The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-07-07
FOR GOLD ONLY.
John B. Henderson's Letter to
Secretary Carlisle.
A PRONOUNCED MONONETALLIST,
Tie Sees Nothing but Disaster i'm Further
Attempts at Double Standard aad
SAYS There Is Sufficient
Gold.

WASHINGTON, July 3.-Ex-Senator
John Is. Henderson, of Missouri, who
has devoted long and careful study to
matters of finance, has addressed to
Secretary Carlisle a communication in
which he says: II promised to give
you in writing the substance of my
statements made to you in conversa-
tion touching the monetary condition
of the country. l then expressed the
belief that the present stringency was
produced, not by any lack of sufficiency
of our currency. but by the loss of con-
fidence produced among business men
because of the inferior character of
large part of that currency" Mr.. Hen
derson then gives history of our finan-
cial legislation, from which he argues
that neither individual prosperity nor
commercial activity is controlled by
the amount of circulating medium, and
that the present financial distress Is
due entiyaiy 10 the silver acts of 1879
and of 1890. In conclusion he says:
or the sI,O90,0OJ or sj,0jl0J gold with which
we began in 1878, none can now be found in cir
culaton What has not gone tC foreign coun-
tries enjoying the blessing of g single standard.
has been boarded not to reappeGr until its
holders have some guarantee that il loaned II
will be returned in money equally good The
gold certificates now forced upon the govern
ment for redemption are 10 longer United
States notes for the redemption Of which
the s101,0J0,0J0 reserve is supposed to be
held by the government but constitute
the best security OF the national banks, hence
the greenbacf is rapidly disappearing The
national bank notes are necessarily held. II
possible ly the banks issuing them, in fear that
in the extremity of distress their redemption
may soon be asked in gold. Nothing is left but
silver certificates and treasury notes. The
banks are unable TO retain their lawful re-
serves Hence they can give no relief to suf
fering community.
The government treasury is depleted of its
surplus. Government expenditures exceed re-
ceipts. Extravagant expenditures must now
be paid in medium of value. The needless
promise 10 pay has now run its brief course
and its performance comes with suffering and
tears.
What now is the remedy?
First-The customs duties should hereafter
be paid in gold alone.
Second-The silver bullion in the government
vaults should at once be sold for cash in gold
and the proceeds converted into the treasury.
Third-Three per cent gold bonds TO the
amount Of $500, ,00O, 600 should be promptly sold
and the proceeds transferred to the treasury.
Fourih-A day should be fixed, not later than
January |, lS9s for the redemption and pay
ment in gold coin of all circulating notes of
every description heretofore issued by the gov
ernment
Fifth-At least half the silver dollars issued
under the acts of 1873 and ls9J should be sold as
bullion and the remainder mnted into sub
sidiary silver coin
Sixth-Provision should be made for the use
OF s3O0, OOl 900 of gold bonds as basis for bank
ing, making the provisions liberal possi-
BILE consistent with safety. but under govern
meut supervision.
Seventh-The basis of national banking
should be enlarged so as to permit the issue of
circulating notes on the deposit of other than
United States bonds the sc.vency of such
bonds to be passed upon by responsible govern
ment officials.
Eighth-All bank issues to be redeemed in
gold coin on demand
Ninth-Au foreign gold coins should be made
legal tender for debt and receivable for gov
ernment dues at their value fixed by law.
Tenth-Previous TO January /, 1878 the sur
plus funds of the treasury either from loans
or collections TO be placed with the banks
in such sections of the country and in such
amounts as may be determined BY the secre
tary.
1t is not poverty, but distrust that affiicts the
country. Our fabric of finance must be torn
down and built anew. 1t was conceived in err
TOR and every step increased the departure from
truth. Tue act of 1875 was dishonorabIe 10 the
government The act OF 1872 was mere device
10 substitute silver for gold a standard of
value Iron or copper is either more stable in
value to-day than silver.
We accepted the bad advice of the silver in
hltioaists once-yea twice. The cup is to-
bitter TO continue the draught They said that
if America coined silver England, France AMI
Germany would soon take il at the par of gold
On the contrary. its fall has been rapid These
foreign governments now have Our gold and we
are left with a currency discarded by the whole
world and scarcely more valuable than copper.
We shall again be told that there is not gold
enough 10 furnish the worlds exchanges II
every mans experience did rot detect this fall
lacy the sophstry nigh; be accepted as argu-
mcnt 1t is universally admitted, as already
stated. that less than per cent Of hunan
transactions require the use of circulating
money II more than this be needed, it eau be
supplied by paper currency redeemIble in
gold.
It will be charged that single standard IS
sought by capital means of extortinS
higher rates OF interest. il is enough to say
that in every country having single standard
interest rates are scarcely half the rates
prevailing here Give god standard
Now is the most acceptable time We have
tried the double standard, and Il is a mos;
frightful failure. European nations are ENJOY
ing prosperity, because they enjoy uniform
currency and the confidence it inspires Let
the American people be freed from the curses
! of bad legislation. and they will attend TO the