The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-14
or,srycr FOR CROP NOTING.

,,oIy well sustained NO bIeH VI NV "PP'He"-
- o scarcity OF money IS visible ana even tne
demand for currency to move tue crops WINCH
'u'.,nI,.c,y. has always been counted upon as
u" =, his season TO decrease the supply
20. here. has. as yet. iai!ei to do so.
r,t i,Iicates that the financial centres nearer
,rtscity to the agricultural districts. are
.,,, ~ tlelr WI resources pretty nearly to
tho wants II those districts, without call
,,, =, \nw York for assistance. To this effect
w. I. the testimony OF persons acquainted
'atb ,ho financial condition OF the interior
h,,ys They agree in saying that those banks
.ir, =, lend money to New York. instead OF
,ir., D., borrow from it, and that the summer
,,,,,I ON II, for currency. which has. year by
,,,r growing steadily loss. will. this year,
lie inconSilerabe.
>aye,thr'a-s. n scarcity ~ paper money is
.,iIt,r>ist and to have had the effcct OF COM
Ealing our banks to use gold coin in paying
chncg, and drafts more largely than their GUS
,,mar. Ike Il is curious fact that. while In
,hs remote West and on the Pacific coast. gold
cp.n constitutes large par OF the circulating
,oIi,r, and in the South silver dollars. the cit
,so, the rest Of the Union prefer paper. and
n,.nttncoin For several months past the Sec
,,,ary Of the Treasury has delayed complying
with a call for the issue OF paper certificates
.,,inst deposits in the Treasury OF gold coin.
urIarthn act NJ July -. 1899. and has only
,r,,bin n fpw days reluctantly consented to ac-
o,r, snrh deposits TO the amount Of 100000
un, and rive for them certificates OF the de-
r,,riratroY 81 500 each. This action will par
tally meet the requirements Of the people.
Nm, obviously. one more liberal and not subject
=, obstruction Ivy the whimS OF officials, ought
I, te occurred by law.
Tho excuse has been made for the Secretary's
daIav in rosumng the issue OF gold certificates
against gold deposits. that the process faci-
,a.a. the boarding OF gold at the expense OF
,hn Treasury and. in critical periods. might
work great tuJury to the nation. A timd or
a,arcious owner Of gold. it has been said.
c1un quietly amass in the Treasury a
,,rcs amount Of the metal for safe keeping
of which he paid nothing. and then
" suddenly Withdrawing 1t. create a
,anc. The absurdity OF the excuse will
be- apparent when it Is considered that the
governments Iegal tender notes are redeema-
bic in gold on demand. as well as gold certih-
Gates. and that by boarding them and suddenly
Presenting them for redemption. quite as
much mischief could be produced as could be
produced with gold certificates. or course. a
refusal % paw gold for the gold certificates would
he population. but so would be a refusal to re-
deem in gold the legal tenders. and Secretary
who would commit the one crime. would not
hesitate to commit the other.
Nevertheless. it must be conceded that the
gold certificates arc an element OF the nations
currency that ought not to be perpetuated.
They have. in terms. preferred claim on the
Treasury gold over other kinds OF currency.
and. consequently. by inference. tend to render
the other kinds COMPARATIVELY less valuable
in public estimation. II Is true that. as has
been said. all the rest OF the currency Ia as
good as gold. but it is not. on its face and in
terms. redcemable in that metal. and.
therefore. timid people will always have
lingering dstrust OF it. especially in view OF
the continued agitation for the restoration OF
the deprecated silver standard. II. now. there
were no way by which such people could pro-
tect themselves against the payment OF silver.
except ty turning all their money into gold and
warehousinG 1t at their own risk and expense.
the resistance to the silverites would be
stronger and more determined. The gold
standard is now established by law.
and can be overthrown only by new law.
but It's permanence rests upon that OF public
opinion which shall prevent such new law from
being enacted Hence. the wider the area Of
interest which would be prejudiced by the
restoration OF the silver standard. the less likely
tlIveris to receive support and paper currency
the whole state OF which 10 exposed to deprecia-
ton II the silver standard should prevail is a
more potent agency in securing votes against
free silver than one that is only In part liable to
suffer from that cause.
On some accounts. indeed. II is desirable that
our people should use gold coin in place Of
PAPER money moro than they do Coin is
cleaner. or at least moro easily cleaned, than
IaIer money is; much OF our paper money is
maiodorous, suggestive OF disease germs, and
even So disgustingly filthy as to be unpleasant
10 carry in the pocket Coin absorbs no
taInt;ilt superfcially soiled 1t can be washed
without injury, and with some needed i'm
rroN"mens in design it could be made much
lfe'I"r 10 look at than even new bills. Diff
fused generally through the community, it
would constitute reserve for emergencies as
us"'H' as II It were stored In bank or Treasury
vaults. little pressure OF demand would
hF'hG II out, as squeezing wet sponge brings
un' water in il, Hence, we entirely sympa-
'hI2e with those Treasury officials who desire
10 sec It more widely used than it is now.
Tor all that. it is no part Of the duty OF Gov
eFhment officers 10 compel the people to use
coin whom they would rather use paper or to
Withhold from thom paper when they desire it,
"h IN" contrary. the Government should obey
n'S secretary Of the Treasury tho moral
''Ih' 70 nse his office for tho purpose Of
"on''h. his own peculiar views OF currency
matters SECRETARY Gage. for example. is an
""eH' 'att1Sal of bank note circulation, and
al enemy NJ the present Government paper
currency. and the resistance he has made to
'n' .otl'ar demand for gold certificates. and
Tue frivolous reasons he has given for it, indi-
ea'e' PERHAPS incorrectly. but still strongly.
'""' u" desires to stimuat" a demand for bank
currency by Withholding the supply OF Govern
mem currency which he has the power but not
the will to issue.
very little legislation by Congress would
'"'e, mo necessities OF the case. Repeal tho
r''''''oh Tor issuing gold certificates. and let
''' owners ~ gold who are distrusttul Of Gov
rr""eht notes. take care OF it themselves.
men dlr"ct'-not merely authorize tho
secretary OF the Treasury to issue in ex-
vt"'"Ge Tor all the gold that may be offered
num- ethcT coined or unconed without
',"'' an equal amount OF Government notes.
any denomination that may be re-
H"'Eeu. all payable on demand in gold
s''"' l'et nm also be directed" give small
n"l'N 'or large and large notes for small on
.'u"h| Then people would always be able. by
Nu'"hE god into the Treasury, to get all the