Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-07-06
FOR GOLD ONLY.
John b. Henderson's Letter to
Secretary Carlisle.
A PRONOUNCED NOyOMETALLIST.


SAYS There Is Sufficient
Gold.
WASHINGTON, July 3-Ex-S Senator |
John H. Henderson, OF Missouri, who |
has devoted long and careful study 10 |
matters of finance, has addressed TO
Secretary Carlisle u communication In
which he says! 81 promised TO give
you In writing the substance Of my
statements made 10 you In conversa-
ton touching the monetary condition
of the country. ! then expressed tho
belief that the present stringency was
| produced, not by any lack Of sufliciency
OF our currency, but by the loss OF com
iidcnce produced among business men
because OF the inferior character of
large part OF that currency" Mr. Hen.
derson then gives q history of our finnu,
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 distress is
due entirely TO the silver acts OF 1878
and Of 1890. In conclusion he saysj
OF tho 100000 or So,ooOoJO gold with witch
We began Ia ISIS, none can now be found In cir.
| culatpn What has not gone 10 foreign eoun-
trcs enjoying tho blessing Of n single standard
has been boarded, not TO rcappcar until It's
holders have some guarantee that II loaned II
will be returned in money equally good Tho
gold certificates now forced upon the govern.
ment for redemption are no longer United
states notes for the redemption Of which
the hOJO0O,OO0 reserve Is supposed TO be
held by tho government, but constitute
the best security Of the national banks, hcuce
the grsenback IL rapidly disappearing The
national bank notes arc necessarily held, II
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 70 retain their lawful re-
serves Hence they can give no relief to a sut.
ferinR community
The government treasury Is depleted Of ia
surplus Government expenditures exceed 70.
ceipta EXtravagant expenditures must now
be paid In medium Of value. Iho needless
Promise 70 pay has now run IL, brief course
and 10 performance comes with suffering aud
tears
What now Is the rcmedyt
First-The customs duties should hereafter
he paid Ia gold alone
Sccond-1ho silver bullion In the government
vaults should at once he sold tur cash IA Rnld
and the proceeds converted Into the treasury.
Ihifd- Three per cent gold bonds 10 tho
amount Of s90l,0JjO 900 should be promptly sold
I aud the proceeds transferred 10 tho treasury.
FOurIh-A day should be fixed, not later than
, January l. 1875, for the redemption md Iy,y.
mcnt In gold coin Of au circpatiRg notes OF
every description petc9oIoge issued lay the gov
pTnmrpt
/ 'ffh At least halt the silver Sc,
under the acts ot lsls amt 80 ,Jilnrs issuo'
p | hulliuH and The ~ should be sold a
sidi--- ' remainder mntcd into sub
IA Sixh-P Provision should be made Tor the use
4 OF 1000 90 OF gold bonds as basis for bank
:, ing, making the provisions as liberal as posi-
u bic consistent with safety, but under govern
" ment supervision
u Sovcuth-The basis OF national bankin
should bo enlarged so as 10 permit the issue q
- circulating notes ON the deposit Of other TIA
~ United States bonds, tho sO,ycncy Of su'l
IL bonds to be passed upon by responsible govern
r mcut officials
Eighth-An bank issues 70 he redeemed (
gold coin on demand
le Nlnth-An foreign gold coins should be- mad
10 legal tender for debt aud receivable for GOV
Al ornment dues at their value liked by law
Tonth-preylous TO January !, 1879 the Su
plus funds Of the treasury either from Loaf
= or collections 10 he placed with the bank
W 10 such sections Of the country aud In sue
al amounts as may be determined by the seor'
IA tary,
II Is not poverty, but distrust that anllcts IN
W country. Our fabric Of finance must DO tor
down and built anew IL was conceived IN ~
ror and every step increased the departure frO
truth The act Of 1875 WAS dishonOrAb'c To tn
government The act Of 1891 WAS u mere devi'
IN TO substitute silver for COLT as standard
value Iron or copper "a either more stable
~ value to-day than silver
~ We accepted the bad advice Of the silver IL
:, natlunists OuCo-yoa, twice The cup In "a
" bitter to continue the draught They said th'
" II America coined silver England France IN
er Germany would soon take II at tue par Of gol
On the contrary, its fall has boon rapid Tho
of | foreign governments now have our gold aud v
lid are left with currency discarded by the who
~ world and scarcely more valuable than cope
-. We shall again DO told that there X not go
he enough to furnish the worlds exchanges
no every mans experience did not detect this {.
lacy, the sophistry ght be- accepted as arg
al. monL II Il universally admitted as alrca'
Icr stated, that less than per cent. Of hum
he transactions require the use Of cireulhtl
l.r Imnney II more than this be- needed II eau
"a supplied by IA paper currency rodeomaDlo
ch gold.
ch II will be- charged that single standard
nn sought by capital M means OF cNtOrtl
ey hlyher rates OF interest II II enough 10 \
ia that In every country having single Btandn
nd interest rates are scarcely half tho raj
mi prevailing here Give us gold standal
,nt | Now II tile most acceptable time. We hn
as | tried the double standard, aud II In u mt
he irlghtful failure European nations are onJr
ind ing prosperity because they enjoy unifo
currency aud the confidence II inspires
the American people be freed from the ours
Of bad legislation and they will attend To