The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-11
THE POLICY FoREsHADowRD.

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Hon. j. B. Henderson, ex United
States Senator from Missouri, has writ
ten a long article on finance to Secre
tary Carlisle. Mr. Carlisle has pub
Iished the article in the Washington
Post. This action leads us to believe
that Mr.. Carlisle approves of it, and
that it foreshadows the policy of the
administration when the extra session
meets.
The article itself fills nearly three
and a half columns in small type, and
consists of a history of the various
money panics, what caused them, etc.
Mr.. Henderson favors a gold standard
and the unconditional repeal of the
Sherman law. He is against silver in
any form, and, from his article, one
would suppose that a large number of
h~isrelatives had been recently poisoned
by some one having placed a small
quantity of silver in their food. He IS
willing to plunge the country further
in debt, make it an absolute slave to
to goldbug ~bondholders, by issuing
$500, 600, 600 more percent. gold bonds.
Many of US feel sure that the bond
holders are now masters of the situa-
ton. If not, the additional $500, 600,
900 will comple-e the job. But, to US,
this is no surprise. President Cleve
land, Secretary Carlisle and John
Sherman have stated publicly that
they don't differ in matters of finance.
Hence a gold basis will be the result
of the next session of Congress. AS
the money is now locked up it will
then be liberated, and, for a few
months times will apparently grow bet
ter, but soon another crisis will come
and values will shrink more than they
did in 1873 or 1898, the rich will grow
richer and the poor poorer. Those who
are now millionaires will become bill
lionaires; those now in moderately
good circumstances will be reduced to
poverty. Read the following remedies
suggested by MI. Henderson, and you
will see what the extra session will
probably do:
First. 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
covered into the treasury.
the mount of $500, coo, 900 should be
orOpon+lv cold on6 tho nrO0ooHC HTscn0-
ferred to the treasury.
Fourth. A~day should be fixed, not
later than January 1, 1898, for the re.
demption and payment in gold coin of
all circulating notes of every descrip
ton heretofore issued by the govern
ment.
Fifth. At least half of the silver dol
lars issued under the acts of 1873 and
1890 should be sold as bullion and the
remainder minted into subsidiary sill
e coins, and made legal tender only
in payment of $40 or less.
Sixth. Provision should be made for
the use of the $500, 000, 900 of gold bonds
as a basis for banking, making the pro
visions as liberal as possible consistent
with safety, but under government
supervision.
Seventh. The basis of national bank
ing should be so enlarged as to permit
the issue of circulating notes on the
deposit of other than United States
bonds, the solvency of such bonds to
be passed IN by responsible govern
ment officials.
Eighth. All bank issues to be re,
deemed in gold coin on demand.
Ninth. All foreign gold coins should
be made a legal tender for debt, and
receivable for government dues at
their value, as fixed by law.
Tenth. Previous to the first of Janu
airy, 1898, the surplus funds of the
treasury, Ell Their from loans or ccllec
tions, to be placed with the banks in
such sections of the country and in
such amounts as may be determined
by the secretary.