The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-17

CCnlmeFCiii rtNOlutiOn more tiSdrtfo"'
It's consequences TO the labor and pusk-
ne 50 interc. Is of the country than any
panic or depression that has yet occurred
I'm our history. The magnitude OF the In
terests involved and the permanent char
acter OF the injury that would be inflicted
by such an experiment. forbids its favor
able consideration. even for n moment.
in the prescott condition OF our affairs
This condition is unlike that existing In
any other country, or that ever before
| existed in this country and, "a already
| shown, is the result of n long-contin1ed
| Motley at variance not only with The teach
/ ings of experience but with the financial .
law OF the world Remedies which might
have been more or less effective under
other circumstances cannot De IN the
least degree effective now, and II would
be futile and dangerous at this time 20
! attempt n correction of our financial dis
| orders otherwise than by total removal
OF their causes Long adherence 10 a
| false system has to a great extent under
| mined our national credit. so TAR as X
| is related TO the maintenance OF sound
currency. and IL must be reconstructed,
! not merely propped mp by fran ana tenn
| norarv supports IL required many years
| 10 produce this result. but after II has
been produced 1t would be idle TO expect
! a return 10 a sound condition with an
the causes of our financial distress sun
in existence and in more active opeia''o"
than ever before
No surplus revenue. however iaik''
could extricate us from our present DIM
culties or give assurance OF safety IN the
| future unless X should be required 70 ne
| paid in gold under system Whicn Won"
| exempt the Government from 'he oon.
cation to furnish the gold when deinahne1
to be used I'm making the payment ~"
! IL is scarcely necessary 10 susees' 'n"'
such a system Is impossible as long rs the
I-nited States notes and Treasury notes
are kent in circulation and are redeemdpl'
| I'm gold by the Government iteii s0h p'
sentation. To pay out gold with one hand
and receive 1t back with the other Wou'o
be a useless expenditure of time anu IA
Dor. and yet this is just what wouid ne
done II gold should he exacted IN payment
of customs or other public dues, whie
the Iegal-tender notes are outstannlnk
hut If II shall be said that even Win
, thesa notes outstanding more gold would
, be paid I'm than would be taken out "hl'h
! | is not at all probable under eNisune CO."
, | ditions, and that, consequently, rene'ihsu
, paper might be permanently hoafue' III
. | the Treasury, the answer IS that ior
: | obvious reasons, 10 would be linpoSsini'
/. ! 10 keen more than a limited amount OF
l that currency I'm the Treasury and AT the
| same time defray the expenses OF the
I Government.
I AT the New York subtreasury alone
: during the fiscal year 1879, the to'u r.
> ceipts amounted to 1921 20, ana 'ne
payments on various accounts, ineiuulns
= transfers of funds, redemptions. eic.'
= amounted TO sg5i. $50 700. or the receipts
s503. 47l.O21 consistei OF United states
a notes. SS0.e39 ie3 of Treasury notes OF
a 1890. and sls4.2iil4O Of silver certlhca'es'
from which IL Will be seen that the "ho,'
. | amount OF the United States notes OUT
= standing. and more than one-half OF the
- Treasury notes and silver certificates
: nassed through that office i'm a single year
- or the S-n3 All O2i received In United states
- notes. ithe sum of Sl65.l9i,Sol was on ac-
=, count Of customs and special customs ue-
- poslts and of the Soo,sSs iS received III
- Treasury notes, the sum or S24,o'"o-- Wa
>, on the same accounts, while the SILVER
y certificates received on these account
- amounted TO Ss5219. 500. Owing 10 thei
~ Great bulk and weight silver dollars can
- not be used 10 any considerable extent W
y Iarge transactions and consequently, on
- IL SOS 159 were received In those COINS or
- both accounts during the entlrc year, an'
these were received In SHAH trahsacno
q or in making change. Silver cerunca1t'
h- arc NOT legal tender except I'm payment
~ 10 the United States. or, in other WORDS
~ Tho Government is compelled TO receN
y thern when offered I'm payment OF puhii
~ | dues. but can not compel any OF us ct'i
~ itors TO receive thems and nationai-pani
~ notes are not receivable al all TOT cus'o"
. under the law. As gold coin ana soio Ger
~ tidcates are no longer beng pan
~ "a the Government, all our Gus
~ IONS must be collected IN Unite.
oe states notes Treasury notes, 81
10 Yer certificates. or silver dollars, an
~ ,be latter cannot be used for the reasol
~ that the expense of tranSterrins theh \
. large amounts from place 10 place "oul
a.F m
~ moss transactions. The CONCLUSIONS 10 y
- drawn from these facts must be appareh
III az a glance. owing 20 the peculiar chai
~. octer of our currency the ability OF III
q Treasury TO hoard United STATES an,
'1' Treasury notes is limited TO cei'a'
~, amount-which can not be dehnlteiy o.
Dld torrined in advance-and II II SHOULD
~ after that amount has been reached ~
err fuse TO pay out these notes IN making ni'
au h,,rsements at the places where our cn'
csc toms are collected, the immediate resu
IN would be "A stream Of these non-legal- tel
1 nl Government would be made IN silver CO
soo |, tificates. which II IS bound 10 take ~
''V, can compel no one else 10 take. he'
OF would b. a stream OF these nOnleEal-tei
- der certificates constantly nowinS Hi
IN the Treasury. and IL would receive scare
u" lv any more United states notes or IRE"
n' tlrv notes as parts Of the surplus feNeuu
bur would soon be compelled 10 pay OF
}" those already accumulated, or pay goi
Jus or break down I'm IT'S operations az the su
llS treasures. This result has been aNoid
az heretofore only by paying out these not
IN IN from the Treasury. from time 20 TN
la ,ch .novor the character OF currency col
'hs in, i'm Indicated that the point Of dang
=" was about no be reached, and u VIII
~" necessary 10 pursue the same policy hei
ap- after as long as the logdl-tender notes a
IN I'm existence. Notwithstanding all the
~" forts of the Department 20 protect
ns Treasury against excessive receipts
,o"' these certificates. it has frequently ian
10 pened that they constituted more ina"
IN per cent. OF all the payments or custol
IN IN. dues al New York. where more ,han Nv
thirds OF the total collections are mac
% but If the United States legal-tender !
VI nor should be retired and proper c'
~, rency system adopted. gold. and gold 90
% tifcates and bank notes redeemable
gold. will take their place IN the 'ircu
an" ,ton and the Government will have
~ further trouble I'm regard 20 the KIM
anu money used In either It's receipts on ~
the ments.
~ hut even n this difficulty could DE
~ Waited. an attempt 10 impose taxation az
'sa' our people sufficient IN amount 10 ena
''' the Treasury 20 take up and permaneh
hoard all the legai-tender paper, n
'nV amounting to about As5.e1ce. would
"a the most remarkable tnancisi eNpeflm
80 of modern times. while an attempt 10
~ cure by taxation within any rcasona
aI..I.I