The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-17
0URBANKING SYSTEM.
Ex-Secretary Fairchild Likes
Present Paper Money.
WEAVER GETS FULL KANSAS VOTE
cal, Fellows Gives the Reform Club .
shot--The Fortff1cations Appro.
priation Cut Down.

Bosros, Dec. 1.-THE annual dinner OF the
New England Tariff Reform League was held at
the American house this evening President
Henry l. Pierce was the presiding officer. The
sneakers were Hon. Charles s. Fairchild, secre-
pry OF the treasury under Cleveland; Hon.
Harvey b. shepard, Josiah Quincy and willism
6sice. The first speaker OF the evening was
Ya.rchild, who said in part:
These in favor of tariff reform stiIl have
duty TO perform. Our bUstaess friends ask for
stability In business, but they have built up an
artificial system whereby the business OF this
country is held up above its natural condition
Instead OF seeking TO do the things requisite to
maintain the banking system they sought to
turn the minds of the people in every possible
way from consideration Of the true subject
They have formed habit OF contributing vast
sums of money TO buy elections. II is useless
10 deny that the Democrats are equally guf ty
With the Republicans In attempts to corrupt
SELECTIONS, but within the last five years business
men have contributed of the gains which came
70 them, as supposed, through the government,
for the hardly concealed purpose OF buying cleo
tons, contributing of their substance to under
mine the foundations OF society.
We have before us q very grave question,
which involves prosectionism, governmentalsm
and ps.ernalIsm. and that is our currency sys-
TEN. 1t IL common belief that the govern
Dent has tue mysterious power to infuse value
into substance otherwise valueless ana
70 add to the value which Is already
IN . su bs'ance by putting il in the form OF
bsak bill or coined money and cali 1t legal ten-
der money. ! do not think there Is any power
in the government to give value to anything by
adding the legal tender quality to IT. During
the war In this country. with the same volume
Of greenbacks, the same volume OF business,
The same amount of debt which could De paid
With that money. its value would vary
Enormously between morning and afternoon.
Tie legal tender quality had not varied; the
reed FOR money had not varied; the population
had not varied; business had not varied. what
hsd varied was the average belief OF the Ameri-
can people AS to the ultimate redeemability of
ne promise 10 pay. That was the reason the
money varied so and the legal tender quality
vas utterly powerless to retain value in it
When the United States was no longer able to
fulfill that promise, to make good that credit,
then the money must stand on its foundation,
and its foundation would be the value of silver
bullion In the world. There was no more states
manship. there was no more sense in de-
pdying the American people of one of
ias most useful devices OF modern times
because some one may sometimes lose by it
than there was in depriving them of other
forms of commercial credit. In the face of the
vast usefulness OF good bank ncte circulation,
which will pass from hand to hand readily aud
ore legal tender, say it is utter imbeciiity for
the American people to say that they cannot do
that and that they won't do it.