The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-11-20
A MONETARY PLAN.

Gl3t f8per currency ~ Good ~ Coin, In
Conjunction With . Postal Banking Sys-
tenn to Secure Necessary F1exibility Of
Supply at Interest Rates Productive I'm
dustry Can AFFORD to Pay.
1t being the conceded duty of con-
gTess to provide sufficient volume Of
legal tender currency for the people Of
the United States to transact their
business on q cash basis, and it being
evident that q large increase Of cur
rency and improved methods of putting
it into circulation are the paramount
public necessities, the peoples party of
the state OF Kansas recommends the
adoption of the following demands as
the financial plank Of the peoples
party presidential platform for 1892:
We demand the prohibition OF bank cur.
rency.
We demand the free and unlimited coin
age OF silver and gold at their present ratio
OF weight and fineness, with option of GER
tifcates or fractional currency in exchange
for coin or bullion at all times.
We demand that the money of the United
States consist OF its greenback currency,
coin. and coin certificates, all equally legal
tender for all debts and obligations, public
and private, provided that present out
standing United States 4 and ~ per cent
bonds and interest upon postal savings
bank deposits shall be paid in coin, to be
obtained so far as needed for those purposes
through tariff duties. of which not less than
one half shall be payable in greenback cur
rency. By coin is meant either silver or
gold without distinction.
We demand that to put greenback cur
rency into circulation without mourning
the dangers involved in centralizing the
money loaning business of the country un-
der control of national in ar tn
corruptly and oppressively perpetuate them
selves, as Is done through the national
banking system) that such currency be
originally issued by way of loans to the re-
spective states and territories, leaving each
at liberty to adopt its own method of putting
its share OF currency into circulation, and
changing its methods as experience sug-
gests.
we demand that when a state or territory
has law submitted to and approved by
vote OF its citizens, providing for the issue
OF its bonds in exchange for legal tender
greenback currency and providing how it
will put such currency into circulation, It
shall be entitled to receive such currency
from the national treasury up to $50 per
capita OF its population, as determined by
the United States census, in par exchange
for its bonds bearing greenback interest at
the rate of one per cent. per annum, payable
annually, and principal payable in green
backs at option.
We demand that Tin order to provide the
people of the United States with savings
facilities equal to those enjoyed by the
monarchial countries Of Europe; to impart
necessary flexibility of volume to the cur
rency so that it may increase and decrease
in accordance with the coming and going of
crop seasons; to enable productive industry
to obtain loans on imperishable farm prod
ucts and other good security at rates labor
can afford to pay for the use of capital, and
to assist in maintaining greenback cur
rency and coin at par value with each
other) the United States shall establish
postal savings bank system to receive;
and repay deposits on demand
bearing coin interest at the rate of one. half
cent per day on each 500 (Which is less than
two per cent. interest per annum) and to-
prevent oppressive contraction of currency
through its retirement into such deposits,
the rate of interest upon them shall decrease:
in proportion to the amount of currency in
vested in them by each deposit stipulating
that at the time at which the government
converts 1t into currency reduction of one
fortieth of its accrued interest shall be made
for every s101 O00, 0G0 of such deposits Official
ly published as outstanding on the first day
of the month in which such conversion is
demanded. The interest of postal savings
bank deposits shall be payable in silver or
gold coin or their certificates, or in coin
y,
distinction, but their principal shall be pay
able only by convertibility into greenback
currency, as stated, and a sufficient supply
of currency funded into such deposits shall
be kept on hand in the national treasury
and throughout the country for redemption
of certificates on demand.
We demand that the further issuing or re-
funding of public bonds or obligations of
any kind payabl elm coin. except coin inter-
est on postal savings bank deposits, and the
making of currency redeemable in coin. or
making coin, silver or gold. of any superior
legal tender power to each other or to
greenback currency, shall be prohibited.
The above monetary plan is sub
mitted by ]. R. Graham, of the EN-
poria Kan. Gazette, for the considera-
ton and approval of the peoples party
of the state of Kansas and of the
United States, as better campaign
issue than the land, sub-treasury, or
other government loan schemes