New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-20
TIE BANKS AND THE NATIONAL Treasury

To the Editor OF The Tribune
sir: ], IS apparent ir thc actin Of the Western
banks In Offering the Treasury Of the United states
some Of their gold In exchange fr note, that they
pa,rotically inclined TO aid in maintaining
the credit OF the Government. on which Is their
own initial stability based. than are the New-iork
banks. the Eastern Bank even.
By the bank statement Of March IL. 1893. II Is
shown that The associated banks Of Ncw-lorlS cay
held over s72Oo0OO0 In specie. the Treasurer Il
the United states day held about IO2,OOo0O
free gold or only s2.oOo.OOo surplus over the
" sentimental 500 100000 reserve fund.
What would be the raj elect Of concerted action
on the part Of our banks here. lookins 10
mcnt that when the Treasury gold Is reduced. by
withdrawal from time time. 10 the 500. 600 200
limit they should contribute pro rata from their specie
gold h ding, 10 make up the Treasury deficit or
even maintain II their 372,OOOOOo Troa,nr
sur BIS Of 900 900 s2jOOo 900 Enlargng this
idea let the entire National banking system of the
country be compromised In the scheme t. contribute
10 the maintenance Of Ia" Treasury redemption iIni
and VIC would have aim 81 the total gold resources OF
the country back of the Government currency, and
nothing bat an adverse trade balance would BE-
legitimate cause for fears Of a gold premium. and
only then would argc shipments warrant Il.
leave ont of consideration what believe Is at
present the ovcsladOwng II d,trd,t the part
Of The gold standard f foreign countries IL 10 the
stability OF the currency systems here. namely, the
prospect Of reduced rcvenu" Indicated by The
Democratic antcclcc'iIn Jrrrma against the pro
tectve system which has uniformly for thirty
years past given us increasing ratio Of experts
over Imports the legitimate ults OF which ccasci
only in November last
The silver question has never been sharply
put since then a, now: would trouble
Ourselves very much about the sherman aw7 $50
called If trade statistics favorab,c ID this
county as they last fall ! The "robb"r tariff
and sham reciprocity ar In the backgrounds
to-day. and silver l. 10 the front. John
sherman has twice given the Democratic majority
and their alli,s chance to repeal The present law,
lut I'm vain 40 wonder foreign nations distrlst us
when the vicolious political party rides into power
shouting that the "IIcasury is bankrupt While
our own cOuntiym.n know too well that there
M one honor justly due the Republican party
OF the last thirty odd years than that Of having
tabll-cd and maintained the highest form and sub
stance Of Government credit against all attacks. both
domestic and foreign, and the bascless mi>rprcscnta-
tIous Of political COW ards and partisan journalists
are my mind the principal CAUSES If the present
gold
Were the banks OF til" East courageous and
broadmindci in their dealings with the Treasury.
there would be- less Of the charge, Of sclisnc>> In
their Appeals for "rcicf." which made against
tbrr, hy the West and South. charges which lind
welcome Judgment with large sections Of our country
which are opposed 10 Our National banking system.
believe that the Republican party. If In majority I'm
Congress. would repeal il by large majority" but
being law the Harrison Administration has done well
% enforce II strictly ana thus g. secure lis early
peal II The Democracy are rLc 70 their pledge.
Ncw-York, March IL, 1893. CASHIER.