The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-06-23

waits, today than has ever been known ~
any previous time in the United States.
A fourth question addressed 70 Mr. Horr
By the Popufists was. s.Does England
issue paper money or baAk bills upon
every dollar Of silver coined which Is in
circulation among her people And II SO,
hos are such bills redeemed"
To this question Mr. Horr replied that
sin England paper money IS not issued
upon silver at all as a basis OF circulation.
The Bank Of England and its branches
issue paper money, based on the debt
which the government Of Great Britain
owes the bank. ana on gold deposited with
the government, and on nothing else Be-
hind every bank bill there must either be
what is equivalent In this country to q
government bond or gold 20 the full
amount Of the bill All paper money In
England is redeemed in gold on demand"
A fifth question propounded by the
Popuiists was: Are not the treasury
notes issued upon the silver bullion now
in the treasury constant menace 70 orr
gold reserve; aud Is il not fact that they
are made use of by designing men to re-
d1ee the gold reserve in the treasury and
compel additional bond issues %
This question Mr.. Horr answered By
saying that "the treasury notes issued by
the United States for the purchase of sill
yer under the Sherman act are one Of the
causes which make il difficult for the sec
rotary of the treasury TO keep the gold re-
serve in the treasury of the United States.
They are not an especial menace to the
government any more than the gresnbacks
or the enormous amount of silver certif-
Gates. ali of which our government is at
present managing to keep at par with
gold"
The idea that this gold reserve is being
constantly attacked by designing men
here in the United States in order to COM
pei bond issues is an absurdity. No prac-
tical business man would do 1t, because
they are the most interested of any people
in having our money kept at par with
gold. A banker or business man would
be the last man in the world to attempt to
injure the credit of this nation or to give
cial management The idea that the cap
italists Of this country are anxious to have
more bonds issued is nonsense.
Nothing would please these men better
than to have the treasury so managed as
to be able to meet all its obligations from
actual receipts. They prefer that the gov
eminent should get out of debt, not into
debt.
Why should banks want more bonds 2
1t was with the utmost difficulty that Sec
Rotary Carlisle persuaded the bankers of
New York city to take the last issue of
bonds, and they only took them finally at
his earnest solicitations in order to save
the credit of the treasury and the nation.
1t is possible that the savings banks of
the country which pay interest to their
depositors would be glad of more bonds,
so as TO have sure investment for the
money of their depositors, and so as to be
able to pay interest on deposits; but they
are doing absolutely nothing to compel the
government to issue bonds.
Business men know what the credit of
TIE nation means, and are the last men in
the world To attempt to destroy the credit
of this nation. Why should such men de-
sire to increase the bonded debt of the
United Statesf On the contrary the busi-
ness man and bankers of this country have
done everything in their power during the
last twenty-five years to reduce the ma
tional debt. This was in substance the
argument of Mr.. Horr, who, among other
things. said:
mo people on the face of the earth
understand better that q nation is prosper
Gus when il Is getting out of debt. not
when il is getting into debt. aud the bust
ness of no man on the face of the earth is
more affected by the improper manage
ment OF financial matters in this country
than these same men whom the Populists
are constantly abusing.
This mistake would not be so often
made If the members of the PopuIist
party could come TO understand that men
may save competency IN this world and
DO IL honestly. Prosperousmen, who ac-
cumulate competency, are by no means
all OF them scoundrels- A man may be a
good business man and not De thief A
mansof large means may be patriot and
decent citizen rs readily as one who is
poor.
IF these modern fnanciers could once
learn that a man can be worth good deal
of property in this world without being a
robber and scoundrel ID would save them
from great deal OF abuse which they are
constantly heaping upon men who are
really the men who do so much toward
building up the best interests of this
nation.
What the nation today needs is moro
business. more activity among men who
have capital and more employment for
men who live by their days wages"
Competition from the grain fields of
India Anstralia and Santh rnaricn has