The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-04

offered to buy during the month Of November.
and the extension until the 23d OF this month
OF his offer for the remaining ~ 100000. prove
not 80 much that borrowers would not be glad
Of an additional supply OF money as that the
bonds are held By ownors who are not eager to
surrender them. The s20,00O.000 thus far
released by the Treasury purchases has low
cred interest rates tribe. but has not stmu-
lated stock speculation to any nppreciable ex-
tent. The reports. more or less authentic,
that the Baltimore and Ohio Railroad had
passed into tho control OF capitalists friendly
TO the Pennsylvania and to the New York Cen-
trail RailrSad companies put up somewhat
the prices OF the stocks i'm m ed lately concerned.
but, on the other hand. the collapse OF what
prom ised to be lively speculation in United
States Leather common was depressing. as
was also the failure OF the expected end OF the
war between the city gus companies. Alto
rether. the stock market may DO described as
waiting for something TO happen to send II
either up or down. and which way II will 20
nobody feels sure. The raising OF the Bank OF
England's rate OF discount on Thursday to 9
Der cent. passed almost unnoticed, showing
how greatly the countrys relative financial
strength has increased since the days when the
London money market ruled ours.
Tho session OF Con ress. also. which begins
to-day does not excite the apprehension OF
financial disturbance which usually attends
tntively announced that the tariff will not he
touched, and any Amendments that may be
offered to tho internal revenue laws will be
unImportant. The policy to be pursued In
regard to our newly acquired foreign posses
sions will no doubt arouse earnest and pro-
tracted debate. but II does not involve any
matters OF finance. The currency question
will probably be tho hrst subject OF discussion.
but whatever may he the result. IL certainly
- ska tatip an m ri nj N
but rather reaflrm II. Any addition made to
the volume OF bank currency will have a favor
shln eYrct on prices, II II have any at all.
The diversity OF opinion In regard to the
changes needed In our currency system is man.
Tested In the variety OF measures relating to
the subject likely to be submitted to Congress.
Already one proposed bill has bsen published.
namely, that prepared by a committee APP
pointed for the purpose. last spring. by eau
Gus OF the Republican members OF the new
House OF Representatives: and the Senate
Finance Committee has another bill for
the consideration OF the Senate. The President
will expound his views In his message. and
Secretary Gage will do the same In his annual
report. In addition. the Comptroller of the
Currency has ideas which he has embodied In
adocument already before the public. Whether
out OF all this material a compromise
measure can DO constructed which will be
satisfactory both TO Congress and to the coun-
try is. us yet, doubtful.
In the bill proposed by the House caucus
committee there 10 much to show that It is not
the work OF single dominant mind. but COM
posite OF divergent ideas imperfecty harmo-
nized aud even conflicting with one another
An expert In literary criticism. like the scholars
who have dissectsd the Bible and assigned
TO It's various authors the fragments contrl-
buted by each one. could easily do the same
with this production One member OF the COM
mIttes has evidently insisted upon one clause.
and another upon another. and there has been
no final revision by hand competent to COM
bine the discordant elements into a workman
like whole. should the bill be pissed 10 It's
present shape. Congress would speedily be
called upon to amend II. 30 as TO explain its
meaning and reconcile its discrepancies.
To this same diversity OF views and lack OF q
single controlling head among the members Of
the committee 10 also TO DO attributed their
failure to undertake more than patching up
OF our currency system instead OF thoroughly
revising and simplifying II. At present the
country has for It's circulating medium;
l. Gold coin; . Treasury certificates for de-
posits OF gold coin; 3. Standard silver dollars:
T. Treasury certificates for deposits OF silver
dollars; s. Government notes Issued under
acts passed during the civil war: q. Ccrtih-
Gates Of deposit OF the same:7. Treasury notes
issued under the Act o, July II. 1890: g. Ma
tional bank notes for which national banks arc
primarily liable o. National bank notes. pay
mspt OF which has been assumed by the Gov
eminent: and 10. Fractional silver and minor
coins. All this money could as easily as not be
reduced to three classes: !. Gold coin:2. Gov
ernment notes: and 3. Silver dollars and frac-
tion' OF dollar and minor coins.
The seven superluous varieties ot money
which could DO suppressed originated In ext
eencies and under conditions which have since
passed away. and are no longer operative. For
example. ths practice OF receiving gold coin on
storage by tho Government aud the Issue
against II OF certificates which are virtually
warehouse receipts, like receipts for grain or
cotton or any other kind OF merchandise grew
out 81 q desire both 10 increase the visible
stock OF gold IN the Treasury and to furnish
storage accommodation to banks and dealers
In gold who had not tho necessary conven-
fences themselves for keeping 1t safely. II Is
true. that this enrichment OF the Treasury
was imaginary. since the gold never ceased
to belong TO those who deposited It. and
could not honorably DO used by tho Gov
eminent; but II made q good showing In
tho Treasury accounts and strengthened
public confidence in the nations resources
Now. the Treasury has plenty OF gold
OF its own the Clearing House has ample
vault room, gold coin 10 not bought and
sold by dealers, except on tho rare occasions
when the banks suspend payment AZ they did
In 1905 and 1896. and since the fear Of free
silver coinage has disappeared, the ordinary
Government notes are AZ good as gold The
issue OF certificates OF deposit OF Government
notes IL equally unnecessary. The standard
silver dollar and tho silver certificates have no
value as currency except what 10 given them
by their receivability for public dues and they
could advantageousy be replaced by Govern
msnt notes. leaving the silver TO be sold for
gold and the Treasury reserve replenished with
the proceeds. A certain number OF silver dol
lars would. no doubt still circulate. AZ the sill
yer halves and quarters do. but they should
take rank with those fractions and not be n
legal tender for more than $40, The Treasury
notes issued under the ACT OF July IL, 1870.
might as well be exchanged for plain Govern
ment notes and cancelled. and tha silver for
which they were issued sold.
Il La too anon 10 hone for tho compiele sub