New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-20
THE PROBLEM OF THE CURRENCY

THE PROBLEM OF THE CURRENCY.
, SCHEME FOR TIE BASIS or PAPER Mo'EY
ox GOLD AND SILVER ALIKE.
TO the Editor Of The Tribune.
Sir: Tho system that should control ana regulate
the supply and distribution % currency Tor me
peop Of the United States has never received 'h"'
sudicd consideration. fr"" from partisan bias.
rhic, question 81 such profound importance
deserves. hence tho bases % our monetary
Affairs have always been unstable ani changing
md transition OF exp"dents hHs been the mos
prominent feature in the past We "r" no" fs''
IN face" with At dilemma. seemingly even more
difficult than thos- which preceded IL But our
afncil,i.s are not greater. relatively. than those
which have occurred ~ former periods 40" "
-. simplify the matter and eNainin" 81 "p"" ''-
real merits financial ana 'con"in'''l '"'@''o"'
l.,vinc ont all prejudice arising from pafu.an~hp
and scctlonnlism. and the nhrrp" minded anu 30
rhisticnl argument that naturally sWihs rom
..h ,oiu,s Of view wc shall ind fhc ii'hrnii} in
solving our problem greatly reduced
II vii I'm fact require only little clear headed
common sense to enable us 20 las e f"""'A'o"
,roo which We can base q sound ana si'bl" none
iary system.
# IS undoubtedly prudent ioeirin" mat r'-
o,,i,... miner currency to hc based upon the pre-
ciols metals FOR IT. redemption. GOLD ana SILVER
are the chief metals In usr a. bars i"i f"'h "I'
atious Fluc,urtiOns ga IN" T"lailN" VAIN" OF 'h'S
metals have heretofore caused great disturbances.
I l. llfIi
,.- ,,,,ip, IN. wears 1893 % has created sliih-
,,op ,hnt AN be passed safely only by the enact
mon, Of law By which the ratio Of value 81
thos. tyo metals may be- regulated 'ontIon'd
and determined positively In future.
II is idle 10 talk Of demonctizlng silver on inc
contrary. 1t -hould he completely. inlIS ana Sc
cur,lv rcbohllitated ~ one Of the three 'hl't
,,ors in All monetary affairs. hecans" IT, use IL
. uositiv. necessity. because. combined with s"ld'
II enters alike into the foundation. the soh' anu
| fundamental support Of all moneys. ~ 10 the
.o,u,,. ~ currency experience has proven that
S20 Der capita Is II fair estimate OF the sum Oh
currency required and 80 per centum OF the pre-
cious metals IL n just proportion 10 make adequate
! ,ro,,sion for the redemption OF paper Issues
We should first place In the GoVerh"ieh, "r"S
my hoy a gum Of these metals respectively that
will approximate the product OF ca'h say 3d.
90 900 In gold, and an equal sum III SILVER. '"''
sunnlv should be completed by purchase. through
| a., tssue and sale OF bonds With Sl,0W0o.VW In
gold and silver in hand. double that sum IN hape,
sun, an1roximntely equal to $50 per capita for the
| present population. The Secretary OF the lr"aSurs
| shouh be empowered and directed to sell these ,
s slOd,' whenrver necessary to maintain Ike
ratio OF the OF the coin anu Duoh VI "a, ,s
for and should also be directed TO prevent the
Impairment reduction OF the supply o ~
The sum nxed In the above stipulation or OF the
Increased sum that may M ho,Id sc dme ali
,cncc TO maintain completely and fully the supply
| nf gold and silver above lfONlltu'
| The banks Of each state ana 1erritor. sh. w
| entitled to receive fair pro rata OF the paper
| currency thus issued. and duly organizer pahks
| shall bc supplied with such currency upon deposlt
of United states bonds or uIon pay lh's' 10 o,,
| fnr i'm gold or silver The Treasurer sha he en-
| nowered and directed TO issue Two kinls VI ,ri ,
| rencv notes to be known as treasury ho'rS. hiln
| as National bank" notes. respectively anu ill.,
shall be OF such denominations az cNpeilch, ',
nroven IN be most convenient Both kinds OF notes
| atou ho alike rcdecmable. Those OF the dehonli-
nntion of s. and of less shall be redeemed nItner
I'm gold or silver coin, at the option OF the ,
| urcr: those Of the larger denomination III soiu
| coin or silver bullion. The object OF the abo''
| nrnvison as 10 redemption Is to enable the Treas
| irer 10 protect the public funds from rutnieSs
| raids nv iInscrupuIous individuals or syndcates
| There shall be "A biennial Increase IN ,hc NoI""I,
| or naner currency provided for. and the sum or
| sucb Increase shall be fixed by Congress IN me
wear 1885 and biennally thereafter upon ,ne 'fn.s
| Of the average Increase In popuiatloh' maihtaln-
| Ing the ratio OF $50 paper currency lssu,s ~
| capIta There shall not be any ihcIehsc III wv
| chime OF paper currency beyond that above pro-
! viIed for except such "a may he caused ny We
| purchase OF bullion. The ratio OF gold coin or Dun
| Ion 10 silver as bullion shall be nxed Dy t ,.
orass I'm the year 1895. and biennially thereafter
| Rll gold and silver bullion which has been takcn
| from mines within the United states OF 'e,ti
tories NAV be deposited with the Treasurer OF ,he
United States and the depostor shaii pc ehtlt,eu
IN receive In payment therefor at IT'S bullion niue
| az fixed by Congress. thc ''"S"S "'''' W "
Tbus we can establish and maintain the parity
OF gold and silver upon basis both rquI,,p'e a,,,
| co,iohlc which basis will be determined Ipon
| facts brought forward by the combined experience
| and Intelligence OF the great commerclhl nI'onS
| Of the world Thus maintain fhlr anu
lust ratio OF currency 10 population amp SUI, or
] rency will be as and stable as thc roNei"-
| uent W. uphold. and flexible as II - Stapie
'"''' " PRO BONO PUBLICO.
| New-York. Dec. II. 1894