Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-02-09
TUCKER ON FINANCE.
The Virginia Representative in Congress
Treats Of This Subject
EVILS OF oun CURRENCY SYSTEM
Anairs.

,,o,oee Alr Tucker rep'ese"'"u'o 80 Y'''
,,,,.,i,ia District. was to-day
-, Cor HE views on the hnahciai Po''.y
.,,.,,,rnmeut. and IN reply Naiu
90. ,..,s a question which involved
INV considerations, but WAS one
- LIT 20 be disassocisted In the
w 10, from another question which
:. ,,-, closely akin 70 IT, yet u's'in0S
-, u to-wit. the free and unhhi'eo
-. of silver al the ratio Of 10 to J.
49,, ,,,o propositions being entirely as
,,., the one involving the character Oh
a., rooney 10 be used as primary money
I'D ,l,o other tho currency 20 be based on
!. and the maintenance of the government
credt- so-o
..t, round numbers we have to-day $50
1aOoO OF ereenbacks as currency Whlcn
GRE debts against the government bu'l u"-
uko the note given By one man 10 an
otbcr for a debt. they are not eanceileu
v,bon redeemed by tho debtor Ohe govern
,oonO. but by a specific law are required
a. De- reissued. When q man pays MS
poto Of a hundred dollars TO his ne'snOo'
fine note IS cancelled and the DEBT eA-
tnp1lished. When the government pay
n hundred dollars in grcenna'As ny
demption they are not canceie1- D"1 ~
iav, ara REQUIRED 20 be roissuea III ui7
,,ovrnent OF tho current expenses OF INC
government. SO that the ereenDacK iS'
urdcr existing law. a continuing oplls"-
hon of the governments Whicn u O''l7
,ontinualv redeemed and IeisSued' DS
navluR them the government Is not re-
roved Of its debt, because 1t IS required 10
reissue them. ~. e,,o ara
"qnese greenhacks on ther iace, az
PAYABLE by the government ia cO.n' VIZ
means cold or silver, but, 10y cohAli Nv
~, az the Treasury Department Whlch
- e,i.ted for some fifteen years, the
soir, has h,en construed to mean gol4
- The onflon OF The holder as II an oblfsa-
ZION tv ono man TO another 10 pay nun
sred bushels in Gialn. must De pau III
wheat. and not In corn or oats ~ the OF
ron OF the holder Of the note. rms CON
,tr,,otion Of no Treasury Department, IN
s,,'.tr-l,rr the word coin to mean eold'
at the orton OF the holder, Is sought ~
h. fgstif.d on tho ground that such action
H. necessary in order 70 maintain the
parity between gold and SILVER.
"fu addition TO the greenbacks under
tho Sherman law of 1850 (Which the Fifty
third Congress promptly repealed, mere
have been issued by the government
tNoo0U9 Of Obligations. known as Shrr-
man notes. also payable I'm coin. by the
same process % construction these notes
ere redeemable az the option OF the holder
in gold. So that there exists to-day S5D'-
nOOcO I'm round numbers OF outstanding
OBLIGATIONS Of the government, payable IN
coin on their face but by said construc-
tlon held 10 be payable IA gold at the OPP
ton OF the holder.
RAIDS on THE TREASURY.
'"rhe trouble which the Treasury De-
partment IS suffering from and has been
suffering from for the past few years. IN
the maintenance Of the gold reserve for
the redemption Of these notes. is due. In
my opinion. to the construction first put
upon the word coin by the Treasury De-
partment first under Republican Secre-
tary Of the Treasury, and since uniformly
.'sl by his successors. The process is
The greenback is presented TO the
49,. the holder demanding gold for
i- sold is paid. the Treasury loses II,
and gains In its stead the greenhack, for
which IL was exchanged If the process
stopped there 1t would be all right but
the law requires that the greenback which
has been redeemed at the expense Of an
equal amount OF gold taken out OF the
Treasury. must be rcissued when II
speedily falls into the hands OF the specu-
lator and he brings IL back to the
Treasury 10 take out its equivalent in gold
again. and 50 the process continues, and
becomes an endless chain, or an endless
raid upon the Treasury by the Spectator.
and an audacious attempt TO break down
the credit of the government
ITO meet this trouble and 10 preserve
the gold reserve II has been earnestly
contended that the greenback and Sher-
man notes should be retired permanently.
by issuing 500 10000 Of gold bonds with
which TO cancel them.
''Ihe proposition TO retire the greenbacks
and Sherman notes by the Issuance OF
bonds 10 the amount OF SOcOO0,000 with
tie proceeds Of which these notes could
be bought up and retired IL not only one
which / think frauslrt with great danger
10 the people but IL is admitted on ell
hands that # cannot in the near future
be accomplished by any party. The dis
tlngushed Secretary Of the Treasury in
the last Congress proposed bin which
would have greatly relieved the situation
II not entirely, providing for the retire
ment OF the greenbacks and the substitu-
lion OF state bank issues IN their place
bat II hardly received a respectful con-
fideratlon from either party In the coun-
try. SO that Il seems to be a settled fact
that at least for two or three years. under
present conditions nothing will be done TO
retire the greenbacks, and we are to stand
In the same position In which we find our
Eelves to-day. FOR the present Congress
seems both unwilling and afraid to sug-
gest any remedy
THE PRESENT QUESTION.
"The question is. can the country afford
10 continue les present mode OF pro-
cedure issuing bonds TO secure gold to
put into the Treasury 10 preserve the
gold reserve. which may be In twenty
four hours taken out Of the Treasury,
and a demand for an additional sale OF
bonds be made ut once TO replensh that
which IS already gone? In other words.
can the country stand what may be the
unlimited mor;gaging Of the revenues OF
the government for the future, 10 OBJ
tain gold which may be taken from us
the day after II is put into the Treasury?
THE credit OF an individual may be
lost in two '~cys-frst In his failure to
pay bis obligations as agreed or secondly.
IN morigaglHg his assets or estate
90 that In the near future he will be
unable 20 pay. The condition presented
to-day ga just this: If the government
fails 10 pay It's obligations in gold as
claimed above. by reason OF the failure
70 maintain the gold reserve, II may
g. 10 protest II the government, In :
order 10 pay its obligations In gold.
mortgages its revenues indefinitely for
the future By bond issues its credit will
be az certainly destroyed as IL IL failed
to-day TO pay its Obligations In gold
The one is just as certain as the other.
There Is no escape from It. What. then
should be done? What then rs the
remedy for the Treasury Department.
the object OF plumber by the speculasors?
IL Is thls-to firmly and positively an
nounce that the raids made upon 10 for
ksaonal ACKNOWLEDGEMENT III The .xnnnse