The Louisiana populist., 1894-10-19
Democracy VS.. Greenbacks.

Democracy VS.. Greenbacks.
In the report of the Secretary of
the Treasury for 1888, OH page 433,
the following statement may be
found:
"The s346, 600, 600 of greenbacks
are the weak point in our currency
system. The gold coins and certiti-
Gates stand first, the national bank
notes next, the silver coins and
certificates third, and the green-
backs last in order of assured
value, and it would be u great ben
eft to the whole mass of the cur.
rency if this, its frailest element,
could be eliminated from it.
The present state of things seem
favorable to the substitution of ma.
tiOnal bank notes for greenbacks,
and to that end venture to sub.
NIT for the consideration of Con-
gress the following measures:
1. Funding in bonds the green.
back debt of 1916, ,6SI, ,O16, or so
much of it as may be presented at
the Treasury within limited per.
iOl of time, say three years.
2. The bonds to be issued only
to national banks presenting green
backs for that purpose, to bear a
low rate of interest, not exceeding
y per cent. and to mature only up
OH the failure of the bank or upon
its dissolution, whether voluntary
or upon expiration of its corporate
existence.
3. The bonds so issued to be
available only as a deposit to secure
national bank circulation and to
entitle the banks depOsiting them
to receive circulation notes to the
amount of their face"
The report was made under MIR.
Cleveland's first administration and
doubtless reflects the real senti-
nent of the administration at the
present time. We ask careful
reading Of the above in order to
understand more fully the meaning
of the following extract taken from
a recent letter of Mr.. Henry Clews,
correspondent of Wall street.
He says:
"Wall street is already begin
ming to occupy itself with the pros
poets of the coming Congressional
elections. The main matter around
which interest centres is the cur.
rency question. 1t is taken for
granted that, that issue must come
up for settlement, even though the
session of Congress be the short
one; and much interest turns on
the question-hOw far the disposi
tiOn Of the next Congress may be
changed on the currency question.
The possibility that both parties,
owing to party competition, may
bid for the votes of the POpulists
is the main cause of any uneasi-
ness on this account. There has
been no Congressional action to
show very clearly how COugres-
siOnal opinion stands upon the cur
rency issue but among members
of the house who have been best
situated to form a judgment, there
is strong hope that 1t may be
found possible to carry through,
before next March, a measure that
will set at rest the silver and fat
money crazes through putting our
bank currency system upon a
broader and more liberal and yet
absolutely secure basis, and by sub
stituting it for the 500 millions of
government notes which now con-
stitute the weak feature Of the
monetary SYSTEM"
We wish to warn the people here
and now that the Democratic party
is expected to destroy the green
back currency during the..present
administration. That party has
destroyed silver and no doubt will
undertake and quite likely accom-.
plish the destruction of the peo-
~>va -