Dodge City times., 1891-05-29


high Tin order to induce depository a
to constitute deposite slips the choicest
security in the market The
new system of land currency and saw
ings bonds (deposite notes. must afEi1
and establish such low rate of interest
upon savings deposits as to make abso-
lutte security and not income the chief
Then none but legiti-
mate savings for legitimate purposes
will be invested in safety fund notes or
savings bonds Depositors who keer
money in the nations care or deposit
simply as daily or monthly balance
subject to check, should be satisfied
with the absolute security afforded
them, and neither ask or receive any
interest whatever upon such deposits.
Now as to the true system, briefly, in
as few words as possible. All gold.
bugs, metallic currency, specie basis,
intrinsic value idiots, agree in stating
and maintaining that 81 in specie is
good base or reserve for the redemption
of s. in paper currency. We have $780,.
600, 900 of legal tender notes (grcen-
held in reserve for their redemption,
are. and have been for years, as good
as gold. simply because OF the fiat OF
the secretary of the treasury declaring
them receivable for duties upon inn
ports, which duties are. nevertheless
generally paid in gold
To proceed, first stating that am g
declaratory fat paper money man, sS
that it may be understood that am
simply indicating plan that might b<
followed and yet without lacerating the
feelings or awakening the fears of thu
''hard money" theorists.
There was in the United States treas
ury on December 1, 1890, the sum, il
gold and silver coin and bullion, o!
S675, $50, 1s6. against which there wer
issued gold and silver certificate,
amounting to S4s5. .G25, O93, leaving q
balance owned by the United States OF,
say, 500, 200, 900. The first thing to b<
done is to enact and put into operation
two national laws-One establishing
the United States postal savings and
loaning banks, spoken of by Mr.. Hill,
the other offering to the people. the
common people, United States savings
bonds in small denominations, drawing
one per cent interest, and redeemablt
at the option of the government or the
holder in any lawful money of the
United States, the interest being paya
BILE in the same kind of money. The
issue might be limited to 81, 600. 600. 0O(
mt the start The immediate effect oi
this legislation would be to place in tht
possession of the United States govern
ment all the outstanding gold and silvel
certificates, which should be promptly
destroyed, leaving the peoples govern
ment in ownership and possession of thu
sum of S675, 600, 600, in gold and silver
or very nearly the entire amount o
such money in the United States, as ad
mitted by several successive director
of the United States mint, and provet
conclusively by Mr.. n. A. Dunning, il
his little pamphlet 1.-The Power o
Money to Cypress" We have now al
most surrounded the gOld-bugs ant
money-mongers, all that remains to d.
being to remonetiZe silver and pay TO
all taken to the United States mint will
United States one per cent saving
bonds or treasury notes, as provided TO
hcreinbefore, or coin into dollars, a
the option of the holder.
| Now issue upon the $675, ,OO0, 900 O
gold and silver in hand, 50 for 81 il
United States treasury notes, making
such notes legal tender for all debts
both public a',d private.
But these treasury notes should no
be maze ''redeemable" in specie. No
indeed. They should be based upol
the credit and resources of the Unite'
States, and bc made receivable for al
dues without any exception The.
should read thus: 'On demand tn
promises to pay to the bearer 81 Tor s.
$40. etc, as the case may be) at an
sub-treasury in the United States. i
United States savings bonds" Thi
would keep the notes in active circula
ton, in the hands of the people, Us
medium of exchange.
This gives us n banking capital of 81
O25, 600, 600 in lawful United State
money, not counting the gold and si
| r., Y
81 until the limit of $50 per capita
reached, as fast rs the United States ~
auires possession of gold or silver
either by the sale of savings bonds. @
as it is paid into the United State
treasury for import duties or othe
taxes
Loaning deposits does not increas
I oS IIvip N
under that system now. Both deposit
and bank discounts and loans" ar
each three times as great as the vO
ume of currency. The volume G
money can be increased only by iss,
ing more money. But when we reac
the limit of $50 per capita then, with
banking capital of 81, $780, 600. 600, W
might expect both deposits and ''loau
and discounts" to each amount to thre
to five times the sum of such bankin
capital, as is the case under our preseI
system.
of course, those who have savet
and wished to deposit with the Unite
States the treasury notes spoken {
would be given therefor United State
| Ouc sscHt S<sShuEo OOiAsAos OANS
this system of banking the Unite
States would. sure enough, make
profit above interest paid to depositor
while individuals (as borrowers) wOul
always owe the community as much q
the community would owe to indivi'
uals (as depositors). OF course it is nj
derstood that these United States banl
, would loan to the people at two pe
cent interest upon real and person;
security and warehouse or elevate
grain certificates; thus establishing th
sub-treasury plan or principle. witho'
the necessity of building govcrnmer
warehouses C. Ward, in N,
tional View.
, I'm non-partisan but political wa
the alliance must assert itself in 1S9
The individual members of the alliant
, are at liberty to vote and work for
first. second. third or fourth party, bl
as an organization it cannot go beyon
!, its enunciated principles. The allians
orsran; tson Ia ou1v n srhonl for I'll