The Bessemer indicator., 1893-09-09

" eurtaucy 10 Keep pace with our grow
ing demands. Syo produce oS fold, .Evaili
able for coinage. legn than SIS. 90 Coz an
nually. We can absorb silver offered US
for coinage without imitation OF eur
rency and without inpairing our hnan-
cial credit at home or abroad.
The other additional reason for rep.al
presented by the advocates OF the bill
tepotted by the france committee would
be droii. II tiIne5 wer6 no. tragic. bne
senator after another tells Vi and tho
other house echoed with the same state
ment, that the existing law has abso-
lntely nothing 10 do with the present
deplorable financial panic. but that some
other people. who are not designated By
name calling. think II has; that there
is woefu lack of confidence. not in our
silver certificates. but in our financial In
stitutions, and that this departed conf
dence will return II congress Will repeal
the purchasing clause. This panic will
go down into history the bankers
panic. Months ago the associated ma
tional banks. an organization. began
demanding repeal. They solemniy assured
themselves and the country that they
would be ruined II 1t were not repealed.
They charged to silver the export of gold,
when every dollar that went would have
gone II we had never silver dollar In
our coinage. They continued to clamor
until people who had money in tho banks,
drew 1t out. bills. gold silver. 1t mat
tered not which. for they knew dollar
stamped by the government was good for
100 cents. They sought to bring discredt
upon the financial policy OF the govern
ment: they have succeeded In engultng
themselves. The depositors did not COM
plain of the Sherman act, and not one
of them drew out his money because of
tho existence of that law. 1 have no sort
of hostility towards the national banks.
The system afforded the first basis of
confidence In our bonds and has been OF
vast service to the country. The attitude
of the banks towards the Sherman law.
however. in connection with recent Oc-
currences. deserves mention at this time.
The banks demand the repeal of the 5her-
man law. This act is the only one now
upon our statute books which permits the
enlargement OF the currency. In a time
of panic such as this 1t would seem unac-
countable that the banking Institutions
should not desire an increase In the vol
umc of money.
Bankcrs Want bond Issue.
The fact is. however. that when the
Sherman act shall have been repealed,
'ht Ddhhs dShlnb COHSEtsS 10
thorize either issue OF bonds bills
to the amount of $10ooo0.OoO or more for
the purchase of gold. and they have good
reason to believe that the complaisant
finance committee will authorize n bill
for the issue. This would bring tempo
rary prosperity and aid in the journey
toward gold mono-rnetallism. Mean
while we are asked to authorze the banks
to issue notes to the par value of their
bonds deposited to secure circulation, a
measure which recent disclosures would
Indicate is of Importance to their depos-
itors as well to the banks. While
waiting for this measure to become n law
the clearing house certificates. based on
rediscounted paper. furnish excellent
substitute for money Nobody was dis
posed to nnd fault with this procedure
but when u resolution was offered the
other day calling on the comptroller of
the currency. whose integrity every body
recognizes. to inform us whether the
banks were obeying the law not. an
extraordinary incident occurred. Sena-
tor German. with bated breath. Informed
liz that. a matter of fact all the banks
were violating the laws, that II they did
not violate the law they would all have
to close. and we were urged not to in
form ourselves of the facts. but to let
the comptroller alone. No more remarka
bile statement was ever made. Congress
is In session ready to enlarge or chang
the law II necessary. but we are informc
that 1t is our duty to blind ourselves to
the facts. and to our oaths. and to suf.
fer the law to be violated without In
quIry or rebuke.
DepositOrs Have Some Rights.
Did it ever occur to the Maryland sem
ator that the depositors might have some
rights which the law ought to protect?
And did 1t ever occur to the banks that
possibly lack of confidence" in their in
stitutions might not be wholly due to
the Sherman act? In the struggle which
is now being fought out on this floor.
whatever may be the outcome. we have
all learned something of the divinity that
hedges around moneyed institutions to
an eastern mind. The western point of
view is not much valued these days on
Wall street but I venture to suggest to
able financiers of that attractive. but eI-
pensive locality. that II they will pre-
vent a repetition of such frauds as the
whisky trust, and such mismanagement
as has been shown In the Cordage and
I other industrials they will remember that
the Sherman act or some kindred meas
ure recognizing silver coinage. must af-
ford them the only avenue possible for
the enlargement of the currency which
at map of these United States and OBJ
serve that they cover broad e1panse of
country, and contain many people with
many views, and will 30 modify their
opinion not to believe that every man
who differs with them respecting flnan-
cial matters must be either villain or
crank, we will sooner arrive at that con-
dition OF mutual confidence and regard
which ought to obtain between citizens
OF the same country.
The people of the far Northwest favor
the resumption OF free coinage of silver
because they believe in the principle of BIZ
mctallism. We oppose the single stand
ard because there is not enough gold TO
do the business Of the world and furnish
its Inhabitants with the currency they
need. The history of all times has shown
that the scarcity of the circulating me-
dium means continuous fall in price,
depression in business activity. impover
ishment of the people and decline in CIV
ilization. The last 20 years have but en,-
phasized the experience of the centuries.
Silver has not deprecated. gold has ar-
preclated. The double standard relieves
the tension which may be caused by the
lessened production of one metal or the
Increased production of the other. 1t
secures to the debtor at the maturity of
his debt. money OF the value ne receiVeu
when his debt was incurred. Two metals
together furnish n standard which has
permanency. stability. accessibility and is
n suitable and adequate measure of value.
The question to whether silver
shall by the passage of the bill be-
fore us be finally demonetized Is national
and not local. The claims we urge in be-
half of the recognition OF silver are not
pressed because We of the mountains ask
your sympathy for the region which your
proposed action would impoverish and
ruin. II we represented any other sec