The Lamar register., 1893-09-09


The banks demand the repeal OF the Sher-
man law. This act is the only one now
upon our statute books which permits the
enlargement of the currency. In time
of panic such this II would seem unac-
countable that the banking Institutions
should not desire an increase in the vol
une OF money.
Bsnkers Want bond Issue.
The fact is. however. that when the
Sherman act shall have been repealed.
the banks intend asking congress to au-
thorize either an issue of bonds or bills
to the amount OF 500. 10000 or more for
the purchase OF gold and they have good
reason to believe that the complaisant
finance committee will authorize bill
for the issue. This would bring tempo
rary prosperity and aid in the journey
toward gold mono-metalllsm. Mean
while. we are asked to authorize 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 well to the banks. While
waiting for this measure to become law
the clearing house certificates. based on
rediscounted paper. furnish an excellent
substitute for money. Nobody was dis
i po.ei to ind fault with this procedure,
| hut when a resolution was offered the
other day calling on the comptroller of
the currency. whose Integrity everyb body
recognizes, to inform US whether the
banks were obeying the law or not, an
extraordinary Incident occurred. Sena-
tor German. with bated breath. informed
that. as a matter OF fact. all the banks
were violating the laws. that II they did
I not violate the law they would all have
Z to close. and we were urged not to in
/ form ourselves Of the facts. but to lie;
I 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 informe,
Z that it is our duty to blind ourselves to
4 the facts and to oaths. and to suf-
| fer the law to be violated without In
Z quiry rebuke.
Depositors Have some Rights.
! Did 1t ever occur to the Maryland SEN
: stor that the depositors might have SONS
p rights which the law ought to protecty
And did 1t ever occur to the banks that
d possibly lack OF confidence" in their In
stitutions might not be wholly due to
! the Sherman act? In the struggle which
IL now being fought out on this hooE.
J 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
! able nnancIers OF that attractive. but ex-
. penslve locality. that II they will pre-
B vent repetition OF such frauds as the
I whisky trust. and such acknowledgements
| as has been shown In the Cordage and
, other indus trials they will remember shai
the Sherman act or some kindred meas
| ure recognizing silver coinage. must AZ
I ford them the only avenue possible Tor
| the enlargement OF the currency which
they especially need. II they will look
! Mt a map OF these United States and OBJ
serve that they cover broad expanse oi
country. and contain many people VIII
many views and win modify theii
opinion as not to bslieve that every mar
VINO diners with them respecting fnan
clal matters must be either a villain or
crank. we will sooner arrive at that con
ditlon OF mutual confidence and regarC
which ought to obtain between citzeni
OF the same country.
The people of the far Northwest favo
the resumption of free coinage of silve
because they believe in the principle of b.
metallism. We oppose the single stand
ard because there is not enough gold t
do the business OF the world and furnis
Its inhabitants with the currency the
need. The history OF all times has show
that the scarcity Of the circulating me
dunn means n continuous fall in price
depression In business activity. impovei
ishment OF the people and decline in civ
ilization. The last 20 years have but EN-
phaslzed the experience OF the centuries
Silver has not deprecated, gold has ap
/ preciated The double standard relieve
the tension which may be caused by tn
iessened production OF one metal or tn
! increased production of the other. !
; secures TO the debtor at the maturity o
his debt money OF the value he receive
when his debt was incurred Two metal
together furnish standard which ha
permanency. stability. accessibility and
a suitable and adequate measure OF VALUE
The question as TO whether silve
) shall by the passage of the bill be
fore US be finally demonetized is nationa
and not local The claims we urge in be
half of the recognition of silver are nc
pressed because we OF the mountains as
! your sympathy for the region which you
! proposed action would impoverish an
. ruin. II we represented any other sec
. tion, with our knowledge of the possibili
ties OF the great West. We would
equally tenacious for the preservation O
the white metal as the Standard Of value
our interests, our hopes and aspiration
are Identical with those OF the other sec
tions OF our country which are borrower
and not lenders. We demand the coinag
of both metals. because the history OF ou
country and of all lands has taught u:
that they AFFORD the safest and most ade
auate basis for the currency of the peo-