Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1893-07-06
FOR COLD ONLY.
John B. Henderson's Letter to
Secretary Carlisle.
PRONOUNCED MONOaETaLLIST.
He Sees Nothing but Disaster in Further
Attempts at Double standard a.d
SAYS There Is Sufficient
Gold

WASHINGTON. july 3-Ex-Senator
John T. Henderson, of Missouri, who
has devoted long and careful study to
matters of finance, has addressed to
Secretary Carlisle communication in
which he says: 81 promised to give
you in writing the substance of my
statements made to you in converse
ton touching the monetary condition
of the country. I then expressed the
belief that the present stringency was
produced. not by any lack of sufficiency
of our currency, but by the loss OF con-
fdence produced among business men
because of the inferior character of
large part of that currency" Mr.. Hen
derson then gives a history of our finan-
cial legislation, from which he argues
that neither individual prosperity nor
commercial activity is controlled by
the amount of circulating medium, and
that the present financial dis ress is
| due entirsly TO the silver acts of 1875
| and of 1890. In conclusion he says:
OF the 100000 or s5,ooJ0D gold with which
we began in 1878, none now he found in cir
culation What has not gone tc foreign coun-
tries enjoying the blessing of single standard.
has been boarded, not to reappcar until its
holders have some guarantee that II loaned 1t
will be returned in money equally good The
gold certificates now forced upon the govern
ment for redemption longer United
States notes for the redemption CT which
the 500 900 900 reserve is supposed to be
held by the government but constitute
| the best security OF the national banks. hence
| the greenback is rapidly disappearing The
national bank notes are necessarily held, If
possible by the banks 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 retain their lawful
serves. Hence they can give no relief to a suf-
fering community.
The government treasury is depleted of It's
surplus. Government expenditures exceed re-
ceiptS. EXtraVagant expenditures must now
be paid in medium of value The needless
promise to pay has its brief course
and its performance comes with suffering and
tears
What now is the remedy?
F'irst-The customs duties should hereafter
be paid in gold alone
Second-The silver bullion in the government
vaults should at once be sold for cash in gold
and the proceeds converted into the treasury.
Ia Th1rd-Three per cent gold bonds TO the
amount of 500. 0OJ, 000 should be promptly sold
and the proceeds transferred to the treasury.
Fourih-A day should be fixed, not later than
January L. 1893, for the redemption aud pay
ment in gold coin Of all circulating notes of
every description heretofore issued by the gov
eminent
Fifth-At least half the silver dollars issued
under the acts of 1873 and le9J should be sold
bullion and the remainder rlinted into sub
sidiary silver coin
Sixtt-Prov. should be made for the use
of 1905. OOL 700 of gold bonds basis for bank
ing, making the provisions liberal possi-
bic consistent with safety. but under govern
ment supervision
Seventh-The basis OF national banking
should be enlarged to permit the issue of
circulating notes on the deposit of other than
United States bonds, the Sweeney of such
bonds to be passed upon by responsible govern
rnent officials.
Eighth-All bank issues to be redeemed IN
gold coin on demand.
Nfnth-Al foreign gold coins should be made
a legal tender for debt and receivable Tor gov
eminent dues at their value fixed by law.
Tenth-PreviOuS to January l. 1875. the sur
plus funds of the treasury ei;h-r from loans
| or collections TO be placed with the banks
il such sections of the country and in such
amounts as may be determined by the secre-
tary-
It is not poverty but distrust that afficts the
country. Our fabric Of finance must be torn
down and built anew. 1t conceived in
TOR and every step Increased the departure from
truth The act Of ls1s was dishonorable 10 the
government The act of 1881 was mere device
| TO substitute silver for gold a standard OF
value. Iron or copper is either more stable in
value to-day than silver
We accepted the bad advice OF the silver in
| fatfonists once-yea. twice The cup is too
bitter to continue the draught- They said that
| if America coined silver England, France AMI
Germany would soon tIke it at the par ot gold
On the contrary, its fall h IS been rapid These
| foreign governments now have our Did and We
are left with Il currency dis -ardsd by the whole
world and scarcely more valuable than copper
We shall again be told that there is not gold
enough 10 furnish the worlds exchanges II
every mans experience did not detect this fall
! lacy, the Sophistry might be accepted as argu-
ulent Il is universally admitted, already
stated, that less than per cent of human
! transactions require the of circulating
money. If more than this be needed, it can be
| supplied by paper currency reieemab.e in
| gold.
1t will be CHARGED that q single STANDARD IS
sought by capital L means of eXtorting
higher ties OF interest II is enough TO say
| that in every country having single standard
interest rates are scarcely half the rates
PREVAILING here. Give gold standard
| Now is the most acceptable time. We have
| tried the double standird. and II Is a most
| frightful failure. European nations ENJOY
| ing prosperity. because they enjoy uniform
] currency and the confidence it inspires. Let
| the American people be freed from the curses
| of bad legislation. and they viii attend TO the
rest.
~