The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-16
SEATTLE WASHINGTON SUNDAY. 1884

sutirr she bark promises cs rro-ey n
place of re primary ana secondary rnon-
ey, gold ard silver. Mr. s.. yoh-. char
acter1xe9 the repeal os the Sherman &C,
last year and the closing OF the mint to
silver as "Ine worlds bird experiment
Ia money. II severed the last LINK that
c0uplez silver 10 IT'S crippled right cs
rzoney n the Western world Mr. s.
John declared Il was the duty os congress
20 stop experimenting and 80 back 10 the
Hanas1r0o-Je1ersoa coinage system. 70 re-
store b4metAlitsm independent og o-ner
nations He TOOK up the subject OF wna,
he termed the ''goidite He cited the
record % France IN independent hsrne4al-
lisfn. The conditions % the United States
were rnuch more propstious for such ac-
ton Within ten years rhsre was prom
fse of exceeding the populations OF Great
Britain and France. and our gold and sill
YER coaid circulate over territory sev-
enfeea times the area Of France. Mr. 81
John closed with review os the notabie
features or the present financial cond4-
ton The dollar IL efficient. bat prices
are ruinonsly low. capital lacks invest
msnt and manufacturing is restricted by
low prices. and labor starvex
The enduring fact" said he. .7f tbs
aspect OF money is 10 be preserved. Is that
the rich viii be made richer and the poor
poorer as the one achievement OF our stat
ute Law. / want 10 combat every state
ment OF every banker waao has appeared
before you" said Mr.. st. John. as an in
cicaflon OF the line OF questions he de-
sired
Representative Cuiberson. OF Texas,
Jrhn ax .Ra -a,..a,sE.-
he would propose for the present condi-
tons. The witness presented a bill as
remedy 1t provides for silver coinage on
the same basis as gold. To meet money
stringency the bill provides for coin GER
tihcates based on bonds hypothecated BY
the banks. In such quantities as the Sec
reaary Of the treasury may determine.
Mr.. ST. John said the bill would put rhe
country on a silver basis for a time. and
thereafter both metals would circulate.
As TO the Carlisle plan. Mr.. 81. John said
IL would 'fall fat" The banks would not
accept it. They would become state
banks. but the seeretary's bill was better
than the Baltimore plan.
Chairman springer-wouid thscurrency
under the Carlisle pan be safe?
Mr. St John-There would be no cur
rency issued by them They would not
accept IT, Instead Of that, you would
have the worst panic on record
He pointed out that the safety fund
under the Carlisle plan was 10 be accu-
muiated in small percentages, and would
not be realized for ten years. In the
meantime. for the next ten years. there
would be no safety fund behind the pro
posed bank notes. Mr.. ST John said the
bankers before the committee had
weighed the retirement OF greenbacks.
but he regarded as preposterous that
1916 900 OF non-interest bearing green
backs should be retired by the govern
ment at the very moment that the gov
ernment was issuing S5o.0oo.0o0 of per
per cent bonds. The witness said state
banks would be just as Objectionable to-
day as they were In the past Whatever
system was adopted should be under fed
eral control. and thus be uniform the
country over
Representative Sperry-Are we on a
gold basis today?
Mr.. ST John-De Decidedly. yes
Mr.. Sperry-And your bin would carry
Us 20 a silver basis?
Mr. St. Johnr-For thu time being.
Within two years W. would be on = true
equally.
In conclusion. Mr.. St John criticised
the statements made by Comptroller
Eckels and Horace White before the
comma tee