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

sector Of the act makes IL obligatory on the Ires
dent IN invite the countries comprising the Lntn
Union (Which had been the last TO reject tie use
silver and other nations Of Europe T, Join us In
conference to adopt a common rntio between eou anu
silver and to secure ixity OF value between the met
To show beyond all cavil that the ACT Vi io'''
demonetizing the silver dollar as tender LOT deo',
was advscdly and CONSIDERABLY Passeu' We "o'N
only examine the contemporaneOus ie1'si"Hon WI
The same and kindred Questions Inc proNisio"'
Of the act Of 1873 Itself are TOO pam 10 nave o'o
misunders TODD and to have made theh oiIeTc'l'
youId have been n marked departure from the pol
lev Of the Government rs fixed by the CoDlase ACT
CT February 81 1853 which decreased inc guam
THY OF metal In the subsidiary silver CONS ana NM
tied their legal tender character to payments OF ."
and less. Hence the act OF 1873 dropping r'c
further mention Of the silver dollar from the coin
age OF the United states, expressly cohhheS 'lc
use Of all silver coins Of the United states TO
payments not exceeding 81 in amount. TIC act
OF June %, 1874 strictly in consonance WIN
that Of 1873. 1t had been previous policy
since the foundation OF the Government 10 MAKE
foreign coins Of both gold and silver, receivable
for public dues and also as between individuaiS'
The values fixed by law for many OF these CONS
especially those OF silver already beyond their
intrinsic worth, and silver gave signs Of continued
decrease. Hence the act Of 1874 declared, nfSt
that all foreign coins should cease to be legal
tender; second. that the gold coins OF the United
crance should be legal tender for all debts ::
third, that the silver coins of the United States
Including, Of rSc the silver dollar shall be
legal lender at their nominal value for any amount
not exceeding five dolars"; and. fourth that 81 the
minor coins (the nickcls and copper cents "shall
be legal tender for only twenty i've cents
NATIONAL BANKS FORCED TO SUBMIT.
1t obvious TO the least discerning fnanccrS OF
the country that the act OF 1873 would eventually
bring about not double standard, pretended by
It's friends, but single standard deprecated silver
Hence, from the beginning these dollars were re
coived with great dlsrust. But Congress, having
entered upon this strange scheme Of expansion. deter
mined to use the power OF the Government to force
the circulation upon unwilling public. The asso
ciated banks OF New-York Boston and Philadelphia
adopted rules forbiddng the OF these dollars. and
also the silver certificates, in clearing balances among
themselves. 1t really seems that, when both debtor
and creditor agree to currency thought TO be
injurious to the public welfare they should be allowed
10 reject 1t in their transactions without the fear
OF punishment The National banks, however held
their charters from the Government and the dis
ciplnc of Congress brought to bear.
1t decrecd that National bank should belong
clearing house that rcfsed silver certificates In
payment OF balances. When bank charters had TO be
renewed. the renewal conditioned on the receipt
ana circulation Of a currency already bad and get
ting worse day by day. The Government now entered
the field common carrier and transported, with
out charge this unacceptable currency TO any part
OF the country that would deposit gold for 1t In the
sub-treasures. Thus the Government sowed the
wind and now by the just law OF retrbution, reapS
the whirlwlnd. The public demands that gold back
and the Government must pay IT, embark at once on
the treacherous sea Of deprecated currency
When pains and penalties failed to cocrc" the banks
the persuasion Of selfinterest reSorted 10 ana
they were offered the bribe that silver certificates
received by them might be counted In their bank re
serves Finally. when the banks remained obdurate
against threats and seduction it was thonght the
general public might surrender to the temptation
Of small notes and TO that end. IL l5S6. 1t was
enacted that The Secretary Of the Treasury should
thereafter issue silver certificates In denominations Of
81 81 and 50. and that the larger certificates Issued
under the act Of 1873 might be exchanged Tor the
smaller denominations.
CHANNELS OF BUSINESS GORGED WITH SILVER
II greater expansi- Il the currency were really TO
oured by the egr 4, demands OF business, II might
have been secured. 1t TO me. by inducing an III
crease Of the National bank notes, currency secured
by United states bonds. payable in gold, and Away
worth premium. Instead Of this, the contrary poh'y
was most persstenty pursued resulting In decr'ais"
OF spehe paying bank note, from T31o'oooooo III
1853 to 72OOOO 900 IN 1902. While ms beu"f
currency was being driven out by unfrendy l"gisla
ton the channels OF business being gorg'd 10y
600 Of silver certificates and finally under the act OF
$50 by the issue OF S1ji 1000 more OF Treasury
notes I'm the purchase Of silver bullion, n an chor
nous loss 20 the people and to the Government.
OF the 500 100000 or $500 900 gold Win
which we began in 1873, can now be found IN
circulation What has not gone to foreign countries
ENJOYING the blessing Of a dngle standard has been
h,,rded not 10 rcpppcar until lis holders have some
guarantee that II loaned II viii lie returned In money
oou,llv good. The g)d certificates not already lmc'I
upon tn. Government for redemption are no "hs'r
seem The United states notes for the redemption oi
which the 800 600 900 gold reserve Is supposed 10 De
held BY the Government. constitute the best security
Of the National banks, and hence the greenback Is
rapidly disappearing. The National bank notes are
necessarily held. possible. by the banks ISsna. nj,
redemption may soon he asked In gold Nothing , Is
left but silver certificates and Treasury no'es. me
Hence they can give no relief suffering CON
muny The Government Trca 'lry Is drpsua oi s
ment receipts Ex,ravagant appropriations made
upon silver basis must now be paid IN heolnn 81
brief course and lis performance comes with suffering
and tears What now is the remedy
DRASTIC REMEDIES PROPOSED.
Trst-Tbc customs duties should hereafter be paid
in gold alone
sccond-The silver bullion In the Government wants
should at once be sold for cash In gold ana the pro
ceeds covered into the Treasury.
Third-Three per cent gold bonds TO the amount o'
300 900 600 should be promptly sold and the pro
cceds transferred to the Treasury.
Fonrth--A day should be fixed, not later 'hnn
January f. 1903 for the redemption and payment III
pold coin OF all circulating ~ every description
heretofore ls-ucd by the Government.
Finh-M least half Of the silver dollars Issued nndef
the act of 1873 aud 1890 should be sold as bullion
and the remainder nincd into subsidiary ilver coins
and made legal tender only In payment Of 80 or less
six,h-Provsion should be made for the use Ct the
$500 100000 Of gold bonds as a basis for banking
making the prOvlsiOns a. liberal a. possible con
eistnnt with safety but under Government super
vision. ,.,.,. ,.,, !,
Snycnth-Thc basis Of National banking should be
so enlarged as 10 permit the isuc OF circulating notes
on the deposit Of other than United states bonds The
solycncy Of bonds to be passed on by responsible
Government officials.
Eighth-Al bank issues TO be redeemed in gold coin
on dcm3nd. . 49,. ,,, . -, .