The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-07


ordered condition OF the finances OF inc
country
Were the advantages OF the proposed
rnduc,ion Of the tariff two-fold what they
are expected 10 be. after the country ~
settled down to the full advantages OF the
reduction OF tariff TAXATION 'he nrst el
fe., 81 n conviction OF the country tndt
enc change was 10 be made, would be,
80 reduce importation under the present
stxh ,sr,0 IN the lowest possible point
untu the new tariff Of lower duues went
tn,o effect This would reduce the revenue
so low as 70 embarrass, II not DaIhrup ,.
re limited States Treasury. terthhly
.1 Car,IsIe would not then be able TO
roaoa,, naner money. The TREASURY -
| 80, Gid 10 be nearly empty. IL would
| certainly also bring any NUMBER OF COM
,l,cotIona unon Secretary Carlisle, and
! cause the people 70 charge upon inc ne"
tariff thousand Ills That should be
| charged 20 the thirty years OF bad none
| torv legislation. continued by the Demo-
| erats and not TO the tariff. Not 10 first
| raIiova tho United States Treasury from
| ,bn rIsk expcnse I'm fact, from all Its
| resent responsibility for the current
| redernptIon" OF all paper money by put
| ting that duty upon the banks. where ~
| belongs. and where II - IN every o'her
| country. IS TO invite disaster.
1,he HANGING bill proposed secures 10 the
| ,oorlo every one OF the advantages posi-
| bic TO be secured in safe financial
| s,,s,onn that is demanded by the Green
| hacker. the Populist, the free coinage
| advocate and those who favor the keep
| ing OF our standard OF value and our
| naner money Interchangeable with the
money OF all the most enlightened nations
| Of the world.
The Greenbacker and Popullst demand
that the paner money shall be issued by
the national Government This bin pro-
| y1dcs that every dollar shall be first is
| sued by the national Government and
| then countersigned by the banks. ana
| the people shall be relieved Of the trouble
| expense and risk OF keeping II AZ par
| with coin. II provides that the signing Of
| It by the banks shall obligate the banks
| 10 keep It good money"-viz always
certainly and instantly interchangeable
with coin. Now there is 1916 900. 90 OF
greenbacks issued by the Government for
the redemption OF which 800 0O0. 900 OF
gold is kept I'm the United States Treasury
This leaves a balance Of s2is,0OOOO0 on
which the Government pays no interest
Certainly the people are losing per cent.
on this 10000. OOO or 5000 900 each year
upon the 800, 900 900 OF gold in the Treas
ury Upon the theory Of the Greenbacker
the very most the people are saving on
the greenback Issue is per cent. on
s24G 900, 900. or 00O and every dollar
Of the 81. 900, 0O0, 900 Of paper money afioat,
the people are at all the risk and ex-
pense, by taxation, OF making good
money" Estimated at 8 per cent on
s40s 900 Of coin which the banks would
keep under the bill, II. r. l06l5, or 800.
10000 annual loss. Under the bill the
Government would be obliged 10 keep
, no coin reserve, thus saving an enormous
sum in interest.
! BY the close Of the administration Of
| Mr. Cleveland, under the law, II. r.
| 1865, there would be 500 900 OF the
new greenback, for the current redemp-
ton" Of which he banks would be re-
sponsible. This would wholly relieve the
| people-the United States Treasury-from
the necessity Of keeping one dollar OF
coin in the Treasury to redeem paper
money. IL the people are now securing
| per cent. on the $2i6,0OO 900 greenbacks.
over and above the 900 gold they
would be saving 5 per cent. on 800 100000,
or s2O,0O0OOO annually, If the Fifty-third
Congress should pass bill II. r. 1865.
Certainly the Populist and Greenbacker
ought TO vote for the bill.
II is n monstrous thing, before unheard
OF I'm any country, that the Government
| of the country should tax the people in
the attempt to maintain paper money on
q par with con-interchangeable with 1t
relieve the banks OF the country who
by right ought To DO It, Of all the risk
and expense attending IT, and by such
unnatural action bring the whole imam
| cial system into jeopardy. This current
redemption" would cost the banks MOTH
ing. What measures are the responsible
rulers OF the Countrywide Democratic
party-to adopt to correct this wrong. as
| it has always declared it TO be. now that
| it has the power?
Those who favor the free coinage OF
silver ought to vote for the bill. for IL
honors silver by putting it on a par with
| gold. and creates an memorable demand
| for II. where there Is now no law COM
nelling its use. The bill provides for half
| silver and half gold IN all bank reserves.
| Those "who favor making certain the
| keeping Of our paper money on a par with
| and interchangeable with the money or
| All the most enlightened countries Of the
world" cannot fail 10 vote for the BILL
| II r. 106l5, If they Will expend the time
| and patience on It and on the report No.
| 25S4. accompanying II that is necessary 10
| the understanding Of any new proposition.
| 1T wholly relieves the monetary system OF
the country Of the perils attending the
/ issue OF the illegal tender notes by the
Government by making their current
redemption" by banks as certain as 10 Is
| possible TO make the current redemp-
| ton" OF any paper money. Coiain, by
| conforming the vital part OF our monetary
system to that OF those nations whose
experience proves them to have the
\ strongest. safest and cheapest monetary
| system known to civilized society. To
instance only one. The Bank Of England
! issues one-third OF its notes on the credit
Of the English Government, the bank
being responsible for all Of them. Bill
H. Il. lO6lj provides for half 81 our paper
money being on the credit OF the Govern
ment. precisely as the one-third in Eng
land. Again. by allowing the banks 10
| receive OF the United States Government
the other half Of the bills they issue. up
| 10 the amount Of their reserves, free OF
expense, it enables the banks 10 earn an
| income on every dollar Of their assets,
which will allow the people TO reduce
the rate of interest on the money they
borrow nearly one-seventh. and enable
the banks to pay the same dividends on
their stocks as now.
TO be sure the English Cover lmsnt
pays the Bank Of England interest on
the notes IL issues on the Government
Indebtedness to IL, sand our Government
would pay nothing. but our people never
will adopt the English arrangement.
Finally, the enactment OF the bill into
law will apply TO the financial syst IN OF
this country every known financial eN-
pedient that experience has proved safe
and practical I'm providing a people with
the cheapest money that it Is possible
to issue and have it good money" by
being sure Of certain and instant con