The Forrest City times., 1893-07-07
HENDERSON'S VIEWS

a Single Standard.
 WASHINGTON, July 3.-Ex-Senator John E. Henderson, of Missouri, who has devoted long and careful study to matters of finance, has addressed to Secretary Carlisle communication in which he says:
 "I promised to give you in writing the substance of my statements made to you in conversation touching the monetary condition of the country. then expressed the belief that the pres- ent stringency is produced not by any lack or insufficiency of our currency, but by the loss of confidence produced among business men because of the bad quality or inferior character of a large part of that currency"
 Mr. Henderson then gives history of our financial legislation. from which he argues that neither individual pros- perity nor commercial activity is con. troled by the amount of circulating medium, and that the present financial distress is due entirely to the silver acts of 1878 and 1899. In conclusion he says
 ''Of the five or six millions gold with which we began in 1879, none can be found in circulation. What has not gone to foreign countries, enjoying the blessing of single standard, has been boarded, not to re- appear until it's holders have some guarantee that, if loaned, it will be returned in money equally good.
 "What now is the remedv?"
 "First-The customs duties should hereafter be paid in gold alone
 "Second-The silver bullion in the for cash in gold and the proceeds covered into the treasury.
 "Third-Three per cent. gold bonds to the amount of three hundred million dollars should be promptly sold and the proceeds transferred to the treas ury.
 "Fourth-A day should be fixed, not later than January 1, 1898, for the re- demption and payment in gold coin of all circulating notes of every descrip- tion heretofore issued by the govern ment.
 ''Fifth-At least half of the silver dollars issued under the acts of 1878 and 1890 should be sold as bullion and the remainder minted into subsidiary silver coins. and made legal tender only in payment of ten dollars or less.
 Sixth-Provision should be made for the use of three hundred millions of gold bonds as basis for banking. mak ing the provision as liberal as possible ...t f.A ernment supervision.
 Seventh The basis of national bank ing should be so enlarged as to permit the issue of circulating notes on the deposit of other than United States bonds, the solvency of such bonds to be passed on by responsible government officials.
 Eighth-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 receivable for government dues at their value as fixed by law.
 "Tenth-Previous to the 1st of Jan uary, 1898, the surplus funds of the treasury and from loans or collections
 
 sections of the country and in such amounts as may be determined by the secretary.
 Tt is not poverty, but distrust that affiicts the country. Our fabric of finance must be torn down and built anew. It was conceived in error and every step increased the departure from truth. The act of 1878 was dis honorable to the government and ruin Ous to the people. The act of 1890 was mere device to substitute silver for gold as a standard of value. Iron or copper is each more stable in value to- day than silver.
 "We accepted the bad advice of the silver infiationists once-yes. twice The cup is too bitter to continue the draught. They said that if America coined silver, England, France and Germany would be constrained to use it also, and that silver would soon take the par of gold. On the contrary, it's 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 valua ble than copper.
 We shall again be told that there is not gold enough to furnish the worlds exchanges If every mans ex' perience did not detect this fallacy the sophistry might be accepted as argu- ment. It is universally admitted, as already stated, that less than per cent. of human transactions require