The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-09-01

From william. =. II. John, President of Inc
hnrcantile national Bank of New York.
The present widespread scare from which
the couniry suffers so ~acuiely has been Il
matter of growth. 1t is not now important
to discover It's origin. prefer not to eN
press my opinion rf its primary cause ac
COrlingly.
My view, IN the makesiiit called the
Sherman law are well known already. II
has seemed to me the ablest compromise
between extremes that could awe been en-
acted. Under the present administration
the notes which are automatically created
by the operation of this law are redecmable
invariably in gold. lnasmuch, therefore, as
the silver absorbed in the treasury in the
operation cannot be emitted except in the
form of legal tender coin, it practically can
not be emitted at all under the present al
ininlStration.
Hence the public is not concerned at all
as to the silver bullion taken monthly, but
Is concerned and concerned ouly with the
legal tender notes which are thus created
every month. At about the present price
OF silver, II the law were carried out, we
shOuld have a monthly issue of about
S3.OOO,OO Of notes. They are receivable for
all dues To the government, including re
''il'S " ,t9toiiiS' lucy u u lc.dl Iclluf"
between man and man. The faith Of IT,,
United States is pledged to redeem them
in coin. The present administration has
committed itself to redeem them invari
ably in gold. havesuch confidence in the
ability of the United States to redeem its
notes in gold, when undertaking to dc so,
that ] am not in the least degree concerned
as to the quality of these legal tender notes
My concern is to get enough of them, day
by day, for the conduct of my business.
My views of what would prove perma.
nently acceptable in legislation are fairly
well known already. A literal fulfllment
OF tho Democratic Platforms demands
would seem to me eminently wise and
timely.
y bill to fulfill the demands of that plat.
form might possibly shape as follows:
First-Our minis to receive without limit
all deposits of gold bullion and silver bull
lion, not too base for minting, and issue
therefor Unlimited legal tender notes of the
United States at coin value, these notes to
be redeemable in gold or silver coin, ut the
option and convenience of the United States,
and on request Of the note holder, but ut
the like option and convenience, to be re.
deemed in gold bullion or silver bullion ut
not less than coin value. All outstanding
gold certificates, silver certificates and
treasury notes of 1890 to be Cancelled when
ever received and the proposed notes sub
stitutcd therefor ut face value, this act re-
pealing the so called Sherman law entire.
Sccond-If a new coinage ratio for gold
and silver is provided in the bill, provide
also that the existing legal tender silver
and gold coins shall be available for re-
demptions of the proposed new notes until
the new coinage is ample therefor, say for
one or two years after the date of the Ell
actment, and thereafter let the present sill
yer dollars be held for II later determine
tion by congress rs to the permancnce of
this new valuation, that determination to
abide events.
The bill proposed would fulfill two re-
quirements of the platform referred To: |.
1t offers equal access to the minis of the
United States for gold and silver. 2. 1t
Safeguards" the established parity" by
anchoring it into our already vast and pro-
d~igiously charging domestic trade demand
for money. Soon there would he no other
notes.