The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-12
FURTHER ERRORS IN THE TUCKER
INTERVIEW.

Inc interview OF Mr.. II. ~. g. ! uckef,
upon which we commented yesterday
runs all along upon tho idea that the
ereonbacks and the Treasury notes are
payable in coin" when We showed yes
terday that the groenbacks are not pay
able in coin" AZ all. Mr.. Tucker says:
1t is ineNpl cable u my mind to see
how the payment OF an obligation of the
Government in silver or gold. according to
the terms of the contract. could be
departure from the letter or the spirit Of
the obligation" But If the greenbacks
are not payable in coin. then his diff
culties will have no relation TO them
whatever They will be concerned solely
with the sl500oo.ooO of Sherman Treasury
notes We gave the reasons yesterday
why the administration thought itself
bound TO pay these in gold and they seem
10 Us all-powerfn and satisfactory. Bat
Mr.. Tucker used Frances case. as so
many others have used il. 10 support his
contention that our Government might
have safely paid the greenbacks and the
Treasury notes I'm silver or gold, at its
option. and we feel constrained to add
10 what We said yesterday few words
upon the lesson TO be drawn from
Frances case
We quote the following from what Mr..
Tucker said
what. then should he done? What,
then. is the remedy for the Treasury De
partment Uo thwarU. the object of plumber
10y the spectators? II Is this-to firmly
and positively announce that the raids
made upon il for personal aegrandize-
ment. al tho expense of public credit.
must stop aud that "a presentation OF
the Governments obligation. payable In
coin. will be met by The Government in
their redemption IN coin, as agreed upon
IN the con;ract-that is. in gold and silver,
Such a process under any circumstances
could not be considered a breach Of public
faith. Such a process. as against the
studied and settled policy of the spccula-
Tor to fleece the Government, would be
only just and proper.
THE Bank OF France, in France car
res more silver than We do, and yet it
reserves the right 20 pay its obligations
in both metals. not according 20 the
option Of the holder of the note. but
according to its own option distin-
Representatives has told me that in pre-
senting a 900 note OF the Bank of Ems
land at the Bank of France. la Paris. he
was required. before the gold was paid
him, TO state for what purpose II was
desired the officer telling him that If
the money was desired for domestic pNr-
poses he would be paid in gold and silver.
but If desired TO pay gold debt he
would be paid in gold"
Is II possible Mr.. Tucker could have
made this statement? The French have
of all kinds OF silver coin 1872, 20o.ooo. Pie
United states have s62J. 100000. The Bank
of France has in its vaults. generally.
something like s225ooo.0O0 OF silver II
had last week s23So0o.0oo The United
States Treasury generally has I'm its vaults
some $500 opooo Of silver According TO
the last report of the Secretary Of the
Treasury We had in the Trsls Try ON No
Nember /. 1895 1892 cO0, 80 Of silver There
fore, II all the silver France has is 10 he
considered silver carried by the Bank
OF France" we stil carry" S2.Ooo, o0O
refer TO what the Bank of France has
In It's vaults as compared with what the
United States Treasury has in lis vaults.
We carry" more than twice as much as
the Bank OF France carries" Can Nj.
Tucker have been correctly reported?
But Mr. Tucker suggests an inference
from Frances experience with silver that
all FREQ coincrs also make great use Of.
Whenever any free coiner discusses the
subject he points 10 France as a country
whose practice and experience prove that
We could easily adopt the policy Of free
coinage But. on the contrary, II any
one will only attend TO frances course
in the matter he will find In II a conclu-
sive argument why We cannot adopt free
coinage. France had free coinage OF sill
Yer until 1874. But at that time The value
OF silver commenced 10 decline. ard
France promptly stopped the coinage OF
lseai-,ender silver. tAe decline had been
very slight. but it was enough, with tho
amount Of silver THAI she had In her
financial system. TO give France alarm,
and she stopped the coinage OF any more.
except subsidiary coins for change. She
hss coined no silver since 1874. except a
nnAu amount Of small pieces for change.