The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-05

been boarded, not 10 reappear until its
holders have some guarantee that. If
loaned, il will be returned in money
equally good. The gold certificates not
already forced upon the government, for
the redemption of which the 800 900 900
gold reserve is supposed to be held by
the government continue the best Sc
curity of the national banks and the
greenback is rapidly disappearing. The
bank notes are necessarily held, il possi-
ble by the bank issuing them, In fear
that in the extremity of distress their
redemption may soon be asked in gold.
Nothing Is left but silver certificates and
treasury notes. The banks are unable
to maintain their lawful reserves. Hence
they can do no relief to a suffering COM
munity. The government treasury is de-
pleted OF its surplus. Government ex-
penditureS exceed government receipts.
Extravagant appropriations made upon
a silver basis must now be paid in
medium of value. The Needless promise
to pay has now run its brief course and
its performance comes with suffering
and tears.
MFR. HendersOn's Remedy.
'What now is the remedy?'
81. The customs duties should hereafter
be paid in gold alone.
''2. The silver buIlior, in the government
vaults should be sold at once for cash in
gold and the proceeds covered into the
treasury.
''3. Three per cent. gold bonds to the
amount of 100000 should be prompt
ly sold and the proceeds transferred to
the treasury.
81 A day should be fixed, not later
than Jan. 1, 1898, for the redemption
and payment in gold coin Of all circu-
lating notes of every description hereto
fore issued by the government.
"5 At least half of the silver dollars
issued under the ats OF 1878 and 1890
should be sold as bullion and the re-
mainder minted inro subsidiary silver
coins. and made sal tender only in
payHifre 20 ProTision oi on "a be made for the
use Of the 100000. 10 of gold bonds as
basis for banking, making the provis-
ions liberal as possible consistent with
safety, but under government superVls-
ion.
''7. The basis Of national banking
should be so enlarged as TO permit the
issue OF circulating notes on the deposit
of other than L. 5. bonds, the solvency
OF such bonds to be passed on by reSpon-
| sible government officials.
''S. All bank issues TO be redeemed in
"s. All foreign gold coins should be
made a legal tender for DEBT ana re-
ceivable for government duties at their
value as fixed by law.
plus funds OF the treasury. either loans
| or collections, to be placed with the
banks in such sections of the country
and In such amounts as may be deter
| mined by the secretary.
The Cause of the Trouble.
"Tt is not poverty but distrust that
afiicts the country. Our fabric of finance
must be torn down and built anew. 1t
was conceived IN error. and every step
| increased the departure from truth. The
| act OF 1878 was dishonorable to the gov
ernnent and rulnous to the people. The
act of 1890 was a mere device to substi-
| tute silver for gold as a standard Of
value. Iron 3 copper is either more
stable in value sday than silver
I've acceptedk he bad advice of the
,y sily' 80 'e.ses Nus 'EiVV, the he
coined silver England, France and Ger
many would be constrained TO use II
| also and that silver would soon take the
| place Of gold. on the contrary, It's fali
| has been rapid and without intermission'
| These foreign governments now have
our gold and we are left with currency
| discarded by the whole world and scarce
! ly more valuable than copper
| I'VE shall again be told that there Is
not gold enough to furnish the world s
1 EXCHANGES. il every man : SNPCi lCiiSS
| did not detect this fallacy, the sophistry
might be accepted IS argument. II is
universally admitted. as already stated,
that less than per cent. of human
| transactions require the use Of absolute
| money. If more than this be needed 1t
can be supplied by a paper currency re
| deemable i'm gold. Ii will be charged
| that single standard is sought by capt.
| tai as a means of eXtorting higher rates
| of interest It is enough 10 say that IN
| every country having a single standard
| interest rates are scarcely half the rates
/ prevailing here.
Give us a gold standard OF value.
| Now is the most acceptable time We
| have tried the double standard, and it
| is a most frightful failure. European
| nations are enjoying prosperity because
| they enjoy a uniform currency and the
| confidence II inspires. Let the Ameri-
| can people be free from the curses OF
| bad legislation and they will attend TO
| the rest. j. B. HENDERSON,.
| <. c,,iS I,Ine %