The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1893-09-08

trade demana = steadily enlsrsias Volume
OF currency to keep pace with our grow
Ing demands. We produce Of gold. avail
able for coinage. less than slsooo.ooo an
nually. We can absorb silver offered us
for coinage without imitation OF cur
rency and without impairing our imam
cial credit at home or abroad.
The other additional reason fof fet.ai
presented BY the advocates Of tho bill
reported BY the finance COMMITTEES Would
DO droil, IL times were Hot tragic, One
senator after another tells vi and the
other house echoed with the same state
ment, that the existing law has abso-
lutely nothing to do with the present
deplqrable financial panic, but that some
other people. who are not designated by
name or calling. think II has: that there
Is woeful lack Of confidence. not In our
silver certificates. but in our financial In
situations, and that this departed conf
dence will return II congress will repeal
the purchasing clause. This panic will
go down Into history as the bankers
panic. Months ago the associated ma
tional banks. DIS an organization, began
usmahdlng repeal. They soiemniy assured
themselves and the country that they
would be ruined II It were not repealed.
They charged to silver the export Of gold.
when every dollar that went would have
gone II we had never silver dollar IN
our coinage. They continued to clamor
until people. who had money In the banks.
drew II out. bills. gold or silver. It mat
tered not which. for they knew . dollar
stamped by the government was good for
100 cents. They sought to bring discfedlt
upon the financial policy Of the govern
mentI they have succeeded In engulfng
themselves. The depositors did not com.
plain OF the Sherman act. and not one
Of them drew out his money because Of
the existence Of that law. have no sort
Of hostility towards the national banks.
The system afforded the first basis Of
confidence In our bonds and has been 6f
vast service to the country. The attitude
Of the banks towards the Sherman law.
however. In connection with recent oc-
currences. deserves mention at this time.
The banks demand the repeal Of the Sher-
man law. This act is the only one now
upon our statute books which permits the
enlargement Of the currency. In u time
of panic such as this 1t would seem unac-
countable that the banking Institutions
should not desire an increase In the vol
ume of money.
Bankers Want n Bond lss6e.
The fact IL. however. that when the
Sherman act shall have been repealed
the banks intend asking congress 10 au-
thorize either an Issue of bonds or bills
to the amount OF $40. 100000 or more for
the purchase Of gold. and they have good
reason to believe that the complaisant
finance committee will authorize bill
for the issue. This would bring tempo
rary prosperity and aid In the journey
toward gold mono-metallism. Mean
while. we are asked to authorize the banks
to issue notes to the par value of their
bonds deposited to secure circulation. q
measure which recent disclosures would
Indicate is Of Importance to their dcpos-
itors rs well as to the banks. While
| waiting for this measure to become n law
the clearing house certificates. based on
rediscounted paper. furnish an excellent
substitute for money. Nobody was dis
posed to find fault with this procedure.
but when q resolution was offered the
other day calling on the comptroller Of
the currency. whose Integrity everybody
recognizes. to inform us whether the
banks were obeying the law or not. m
extraordinary incident occurred. Sena-
tor German. with bated breath, Informed
Nv that. us n matter of fact. all the banks
were violating the laws. that II they did
not violate the law they would all have
TO close. and we were urged not to In
form ourselves Of the facts. but 10 let
the comptroller alone. No more remarka
BILE statement was ever made. Congress
10 In session ready TO enlarge or chang
the law IL necessary, but we are informe
! that II ID our duty TO blind ourselves Ia
tho facts. and to our oaths. and TO suf'
e.e Ia 10. Ia toll tad In
Quiry or rebuke.
DepositoPs Have nOmc Rights.
Did It ever occur to the Maryland sen
ator that the depositors might have some
rights which the law ought TO protect!
And did II ever occur to the banks that
possibly lack Of confidence" In their In
situations might not be wholly due to
the Sherman act7 In the struggle which
II now being fought out on this floor.
whatever may be the outcome. we have
nil learned something of the divinity that
hedges around moneyed Institutions to
an eastern mind. The western point Of
view Is not much valued these days on
! Wall street. but I venture to suggest 10
able nnanciers of that attractive. but eB.
pensive locality, that II they will pre-
vent repetition OF such frauds a. tbs
whisky trust. and such acknowledgement
ms has been shown In tho cordags and
other indnstriais they will remember thai
the Sherman act or some kindred meas
ure recognising silver coinage. must al
ford them the only avenue possible fo'
the enlargement OF the currency wh'ch
they especially need II they VIII loon
Mt n map OF these United states ana Cd,
serve that they cover or"ad expahse OF
country. and contain many people WIN
many VIEWS ana ~" % 'ou'y 'ne.'
opinion as mol 70 psneNe INA. .Ve'y nm
VINO o'Hefs win mem resp'euns ""a"
ciai matters mus oe e'".' .".a''. "
crank we VIII sooner a.rN' ,"". wv"
dition OF mutual commence nn' ,.ss,.
whieh ought 70 oo.h'" 'e'"''" '"'
OF tue r'fhe country
] Tho people OF the far Northwest fayo