The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-03-31
HONEST MONEY.
4 STRONG PAPER BY COLONEL
GREENE.

Silver Tallacies EXpossd-Clear Presenta-
ton of the Facts About Currency-Trou-
bles That Affect the Country To-day
Resolutions Passed by the Board of
Trade.
(From the Hartford Courant.)
Colonel Jacob L. Greene, president of
the Connecticut Mutual Life Insurance
company, which is the largest moneyed
institution in New England, read an
able paper yesterday before the board
of trade on "Our Currency Problems"
President ]. M. Allen presided, with
Secretary P. II. Woodward at the desk
Among those present were President
Smith of Trinity college, the Rev. Dr..
George H. Clark, Judge Dwight Loom
is, Vice-President John M. Taylor or
the Connecticut Mutual, Colonel Frank
W.Cheney, Jonathan B. Bunce, presl-
dent and John M Holcomb, vice-presi-
dent of the Phoenix Mutual Life, Z. w.
Russell, president of the Connecticut
General Life, Roland Mather, ESQ.,
George f. Hills, president of the State
bank. Charles B. Whiting, president or
the Orient Insurance company, A. G.
LOOMS, president of the Aetna Nation
al bank, P. C. Royce, secretary of the
Hartford Fire Insurance company,
Amos Whitney, president of the
Pratt & Whitney company, DR.. w. M.
Hudson, e. w. Hooker, a. Catlin, e..
Risley, A. T. Richards and others
olx
the construction by the general govern
ment of harbor at Block Island.
Colonel Greene then read his paper as
follows:
I ask your attention to the problems
which grow out of the specific charac-
ter and relations of each of the items OF
the composite and singularly varied
group of so-called moneys which con-
stitute that part of the commercial me-
tlia of exchange in this country and OF
which our government takes Official
cognizance, the issue and interrelatlons
of which it assumes to regulate, and
the integrity of which it undertakes to
guarantee.
The items of this group are four:
First-GoId, of which we had Novem-
Der /, 1895, according to the report OF
the director of the mint, $61S 07S, lS2, To-
Gated as follows: $50, 945,262 of bullion
and SSS. 951, 327 of coin in the United
States treasury, and SAFE, 1871 1913 of gold
coin in the banks and in the hands of
the people. Against the gold in the
treasury there were gold certificates in
circulation for $64,252, 069. The gold is
the acceptable money of the merchants
of each of the countries where our COM
merce principally lies.
Secoad-Silyer, of the nominal
amount of $54S, 1857 917, of which s125,o
Cos Is in bullion, most Of it stored in the
treasury; $423 ,2S9, 800 is in silver dollars,
only S5S, 1854, 092 of which are in circula-
ton. and 1854, 935, 217 are stored in the
treasury; $77,259,1S0 is in subsidiary
coin, of which 3,426,421 are in the
treasury and $63, 1872, 759 are in circula-
ton. Against the silver in the treasu-
nv there were silver certificates in cir
culation for 1898, ass, 2S6.
Third-Legal tender notes of the Uni
ted States for $4S7, 773, 296, of which $546,
LOIS are the remainder of the old
greenbacks originally issued during
the civil war, which are demand notes,
but which cannot be cancelled and re-
tired when paid by the treasury, but
must he held as part of it's cash and
reissued' and paid out in the ordinary
course of it's Disbursements; s141, 092, 2Sl
are the treasury notes issued in pur"
chase of silver at the rate of not less
than 4,5OO,000 ounces a month, under
the Sherman act of 1890, repealed IN
1898. These are not subject to reissue
Fourth-An item entirely distinct
from the preceding in most of its char
acteristics, but grouped with them be-
cause secured by government PONDS
and redeemable through governmental
agency, is the $213,SS7 $50 Of nationa
bank notes For the present we viii
dismiss these from consideration and
confine ourselves to the first three items
of the group.
Our Two Problems.
Our problems grow out of two mafr
situations. First, our gold dollars
1854, 1872, $50, our silver dollars, $423,2S9,-
309, and our legal tender evidences Of
debt, our promises to pay dollars, o.
S487, 773, 296, are all of equal nomina
value in law for the discharge of debts
or perfectly equal in legal tender func
ton. The gold dollar, the silver dollar
and the government promise to pay {
dollar, are each equally effective to dis
charge from his obligation the debtor
who tenders either one Of them. Ant
the government, which has thus made
them equal in law, is solemnly and for
mally pledged to maintain an equality
of market value or Of purchasing pow
er, between the three so-called dollar:
without difference and under all cir
cumstances.
But, secondly, the commercial parity
the actual equality Of market value be
tween these several so-called dollars
has long since disappeared so far a.
the market is concerned, and is main
tanned solely by governmental action
and at it's cost Silver bullion, nov
worth only sixty-eight or sixtynin
cents an ounce, to be at parity will
gold bullion must bring $1,2929 pc
ounce of fine metal. Prior to 1873 it