The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-09-01

From our New York Correspondents
Samuel Barton, Esq, has represented
the Nanderbilts upon the exchanges for
many years, although perhaps his larger
responsibilities were those which were com
mittcd to him by the late Commodore Van,
derbilt, who was his uncle. Mr.. Barton
has given a good deal of attention to tine
currency question, and when he was asked
what his view at present j. he said:
must confess that | have been surprised
at the utter failure Of the Sherman law to
keep up the price of silver. That it has
failed completely of its object must be con.
fessed, even 10y the most ardent and unrea.
sOning partisins of silver. 1t should there.
fore be repealed as soon rs possible and
should in fact have been repealed the mo
mcnt it became apparent that the internal
tional bimctallic conference would adjourn
without accomplishing anything in the Iii.
rectlOn OF international bimctulll~Hl.
am and always have been "a believer IN
bimctallism. But in vi,w e.. tie vlpriuuu,-
y increased Hnnunl production of silycralld
its consequent depreciation in price a. com
Darr'! with gold, and in view of the recent
action of India and the probable carly dis
memberment Of The Latin union. thi, couu-
try would be simply committing financial
suicide to undertake alone and uuaiied to
maintain the parity of gold and silver, ever.
at the ratio Of 20 or - to l. utc.natioual
action, therefore, III my judgment, isthc tir-t
essential To any movement in the dircctiu
of bimctallism unless we wish to isolate
ourselves commercially and financially
from the rest of the world.
Such international action can only be
reached 10y demonstrating practically ,u
the nations OF Europe that the oft respected
assertion Of bimetallists-whiCh, by the
way, have often made myself and still Ia.
~lievc there is not gold enough in the
world to transact TIE worlds business is
well founded, and this can he demonstrated
only by this country putting itself firmly
and rlgidly on Il gold basis and compel
ling the importation of sufficient gold TO
strengthen the treasury reserve to such an
extent a- to put its ability to maintain gold
payments beyond all question.
Selling interest bearing bonds to do this
would be absurd rs long q a., have 800
UvO,0UO or 5lu,uDo,uu0 worth oI silver bullion
piled up .u our treasury vaults. A the law
now stands, This bullion must be kept on
hand as long n the currency isSued AGAINST
it is outstanding. tulcs-thul law j. changed,
therefore, this bullion could uot b, sold
without occasiouing II disastrous coutrac-
ton of our currency. But the law could he
changed and should he. We have several
different kinds of government paper money,
some OF which are secured by deposits of
gold, some 10y deposits Of silver ana some
by the so called 500, UOO, 900 reserve fund
In point OF fact, the credit OF the govern
ment is what makes them all good Now.
why not unity all these different ls>les.
turning the gold held as a spcciai :, curity
against the gold notes into the treasury as
n part of the reserve fund aud selling silver
bullion for gold in London or elsewhere
and adding the gold thus obtaintd to the
same fund? This ought TO give Il. treas
lry a total gold reserve of about SlDJ.WO.
and would he ample to maintuh our
present outstanding government paper CIR
at par in gold. Moreover. the an
emulation of such an amount OF gold here
would probably induce some int lalIonal
action in favor OF bimetallism. Ii % uuI not
have that effect, we might as well cuu>,,.rr
bimetalliSm doomed forever.