The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-02
sPKRCn OF THURMAN.
ne Aavancea Hts Ideas of the 8olutaos
of the Financial OuessSom.

80 Aevaocee use sdeas NJ the 8010t100
"f the Financial Ouessson.
CHICAGO. Aug. L--Mr. Thurman IN HE
address 10 the convention said in part:
should the Sherman Law no repealed
without any substitute in lieu thereof u
means the final destruction Of silver money
as measure of value. The issue resolves
Itself down 10 the question whether the
paper money of this country 10 to bo
issued by the banking corporations upon
tho debts Of the people or other
xlnas xhs,s., o. ecrpora'e securities. or
broad and safe basis OF gold and sal.
yer. Gold aione certainly caunot nffoed
sumcicnt basis upon which the amount
oi the circulating medium required by the
people OF this country can safely rest.
III TINS - not 90, Why - it that whenever
any cons'derablc@mount Of gold begins to
How from one country to another In onedi-
ence io the natural laws of trade, that we
immediately hear cries Of distressr II
things are as they should be, why
IL there any danger because . certain
amount Of metallic money leaves the
country The condition Of things exist
ing today shows that ii our circulating
medium Is to rest upon gold alone, prac-
ucasiy the whole OF 1t Will bo based sim-
ply on faith. and faith means tiat money,
! am against irredeemabic currency In
every way. but 1t IL is to be decreed that
We must have fiat money, then am in
favor Of its heing issued BY the govern.
ment and not By individuals. because
have more faith in all the
people than in any particular class Of pso-
pie. But there 10 no need Of fiat money.
for while it In true that there 10 not . sui.
hcient amount Of gold, yet there 10 enough
real money. gold and silver. upon which
people Of this country are only true 70 the
principles Of hard money taught them BY
their fathers. those who seek now 70 Issue
fiat money win bs doomed 70 disappo,nt-
ment, for when the people Of this country
como TO realise fully the import
they viii in no uncertain sounds ies thsss [
people know they arc for hard monsy
against paper money still. When the
people Of this country awake 70 the fact
that there - being made .systematic At
tempt TO force them TO pay their obllga-
tons TO this government In gold alone.
pay them In gold or silver: that the con-
tracts they made with their cred.
itors are 70 be violated, I, foe
one. have not the slightest doubt Of
whore they will stand. The question
with banking corporations y rapidly rs.
ssSss bonds. no .s' s.ni snas ass
the people would insist on an ample eir.
cniatinR medium, would demand, in case
the Sherman oct Il repealed. that the sov-
crnmcnt Issue bonds upon which banks
may Issue notes 70 supply the deficiency
brought about BY the government osasIng
man act. Banks would thus be enabled
TO perpetuate the system which has BEEN
enormously profitable 70 them in the
past"
He referred to the catchpsnny phrase.
continually used in high places, Of sound
and stable currency" and said he had no
doubt that this phrase will be used in
ClsvclAnd's message 10 congress-. He
wanted the president Of the United States
TO tell tho people Of the country and mem.
bers Of congress what he means by "sound
and stable currency" He wants the pres
ident TO tell the people Why he thinks gold
alone will make that. He asked to be al
lowed 10 present one idco that migho b
considered with tho others that might
come before the COW ention.
'It 10: First. let our adversaries agree
to free coinage OF silver At the ratio Of l5k
or IL TO L. prefer the former. II they
do. We will agree 20 unconditional repeat
Of the Sherman law. Next amend The na-
tionai banking laws, so as TO permit any
national bank to issue notes 20 the face
value of 10O per cent, upon tho deposit OF
80 per cent OF circulation with the United
States treasury In either United states
gold or silver coin other
than subsidiary silver. Further, amend
by rspeaiing the tar on the national bang
circulation. II bank should fail there
would be for the redemption Of its notes
the 90 per cent. of gold or silver com. For
the other 10 per cent tho bills receivable
of the bank would be available - under
the present system. IL would be utter
impossibility for = bank TO fail % that the
whole Of its bills receivable will b. worth.