New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-24

legal tenders issued during the war; which are paid
in gold, nothing would be gained by refusing 10 pay
these silver notes also in gold and as all The war legal
tenders cannot be retired but must be rcssucd fast
y, paid. the entire Government Issue OF demand notes
IS really much fiat money. The parity between
gold and silver Other com
modify nc, a standard Of value Is rot Affected
in any way by giving gold in exchange for this at
money. nor would the Government debt be reduced
one dollar though all the gold in the world given
in exchange for the legal tenders, If ia" law
was compiled with aui they lcssucd rs
fast as paid. Exclusive Of Sill 100000 gold
certificates. representing gold deposit there
+, Si6I 600 900 I'm silver and coin notes roprc
scented by silver. and $34GoOO.O0O legal tender notes
issued during the war; total amount Of demand notes.
1907 OO0. 900. against which there is i reserve oil
900 600 900 gold to the outstanding wlr ISSUE
OF legal tender. For the balance, which is constantly
increasing in quantity. there Is 10 redemption fund
As silver has deprecated In value. England ana oil
the nations of Europe have felt thcmS"vc, compelled
10 increase Their gold reserve in por0Iii"n They nave
purchased their gold mostly from while We have al
lowed our gold reserve In III" Treasury TO r'n down
until II IS per cent less In proportion TO mstand-
ing paper than il at the time OF tho resumption
Of specie payment, July /. 1879. TO make the GOV
crnmcnts credit good IT was then would require
1928 100000 gold 10 be put IN III" h''d states
Treasury I'm addition TO what 1t has now on manu.
For the Government to purchase gold In small lots
maintain its present reserve would not necessarily
stop Its outflow and 1t would put the Administration
into a contest with bankers who supply the nations
they represent with the precious metal
We are engaged in commercial war; ana
can only end II by rcaliatory measures. The sooner
this Is recognized The better 1t will he for all TO
stop This contest for gold the Government must 60
into the markets of Europe and keep up Il steady
purchase until II has sufficient to make good every
obi CATION has onl. The paper Imitation can only
IL. stopped by legislation, but This viii sustain our
N lt
Strongest argnm"n, to stop the demand for colo y
inducing the other countries OF 'miieldofn 20 re-
S SSn".'Ne Gov"rnmcnt is 50 much superior I!
most OF the countries Of Enrop, thai ,hey wona
and It difficult retain their gold our Government
were In the market Tor it, Tia" fact mat me"
states bonds we're for sal FOR the purpor, OF ~,
crcaslng the Government gold receives would MAKE
them NOR" valuable ana sought AFTER IMAM 'N''
before. nit, ,,o
pendent Of What The balance OF trade uay BE-. This
Is brought about by syndicate OF banker, IN ~"
the manipulation Of foreign exchanges. " evidence
of thl, during The last two months OF l9'3 our cN-
div exceeded our imports ~ 81 2o,. and vet cX-
ported In December Of that year ~ l"Jco3 Of s9id
Including mcrchanci.. gold ana silver. W. exported
sjj.JC 600 than we imported. To his are 10
he added the proceeds OF very considerable a;nounl
OF securities sold for shipment abroad. lencc We
ought 10 have tcsin ';i with b'lanc' VI , non"p
iher, were flri gold shipments. and ih'y nay,
continued until nov. In December Of 1h&i ,ar s9,,
these frrrrs there we're free shipments Of gold. rs
already shown. some idea Of ow much the balanc"
Of trade between countries has 10 do wifi ul" NOV
ment OF gold nav be gotten from the following state
mcnt: cur export, - Gral iir.'an ara ,rciIni IN
against imports OF $19i.72:I.2';3 THIS enormous
halancc noi 'c'iicl BY shipments Of gii r TG
oar exports Brazil during III" same period "t 'ih
wcr, sl4o4J2,3. imports @-3.23i .5l5 Nlr wa
hv the United states 10 Brlzi settled ~ shpmen; @l
gold our import, from France 80" far irSH 'i, i,u'
a >tll les. ana get hes" ar" th" countries 10 WIG"
anos, all our gold Is shipped .o
II the Government Ia, 10 20 ln;o the marE' 10 pro
;cct lis credit the best way TO meet the present c"ndi
lion Of Things Is for II TO sell bonds for "Ncangc ana
Shou;d the Government al til, time sell +30oo0ooO
bonds in Europe und"T IN arnnsrm.nt Dy , w,aCn
would be likely 10 rule 81 such ralr 'h'' ''' IMAM
sioOCOOOO Of such proceeds would com INTO ne
this is that the syndicate referred 10 P;S "Con''
he channo by which the various nations VINO nave
been compelled increase their loli reserve. ana 10
create a reserve because cy followed Onr example ~
dcmonctzing silver. purchase their goa where inc
lad 10 20 into struggle with ns IN Europ" TO KEEP
the gold they have. het would a.,i.' 'nrir "sIm
ire balance Of trade Is largely III our favor direct
purchases of gold might be made in Europe but not
In view Of the great Loses and deuoral1a 9,o 81
business resulting from the t'm0n"zins OF oS sli S IL
nonetiz NJ it. Mr. Gladstone must hay" been speak,
Ing alone for thc money cnting casN Wen he a'd "a
7
hundred million dollars which She would lose b. re-
mo1e,lzing silver. Admitting that the wealth OF mat
rias, in Ensand has been Increased t" It's extent by
demonctlzi1g silver. wlat have they aiyan,as"d d
IL, All The industries and trades OF England are
Frustrated and business generally 50 drn"rahZ.d
throughout the ETplr, that money is drug 70 ,n,n ~
extent that 3 per cent has been nigh rate OF lhcr
est the last year and the quotation VIII not "'''
"STLc Exports OF England and ireland for 500 We're
over one hundred mole less than the previous year.
Thr rNporrS Of manufactured good. 10 India ard
T..
Than The corresponding month OF lo92 and thcr" nave
been iar ht manlacia e,ra G vI f lone
b. remembered nv In" farmers ana mhlnIaClnIrr. al
rons"rvatIsm viii make her slow TO adopt bimeih-
ism but fac" Of the above fact. she VIII NOV "p
pos pos otter , GG' o SS oSo vdr ana IS apparently
satisfied WITH the present situation bn'a'e she Tac
iicalIy maintains 6mctalliSm. Tn" Bank OF friirc'
not being governed by considerations OF law or polite
reserves and exercises the right TO redeem us h"'>
in silver or gold both being legal tender As Franc"
has The l,rcc,t holding OF silver of any naiion In
('hristcmdom d ALREADY practically on our re-
Xor l. il probable that Austria Hungary Is wei;"l
| ~ thn goa standard witch n, /, In course Of
adopting 10 snch an extent as TO ono viz
any enc Of these nations should SIDE with liS com
Try Il is probable silver would BE- r"non,n'a a. II
was ce,nonc'ilcd without tn fornahY Of Il co"''
iHr even without the mdor,ement 4 any s "'hrr
naiion the United .raes rcmon"ze silver Mh'm !,
retire, II, demand notes and lets the "opi. q" mn Wv
banding. as Is toe custom with al Other nAoh1 n,I
VIZ, rcyr, tolerate bank system Ike III" present.
watch l. based the assumption 81 ha'ohri u'il'
nv changing the law to permit currency 10 DE-
issund on other security than United states DohoS q
Coo toruinr system could be established that would
aiyc The county uniform and safe curr"ncy eiiF,r
would ,bcn be required With got as metallic basis
," Va, automatic ciLaisiOn and contraction OF ne
currency by local banks. TO 1ndg" BY -" exam AZ
| lie Of France the present supply 81 GOA III ihI9
crnup,rv wonld then b" sufficient 10 enable The toy
ernmcnt TO keep silver on parity with i y. = stand
od ~ volue Director Lecch. OF the United States
,tir, o.iiua.es the amount Of specie In the United
States AT Sls7 100000 gold and 800 ooo) slvrr
II has hecn stated that tie real solution ~ the 81
vor nrolt,n is 10 put into silver dollar enough silver
at marlet value to b. equal 10 god dollar. ~
rcnlv A. need only De said that 10 ADOPT ms pan III
! anrw o,bnr way than the Government now does bv
,ssn,nr lis notes on It's silver bullion purchases at
| pold valuation would be to use silver bv Wr1en, rs
! circltotinp medium. This l. the custom In emma
but all Christian nations hay. ix"d rauS TOR 'n -"
each being fixed by law. Thc r",Io
Of coinage differs in different ronn'r" ,s,;,,s m
| puting more silver into a dollar as an "1iiV'en,
for a given amount OF gold than the nations 1l
Enrnne INF rs the Silver tIns cOined h cxclnngabc