Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-23
SILVER AND GOLD AS MONEY
A Way Suggested to Maintain Their
Parity.
A Memorial to the Senate Explaining
Further the Boston Plan-A
Reference to the Tarin.

Mr.. Hamilton Of Boston, who, as the
representative of the Boston business men,
has petitioned the Senate in the interest of
repeal and also suggested a financial policy
to be followed after repeal, looking ulti-
mately to an international coinage, today
placed another memorial in the hands of
Senator Hill explaining further some Of the
points In the proposed legislation. In this
memorial Mr.. Hamilton says:
THE silver certificates should be made
equivalent to gold. by making them re-
deemable In silver coin, and the coin re-
deemable at it's face value In silver bullion
at the market value, SO that a silver dollar
would be exchanged for a dollars worth of
silver bullion by the governments promise,
and the bullion could, therefore. be sold
by the holder. in the market, for a dollar
in gold. This would relieve the govern
ment from exchanging the gold for the
silver, and thus prevent the reduction of
Its gold reserve. but 1t at the same time
would make a silver dollar worth a dollar
world.
Bimetailism without depreciation of value
may be thus maintained. Such q currency
would be acceptable to business men, be-
cause every dollar would be worth its face
value, and the parity Of the silver dollar
with the gold dollar be realized.
Whatever fluctuations might occur in the
market price of silver would be prevented
by the government from affecting the value
Of the silver dollar. and the stamp on the
face Of the coin would mean more than
the governments promise. 1t would be
,SfSnKFi fbN, ,the maintenance Of the silver
in silver bullion, to meet all
obligations In silver, and the maintenance
OF the gold reserve would likewise secure
the governments gold obligations.
We now have an amount of silver bullion
sufficient to meet the difference between
the face and intrinsic value of silver coin
ed upon which the silver certificates have
been issued. Upon the deposit of silver
coin In the treasury silver certificates can
be issued and the necessary amount of
silver bullion can be purchased as required
to make up the difference between the face
and Intrinsic value of the coin deposited.
The amount of silver bullion which would
thus be purchased would be limited by the
coin now In circulation, which would be
deposited in the treasury"
Mr.. Hamilton touches in the memorial
sent I'm today on the tariff question. He
says:
If the present contemplated compromise
Is adopted and further silver imitation be-
come realized, there is but one more step
needed to prostrate the industries of this
nation for years to come; it Is that of dis
turbaEce of the tariff, with It's effects upon
manufactures, which will confront the
American people at this time with another
dimculty to meet. in their attempts to ad-
just their business affairs to the new order
OF things. demanded at the last election.
The demand for the reform Of the tariff
did not contemplate the present exigency.
which has been thrust in advance of ali
other questions. and If left to the people
they would demand repeal to take imme-
diate effect and further time permitted he
fore the disturbance to follow the reform
OF the tariff should add to their present
nnancial embarrassments."