Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-07-08
HENrERsoN'S REMEDY.

Ex-senator ueuOerSOn NtvPt NicWb ~
the Financial situation-Iie Is Opposed
to the Double Standard.
WASHINGTON, July 3.-Ex-Senator
F.hn Is. Henderson, of Missouri, who
has devoted long and careful study to
matters of finance, has addressed to
Secretary Carlisle communic. ton in
which he says: II promised to give
you in writing the substance OF my
statements made to you in converse
ton touching the monetary condition
Of the country. ] 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-
fidence produced among business men
because of. the inferior character Of a
large part of that currency" Mr. Hen
derson then gives 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 distress il
due entirely to the silver acts of 1878
| nd Of 1890. In conclusion he says:
or the Sl,UJ0,0U CT s,0Ol0D gold with which
! we began In 1878, none can now be found In cir
| culation. What has not gone TO foreign coun.
| tries enjoying tho blessing Of o single standard.
has been boarded, not to reappear until Its
holders have some guarantee that IL loaned IL
will be returned in money equally good Tho
| gold certificates now forced upon the govern.
ment for redemption IRE no longer United
States notes for the redemption OF which
| the el0J,000,0OO reserve Is supposed 10 be
| ield 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, II
possible by the banks issuing ,hem In fear thai
| in the extremity OF distress their redemption
may soon be asked in gold. Nothing is left but
silver certificates and treasury notes Inc
banks are unable to retain their lawful re-
serves Hence they can give no relief to SUI
'ering 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 now run its brief course
and its performance comes with suffering anu
tears.
What now Is the remedyf
First-The customs duties should hereafter
be paid in gold alone
Seeond-The silver bullion in the government
vaults should ut once be sold for cash In goid
and the proceeds converted into the treasury.
1 Third-Three per cent gold bonds TO the
amount OF 500. 0JJ, 900 should be promptly sold
and the proceeds transferred 10 the treasury.
Fourth-A day should be Fixed, not later than
January l. 1893, for the redemption and pay.
ment in gold coin Of all circulating notes OF
every description heretofore issued by the gov
eminent
Fifth-At least half tho silver dollars issued
under the acts OF io7s and to- should be sold as
bullion and the remainder m.n;ed into sub
sidiary silver coin
Sixth-Prcvision should be made for the use
Of 1900 OOJ 700 OF gold bonds as i basis for bank
Ing, making the provisions as liberal US posi-
BILE consistent with saiety. but under govern
ment supervision
Seyenth-The bus!s OF national banking
should be enlarged so rs to permit the issue OF
circulating notes on the deposit OF other than
United States bonds the 50 vency OF such
bonds to be passed upon By responsible govern
mcnt officials.
Eighth-All bank issues to be redeemed In
gold coin on demand.
Ninth-All foreign gold coins should be made
n legal tender for debt and receivable for gov
ernmcnt dues at their value fixed by law.
Tcnth-Previous to January !, 1878. the sur
plus funds OF the trcasur; eth from loans
or collections 10 be placed with the banks
In such sections OF the country and In such
amounts US may be determined by the secre'
tary.
II is not poverty. but distru't that nffiicts tina
country Our fabric OF finance must be tora
down and built anew. II was conceived IN er-
ror and every step increased the departure from
truth The act OF is1s was dishoIorable 10 the
government The act OF 1897 WAS mere device
10 substitute silver for go rs u 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
hationists once-yca, twice The cup Is 700
bitter to continue the draught They said that
IL America coined silver England, France ana
Germany would soon take II ut the par OF gold
on the contrary its fall " b,en rapid These
foreign governm .nis now have our gold and we
arc left with u currency discarded 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 IL
avery mans experience did not detect this ral-
10Y, the sophistry might be accepted Us argu-
nent It Is universally admitted, rs already
stated that less than per cent. OF human
transactions REQUIRE the use OF circulating
money. II more than this be needed, II can Do
supplied by u paper currency redeemaole In
yold
It will be charged that o single standard -
fought by capital as means OF extorung
higher rates OF interest. 1t Is enough TO say
hat in every country having single slauunru
interest rates IRE scarcely half the rates
prevailing here. Give Us gold standard
Now Is the most acceptable time. We have
:ried the double standard, and It Is moss
:rightful failure. European nations are enjoy
ng prosperity, because they enjoy UNIFORM
currency and the confidence II inspires Let
he American people be freed from the curses
II bad legislation. and they will attend TO tho
.est
ROBERT p. PORTER RESIGNS.