New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-20
REPRESENTATIVE ALDRICH's REMEDY FOR THE
ACCOMPLISHMENTS OF THE TREASURY

SOME FINANCIAL lO-Nc.
REPRESENTATIVE ALDRIcHs REMEDY FOR THE
ACCOMPLISHMENTS OF THE TREASURY.
To tho Editor Of the Tribune.
Sir. To do or not to do is the question that agi-
tates the Republicans In the House. whether II
be better to continue the present bastard bmetaI-
ism or to revise our financial system whether II
be better TO act now. or 70 leave all questions OF
currency reform until the National Convention shall
meet and adopt It's platform. is the question
believe would be wiser 10 act now, II any change
is 70 be made. because the argument Will be ad-
vanced that the proposed change is not made IN
good faith for. had the party intended 10 make
changes In Our financial system. they should have
dom. so while having an overwhelming majority in
the House-a larger majority than will be seen
again In many years II would be no argument
against the sincerity Of the Republican party
should the President or the Senate reject financial
legislation formulated by the House because that
party does control the Presidents veto nor the
Senatorial majority. Let us look for moment at
the political situation and what the people demand
from the Republican party one portion demands
"A gold basis the only means OF UNFOLDING SOUND
money and financial prosperity. others demand that
silver be used money OF final redemption on an
eouali,v with gold at the present ratio of l6 TO /;
others demand that our greenback circulation be
withdrawn and replaced by National bank circu-
lation while others. again take the opposite view
that the greenhacks, THE best money the country
enlarged even to the extent OF taking the place OF
the National bank circulation believing that the
National banks should be banks of deposit and dis
count only
The general sentiment throughout the country
is adverse 10 the issue of bonds in time Of peace
for any purpose. but especially for the purpose OF
filling the Treasury with gold 10 be raded at pleas
urc bv unscrupulous money changers. Monroe Doc
trinsm which may be defined as the protection
by Americans Of American interests throughout
the Western Hemisphere and Islands adjacent there
10. has become an outspoken and ruling sentiment
among all people. Driven forward by this sem
timent the people demand large appropriations to
protect our and lake coasts. to Increase our
Navy and to prepare to defend ourselves against
foreign aggression.
With all of these differing elements to contend
with what should the Republican party do TO har-
monize the seeming conflicting interests, and to
bring to itself the united confidence and support
ideas. which hope will meet the requirements OF
the case 49, .
First let us issue sJO0oOoOoO of what We will call
Treasury certificates. They are not to be redeemed
in coin. but their receivability at par for all Gov
eminent dues shall be their redemption They
should also be made fun ega-tender for private
debts within the United States and should be made
available as legal reserve by National banks The
argument for the issuance and continuance In cir
cuation OF this fiat money Is based upon the fol-
lowing idea The Government derives it's
from its own people and expends II with them again
We collect annually about $5O0OO0.OW from the
people. and pay It back to them again. in pensions
in salaries and for materials and supplies see
need OF hatlng metallic money III lact, money
OF any kind In the transactions OF the Government
with its people Government properly ad-
expense one balances the other The Government
gives certificates for what it owes, these cert-
and customs to pay The Government receives
them back for taxes and customs par. The debts
OF the Government and TO the Government mutually
extnguish each other.
This issue of 500 to be used to take up the
outstanding greenbacks and Treasury notes When
this is done there VIII be no further necessity OF
keeping redemption fund of l0oooo0o0 less In
Treasury, redemption
as they will no longer exist. The gold remaining in
the redemption fund when the process of exchange
for the payment of interest on the public debt. This
would be concession to our friends OF the gold
| standard. The exchange of Treasury certificates
| for the Treasury notes would also relieve the
coined bullion In the Treasury. which, together with
| the seigniorage already accumulated. should be
whole amount thus liberated should be set aside as
special fund for the upbuildImg OF our Navy. and
for coast and lake defences. This would be
cession those who demand that we do some
thing for silver and those who believe that the
best guarantee Of peace Is to be fully prepared to
defend ourselves in case of war.
What would be accomplished by the proposed
| change? We would do away with the necessity or
excuse OF selling bonds for redemption purposes
We would relieve the Treasury from carrying $780,
fund We could build up our Navy and coast de
fences without increasing the taxation and expend-
Treasury for no purpose. We have done something
for silver and for gold: and by coming silver. and
strain from of the gold lessen the demand saf for 'ns
which Will strongly tend to bring II nearer to par
with silver. and make In the future free coinage al
the present ratio possibility. w. f. ALDRICH
House of Representatives. Washington ID. c.
March II. 1896.
MIR. FORTUNE SAYS HE is FOR ALLISON
To the Editor OF The Tribune.
Sir: In the editorial article printed In The Tribune
March TO- headed Governor Morton's Weakness"
you labor under the impression that was sent into
| the Southern States By Mr. Plat Mr.. Hackett