The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-03
SEATTLE WASHINGTON MONDAY 5 1898


and they offered the ere, ,aas the
saivse esssifcatss received By them might
D counted il bank reserveA Finally.
when IL banks remained oe.iarass against sa.s
exacsioa. is uas thought tie general pahsic
might surrender 20 the tempsarion OF ANAL
noses, and to that erd, in 1855. IL enacted that
tie secretary Of the treasury should hereafter
issue silver certificates in denomiaasions OF u.
Y and 5. and thar too lsrxes certificates already
issued nrdes the acsof ISIS might be exchanged
foe smaller denomiaafioas. II greater expansioa
Of the currency had really been required by the
legitimate demands OF business, il might have
been secured. il seems 70 ne. by inducing Al in
crease OF national bank note currency.
secured By the Gated States bonds payable
In gold and always worth premium Instead
OF this. the contrary policy vas most perxist-
emily pursued. resulting in . decrease Of the
specie paying bank noses from sS.o0 90 in
1sSs % $fe. .o0o 90 ia iss. While this better cur
rsncy vas being driven out by aniriendiy legis-
tatton. the chauneis of business were being
gofged By An ssne OF 40 oe n0o Of silver dollars.
SS.ooo. co OF silver certificates. and under the
sct OF ls9o. By the issue OF &i5l.ooo.ooo moro OF
treasury notes in purchase Of silver bullion at
IN enormous loss to the peop.e ana government
OF the s5a0.Oooo0o or e6o. ooooeO gold with
which We began in ISIS. none can aow be found
In circulation What has not gone to foreign
countries snjoying the blessing of . single
standard, has been boarded, not to appear
until it holders have some guarantee that. II
loaned, it vii, Be returned In monev equally
good. Gold certifcascs. NOS already forced
upon the government for redemption. Of which
$tp,on.Wo reserve il supposed to 30
held BY the government. constitute the best
security OF national banka. and hence the great
sack il rapidly disappearing. National
bank notes are necessarily held, IL possi-
bles By the banks issuing them. in the fear
that in the extremity OF distress their redemp-
tion may soon be asked for in gold and nothing
lsfs but silver certificates aud treasury notes.
Bzuks are unable to maintain . lawful reserve.
aud hence they can give no relief 70 suffering
community. The government treasury il oc-
plcted OF it surplus and government expendi-
eufs1 exceed the government receipts Exsrav-
sgant appropriations. made upoE q silycr basis,
must now be paid In the medium Of value. The
Needless promise TO nay has now run its hfief
course. and its performance comes with suffer
ing and tears What now is the remedy?
Fis.t-customs duties should hereafter b
Sscond-silyef bullion in the government
vaults should at once be sold for cash in golo
and the proceeds covered into the treasury.
amount OF $500 900 o0O should be promptly sold,
and tho proceeds transferred to the treasury.
fourth-A day should be fixed not later than
January ]. ls9s. for the redemption and pay
ment in gold coin Of ali circulating note. of any
Kind and every description heretofore isscsd BY
the government
under the acts OF ls7s and 1880 should b sold -
bullion and the remainder nintsd into suos-
diary silver coins. and made legal tenders only
on the pay msut OF $40 or less.
Sixth--ProvisiOuk should be made for the use
OF $500 COZ 900 gold bonds % basis for banking.
making the provisions rs liberal ~ possible and
consistent with safety. but under government
Seventh--The basis Of national banking
should be 90 enlarged ~ to permit the issue OF
circulating notes on . deposit OF other than
to Be passed on By responsible government Of
6ciais.
Eighth-An bank issues to b redeemed in
Ninth--An foreign gold coins should b made
legal tender for dent and receivable for govern
ment duties at value fixed By Law.
Tenth Previous % the tst OF January, 1898,
the snrplus funds Of the treasury received from
loans or collections to b placed with banks
in such sections OF the country and in such
amounts ~ may b determined BY the secretary.
II Is not poverty. but distrust that sfiicss the
country. Our fabric Of finance was conceived
In error aud every step has increased the de-
parture from the truth. The act OF 1878 10 dis
honorable to the government and ruinous 70 the
psoplA The act Of 1870 was . mere device to
silve, for gold - = standard OF
value Iron o. copper are either Of
them more suitable in value today than
silver. We accepted the bod advice oil the silver
indationists yea. twice; but the cup was too
bitter 10 continue tho draught Give us = gold
standard OF valua Now 10 the mOst acceptable
time. We have tried the double standard. and
1t has been most frightfui failure. Let the peo-
pie Of America be freed from the curse OF bad
lesisla!ion and they will attend TO the rest. We
shall again b told there 10 not gold enough
70 furnish the worlds exchange II every mans
experience did not detect this faliacy tho
sophistsy might be accepted - argument II il
admitted. ~ already stated, that
less than S per cent OF human transactions re-
Quire the use OF circulating money. II more
than this ID needed II can 10 supplied by paper
redecmablc In gold
IL will be charged that the single standard 10
sought BY the capitalist extoiting higher rates
OF interest II 10 enough to say that In every
country having . singis standard OF value.
the rates are scarcely hall OF the rates prevail
ing here.