New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-14
popI1LAR OBSERVATIONS.
.r.,cr FOR SECRETARY FOSTER.
.,s RESISTANCE TO THE PROJECT OF ISSUING
hi' uoxns-TI,E AMERICAN SILVER FAD.

ro,Sr,yCE TO THE PROJECT OF ISSUING
h'' roxDs-TuE AMERICAN SILVER FAD.
traitor Of The Tribune
~ :, seems 10 me that Secretary Foster deserves
81 or,d,t for displaying much frmness and
sre'' a, character In the trying position in which
s"e"e ,occd lust now. lIe with many others. IS
ne anyinced that no Issue Of bonds is required and
i' ,hs Treasury has more than sufficient gold to
"" ,he REDEMPTION OF any paper money which NAV
nv ,.,v no presented On the other hand. II Is be-
po', r o,r banks assisted by the columns Of som"
Ut, daily and weekly papers. ara urged TO
bonds and impose unnecessary inter'st charge
fS" ,ho ncoplc II seems to me that at present
upO A, bonds Is unnecessary. and, In any event. Il
wv nmnoverng the Treasury to sell some OF Its
10" - silver would meet the Situation better than
w ,yne Of bonds 1t would indeed be nice stroke
Wy business for the banks TO coax or bulidoze the
Oh . Ds Of the Treasury into selling to them
.,ov prce bonds which. only a few wears ago. they
..a nm 10 1871 and unloadcd on secretary Farchild
.s hanks are really sincere in their bro
,rs that they are willing TO aid the country. IL
,d meet all requirements and ful!y allaV all
,o,v " the banks would come forward ana form
rndervriting syndicate guaranteeing that they
~onld take bonds from the Treasury when ana as
nancy Is really needed and not before. Such a
w ..on,ee would be fully Efficient as tie actual
sU =, honds or actual gold In TIE Treasury.
H., th.re is one point / would like TO draw at.
..n,,on 10. This is the narrow minded and nm
,.,,,oic policy Of some Of orr banks TO call inc
r.,d given by some of oar more liberal INSTITUTIONS
~ .vchance for legatenders loan Is whfuhy 10
..ar,cate and dlstort facts. II is no more ioah
ss" 70 exchange two So bills for 80 bill There
= ~, a bank in the United states which has any
u.,y,ties and for all practical. legal and moral
80 our eralterder money is &c tlc banks fully
'.nA ond useful as specie Before iht war. when
40 20 naner circulation issued by banks. there
.s GOOD ground for the banks TO Keep themselves
tang in specie for redemption purposes nut even
49,, m several occaSons-in 1857. 1897 ana lool-
che hanks suspended specie payments. ana venture
tne - ,bat even undcr the continuance OF the
e,,on law the convertibilitv OF the United states
- &c mucb more assured than the conver'ib'y OF
- ,onlno,e under a State-bank law. Az present. now
rs- hanks can morally and legally receive anu pay
,coI,ender notes. and wl,y tlen. do thev '"iec' anu
ia on so tenaciouslv to their eold is II tha'
,hsv wish and hope to bring about premium Oh
VA 90 as 10 profit from It In this they VIII De
,s,aLen inst as they have been mistaken Ill III ''cn
nrsd,etions during the last fifteen wears.
ot course I fully acknowledge the right OF people
4. A, With their own what they please. as long as
,bev remain within legal and decent HINTS. anu
.,.n 90 so FAR as to acknowledge inc r'tn, vi '"o
hnLs n keep their capital ana surplus IL soI'' S
n, nsper or anything they choose pu' uS what 'e"'
A. .hs C,tv Bank and the Hanover Hank refuse 10
hYf
anount 10 s1O11cOOO. and Il cir capital ana surplus
90 81 sol COO Now lcre Is about S3ooo'ooV u
cold which belongs TO their depositors ana 10 WI,
49, honks have not a pal tcle Of claim. unless me
h,nrs guarantee their depositors always payhen' ~,
Ia I am sure. however, that thc ucpos.'oS Wv
LOU os Tor ANYTHING Of the kind. ana thst - in,
Nv, ,oroi ~ Them whether the banks hold ,helr re-
rvas In spece or in legal-tenders ana the dcpo>.
enact notbinr from Il banks-nor nave tneF u iiS"
tnpeycept payment In legaltenders ,.. ,rro
am sure If the wishes OF tne uepVSi. ., ~.
nsrtea they would much prefer that al 'he oahh ~
,anca their gold for ltg atenders Inc mass vi
70. ~annlo NJ Tho United states want 10 see lhe NUN
ta nront strong 50 as TO aay the fears even W ~,
MI, ,,n,d In preference to seeing the goo III INV
banks. - 80. .,.o T. NOT tho slightest
chance Of any premium on gOld arising. anu "a ~
twn hank presidents wish TO sit on the'r goIo an NJ
{, they are welcome to DO So am ohiH 81 su ni,
nav ron IN ethical and not from prnccan ,d po %on
w" ~" I'm Tbis country With It's Se2pooVuo'oo"
- Yst,on,l wealth and practically unl m.ru ~ ",
rcss and credit can stand the expenditure W. va
80 400 600 wear for many wears 10 oo ,',,
INV silver and store IL away. while DINER
nseless ,orifcat,ons and armies or sh M, hou n
On son,h America and Africa. Every "a.'on I'D our
taa ~ lie own which must be indulced IN anu ou
ia az nrssant Is silver. II NAV no, De WIS., 49,
hans To have any such fad. but MINK u" q, nn In
Involved In proportion 20 our rcsoutc' 4, only
gnjscsnt ,bst n cannot materially hurt Us II OIL,
Kent within reasonable bounds. And II "" sno" ~
ever get hard up'' Will have so'h' IA 90 n
sell which VIII aiways command some hiiu p
prce all the world.
New-York FEB 10. 1893