New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-02
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National Bank amo, hc only unfoIllng n.season aaf.
outo' season, frec>llycT banker notwithstanding
the wisdom OF assembling Congress in midsummer
sumo that Prc.ident Cleveland is az least a well ai's
as any OF his selfappontcd counselors. rs to what
can be accomplished, or what ought t. be aG"ptei as
our legislation. | think IL would BE- prcsumptlous 10
venture opinion until know exactly what has boca
adopted for British India. deem it quite certain That
India has accepted gold her LEGAL tenier con-
tinulng her minis open to it nor will she do So for
the effect would be to denude the commercial world OF
gold. Wore her trade settlement, male in gold instead
Of silver. India would annually absorb a sum OF gold
far greater than the amour: available In any year from
the entire worlds mines for use as money. tn
fore that midas minis closed t. silver coinage
private merely but will continue open u
coming for Government account This will make tho
India Council sitting In London, the soc'draw,r OF eN-
change Calcutta and Bombay. These Council bills
In India being thus issued vastly In exccs, OF tn taxes
and Interest due in London every year. the Council Will
need to it, oyerdrafts b. shipments o. silver
bullion for coinage into rupees on Government account
The propose! fixed rate of exchange viii tend To In
crease the rapiity Of the trade inward aud outward
necessltating frequent settlement, end thus ell
larging the import OF silver 10 cover the exchange III
this prove be the whole adoption prescribed for india
result. instead Of staining will actually strengthen
the ability OF the Untei maintain bmc,allism,
II We our minis to equally unlimited coinage for
gold and silver.
Sir David Bafour himself British Secretary to India.
nancicr Low eyc oil Belgium have
is practically alone in its position OF independence OF all
other nations what shall constitute lawful money.
Our population, growing at the of nearly millions
year Is scattered territory scytntccn time tn
Of Funcc We therefore need growing volume Of
money. The OF gold available. at least until We
become invariably creditor in foreign trade j. abs'rdy
mcagre for need. Experience proof ;nat the
supply OF gold available Will not increac but on the
AIRY, VIII diminish II d,ca~l silver. Dr. Griffin.
himself monometaist Of high IcpUte ~ en- authority,
admits that only about % per cent OK the gold annually
mined becomes ayaLblc TO the wor for as m 'ny God
monometallism therefore the CHIEF perl u legislation
from which the United states at all hazards be
defended. The so-csed Sherman law j. creating United
States leeatender notes to the Il the arhct price OF
and half million ounces OF silver bullion monthly
The present Administration, foilvw ing tie Republican Ad
which first Ltdprcted the law, assumes
these notes PAYABLE In gold. The ability Of the
United obtain gold with which it, notes
demand cannot successfully be questioned. And yet |
been worked and spread abroad throughout
the country, both painful and costly. and ule remedy pro
posed in an issue banknotcs state or National, or
both. Ny impression Is that II the United states A.
body polite Of siNyNc millions of people. thought 10 be
the wealthlest OF modern nations cannot obtain gold
which maintain s Lawful money notes no banks
60 National, and COMPILATIONS OF banks IN tho !
United states that desirable achieve