
The demand for eod for This purpose VIII Keep mp
lust 30 long n there II any expectation tiat thc
Democratic policy tile tnrin question j. gong 10
prevail aud the repeal Of the Sherman act VIII not
stop II. II is repealed, II VIII cut OH the
only source OF supply In reality for the increase OF
our currency unless rrsort 10 either the is'u" oi
National bank state bank Dot">. !" -toP any
further Increase III the volume OF our money, Win
make the highest money market this country has ever
known Will send large majority OF thc business
men of Tie country who In debt INTO bankruptcy,
In order To- maniain gold payments the Do.eram 5c
viii soon he compelled To 'ell large amount OF GOV
umu,ns sc'u Ave The secretary Of the Treasury
power 10 redeem the Treasury notes with bono
hearing from = 10 . per cent Interest, thcrr h',u
Ice no apprehension IN regard 10 IN" guld I'aNlnE VIZ
country the r~rfv" might 20 down 10 fzV,'H'Vuv
without any disturbance I'm our monetary analrS anu
even less than that. before IL would be necessary u
Issue a single bond. =, 49,.
4 further suggestion In this direction Let all the
bland silver certificates that hav" been Issued. rs
fas, rs thrv come I'm for redemption. be r'pnc"n ny
the.e legal tender notes let the National bank notes
that com" for redemption be- wlt,hinwn rom tir.
,rntion and an equal number OF these legal tchuer
notes be- Issued to take their place. Let the oeerc
ary Of the Treasury then buy AL the silver bnloh
Ia, {. trscutcd nj II, market value. and pay Tor IL
I'm LEGAL tender notes rcieemable In coin. or, NJ inc
OpiiOn Of the Secretary. In bond bearing = or per
cent interest These changes will put our currency
on a foundation 50 solid That nothing can disturb IT.
Let al the gold that is offered for coinage BE- sorrI
I'm the rrca siirv, and these legal tender notes stchu
Of certificates b. issued In IT. place" That VIII gave
rs one kind OF paper money ana, WIN irnc
on,l silver coin n small amount of standard silver
dollars and all the gold coined that IS required Tor
money PURPOSES shall have the best money
ysten ever adopted by any country on the iacc oi
the globe. 100 Ia - ''i'''i-"'
New York, June g. 1893.