New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-16
SELECTIONS FROMTHE MAIL.
THE CURRENCY QUESTION.

THE CURRENCY QUESTION.
| ANOTHER REMEDY FOR VARIOUS LIS PROPOSED.
To the Editor OF The Tribune
| Sir: In the many treatments OF he silver ques-
ton prepared for the press and periodicals. no
one has yet given the subject piper diagnosis.
This will account for much OF Its usettled condi-
ton. Most OF the physicians have followed the
old school system. and with impauet dogmatism
have prescribed heroic treatment an plenty OF 1t.
These doctors are chiefly found In te South and
West. Lately physician OF rar merit. Or.
Thomas Il. Reed, OF Maine. after a trefu study
OF the condition Of the patient says he true cure
/ is more silver with an admixture OF rciprocity as
| a partial antidote. This beloved physian has. we
think not made a thorough diagnoss)f the dis
that has bro ught the patient TO Is present
situation. Shall not make new dearture?
First OF all should be recognized thefact that
steam and electricity have made the ~oe busi-
ness world one nation The great law demand
and supply has through these wonderful agencies
obtained greater influence In questionsof trade
and exchange than ever before This althnkng
men once realize, and are now ready o shape
their operations in accordance Herewith. Second
ly. the day has forever passed when "bster' Is
possible in business. that now medim that
Will represent all properties is demanded What
this medium shall be is an absorbing questin, and
the need OF a final settlement VIII. more TIM any
thing else explain the paralysis In business hat Is
causing trouble throughout the world whereer OPP
erations large and active.
Let next consider what are the necessities OF
the situation the world Are they not afety
and convenience? The experience OF civilizedoun-
tries for many ages shows only two media that
have represented properties Of all kinds. ancthey
gold and silver. Generally men say, and,spe-
caily the old and rutbound. treat both alike and
all will be we'll" But I'm business facts. an not
fanccs mus; prevail. Now. IT Is a fact that here
Ia two. vail hot tx.a an oil
yer. and the great law OF demand and supplyfor-
bids any other conclusion. Every international
congress for the settlement Of the silver 0es-
ton" has failed to define any relative and relsbe
value between gold and silver and has adjou1ed
without coming TO any conclusion. Practiclly.
they have acknowledged that no such reatonx-
lists. IL IL therefore necessary TO abandon cher
gold or silver? Not at all. for each may haves
own place. Independently Of and yet in harnny
with the other. each resting It's mers.
In fact. both gold and silver imperati,ly
needed.
Having thus briefly considered the situation ct
II certain other conditions Will u
throw light on this question OF "a stable and sas-
factory currency or medium. These conditions
the need OF an International. well a "
cional currency. and the need also Of prompt al
safe elasticity in such medium. Sow. If We Wi
ZION with 4 desire - do the best. all things CO.
sldered" the problem Will be much easier OF =
luton
| therefore propose that all the currency shall a
directly issued by the National Government onl.
mcrce between the states in every condition Their.
u For II the Genera. Government by the Unite
states Constitution contros transportation b"twee
the States. OF how much more importance is II tia
1t alone should control that which represents a
values whether OF property cr rs movement:
further propose that silver acne shal. fIrnis
all 20" currency from 10 cents 20 s. inclusive, elthc
silver coin In United States repositories Also tina
god shall furnish currency from SO 10 $1,000 In
actua. deposits ~ god coin in United States de
p1si'ories. And further that "A new system 81 c,r
United States Dee issued retire all grcenbacks and
National bank notes. - az 20 furnish an elastic
man1s ,r r',rr~ncv as ,n,G b. ncc.ss,ry. ,hes.
bond certificates t, be- redeemed IN so;d and 20 ice
tire" systems Of currency should b" made legal
tenders everywhere ana under all circumstances
resent values N coin or bonds % the United states
do.ar for dollar On deposit IN me vaults u The
Government. can any safer. simpler or more sat
is4c;ory currency BE- s~ueI: silver certificates %
az w., them. whether rch Or poor. Tney Will
remain a, home AMI b. In active daily use. This
God certificates based on goi actually deposited.
and guaranteed by the Tinted States Government.
r~-en'ing perpetual bonds u Ne United states de-
gold VIII also furnish an internalona. currency.
These bond certificates should at any time. and On
uries u the United States for per cent bonds. and
vice versa. thus furnishing a currency saf".y and
quickly elastic for moving crops .'' AZ - th.se
law - demand and supply.
Two per cent bonds OF the United States. " made
perpetual. Ike English consols. would readily sell
at home and abroad and would quickly draw gold
from The open markets wherewitR to redeem bond
certificates But experience would soon show that
such demands FOR gold would be re" and far be-
tween" silver and silver certificates would con-
tnu- In circulation. because OF the popular demand
for small notes ana coin. The ratio OF gold TO
silver would therefore. not BE- 50 important IL Is
plainly no more necessary To- redeem small notes
with gpi; than redeem subsidiary silver coin with
gold Silver and silver certificates would ere long
supply about onr-hal the currency leaving the
and bond certificates. The United States Govern
m"nt would only be- compelled 10 keep moderate
supply OF gold on hand TO redeem bond certificates
and the supply OF gold could quickly be r"plenshed by
sale OF per cont perpetual bonds The chang" from
gr~.uback and National bank notes 10 bond certn-
could he made without serious friction to bust
ness. Tn" Is true OF the exchange OF s.
certificates Of similar denomination The gold and
silver coins and certificates now In circulation need
OF the denomination OF s.. substituting therefor
silver coin or silver certificates AS mentioned
on ',s own merits ana so relieve the present uh-
necessary demand for large reserve OF gold Then
viii the v.s"d question OF the relative values Of
gold and silver be- settled once for all.
n international congress would adopt this plan
for all the nations. and would In addition accept
cN-Sccr"iary William II. S""ards idea or making
the ENGLISH sovereign the standard of purity and
the American dollar the unit Of value, the cur
rency question OF the world would b" settled nat
uraliy and with the aid ~ steam and electricity
all m civilized nations would soon work together
IN prosperous accord. Would not such a settle
mant II the currency question do much TO insure
peace and good Will among men
Perhaps II II the mission OF the United states TO
work out some such plan alone. showing other
nations how their own currency should be reyu-
lated. JOHN TOlsREf
New-York. July B. 1885,