St. Paul daily globe., 1893-08-04
MONEY MATTERS.
Thomas Nj. Patterson Criticises
the Treasury DeOartuent

Ihomas NJ. Patterson CritiCiSes
| the Treasury Department.
| CHICAGO, Aug. Sin an interview
this evening with Hon. Thomas NJ. Pat
terSon, of Colorado, he said: "Tonight's
dispatches give the denial to all of the
! charges made by the single gold stand
ard press to the effect that silver is an
unpopular money and that it lies piled
up in the treasury at Washington with
out any demand. United States Treas
/ urer Morgan has given out that no more
silver certificates will be issued by
/ the treasury department, for the reSer-
vation of the limit prescribed by
law had been reached. What he means
is that there are 800, 100000 standard sill
yer dollars and certificates representing
them III active circulation doing the
business Of every section of the coun-
try. There is not silver dollar left in
the treasury that can be issued because
there are silver certificates already is
sued and outstanding representing
every one OF them. The treasury de-
partment also says that the reduction in
the number of silver dollars i'll the
treasury has been brought about by re-
cent large demands for these dollars
from the South To move its crops and
pay off its farm hands.
There is also, according tc the same
dispatches, an immense demand in New
York for silver certificates of small de-
nominations, which the treasury de-
partment is unable to supply, for the
that
silver dollars 20 the South. These
statements carry with them two lessons,
one showing that the people are in no
wise averSe to silver money or its rep
resentdtive, the silver certificate, and
that owing to the process of withdrawal
by timid money owners there Is
Dearth of Currency
of small denominations, which might
be readily removed if the treasury de-
partment would but coin into silver
dollars some part of the large amount
OF silver bullion now in the treas
ury. Is it not glaring shame
that the South should be seeking
in vain for silver dollars to move its
crops, and the Eastern cities for small
denominations of silver certificates for
their needed commerce which is denied
them, while there are hundred ana
eighty millions of ounces or silver bull
ion Ill the treasury which the depart
ment has perfect right to coin into
silver dollars, and put in circulation
either in the form Of coin or silver GER
tfcateS? This extraordinary fact
should be we'll considered by Southern
members of congress before they sue
cumb to the demands of President
Cleveland with reference to anti-silver
legislation.
The same dispatches tell US that the
S100,0OO,OO0 gold reserve has been fully
restored with but little danger of being
reduced below that amount in the fut-
ure. Also that there are six or eight
millions of gold lately arrived here and
OH its way from Europe. If it was the
silver-purchasing clause of the Sher-
man act that drove gold from this coun-
try mouth ago, it must be the opera
ton of the same law that brings it back.
The truth is, is that there is no ground
for either claim. The gold goes and
comes under laws and through transac-
tiOns IN which the Sherman law plays
no appreciable part"
'1f the treasury department was not
so hostile to silver and determined to
give it no chance until after congress
has acted on the Sherman law, Secretary
Carlisle would listen to the cry that is
coming up from the South for more sill
yer dollars, and supply their wants
| by coming the treasury bullion, which
he has perfect right to do. If he
would do this, it is confessed by the
treasury department. it would relieve
the present demand for money in the
South, and which money it Is anxious to
obtain"