The Helena independent., 1893-07-03

doubt, 4 standard OF dscredited slver.
Hence, from the beginning these dollarl
Wcio received with great distrust. But
HonRress, having entered upon the strange
scheme Of sxpansion, determined to use the
power Of the government TO force their cir
culatton upon an unwilling public. II de.
creed that no national bank should belong
to the clearing house that refused silver
certificates In payment Of balances. When
bank charters had to be renewed u vas
conditioned on the rccsipt and circulation
Of currency already bad and getting worse
day BY day. The government entered the
Geld ~ q common carricr and transported,
without charge. the unacceptable currency
10 any part OF the country that would de-
posit gold for It in the snb.treasuriss.
This government sowed the wind and now.
by a just law Of rstribution. reaps the
whirlWind. The public demands TINT gold
back and the government must pay 1t or
embark Al ones on . treacherous sea Of
depreoiased currency.
"Of five or six hundred millions OF gold
with which We began in 1873 mono can now
be found in circulation. What has not
gone to foreign countries enjoying the
blessing of a single standard. has been
boarded, not to appear until its holders
have some guarantee that. II loaned: 1t will
be returned in money equally good. The
gold certificates not already forced uIon
tho government for redemption, OF which
the &10O, 600, 600 reserve IL supposed to be
hold by the government constitute the best
security Of the national banks, and hence
the great sack is rapidly disappearing.
I he national bank notes are necessarily
held, II possible, by the banks issuing them,
In fear that in an extremity of distress
their redemption may soon be asked In
gold Nothing 10 left but silver certificates
and treasury notes. The banks are unable
to maintain their lawful reserve. hence
they can give no relief to tho
ment treasury is depleted Of its
surplus, tho governments. expenditures ex-
ceed the government receipts. extrRvaRant
apr opriations made upon silver basis.
must now be paid in medium of value.
The Needless promise to pay has now run
its brief course and its performance comes
with suffering and tears.
"Whnt now ia the remedy? First. GUS
toms 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
rer cent gold bonds to tho amount OF
$500, 600 600 should be promptly sold and
tho proceeds transferred to tho treasury.
Fourth. = day should be fixed, not later
than Jan. /, 1893. for the redemption and
notes Of any kind and every description
heretofore issued by the government.
Fifth, At least half the silver dollars issued
under the acts Of 1873 and $780, should be
sold as bullion and the remainder minted
into subsidiary silver coins and made legal
tenders only on payments of $40 or less.
of the $500, O00. 600 gold bonds as a basis
for banking. making provisions AZ liberal
~ possible consistent with safety. but un-
der government supervision. Seventh, the
basis of national banking should be 40 en-
lareed 40 to permit the issue Of circulating
nf nj koA
States bonds. the solvency of such bonds
to be passed on by responsible government
officials. Eighth all bank issues to be re-
deemed in gold coin on demand. Ninth.
all foreign gold coins should be made
legal tender and receivable for government
to Jan. l. 1885, the surplus funds
Of the treasury received from loans or col-
lsctions to be placed with banks in suoh
sections and in such amounts % may be
determined by the secretary.
1T II not poverty. but dlstrust that at
was conceived In error. and every step in
creased the departure from the truth. The
act Of 1878 was dishonorable to the govern
ment and ruinous to the people. The act
of 1890 was more device to substitute sill
ver for gold a. q standard of value. Iron
to-day than silver. We accepted the bad
advice Of the silver inf1ationists once, yea
twice. but the cup is too bitter to continue
the draught. Give us gold standard Of
value. Now IL the most acceptable time.
We have tried the double standard and il
was most frightful failure. Let America
be freed from the curse Of bad legislation
and they will attend to the rest. We shall
again bs told there is not gold enough to
furnish tho worlds exchange. II every
mans experience didn't detect this fallaoy
the sophistry might be accepted as argu-
ment. II is universally admitted, as al
ready stated. shat less than psr cent of
human transactions require the use Of cir
culating money. II more than this is
needed IL can be supplied by paper cur
rency redeemable in gold. II will be
charged that the single standard is sought
Of interest. It Is enough to say that in
every country having single standard in
forest rates are scarcely half the rates pre-
vailing here"