The herald., 1894-04-12

l. lhne nEkALp unoer this heading prints com-
munications, but does not assume responni.
bility for the sentiments expressed.l
SEINE Pretty Tough Financial Nuts 70
Crack.
EDIToRs HERALD-Uhder the above
caption, in your issue Of April sth, you
say, there is Hity-Ave millions Of
silver bullion lying in the treasury per-
fectly uHelees"-w which ID undoubtedly
true. Will you be so kind as 20 inform
the readers Of your paper what nee
any portion of the silver bullion In the
treasury subserves under the financial
policy of our present administration
Mr.. Cleveland, in his veto message, tells
ne that the treasury notes Issued for
the purchase Of all thAt bullion, al
though redeemable In either silveg or
gold, are, when presented, redeemed in
gold on demand. Such being the case,
ia not the gold in the treasury the
actual basis upou which all those
silver treasury notes rest? And is not
all the silver bullion in the treasury
equally as useless As the flfty-fye mil
lions of which you speak Mr.. Cleve-
land also informs ug that there are three
hundred and eighty millions in
silver certificates outstanding, which
are serving the purpose of money
without question. He did not tell
us that those silver certificates are
also redeemed in gold on demand, but
leads US to believe they are. From one
of Mr.. Bland'a speeches, or arguments
in congress, understood that the treas-
urer did not deem it necessary to re-
deem them in gold. but it certainly ap-
pears there must be equally as much
need OF their redemption In gold IL the
present financial policy OF maintaining
the parity between silver and gold is to
carried out. therefore conclude Mr..
Bland WAS misrepreHented, and that
they are redeemed in gold when 1t 10
demanded. If 30, what use is any por-
tion OF the silver dollars in the treas
ury? Have not the president and sec
retary Of the treasury by their policy
deetraved the usefulness OF the silver
coin and bullion in the treasury, and
made all the paper representatives. OF
silver dependent upon the hundred mill
lions, more or less, of gold in the treas
ury In addition to this, the green backs
still outstanding are. unless Cleveland
and Carlisle have changed the law, also
dependent upon that gold, because 1t
was accumulated in the treasury for the
express purpose OF resuming specie pay
ment-redeeming those greenbacks.
We also have, l believe, between three
and four hundred millions OF national
gold notes outstanding. Are they also
redeemable on demand in gold, or not
receemable until the bonds upon which
they are issued become due2 The co
pie are interested to know how much OF
these various paper representatives OF
money are subject to be presented to
the treasurer and The gold drawn ont to
pay them il demanded. They want to
know how much gold may be needed
under such policy.
You may think these numerous ques-
tions display dense igno ance OF our
laws, but when we have president and
cabinet that make their own laws and
give as an excuse therefor that political
conventions have unanimously declared
in favor ofeuch measures as Ml, Cieve-
land did in his veto message,
how is it possible for one not IN
the confidence OF the administration 10
know what our laws respecting finance
really are? We Thought We hnd-n~law
in the statutes providing for the irans-
portstion of Chinese who refused or
failed to register, but found we were
much mistaken when undertaking to
enforce it. Ii you will be so kind as to
inform your readers hieh of the varicna
kinds of paper representatives OF money
are redeemable in gold ON demand un-
der the laws of Messrs. Cleveland, Car
lise and associates, and the amount OF
each kind, / think it will interest them
as much as almost anything you can
publish. Many OF US would like TO no
able to form some opinion of the length
of q run that little 100000 900 gold
bank can stand. Some of us think the
bankers OF New York city alone can
break it in one day whenever they
choose to do it, and that the knowledge
OF this fact probably in some measure
accounts for the trembling in his boots
so plainly manifested in the prssdents
veto message, w. D. HoBscN.
Santa Paula, California.