St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
UNSATISFACTORY.
Currency Legislation Not OF the
Best

currency Legislation NOT OF the
Best.
The unsatisfactory condition of our
currency legislation has been for many
years the cause Of much discussion and
dlsquietu te among the people. and, al
though one great disturbing element
has been removed, there still remain
such Inconsistencies in the laws and
such differences between the forms and
qualities Of the various kinds of cur
rency in use that private business is
sometimes DISTRACTED and the treasury
department is constantly embarrassed
Ill conducting the fiscal operations of
the government. There are now in
circulation nine different kinds of cur
rency, all except two being dependent
directly or indirectly upon the
credit of the United States. One
statute requires the secretary of
the treasury to redeem the old legal
tender notes in coin on presentation,
and another com pels him to reissue
them, SO that, no matter how often
they are redeemed, they are never
actually paid and eXtingnised. The act
of July IA, 1890. provides that the treas
ury notes issued in payment for silver
bullion shall be redeemed in gold or
silver coin at the discretion of the secre-
tary, and when so redeemed may be re-
issued; but the same act also provides
that no greater or less amount of such
notes shall be outstanding at any time
than the cost of the silver bullion and
the standard silver dollars coined there
from then held in the treasury pur-
chased by such notes. and consequently
when these notes are redeemed with
silver coined from the bullion pur-
chased under the act, they cannot be
re-isSued, but must he
RETIRED AND CANCELLED,
for otherwise there would be IL greater
amount of notes outstanding than the
cost of the bullion and coined dollars
'then held in the treasury" In this
manner notes to the amount of S2.625, 9S4
have been retired and Cancelled since
August last, and standard silver dollars
have taken their places in the circula-
ton. If redeemed in gold coin, the notes
might be lawfully retired or reiSsueu in
the discretion of the secretary; but the
condition of the treasury has been, and
is now, such that practically no discre-
ton exists, for the reason that the ne
ceSsities of tine public service and the
requirements of the coin reserve COM
pei him to reissue them i'm defraying
the expenditures Of the government or
in procuring coin to repleniSh that
fund.
One of the principal difficulties en-
countered by the treasury department
results from the indiSpoSition of the
public to retain standard silver dollars
and silver certificates in circulation. Ii
requires constant effort upon the part
of the treasury officials to prevent the
certificates especially from aecumulat-
ing in the Sub-treasuries to the exclu-
sion of legal tender currency. Why
this should be the case is not easily un-
derstood, for, although these certificates
are not legal tender in the payment of
private debts. they are, by the acts of
1878 and 1856, made receivable for all
public dues, and by the act of Nav IL,
1882, national banks are authorized to
hold them as part of their lawful re-
serves. With the policy OF main
tanning equality in the exchange
able value Of all our currency firmly
established, and further accumulation
of silver bullion arrested, there is no
substantial reason why the silver GER
tlficateS should not be as favOrably re-
ceived and as literally treated by the
public as any other form of note in cir
culation; and for the purpose of Great
ing a greater demand for their per-
manent use in the daily transactions of
the people, | have directed that, as far
as the law permits, and as rapidly as
the opportunity is afforded, the amount
of such certificates of denominations