| Show QUITE CAUSTIC CORRESPONDENCE BETWEEN ST JOHN AXD SP1IINGEII Evidently a Case of Diamond Cut Diamoud It is Said aa TJausil to Explain Itself Washington Feb 22The following correspondence which explains itself has passed between William P St John president of the Mercantile National Na-tional bank of New York and Sir Springer chairman of the committee on banking and currency This first is a etter addressed by Mr Bt John to Mr Springer in which the former saysWhen When before your honorable committee com-mittee In December I recommended the redemption of United States notes in gold only at that time under conditions con-ditions then of extraordinary weakness weak-ness In the treasury I added that the United States was then earlier to redeem re-deem greenbacks and notes in silver and laugh at such consequences Un der the profound conviction that the present condition of the treasury reserve re-serve and liberal accumulations of idle money in New York and other money centers afford together a new oppor tunity to do so safely I write to beg you to ask the secretary of the treasury to exercise the option conferred upon him by the law to redeem the United States notes In silver dollars The treasury reserve is now composed of about S105000000 old and only about 15000000 of free silver If thesecre tary Win instruct the treasurer and every assistant treasurer of the United States to meet demands for the redemption re-demption of United States and treasury treas-ury notes in standard silver only and continue this for a reasonable time the achievement will be in all details and in every respect a happy one and no more interestbearing debt need to be created On the other hand if the secretary of the treasury still neglects this opportunity the neglect may prove one more just ground for fault finding with his administration on public finance To this letetr Mr Springer replied In answer to your letter permit me to say I am under the profound con viction that the present condition of the treasury reserve and liberal accumulations I j accu-mulations of Idle money in New York afford together a new opportunity for you to exercise the discretion conferred IJ con-ferred on you by law to pay all checks at the bank of which you are president presi-dent in standard silver dollars If you should pursue this course for a reasonable time the achievement would be In all details and in every respect a happy one On the other hand if you should neglect this opportunity op-portunity the neglect may prove one j I more ground for faultfinding with I I those trine and financiers practice who another preach one doc jl I |
