New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-21
$50 BROADWAY. NEAR BOND,
NE W.YORK.

out the payment of commissions. Such bonds would
afford to the people at large an opportunity TO
| convert their surplus earnings into form Of secur-
ity which, while 1t would be perfectly safe would
not only increase in value by reason OF accumuat-
Ing interest but be at all times available as a
means of procuring money when needed: and the
experience Of this and other countries justies the
confident belief that such plan would be popular
and successful.
In Congress should not consider it advisable
to authorize the Secretary to use for the purpose
of supplying deficiencies in the revenues any part
of the proceeds of the bonds herein suggested.
recommend that he be empowered to execute
from time to time as may be necessary the obliga-
tons OF the Government not exceeding In the aS-
gregate S0Oco.00o bearing rate OF interest not
greater than PEI cent and payable after one year
from date and that he be permitted to sell them
at not less than par. them at not less than
par. in the payment of public expenses to such
creditors may be willing to receive them The
condition Of the Treasury Is such that unless some
available means promptly provided by law TOT
supplying the growing deficiency. the public service
will be seriously impaired and pensioners and
other creditors subjected to great delay and ncon-
venence Congress alone has the power 20 adopt
such measures will relieve the present situation
and enable the Treasury to continue the punctuai
payment Of all legitimate demands upon II. and
respectfully but earnestly urge that immediate at
tention be given TO the subject
THE REDEMPTION FUND.
The extension Of the power Of the Secretary to
procure and maintain a larger reserve for the re-
dempion Of United States currency is discussed at
length The direct Government obligations In use as
currency amount to si99s9 80 all OF which the
Secretary of the Treasury Is now required by la" 10
redeem In coin presentation. INsides TINS there
have been coined under authority Of law s4ls3S250
in legal-tender silver upon which certificates have
been issued to the amount of 1894 l3s.5oi; and as
Congress, in The Act of July H. 1880 declared II
hlicha nnl n he
to maintain the two metals on parity win eaTn
other upon the present Legal ratio GT safn ps
exists for eonferrns upon the Secretary un-
questionable authority to provide Tor such coh''h
gencies may arise - $1,000
Under these ereumsanses the Secretary urges
and maintain an ample in coin and that
the purposes for which such reserve is TO be held
duty imposed upon him by the law. The existence
of such authority in constantly avaaoe iSr
in the security and stability Of our currency that
b 's s fuy Of policy ard
withholding the means which may become neces
co1ment Largely on account OF apprehension
the ability Of the Government under the egS ra
demption of its notes in coin and maintain ne
parity Of the I two me nanr the sca year ii
reached. already stated In ms report; me IN ~,
Which was withdrawn from the public treasury by
the presentation Of notes for redemption
THE GOLD RESERVE.
"Durine the three months next preceding the
7th dav of March. 1899. when change occurred
in the administration OF the Treasury Department
the Withdrawals Of gold from the treasury for
exnort amounted to s3iliG.O0 and during the eight
months which have elapsed since that time such
Withdrawals have amounted TO S6.2j9'I". or Gle
GO more than during the preceding period OF three
months
The amount Of free gold in the Treasury on
the 9TH day OF March 1885, was sco9s2a no. OF ~
uo in excess OF the lawful reserve; but by making
exchanges Of currency for gold with the banks III
different parts OF the country the amount was III
creased to 500 1872 62 the 9th OF mat mohth'
Notwithstanding the most strenuous efforts y lnr
| denartmcn, TO maintain the hundred-mllnon uoIlar
reserve intact. the presentat ION OF notes lor I
Continued to such extent that on the 22d Gay OF
April for the first time since tne s e"p Tart Of
II, and it was reduced s95 4S2@,! but 1t was vas
snd sn that on the 10Th day OF August It had
fully restored and hsre T ~ bS ON a had
been diminished by edemP 81 l ,s o. wbch i the
so long as the Government continues the IN
policy Of KEEPING Its 0Tn MG.rn to pro
vide for their redemption In com on ~ Sncpn
WIZ ~ the Treasury TO possess the means or TO
| have the clear and undoubted authority 10 s@c
nacessarv to enable him meet such emergencies
as the which has recently oGe egIslat,on b
Treasury Department exercises to larger 81 fhe
than ali the other financial lhsntn''P hant ,ssue
and While the credit Of the Government m rs a IN
s at ali times the actual coin which expert
shGwn to 6s Tsa"l SITE II would ss be
to e say the as ea wouI Dot %
Government in times Of unusual monetary hs' hod
ances to keep Its faith with the people e wn agaD D
| he disastrous effects OF an irredeemapie anu "e
| preciated currency
THE SILVER PROBLEM.
| "rbe recent repeal OF so much OF the ACT OF
INV a 1890 az required the Secretary Of the
rroasurv 70 purchase silver bullion ana issue lFeaS
| . otes IN pavment for 1t makes such radical
ohanee IN the policy OF the Government respecting
tho currency OF the country mat unti us ei'eV.'
! aa more fully developed do not consider II hu-
| tsahle 10 recommend further specific ieglsia'ioh
mon that subject. AS already shown in this report
| 49, a,rount of money in the country. outside OF
| tho treasury on the LIST dav OF December 1892
| wae s,12 4Oi 9i7 greater than the amount ou'a'''
| inc nm the 1st day OF November 1888 Inc vast
| ,oraase in the volume OF outstanding currency
| no,u,tbstanding the enormous exports OF GOA n"r-
~, ,h ,,oar Is the result Of several causes among
| which NAV be mentioned the issue OF Treasury
o,es for the purchase of silver bullion, the eNceSs
| of nub,ic expenditures over receipts the ad'iuo"'
| incubation called for by the National banks uuT-
ing the late financial strngency and the large I'M
| 80 ~ cold which amounted during the months
- I,,v ADJUST. September and October. 1885, to
the sum Oh, Si amount of money in the country Is
That t tne O. REQUIRED for the transaction Of the
greater IMAM ta reope this time IS conclusively
business sn NV % the fact that II has accumuated ana
Is Sun, Event as TO constitute serious emoa5
banks SSdn IN T a4ss .ns is al c
many x %, accumulation Of currency paTcn
lar points 70 Tor II elsewhere will enable the
sSs at to TnSa ra
10 1oan Continue until the business Of the countr
has more Iun Syc.nt financial disturbances
in TWO benin nine
kinds OF curre.yctlv upon the credit OF the nted
One rsau 9 ns notes
Treasury 10 e,ntation and another compes him 10
coin on Sem that no matter how often the