The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-10-27

SENATOR SHERMAN IN his MllWau-
kee speech confined himself solely to the
financial questions. He acknowledged
that there was demand for more money,
larger volume of circulating mediu
but he did not say by what means that
want was to be supplied, unless as in his
speech III the senate, the hint that the
government might issue notes on the
credit of the government without any Sc
curlty for their redemption was that
means. But this is greenbackism, some
thing which Sherman in the past attack
ed most vigorously. The demand of
people who want sutficiency of circulat-
ing medium is that it be issued with
ample security for its redemption. But
Senator Sherman's scheme is that the
credit of the nation be the security
What is that credit? OF what value as
it under the confederation? Did not the
United States repudiate the debts they
contracted during the revolutionary war?
What was the value of the notes ISIS ued
by the confederacy during the war? Did
not the people of the United States pro-
hibit by constitutional enactment the
payment of the obligations contracted by
the southern confederacy and the south
ern states? In the light of these events
are we to blindly accept notes for whose
redemption no provision is made?
There is no purpose on the part of any
one to go back to the wild cat currency
of the period before the war. The I'M
pending war made the Issue of these
state banks decrease in value, just as the
war deprecated the value of greenbacks
and national banks notes, IN til they were
worth not much more than 80 cents on
the dollar. During the war period the
peoples money was at discount of near
ly 80 per cent. Why is not this fact
made prominent when the deprecated
value of the state banks issue is dwelt
upon?
Should the tax on state bank circula-
ton be removed no bank in Wisconsin
under the present law could issue its
notes on security a whit less valuable
than that required for the redemption of
national bank notes. The security re-
quired is government or state bonds.
State bonds are fully as safe as are the
bonds of the national government. Ma
hone with the aid of the republican party
sought to have Virginia repudiate It's
debt; but the democratic party stood in
opposition to the movement and saved
the state from disgrace.
Why do we hear so much of the dam
ger of debased currency If the credit of
the national government is beyond sus-
picion? With demands made by no in
considerable portion of the people of the
country that the government issue it's
notes to the amount of billions of dollars
with which to purchase railroads and
telegraph lines. and to loan money ad
hbitum, can we say that there is abso-
Lutte safety in trusting the circulating
medium of the country to the blind i'm
pulse of the people operating through
general election? The only safe substi-
tute for coin is note amply secured and
that should be secured whether it be
promlssory note or the issue of national
bank, state bank or general government.
With billions of government notes in
circulation, unlimited coinage of silver
dollars of value less than their face, we
would have financial difficulties in CON-
parison with which the perod of wildcat
banks would hardly be circumstance.
Ii there never has been any danger of
greenbackism, or free coinage of silver,
then the republican party has been howl
ing wolf" for some time