New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-30


OF creation. too; and II man is cruel to the lower
he is unfit to be trusted with the treatment OF
me- in speaking ' OF %"t testing new drugs we try
them on poor little children. who have no one TO
Our appreciation Of the seriousness of life Is
shown. not as Commissioner Roosevelt would have
valuing ali lie. each in It's own degree of impor-
lance and for itself. brute life, human life and
spiritual NE and the higher sh1yId IN sense
New-York. Jan. q. 1897
THE RETIREMENT OF GREENBACKS.
OBJECTIONS TO THE PLAN OF A CURRENCY EN-
CHANGEABLE FOR GOVERNMENT BONDS
To the Editor Of The Tribune
Sir: Whether the greenbacks shall be retired. or.
II not. how the gold reserve be protected from
raids upon It. are questions under constant discus
sion. and they involve the whole currency situation.
Nearly all agree that something needs to be done.
but very few submit any definite plan either for
adoption criticism. Those who think all cur
rency should be issued by the banks offer no
scheme by which the banks shall maintain an am
pie supply nor do they show how the banks are to
be compelled to issue any circulation. unless they
deem 1t profitable 10 them. Banks rule favor
increased interest rate rather than an expansion
Of the currency especially IL they restricted by
provisions for the perfect protection OF the note
holder
l have no doubt that so long this Government
has a debt and material part of 1t be carried
without interest by. utilizing It as circulating
strain Congress from exchanging the greenback for
based on the Government credit.
So long the greenbacks redeemable in gold.
so long the Federal revenues are deficient and
there Is no regular source of supply or gold TO the
Treasury. the greenbacks and the coin notes are
certainly constant source of danger 10 the hnan-
cial situation. because the people have now been
educated to have their fears played upon by the
variations Of the gold reserve.
the last session OF Congress bill which think
present United States notes for bond equal 10 par
In gold and permitting the future re-exchange OF
in these bonds. The currency would be elastic to
the extent Of the present re ga DEBT
present purpose of redemption.
New-York, Jan o. 1885,. JOSIAH c. REIFF
CThe public opposition to exchange Of green
backs for Government bonds is at least gen.
eral and as deeply rooted as the opposition to
the substitution of bank notes The objections to
IAN elastic currency" exchangeable for bonds
have recently been stated. Such currency is
likely to contract and expand just at the wrong
time. and too violently. The objection TO a cur
rency not redeemable in gold at all would pal
pably be much stronger. Fortify the Treasury
by sufficient revenue. and legal tenders will not
be more dstrusted than they were during the
fourteen years from specie resumption to Cleve-
lands second Internationally
THE TROUBLE WITH THE GREENBACKS.
IT WAS BROUGHT on BY THE cLEvELAND-cAR-
Isle LOW TARIFF.
To the Editor of The Tribune.
Sir: Secretary Carlisle In his annual report for
1896 devotes about ten pages to the discussion of the
currency question. The aim OF this discussion Is TO
convince Congress that the greenbacks ought to be
retired from circulation. lie begins by saying:
The redemption of United States notes ana Treas,
ury notes In gold during the nscal year d aouned d
TO Hl2, .9i1.
Now. the redemption of United States notes and
Treasury notes I'm the year 1892. the last year OF
President Harrisons Administrator, was only
50 125 s,s The exports OF gold were only S5ol95S2'
During the last year OF Ceveland's Administration
there have been s42oS 54 more United States notes
presented for redemption In gold than the'e were
during the four years OF Harrisons Adnihls"a-
ton The exports OF gold during the last year OF
C,evelands Administration have been S2,1 more
than they were during the last year Of President
Harrsons.
During the fiscal year ending June 90 1896 the Gov
eminent sold slOOOOOOOO of United States per cent
bonds These bonds sold at n premium sunlcieht 10
add 10 the receipts Of the Treasury snl,lot'25Z ID
between March A. 1885, and June 80, 1896. Mr. car
Isle sold s262 81. 400 Of per cent United States
bonds which brought 1893 4s 5s4 30 in gold into the
Treasury, while during the same time the United
States notes have been redeemed in gold 10 the
amount Of NJ1 039,S
During the four years from 1898 10 1896 the exports
~ gold have been sS64O9927i while during the four
vears Of Uarrson's Administration the export OF
cold was only s2l37S4.757 During Clevelands ADJ
m,nistration although he has sold over s2d2"'oO
~ honds for gold, yet there has been s5oSli3l'
more gold exported than there was during liarri-
sons. ,,
Durinr the last year OF IIarrison's Administration
OtD I",,it. 4 Qfs
Treasury notes presented for redemptioh WINE
dur,ne The wear 1893. the first year of Cleveands'
thnro were x02 10, 345 presented this amount being
e, p, o03 more than during liarrisons entire Au-
r,nistration there having been only sio''f'ff- III
,h four wears presented to the Treasury for re-
demptIon In gold -, 49,, 49,
>-nn tho question arises. Why should there have
49,, 20 euddon and so great a demand upon the
treasury for the redemption OF greenbacKs III goa
under Mr. Cleveiand's Administration as cotnP"'eu
Nth President Harrisons" And how docs IL nap
w. ,ha, s,nce the election OF Mckinley there has
been no demand upon the TrSasur! lor inc i'"'"'P
ton of the greenbacks IN Eoiu ,.a.,o, ,ho, ,bis
There is no other valid expianailon nan ir ne
,-anr ,hn nrotective tariff OF HARRISON Admhls-
tration there plenty OF rcNehrr an npu, d
confidence The election OF MT; ,srig Gnst n
c"ndenco and impaired The cred, OF .hs cop
mcn The election Of Mckinicy ns credit SO that
,bm propie are more than satisfied 10 retain inc
and figures show that the trouble in regard
Facts n ,n,,tion of the United States notes. as
Well as with the finances Of the cGunry ulu ,i no,
Wei ",,,ii after MI Clcveand's election IN lNs-'
p,si'. ~ ,ro,bc has all been brought on ny me
pocy in r,eard to a and ibr c
~, ~ revenues below the expenses OF inc
Government ,,- g., tho cr,enbacks did
Nv = until confidence was destroyed ana IN
no, Icrcdit rendered doubtful No man IN pkate
pubic hold The confidence Of his creditors II ne
~ ,,,,cted his business that his income was llo'
Dencinnt 10 meet his expenses: ano II ne wa c"l
sn in,ii borrowing money to meet those eXpcnsrSI
S.. older of his notes would AZ once u'hin'
navment of the same The demand 10, Sor r., ~,
I"3 ~ preenbacks during the last loui !'dIS
zen pm simpv the legitimate result OF bad man
aeemcnt in our Nations business n mm,s Nc
T,nss or some other good protective taiin mn
ire that will give the ,icvernh.na hov Win pre-
S "eer"o,Lacks for money TO gold In other "orIi'
r.move the cause OF the disease. anu ne rs orr,''I