The sun., 1895-02-17
"GOLDD OR "COINOp
Broker ReiE's Letter to Senator Sherman
Not Afraid of silver.

Broker ReiR's Letter to Senator Sherman
| Not Afraid of Silver.
my views on the financial situation ?" said
Mr.. Josiah c. Reiff of woerishoffer & Co.
| yesterday, "are that everything rests with
the folks in Washington. The plain people of
| this country are honest and patriotic. They may
not understand all tho intricacies Of political
| ohicanery and selfshness, but they do compre-
| hend the difference between honor and dis
| honesty, and prosperity and adversity; and IL
the faintest touch OF disaster comes to the pub
lie honor. the man or party guilty of such result
Is promptly cast into oblivion, be he high or low
in the executive or legislative councils of the
nation. We therefore still expect some favor
able legislation.
- cannot better explain my views than by
giving you q copy Of letter have Just sent to
Senator Sherman"
This is Mr.. Reiff's letter:
I'VE cannot afford to pay " per cent. per An
mum for the privilege Of using the word coin '
instead of gold on bond, especially as this
Government has never paid anything but gold
on an obligation not specifically payable In law
full money Unfortunately, denagogues in
Congress. on the stump, and In the newspapers
have made all the trouble and caused a substan.
tial question to be raised us TO the meaning OF
the word coin until the difference has been ac-
tually and formally valued by investors in
the uniform practice of the Government, moth
ing but sentiment now interposes between 8 and
"Wo Republicans can surely afford to meet
the situation. and II the Democrats defeat such
SeyonG doubt and i NH be- 90 much w the Us worse
for the Democratic party.
1t cannot be a hardship for the Government
to promise to pay debt in coin Of the same
standard value we receive for the bonds. SO that
some ulterior object must influence the opposi-
tion. whether from Republicans or Democrats
You can doubtless control action IN this
matter to greater extent than any other man
patriotic men look to you in this emergency.
THE use Of the word gold in this exigency
is no reflection upon any outstanding Govern.
action OF Congress in 1862 in permitting the
purchase Of gold coin for the distinct purpose of
SIN view of the enormous increase of the
production OF gold in the world, well as in tho
production of silver do not think any great
harm and possibly positive good would result
ment for the unrestricted coinage OF silver.
yielding the seigniorage to the Treasury.
and all data point to an increasing demand for
gold coinage, so that no flood of silver would
flow in upon u.s. esGegcally as is coinage under
greatly enhance its bullion value, hence would
not unduly stimulate a renewal of its produc-
local currency which would add to the prosperi-
ty Of the mining regions Of the country.
been that they have done little or nothing to en-
nance the value of silver. as instead OF accept
ing coined silver dollars the basis OF the bull
lion value, they have secured such issues of
notes rs made them an INN ediate draft on the
gold reserve.
The Treasury notes never should have been
receivable for customs, nor should any fresh
issue OF silver. but such fresh issues should be
forced into the general circulation of the coun-
kind Of notes under $40.
"As long the good old legal tender note Is
outstanding we must hold the gold reserve. and
therefore we should have some source of supply
of gold other than through the sale of bonds.
why not make customs dues payable only In
gold greenbacRs?
silver for all practical purposes Is just as
good for home use as gold. and as long
have obligations outstanding and have dealings
with the world at large, which conpels the uso
of gold only, why not recognize the common
sense OF the situation and ease our own posi-
tion by utilizing silver where we may so as to
make easier our ready maintenance Of gold
reserve for national coin obligations and for in
ternational pllrposesl
believe the Tompt passage OF the Three
Per Cent. Gold Bond bill, even with the silver
amendment. will have a most favorab BILE effect
on the busness situation"