Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-07-08
HENDERSON'S REMEDY.
Ex-senator Henderson Gives His Views on
the Financial situation-He Is Opposed
TO the Double Standard.

HENDERSON'S REMEDY.
Ex-senator Henderson Gives His Views on
the Financial Situation-He Is Opposed
TO the Double Standard.
WASHINGTON, July 3-Ex-Senator
sohn b. Henderson, of Missouri, who
has devoted long and careful study to
mat tiers of finance, has addressed to
Secretary Carlisle a communication IN
which he says: 81 promised to give
you in writing the substance OF my
Statements made to you in conversa-
ton touching the monetary condition
OF the country. ] then expressed the
belief that the present stringency was
produced, not by any lack of sutiiciency
| of our currency, but by the loss OF con-
| fidence produced among business men
Isbecause 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
iitthat the present financial distress Is
| due entirely to the silver acts OF 1873
and of 1890. In conclusion he says:
or the 8, ,0)O, 900 or SS,0oo0JD gold with which
| we began In 1873, none can now be founo IN clr'
| culation What has not gone to foreign coun'
tries enjoying the blessing OF single standard
has been boarded, not to reappear until its
holders have some guarantee that il loaned "
will be returned in money equally good The
gold certificates now forced upon the govern.
mcnt for redemption are no longer Unlteu
States notes for the redemption OK whlch
the SllJ,O1O00O reserve Is supposed 10 Dc
held by the government, but constitute
the best security Of the national banks henee
the greenback is rapidly disappearing The
national bank notes are necessarily helo, II
possible by the banks issuing them, IN rear lna'
ip the extremity of distress their redemption
may soon be asked in gold Nothing ls lett pus
silver certificates and treasury notes. The
hanks are unable to retain their lawful re-
serves Hence they can give no relief 10 sul
ferinR community.
The government treasury Is depleted OF Its
surplus Government expenditures exceed re-
ceipts Extravagant expenditures must no"
| be paid In q medium OF value. Ihe beealesS
u promise to pay has now run its brlet cours'
| and its performance comes with suffering ahe
tears
: What now Is the remedy
First-The customs duties should herealle
p be paid in gold alone
Second The silver bullion in the governmen
| vaults should at once be sold for cash In gol'
q and the proceeds converted into the treasury
Q Thjrd-Three per cent gold bonds to IN
4 amount of 1905 900, 900 should be promptly sol
. and the proceeds transferred to the treasury
~ Fourth-A day should be iixed, not later Una
u January /, 1898, for the redemption ana pay
u ment in gold coin of all circulating notes
every description heretofore issued by the gov
ernment ~
Fifth-At least half the silver dollars issue
=, under the acts of 1873 and lss) should be soiu
=" bullion and the remainder mlnted lhto SUI
n sidiary silver coin
IL Sixtb-proy;son should be made for the us
S, Of 1909 O0 Oo0 Of gold bonds as basis for bani
Of ino. making the provisions as liberal as poss
~ hle consistent with safety. but under COVER
i, ment supervision.
III Seventh-The basis OF national oanRli
Is should be enlarged so as to permit the Issue
D. circulating notes on the deposit OF other Ihi
m United States bonds, the sovency OF SUI
bonds to be passed upon by responsible COVER
ment officials. ,
X Eiyhth--Ali bank issues to be redeemed
lis gold coin on demand.
20 NInth-All foreign gold coins should be ma
=, legal tender for debt and receivable for &c
'i0 ernment dues at their value fixed by law
er- Tenth-Previous to January |, 1879 the 81
en- Mus funds of the treasury either from loa
til or collections to be placed with the pan
,,a in such sections OF the country ana III ..
nv amounts az may be determined by the sec
W tary
ad 1t is not poverty, but distrust that amicts
lid country Our fabric of finance must 90 'o
nv down and built anew 1t was conceived III
." ror and every step increased the departure IT
- uua iighnuOrlDlA
government The act of 1897 was q mere aeV
btv To substitute silver for gold as standard
value Iron or copper Is either more stapie
81, value to-day than silver
tne We accepted the bad advice OF the SILVER
led. fiationists once-yea, twice The cup ~
the hitter to continue the draught They saiu
a. America coined silver England, France
% Germany would soon take 1T at the par Oh =
hen On the contrary, Its fall has been rapid IN
to foreign governments now nave our soiu auu
rds are left with a currency discarded oy the WI
IA world and scarcely more valuable than copl
'a'" We shall again be told that there Is not
ing orouph IN furnish the worlds exchanges
and every mans experience did not detect TINS
,ere lacy. the sophistry might be accepted as III
uent 1t is universally admitted, as are
stated. that less than per cent. OF hui
m l"" transactions require the use OF eirouia
The money, II more than this be needed it cal
and supplied by paper currency reaeemapi
lead gold ,,r,
yer. Nv. ~ S.' ~" ve canisal as a means of extor
rev bisher rates of interest. 1t is enough to
the that in every country having single stan
!, at interest rates are scarcely half the
and prevaillnS ne,o ., ancen,ab,e time. We
\ ale tried the double standard and 1t is a
frightful failure European nations are ei
ing prosperity, because they enjoy uni
f,;r currency and the confidence 1T inspires
that tae A,ne, ,on;s,a,ion and thew will attend t.
the rsst