New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-03

tinued until the deprecated State bank circulation
was destroyed and substituted by the greenback cur
rency, which, at first enjoyed the confidence OF the
people.
A. The commercial conditions now existing are alto
gether different from the two periods named. 1t
seems to me demonstrable. far financial propo-
ston can be logically demonstrated. that the present
situation Is not the result OF speculation, OF over
trading bad business methods but that is largely
II not wholly. produced by the silver legislation OF
Congress
have already shown that under the era OF de-
preciacA ercenbacks the balance OF trade against
us every year. State bank issues had been tried
and could not be kept at par with gold Unit"i
States notes had also been tried and though backed
by wealth and credit Of the Nation, they TOO hao
failed TO preserve parity with gold The increasing
production OF silver compared with that OF goa
had induced Germany to follow England. ana 10 ais
card 1t as twin standard OF value and the "iseSt
and most considerable statesmen OF the worid WERE
being rapidly driven TO the conclusion that the highest
and best political economy required and demanded
single standard of value.
A GOLD STANDARD ADOPTED IN 1873.
The American Congress Of 1873. actuated no doub,
BY these views and earnestly desiring TO escape In tho
future evils that the least sagacious were low com
PEELED 20 admit had followed the use OF depeca'ed
money adopted without dissent the single eoia
standard. This in reality no violent change from
the long dec Jared policy Of the Government AT the
years before. the pledge was given that they should
be redeemed in coin at close OF the War; and me
obligation OF that pledge was still Acknowledged py all
political parties. so far as the silver doiiar WAS
concerned its coinage had been free from me Time
Of the first coinage act In 1'02, bul curing 'He
eighty years that had now elapsed Only aoou'
5000 900 of these dollars had been coined. 1t Is
true that haf-dollars. quarters, dimes and other
subsidiary silver coins had been made at the mint,
but, being a tender for Only limited sums, the silver
currency had been an important factor In the
business transactions Of the people.
Two years after adopting the single standard To-
wit. in 1875, n measure inausuratcd and passed
for the RESUMPTION of specie payments, TO become
operative on January l, 1879 II these TWO measures
had remained the statute BOOKS lhVioa" ouu
unamended, there L. no economical reason why 'he
United States and lis people should not To-Day e'9oS
the most unboundcd prosperity. We shon!d nave hau
the best and most abundant currency-a gold currency
OF universal value and OF such volume as 10 lor'e
its Circulation as in England, France and Germany
into the hands OF the people.
To be assured OF this fact 1t IS only necessary again
to examine the conditions of commerce LOT the ds'
seventeen years. In the fist year alter resolving
upor. specie payments the excess of our exports OF
merchandise over imports was S79,64348l. In the
next year. ending June 80, 1877. this excess was
S15Il5cO94. For 1878 1t was S231.o i234. For
1870 1t was $c64 .GG Geo And this excess coh'hu'u'
with varied amounts. down TO 1s0.' excepting o.N
small adverse balances In the years 1900 anu 80
The net balance of trade in favor from June 10
1876. TO June 80. 1892. amounted TO the enormous
sum Of 81 s92 sS5446 II Is safe to assume that II
the legislation of 1873 and 1879 looking 10 perma'
nent circulating medium OF intrinsic value h'u IT,
NAMED at least thirdthat is over S6OOOOOoVo-
OF this vast trade taa-ce would have been paia 10
us In gold.
A FAVORABLE SHOWING FOR SIX YEARS.
In the first six years OF the time ending June 80
1881 we had already imported In gold over eIo-'-
ono 600 more than we had exported, and II must
he remembered that In 1851 we had been aIeaus
ror four wears Oh our downward course toward
silver standard after the Bland law of 1873 Finally
after the passage Of the sherman law Vi l0oo'
which more than doubled the silver pu:c INC
remarkable fact is disclosed that no amount OF eN
rortation OF merchandise could stay the shipments
n. gold from the United states. For instance Ill
1soO we exported an excess Of merchandise OF over
sss 400 GOO and In the same year exported an eA
cess OF gold of over 81 100000. In 1871 we eA-
rorted an excess OF merchandise OF over s30oooooo
and exported an excess Of gold OF over @'2'ooo'ooo
and although the excess OF exports OF products
in 1892 Amounted to nearly $203'Ooo,ooo yet 'he
almost startling fact appears that during that year
we exported over sl3,OO0oOo of gold; and now that
the balance OF trade has naturally turned against
US the country i, being drained OF It's REMAINING
gold with alarming Iapdlty
II any gold be left in this country 1t Is hoarneu
bv the timid Ii Is as completely absent from circu
la,ion as II IL had no existence. From January, 1853
TO june 1892, nearly $4,000 900 of gold ana goa
certlno.teS We're wlthdrS;G e>Tr ane N"'ldai
Treasury. The rapid disappearance OF gold may DC
further determined by the fact that In January lSol
$50 per cent OF the customs taxes In New-1orh
were paid I'm gold and gold certificates. Whle IN
May 1888 only ITO OF per cent was Similarly
paid
s. 1t only remains now briefly TO state the
character of the silver acts Of 1875 and 1oJo anu
10 furnish you the reasons for believing tlat 'he
overthrow OF public confidence and the present ue
preston I'm business the legitimate consequences
OF those acts The natural and normal results o.
this legislation would probably have followed much
sooner but for the many abundant crops oil 'hs
country and the numerous failures IN that respect
abroad.
RESULTS OF SILVER LEGISLATION.
The act of February 25, 1878, known as the Bland
ret was. by ,ile "to authorize the coinage OF the
standard silver dollar ana to restore Its egatehder
Character 1t directed the secretary Of the Treasury
10 purchase monthly not less than S2,OO0,OJo nor
more than 100000 worth OF silver bullion, 10 De
Immediately coined into silver dollars OF az l.
grains Of standard silyerthat Is 81 la grains OF
cure meta-and these dollars when 50 coined were
made legal tender for all debts public and private
except where otherwise expressly stipulated In The
contract The act further provided that the holder
OF these coins might deposit them With the treasurer
or Assistant Treasures OF the United states anu re-
ccyc therefor certificates, Of not less than slo III
amount, and these certificates were made receivable
for customs taxes, and all public dues, ana "heh
SO received may be rcssucd."
The act Of July IA, 1880, known as the sherman
law directs the secretary OF the Treasury to purchase
each month 4j0O. 900 ounces OF silver bullion at inc
market value thereof so long rs silver was deprecated
below the par of gold, and to issue in payment there
for Treasury notes Of the United States in dcnomna-
lions OF from a 81 900. These notes were made
legal tender for all debts and receivable for all public
dnes and "to be reissucd by the Government" The
Secretary Of the Treasury Is required 10 re-
deem these notes in gold silver coin. at his
discretion. To induce the National banks to accept
them they are authorized TO count them as a part