The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-28
rnr vsrws or 4 BaxkxK.
C. z Dsn~., Cashier Of the Narysvtiie
Bank Discusses shs silver 0uestion-


alton and who are ssiil continuing their
isvestsga tion-scne commenting ing pol
ICY fully. Others partially. while others
adopt the fall Pogul.ssic idea OF sat
Hsoaey.v and 10 use aomsly expression.
.ssoratt care a cert whether there IS any
coin between these hat promises or not"
1 ssna you herewith one Of these iet-
tiers for Publication. It Is we'll written
and IT'S facts are valuable, whether we
adopt ths conclusion OF its author or not.
/ have the writer's assen, TO its publica-
ton. l th.nk that yeu are acting wisely
In opening your columns fer the discus
sion of this issue, which is certainly the
most vital issue % the hour. Yoars re-
specially. o. JACOBS.
M2rysviise, Wash, Dec. -. Isei
Hen. Orange Jacobs, Seattle. Wash.
Dear Sir--I was very much interested in
your letter upon the financial question
which appeared IN the Post-Inteiiigencer,
issue OF December g. inassnuch as il clear
IL outlined the views the writer enter
tanned upon the subject about eighteen
mont tbs ago, and II you VIII pursue your
Investigations ON the line indicated in
that letter to conclusion you viii soon
ARRIVE a. the true solution of the yexed
silver problem without reserting 10 some
extreme measures suggested. which you
admit would give rise 10 grave ccnstitu-
tional questions.
Your first proposition. In my opinion,
is SO nearly perfect that forbear to make
any comment, except to say that would
go farther and urge the retirement Of all
government paper Issues which usurp
the natural Office OF our minted coins in
the circulation by possessing an arid
trary cebt-paying power. destroying the
demand tor the metals for coinage pur-
poses.
Your second proposition contains fea-
lures Of Questionable constitutionality
watch am convinced can easily be avoid
Ell. and I feel confident that as you far
Their pursue your investigation OF The sub
ject you will be ready 10 abandon e. your
self as superfiuous.
Your third proposition is faultless. and
contains irI.sm that ought 10 be APP
parent TO every thoughtful rnaa's mind.
Without a place for silver it is Idle to
talk Of bi-metallic currency and parity
OK values" Can anything be more plain?
will be ready TO agree with sou in
your fourth proposition 10 open our mints
to free coinage Of silver when that metal
is brought to par with gold at the ratio
of Is 10 /, which can only be done b. re-
firing all the government debt certificates
that now circulate as money. in all about
$500 100000. of which 500 go are forced
legal tenders. which enables them TO per-
form all the functions OF our minted
coins, displacing the coins in the circu-
ialion. thereby destroying a natural de-
mana for the metals for coinage pur-
poses, and We know that the demand for
actual use Is the principal factor os value
in any commodity
Ii is certainly not d.ficui; matter to
comprehend that the use of $500, COO e00 of
government debt certificates adds not a
dollar to the wealth OF the nation. But
how would 1t be IL we used zoo 100000
standard silver dollars in the circulation.
and such use would make such demand
for the white metal that II would bring
II to par. would Ii not increase the wealth
of the nation by that amount.
There are many plans put forth for re-
forming our currency system. some OF
which have recently come into promi-
hence by being discussed before the
house committee on banaing--the Balti-
more plan ana the Carlisle plan, ard it
TOW seems as though the latter will be
adopted and reported by the committee
in opposition 20 the views OF some Of the
most successful bankers OF the country.
such az @. G. Williams. OF the Chemical
National bank. and w. p. ST. john of the
Mercantile National bank. both Of New
York.
Neither OF these measures touch the
seat OF our financial disease. They both
provide for inlatiag the volume of arti-
fetal money without making any pro-
vision FOR corresponding Increase in the
stock OF our primary money. the only
kind OF money that can either measure
value or extingulsh debt. These measures
are oaiy palliatives. l undertake to say
that stable values cannot be created by
excessive issues OF artafcsai money
Values created with this kind OF money
are fictitious and speculative. am: all
property values made with artificial
money must ultimately submit to the test
OF gold value. The result Of the Sherman
Law ought TO satisfy any one on that
score.
President ST. John OF the Mercantile
ulcer when he sssd that Congress niales
with bank notes while the burning Issue
IS our primary money coin" While Mr..
81. John discusses the financial question
from a bread national standpoint. and 1t
IS refreshlg TO see New York banker
take such a boid stand. AR. Williams
roS sec,ionalism that has been fosterea
row secticnsi!sFn that has been foxttrea
hy vicious legislation for the last twenty
Ave years. IN holding forced gold loan
ever the Industrial people Of saea. 10000
WITHOUT interest FOR the express purpose
- destroying the monetary value of sill
yer. product ef Western Industry. In
order 80 perpetu4te the Geot the West
owes to the East.
II ia 10 BE- regretted that the bankers
of Washington anniF themselves 50 close
" sn studying the Law OF one and two
per cent. rer month that they have no
time 10 study the science % money In re-
iaticn - that uowritten financial law.
thr violation CT which brings disaster 20
nations as Ssii as corporations and iaiI-
s.1uAls, Money IS simply a commodity
and - governed IN Its purchasing power
by the same law that governs ether COM
uadsies. the izw % Supply and demand.
and every additional Issue of artificial pa
peg ssas1sF only Increases tie demand for
primary rssrey, which Is n0w ozsy gold.
We row have asont 81 ,@aa nsa ao9 OF a-tSa-
eSal PAPER money all demanding dollars.
AMI the eais actual dollar recognized by
oar laws IS the y s-la grains of goga, and
the rAsnt REPORT shows only Szs eao.eao Of
these ea'a dollars IA the United states
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