The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-23

ic, the people having no confidence
that our notes will be redeemed in
gold. The only way to remedy this
is to authorize the national banks to
issue another 800, 600 600 or so of cur
rency,' redeemable of course in the
gold we haven't got. OF course he
has studied the political economy of
Wall street, and knows just how this
can be done. Applying his sugges-
to ordinary business, the man who is
crowded for payment of his notes can
inspire confidence in his creditor that
he will pay, by issuing more notes.
1t reminds me of story l heard
few days ago: A lady had overdrawn
her account at the bank $lG5 dollars.
The banker sent the notice usual in
cases of overdraft, requesting her to
make the same good. She replied
with very polite note, saying she
was very sorry it had happened and
assured the banker it should not oc-
cur again. and in closing said II
herewith enclose you my check on
your bank for the amount"
Another financier says: elf we
don't stop coming silver England
will sell all her investments in this
country and take the gold out of the
country and thus leave us on silver
basis exclusively"
That would indeed be sorrowful;
[ suppose he argues that the proper
thing to do would be to do away with
silver, and then whenever England
withdraws the gold we will be on no
basis whatever. 1t would seem to
the ordinary observer that silver
basis would be preferable to no basis
at all; but then some people are al
ways talking what glorious thing it
would be to have fiat money. These
Wall street financiers ought to know
all about fat money, as it seems to be
their fiat that makes all our money.
Ex-congressmen always know what
is what, so their views are always
sought. Just before leaving for Eng
land probably to place the bonds) one
of them says: "The only thing to
relieve the present panic land en-
nance the interests of the great
transportation corporations) is to un-
conditionally repeal the Sherman act
then let the government issue $780,
100000 gold bonds Creating an inter-
est charge of ST., OOO, 900 annually pay
able in gold), sell them to England,
place the gold in the treasury (this
will create boom in stocks), then let
the national banks issue our curren-
cy exclusively. This will inspire con-
fdence at once land on the boom that
will follow England can unload cor
responding amount of railroad stocks,
withdraw the gold and take it back.
OF course in this event all we have to
do is to issue more bonds, and keep
the gold on the move until the inter
est has absorbed it ALL"
Now it does seem that with all
these schemes before congress, it
should have no trouble in adopting
one or all of them, and that without
delay, and as Mr.. Gould has said that
the country cannot prosper unless the
"great transportation corporations
also prosper" if the repeal of the
Sherman law is for the benefit of the
corporations it should be uncondi-
tionally repealed at once; if not, it
will be the first time in the history of
this country that the corporations
have not got what they want.
I do not think that a common voter
has any right to make suggestions to
a member of congress as to how he
should vote, but this is a case where
the great corporations are interested
and therefore we all feel more or less
concern for their welfare; I there
fore feel at liberty to step outside of
the ordinary rules of propriety and
suggest that you vote for the uncon-
ditional repeal Of the Sherman silver
law.
I would not feel like expressing any
views on, the financial question after
reading all these I have referred to
above, but will mention the express
sion of one person made in private a
few days ago. He says:
How is it that whenever a few kegs
of gold leave this country we have
no way of stopping it, but at once be-
gin to cry panic, and thus bring one
on? At the same time why is it that
as soon as gold begins to leave Eng
land there is a way of stopping it by
raising rates of discount, which by
the way do not understand? Could
we not adopt some such way our
selves for self-protection? Say give
the secretary of the treasury power
to levy an export duty on gold when
ever he deems it for the interest of
this country so to do.
Then again could we not settle this
question of finance by adopting an
mo rioon cuctopo re Enonon rorro III