New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-18
COLD CERTIFICATES OK GREENBACKS.


Secretary Carlisle is sometimes wise in his
decision. though mistaken in his reason HIS
refusal to renew issues of gold cerfincates
tends to compel banks and others TO treat
greenbacks as such certificates. and gives them
A greater valua. and yet the Secretary advo-
catcs their retirement The Boston banks
which wished him to issue certificates would
nrobab]y be offended if compelled. by retire
ment both Of legal tenders and certificates. TO
make all settlements in gold coin and keep
heavy coin reserves for that purpose. Perhaps
they imagine that the notes which the public
want will he retired. and the certificates which
thc banks want will be continued. both for the
convenience of banks Some worthy advocates
OF retiring greenbacks are indignant If their
urnrtical knowledge Ia questioned Yet they
have allowed themselves to he duped for years
ny the Presidents assertion that borrowing has
ROT been necessary 10 meet a deficiency OF reve-
pue If they will recall facts which have been
often published they will discover that their
weakness in being thus duped is the very
foundation of their anxiety TO retire in the
words of the President. currency obligations
"upon which gold may be demanded from the
Treasury
Retirement of The United States notes only
would not satisfy the Presidents demand. Tie
cold certificates must go also. The Treasury
no,es ore In exactly the same degree 'Obligl-
lions upon which gold may be demanded. for
NJ the terms of the act creating them the
Treasury was required TO maintain the parity
OF gold and silver paper Formal pledges and
declarations since made TO prevent the depre-
citation Of the notes would preclude the Govern
ncnt in honor from refusing to redeem them
I'm gold even if anybody should consider that
the law did not explicitly require such redemp-
ton. With these. the volume of notes which.
according TO the Presidents idea il Is impera-
lively necessary to retire amounts TO S4GSOOO-
OOO and the bonds 10 retire the notes would
cost the country about $17.0O0.000 year.
What would become OF the silver certificates
n left to circulate without the support of daily
:nterchangea beness with legal tenders redeem
able in gold? Is 1t at all clear that these
would not at once depreciate: Would not the
redemption of these also In gold be demanded.
Under the provision of the Act Of 1890 that the
parity of gold and silver paper shall be main
tanned: 1t may be granted that this construc-
ton of the act was not anticipated by its
trainers since no one then supposed that legal
fender notes would he assailcd and retired. and
with them in circulation. and ndstnguishablc
IN daily transactions from the silver notes. II
WIS rightly inferred that there would lie no
apprehension about the latter But the ques
ton IA after all an intensely practical one. and
n people. seeing the retirement Of legaltender
notes in progress. should begin 10 ask why they
could not get gold for silver notes Also would
II be possible for the Government TO refuse
without dIsrcgartling the distinct and main
purpose OF the provision Of 1890?
It IA said that the National hanks. which now
hav. their notes redeemed by the Treasury In