The state republican. (Jefferson City, Mo.) 1871-1896, 1893-07-06

cT mIsADurt Np1UntrfFb thuNtCt 10 bto-
Rotary CarIisic--The Cause of the Pro-
rcrt Stringcncy In Money Matters and
Ifn~ to overcome Unjust Return to
a single s,sndrrd.
WAsurSGTua, July 8,--Ex-Senatoy
John B. Hcnde-sVt. Of Missouri, who
has devoted long and careful study to
matters Of finance, has addressed to
Secretary Csrlisle communication in
which Ils sSS"
81 promised to give you in writing
the substance of my statei,etts made
~ vou in conversation touching the
nidrletary condition of the country.
thcil tNiphcssed tlfc belief that the pres
cnt stringdilGy " tfodttced not by any
lack or insufiicidnfy If orr currency
but by the loss of coritidence produced
among business men bccatises M ti,e bad
dunli,Y 80 inferior character ct y largo
part of that currency"
MI Henderson then gives history
of our hnaileiat jeejslatic,, from which
he argues that neither individual f%es-
pcrity sor commercial ectivIty ~ CONF
trolcd by the amount OF circulating
ttcdiutt,, and that the present financial
distress Is due entirely to the silver
acts OF 1878 aEd 1899. In conclusion he
says:
''Of the five or six millions gold with
which we began in 1879, none car br
found in circulation. What has not
gore to foreign countries, enjoying
the blessing Of single standard,
has been boarded, not to re-
appear until It's holders have
some guarantee that, II loaned, it will
be returned in money equally good
w hat now is the remedy?"
"lif.t customs duties sboul6
hercn ftcr be PAID III gold alone.
"Second-The siitsy bullion in the
government vaults should also be sold
for cash in gold and the ProGeeds
covered into the treasury.
''yhird-Tbree per cent. gold bonds
to tf,s aiifount Of three hundred million
dollars sIi'ajd 's promptly sold and
the proceeds transferred TO the treas
t{rg,
''Fou"tl'-A day should be fixed, not
later than ,Ianttrry I. 1893, for the re-
dcmption and paymei;s in gold coin OF
all circulating notes of every descrip~
ton heretofore issued by the govern
ment
"Yiftli--At least half of the silver
dollars issued under the acts of 1873
and 1890 siipuld be sold az bullion ana
the remainder ininted into subsidiary
silver coins, and made legal tender only
| in payment nj ten dollars or less.
I Sixth-Provisio should be made for
! the use of three hundred millions OF
( g0t tn,,tts rs basis for banking, max
ing the pr6vi-i.I' as liberal as possible
consistent with sd fety, but under gov
ernment supervision.
Seventh The basis of natiotial bank
ing should he so enlarged rs to permit
The issue Of circulating notes on the
deposit n other than United States
bonds, the ,oive1,cy of such bonds to be
passed on by responsible government
officials.
EiG1ttb--All bank issues to be re-
deemed in gold coin on demand.
Ninth--All foreign gold coins should
be made legal tender for debt, and
recciva bio for government ducs at their
value as fixed Wy law.
Tenth Previous ~ the list of Jafs-'
uary, 1898, the surplus finds of the
treasury and from loans or collections
to he placed with the banks IN such
sections Of the country and in snch
amounts as may be determined by the
secretary.
1t is hot poverty. hut distrust that
afflicts the country. Our fabric OF
finance must be torn down and built
anew. 1t was conceived in error and
every step increased the departure
from truth. The act OF 1878 was dis
honorable to the government and ruin
OTIS tu the people. The act of 1890 was
n mere device to substitute silver for
gold as a standard of value. Iron or
conner is each more stable in value to-
day titan silver.
1--WE accepted the bad advice Of the
silver infationists pnce-yes, twice.
The cup is too bitter to Continue the
Araught, They said that if America
coined silver, England, France ana
Germany woiiid he constrained to use
it also, and that silver would soon take
the par of gold. On the contrary, its
fall has been rapid and without inter
mission. These foreign governments
now have our gold and we are left with
currency discarded by the whole
world and scarcely more valuable than
copper
I'VE shall again be told that there
is not gold enough to furnish the
worlds exchanges. If every mans ex'
pcricucc did not detect this fallacy the
sophistry might be accepted as argu'
ment. 1t Is universally admitted, at
already stated, that less than 8 per
cent of human transactions require
, the use of circulating money, IL more
than this be needed, it can be supplied
by paper currency redeemable IL
gold.
at will be charged that singh
standard is sought by capital as
means Of extorting higher rates of in
. terest. 1t is enough TO say that II
. every country having single standard
interest rates are scarcely half TIL
rates prevailing here.
"Givc us gold standard Of value
o Now is the most acceptable time. w
1 have tried the double standard, and l
is most frightful failure. Europeal
nations are enjoying prosperity, ot
cause they enjoya uniform currenc.
and the confidence it inspires. Let tn
: American people be freed from tn
curse of bad legislation, and they WI
O attend TO the rest
:, Dominion Day at the Worlds Fair