The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-23
.rnE kNpLrss oHArM.,,
e~resnsaok Not the causs or OuP Vinss-
otnl Trouble.


oini Tropbie.
To THE EDITOR OF THE suN-Sir; In your
editorial article, "A Necessary Preliminary 70
Discussing the Greenbacks," in THr SuH OF
Nov. 10. l ind the following statement:
Mr.. Cleveland has given the country to understand.
and to our still remaining mystinoation Mr.. Carlisle
has stood his sponsor, that over one.quarter OF . mil
Hon OF bonds were issued by him for the purpose OF
maintaining the gold standard, and that the strain pue
upon the country's ability TO redeem lie notea in gold
was due to the syttem OF grssnbackS, or. az he calls
It, the endless chain.
Now, how does II happen that this strain
upon tho country's ability 10 redeem It's notes'
did not appear until Mr.. Cleveland's present
Administration began7 Secretary Carlisle, in
hia circular No. 123, oh page so. gives q state
ment Of the total redemption OF United States
notes In gold each fiscal year since the resump-
ton OF specie payments in 1879.
From this circular we learn that for fourteen
years, batween 1870 and 1903. only $40. 537, 200,
or about So, s24.0o annually, of groenbacks
had been presented to the Treasury Department
for redemption In gold coin, while since the year
1893 Mr.. Cleveland has been called upon TO re-
deem $3s6,852 924, over 500. 663. 23l a year.
MIR. Carlisle's circular docs not state how much
gold had been offered In exchange for legal
tenders during this time; but II the amount was
correctly reported II would DO found that. MP to
1893. three or four times az much gold had
been presented to the Treasury to Exchange for
greenbacks rs had been of ereenbacks for re-
demption in gold. The resumption Of specie
began the first OF January. 1879. Dur
ing that year only S7,976. sos OF greenbacks
were presented for redemption. In 1882 only
$4,000 were presented. and there were seven
years previous to 1873 that the average amount
offered was less than 100000 q year. In 1899.
the last year of Harrison's Administration, only
S5.352.243 of greenbacks were presented for
redemption; while In 1903, the Hrst year of
Cleveland's present administration there were
S5o,3l9.125, which was over Sic. 600, 900 moro
than had been presented in the fourteen years
previous. In 1894 $8s. o42, 4Os of green backs
were presented for redemption. in 1895 $780,
7s3.s00, In 1895 Sl53,3 1907. SOL. making o total
of 1886. e25. 1924. or S3i7.115.e2s moro than
during the fourteen years previous to 1893.
These facts show clearly that the endless
chain" for the redemption Of greenbacks was
not made until Mr.. Clereland's party came In
power. The cause of the demand for gold was
cutting down revenues below expenses. as indi-
Gated in your editorial under tho heading,
Moro Light on Cleveland Ronds."
1t is also clear that II the Government will ad-
just the tariff 30 as to provide a revenue SUM-
Client to pay its current expenses, all demands
for the redemption of greenbacks will disap-
bSet. AhnS obouAN 10 oho u II nIob bulukuA AZ
tended to when Congress meets again.
To begin the agitation for the destruction Of
the greenbacks now would do moro damage to
the business OF the country than 70 continue tho
agitation for the free coinage of silver. Every
United states legal tender note now In circula-
tion is worth Just as much to tho business inter
ests of this country as so many dollars OF gold
coin, II not more. They can be more conve-
niently handled, more easily and cheaply trans
ported from one place to tho other. and being
full tender by law and consent for all debts, pub
lilo and private. they are received for customs
dues. for interest on the public debt, and for the
redemption OF bank notes, just the Same as
gold Is received.
1t was only when the duties on foreign i'm
ports were lowered to such an extent that tho
expenses Of the Government were greater than
its receipts. and confidence in tho credit of tho
Government was lessened, that the greenbacks
were to any extent presented for redemption.
E.. 7. M.