The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-02
oPPosRp 40 pIAT MONEY.

money"
OPPOSED TO FIAT MONEY,
II am against an irredeemabIe cur
rency in every way, but, however, If it
is to be decresd that we must have fiat
monr ?, II our circulating medium is to
be Lased upon faith alone, then am
in favor of its being issued by the gov
eTnment and not by individuals; be-
cause have more faith in all OF the
people than l have in any particular
class of people, This ia not the first
time that the people Of the United
States have had to fight upon this
issue. Old Jackson did 1t for them
once before aud taking above all other
things the ultimate welfare of the
whole American people as his guide he
never for an instant wavered, but
standing like rock he swore by tho
Eternal the peoples rights shall
be protected" and he won, Tho
same threats were made by the paper
money advocates then as are made now.
The United States bunk and all its
branches, by pursuing almost Identical
ly tho same course Us their followers to-.
day have done, 30 frightened tho
business community, and so paralyzed
all industry that although they may
not thavelntendedit, yetapanlc dldeusue
and such depression followed that they
thought surely old Jackson must give
way and they would win, but, as said,
"Old Hickory" never for a single
moment wayered. On the contrary, he
appealed again TO the people Of this
country, pointing out to where all this
would lead and then bade the bank do
its worst; and he did not appeal in
vain, Neither will We appeal In vain,
for when tho people Of this country
awaken to the fact that there Is being
made o systematic attempt to force
them to pay the obligations OF this
government in gold alone, when they
have always had the right to pay them
in gold or silver, aud that this Is to be
taken away from them; that the
contract they made with their creditors
is to be violated, l, for one, have not the
slightest doubt where they will stand
"Wo arc not here for the purpose Of
answering every Misrepresentation and
falsehood that circulales. Neither ara
we here for the purpose Of indulging in
abuse Of those who differ from US, nor
for the purpose OF advocating wild
schemes Of any kind, but We meet here
10 discuss in calm and dignifed way
what is best to be done. Therefore, l
beg leave TO submit for the Considera-
ton OF tho convention tho following.
Before doing 30, however, permit me
to say that / am not particularly we'd
ded TO this plan or to any other. Be-
cause know there are objections to 1t
that may prove, upon consideration, to
be moro formidable than l think they
are. Out Of 1t, though, aud others which
will be submitted to the conTention, We
may arrive OF something which ia prac-
ticable, 1t is as follows;
TuURMAN's PLAN.
First, let our adversaries agree to the
free coinage OF silver at either the ratio
OF 15b or r18to-l-Iprefer the former.
II they do, We will agree to the uncon.
ditional repeal OF the Sherman law.
"Next, amend thu national banking
laws, 40 as to permit any national bauk
to issue its notes up TO the face value Of
d hundred per cent upon the deposits
Of ninety per cent with the United
Statos treasury, In either United States
gold, or silver coin otherthan subsidiary
silver.
Further amend by repeating tho tax
on national bank circulation. At first
1t may seem that the notes issued under
such q law will not be secure, but as
under tho national banking act tho
notes Of all banks are the first liability
that has to be met, / cannot sec but
that this should bo absolutely safe.
Now suppose that bank should fail.
First, there would be for tho redomp-
ton Of its notes the 90 per cent OF silver
| or gold coin. Next, the bills receivable
OF the bank, and under the present sys-
ten 1t would be an utter impossibility
for the bank to fail and the whole Of It's
bills receivable be worthless. Certainly
l0per cent Of them would be paid beyond
question. An examination Of the
Comptroller's report shows, l believe,
that OF all tho national banks which
have gone into liquidation the assets
have yielded over 80 per cent. Finally
there Ia the individual liability OF tho
stockholders. What more secure sys-
tenn Of banking could any country
have2 And what is moro, II some such
plan as this be adopted and entered
into in good faith, it cannot bo but q
short time before you will SEQ the old
parity between gold aud silver abso.
lutely restored and give to us a sound
national currency.
"Nowit must bo perfectly apparent to
those who control the national banks OF
this country that their very existence
depends upon wise solution OF this
question, and that in any event thoy
cannot bring about the repeal OF the
Sherman law aud get the people TO con.
sent to the issue Of moro bonds without
q long and desperate struggle, during
which time all industries will continue
to remain paralyzed. Lot them meet
us In spirit OF fairness aud upon equal
ground enter with us upon the develop.
ment OF some such plan as the one
suggested. II these can bo brought
about, l am sure that not only conf.
dence will bo instantly restored, but
that this country will have raised uloft
tho beacon light which will lead the
world TO prosperity for half century
to come" tApplause.l
THE REPRESENTATION,
Tho committee on credentials report
cd that forty.two statos and territories
| ,unrn ronrnsnntnd md thnt fan dnin.