The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-06-29
MORTON ON FINANCE.
TheSecretary of Agriculture Gives His
Views on Money.

Saturdays N. Y. Herald
Secretary OF Agriculture Morton
talked freely today on the money
question, expressing the hope that the
Sherman law would be repealed by
Congress. In reply to the query
whether he thought the advocates of
the repeal would have to accept a
compromise, the Secretary said:
II do not know about that. | am a
little uncertain as to just how Con
greSS will stand on that question. |
am hopeful of the repeal of the Sher-
man law, and think it may be repeal
ed, though there is an element of
doubt.
Il have no objection to the repeal
of the ten per cent. bank tax as a
means OF supplying the increased cur
rency which it is claimed is needed. |
am opposed to the tax chiefly because
it was levied under false pretences
and has no right to exist. 1t is a
prostitution of the taxing power, be-
cause, under the pretence of raising
revenue, it was never intended to
raise revenue, but to prevent the is
suance of State bank currency.
NO DANGER OF WILDCAT BANKING.
81 do not think there is danger of
wildcat banking, for only that curren-
cy will circulate which is based on
sound security, unless it is in the
locality where issued, and nowhere
can it be forced into circulation, for
no State can give its currency a legal
tender quality. The national govern
ment alone can make currency a
legal tender. i have no objection to
the repeal of the tax law, as COM
leo wit n y1rhn
currency.
"Under one condition the absolute
ly free coinage of silver and gold
might be agreed to as a compromise
that is, if they both were deprived
of their legal tender quality. The
stamp of the government would then
signify no more thar merely that the
coin was of certain weight and fine
ness, and the people could take which
coin they pleased and refuse either if
they did not like it. The two sorts of
coin would then be placed on their
merits and we could soon find out
what the people want.
:. without the legal tender quality,
deprived of the fiat element, silver
would have to depend on the proper
measure of supply and demand for its
value, and it is not difficult to Judge
which metal the people would want
as long as the difference between the
denomination value and the bullion
value of the two is so great.
NO ADVANTAGE IN CHEAP MONEY
'"There is no advantage to the farm
er or the laborer in redundancy of
cheap money. 1t raises the price of
the farm products in cheap money,
cutting off the export trade and mar
rowing the market. With fictitious
price upon wheat through the cheap
ness of the money with which it is
purchased, the foreign purchaser can
not afford to deal with our farmers.
but goes to India, Russia and the Ar
gentine Republic for his wheat. The
consequence of this is hard times here
and the export of gold from the coun-
try.
GAS soon as wheat gets down to
price where it can find purchasers.
the supply and the demand alone reg
ulating the price, the gold begins to
come back to us. The turn in the
tide of gold noticeable within the
past few days was due to the sales of
wheat, which had been brought about
by the necessity the holders were un
der TO raise money"