The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-01-23
SEATTLE. TrEsDAr. Jas. 30.



and the PopuIists all oppose the issue Of
bonds by Secretary Carlisle and deny that
the provisions Of the old resumption act
of Isis can b used to obtain money for the
governments running expenses. The as
sertios that the secretary cannot use the
proceeds Of bonds issued under the act OF
1875 for current expenses, bat only for re-
dsemIng srsenbacks can hardly be sus-
tanned in view OF the fact that the secre-
tary has been using the greenback re-
demptIon fund for current expenses since
last September.
IL will hardly be pretended by any sound
reasoner that If tho secretary may use the
old fund, the 800 oo0, 600 Of gold accumu-
lated In 1878. TO pay current expenses, he
cannot also use any new additions TO 1t de-
rived from the present sale OF bonds. The
truth Is that the majority OF the Demo-
cratic party in congress are at heart infia-
tionists, or they would long ago have come
TO the rescue of Mr.. Carlisle by At least au-
thoriEing him 10 issue interest bearing cer-
tificates Of Indebtedness which could be
paid out TO the creditors of the government,
as was done 80 extensively during the
war. The Understanding certificates
would not. like bond issue. furnish the
basis OF additional national bank circuis-
ton. but their Issue would he far prefer
able to the proposed coinage OF the $50
100000 of seigniorage or the silver bullion
purchased under tho repealed clause of
Nha IF r..
seigniorags Is only an indirect method of
adding that sum to our already excessive
currency. The opposition to the bond
issue would vote tomorrow for any meas
ure that proposed TO initiate our redundant
legal tender paper currency. but the mo-
ment Secretary Carlisle proposes TO issue
bonds. which he will sell for gold and re-
deem in gold. this Democratic inflationist
congress not only will not give him any
help, but is disposed to dispute his right
20 issue bonds &C all under the redemption
act of 1874. An unlimited issue of legal
tenders. in shape of deprecated silver OF
silver paper this Democratic congress
would vote for tomorrow, because they
know that this legislation would bring us
speedily to the silver standard. but to Dor
row gold by issuing bonds payable In gold
Is not what this intiationist Democratic
congress wants
Tho most luaierous feature OF all this
controversy Is the proses, OF the new head
of the Knights of Labor against the issue
of bonds. while at the same time he and all
his following are bowling at every oppor-
tunity Tor further issues of legal tenders.
The Colorado state council Of the Farmers
Alliance and Industrial Union recently
adopted resolution praying congress i'm
mediately 20 issue legal tender notes TO the
amount of 500. 600 GO. 10 be expended in
the construction OF reservoirs for the stor-
age OF water along and near the crest of
the east and vest slopes of the Rocky
Mountains for the general use Of the
streams and irrigating car ais TO be supplied
with water from these sources: for the
completion OF the Hennepin canal. deep
water hsrbors. eoas, Notifications and
other internal Improvements
And so IL Is all over the country. These
inilstsonists are bowling for moro legal
tenders upon one pretexi or another, and
yet the moment the government proposes
In pay It's current expenses by borrowing
money in a business-like way instead O!
issuing more millions of legal tenders 70
swell our enormous volume of PAPER
money, the iniiatlonists protest agains,
adding another dollar TO our bonded debt.
These foolish labor demagogues ought 70
know that the grim military necessity
which compelled Us TO issue legal tenders
TO pay the expenses Of the war wss ths
parent OF most rernie,ous and costly
measure. Our legal tenders were worth
about - cents in gold At enc time during
the war aud IL We could have borrowed al
the money We needed then for our earreu,
expenses, as Mr.. Carlisle proposes 10 Dor.
row IL today, We would have saved MANY
millions Of dollars that we're lost by our re.
course 10 an enormous forced loan In
shspe Of the gresnesck. Today the Demo.
cratic demagogues in congress are deter.
mined 10 initiate the currency by the issue
Of more legal tenders at every opportunity
Why labor should wsnt the currency in.
A@kF0 % ~ AAtA@AaA ~ AHSSfsk1tI. Tor tn
der the greenhack imitation eonseausn,
upon the eivl war. while prices Of com
snodities rose rapidly the price OF labor
did not rise In proportion. and the result,
Of imitation was 80 diminish the purch as
Ing power Of The workingmans dollar
And yet labor demarogues always throw
up theiy hats for imitation through enor
nous or unlimited issues Of legal tenders
forced loan on ths whole people. And
howl against the issue Of bonds, which 81,
sold for gold ard are payable in gold. de
sriie the fact that the vast majority of "a.
government bonds are realty owned by
small investors. sinee they are held b,
savings banks Insurance and trust con-
paaiss. The truth Is. the imitation Of oui
legal tender easrsaey has always been
easss. nos blessing. o. the wage worker
while car government bonds are moxi
largely held By smail investors directly o,
indirectly.
Is - q Disgrace 10 the Democratic pArss
that we are brought 60 . condition wss.,