The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-02-16
MR.. TARSNEY ON FINANCE.
The Congressman Explains His Views
in a Letter. Z
n. Lowe, ESQ.,, Kansas City, Mo.

The Congressman Explains His Views
in a Letter.
To J. NJ. Lowe, ESD, Kansas City. Mo.
WASHINGTON, ID. c., Feb. 81 am
in receipt If your favor of the thirtieth
ultimO. A Measure substantially as
recommended in the presidents message
will be taken up for consideration In the
house, tomorrow, and, under a special
order. adopted today, it will be voted
upon Thursday afternoon.
The measure now pending embraces
all but n of the propositions suggested
by you, viz: First, an issue of five
hundred million dollars in gold bonds ;
second, imports payable in gold, and
differing in this respect from your sug-
gestiOn, that it requires all imports to
be paid In gold, regardless of the finan-
cial policy of the country from which
such imports come; third, the cancel
lation and retirement of legal tender
notes as fast as redeemed; fourth,
authorizing national bank issue to the
full extent Of the par value Of the bonds
deposited.
Your fifth proposition to open the
mInts to free coinage of American sill
yer, is omitted.
l believe In the theory of bi-metallism.
I have believed that there was wisdom
enough among the financiers and legis-
lators in our country to devise u measure
which would embOdy practically the
theory of bi-metallism and enable us to
maintain a double standard and the
honor and credit of our country at the
same time. But | have seen ffnanciers
and legislators quarrel and contend over
theories of finance for the last three or
four years, and particularly during the
past year, with the result that today we
are no further advanced toward q solu-
ton of the problem than when we CON-
menced; and if bi-metallism, or the
maintenance of a double standard, is
practicable, there is no hope or expecta-
ton left that American craftsmanship
will in the immediate future embOdy
the principle into practical enactment.
In the meantime, while financiers and
statesmen fiddle, and make music on
their various theories, Rome is burning,
and we have come to the point where,
because of failure of such enactmentS-
cOnceding them to be practicable-we
are confronted with the certainty of
immediate mOnometallism or the recOg-
milton of the principle of a single STAN
dard for our monetary system, and the
question now to determine is not: what
w would have but what we must take, |
gold mOnOmetallism or silver mono
metallism.
While / am in favor of bi-lnetallism,
IL practicable, yet, independent of the
question of standards. and independent
Ut any theories as to the ability Of the
government to maintain. a bi-metallic
aforementioned with the naked,
bald proposition OF alternative, what
shall this country now accept. gold
mOnOmetallism or silver mOnOmetallism.
| have no hesitancy in determining for
myself my individual action.
Ii l must have either a single gold
standard or a single silver standard l
shall accept and prefer the former. The
great bulk of our trade and commerce Is
with gold standard countries. All OF
our foreign debts existing or to be con-
tracted in the future are with citizens OF
gold standard countries. Our balances
of trade. our foreign purchases and
foreign loans must he paid in Colds and
believe that faith and credit as a
nation will be higher, and the advan-
tages to onr people greater, ,by keeping
ourselves in line with those with whom
we thus deal rather than by taking the
opposite course and adopt the single
whom we have but little dealing, and
compel ourselves to follow the example
Of the latter. with all the disadvantages
and evil consequences which that pOlciy
necessarily will entail.
Ii W. cannot establish and maintain
absolute and perfect bi-metallism, and
must have practically q single standard, |
then l prefer the gold standard, because
my observations, az well as reading.
teach me that the single gold standard
results (and has always resulted) in
or limited b~i-metallism, while
the single silver standard. wherever
adopted, Is an absolute exclusion Of BIZ
To illustrate my meaning
lot Me say that. every single gold stan
dard country has in circulation q con-
is not . people having a single silver
standard that has any gold in circulation
whatever. II we come to the single
silver standard we will have no gold In
; we will have no bi-metal-
lism /; we will have pure and absolute
silver m~Onometallism. If we have the
gold standard we can yet have a large
volume OF silver currency-subsidiary,
but IN use as money by the pe0nle..
think q great mistake was made by
our government in adopting the policy
OF allowing our imports to be paid in
any kind OF currency, but believe 1t now
to be an absolute necessity that the
whole, or, at least, q considerable part
Of such imports, should be paid In gold.
l do not approve of your suggestion that
this payment Of gold for imports should
he limited to imports from countries
a gold standard, because we
would be establishing a. principle of
discrimination in imposing the burdens
of taxation.
Whatever may be said of the plan
suggested by the president for the relief
OF the treasury, and however much
difference Of opinion there may be con-
celning the fnndamental principle em-
braced In It, relating to the standards,
no n will deny that q condition now
exists which requires immediate aud
radical measures for relief, and no one
will deny that the plan suggested goes
to the very root OF the evil. 1t ia not
like many OF III recent propositions for
financial reform, an attempt to cure a
by the application of a court
plaster, but goes to the very root OF the
evil.
We have upward of five hundred
million dollars of legal tender paper
OBSERVATION-DISCLOSURES Of the government
redeemahle on presentation ut the
treasury, and payable, by the custom
and practice so long standing as to
cilDouy III IInplicu ploLuiSt. tlousn ilot
by expressed letter of law. in gold.
Though in theory this paper Is redeem
able. yet in practice it Is irredeemable
or, in other words. though daily re-
deemed is yet never redeemed, for, by
the terms Of existing law, when pre-
scented and paid in gold 1t must be i'm
lpediately re-issned anl, though the
amount outstanding at any time may he
nearly five hundred million dollars. yet
in practical effect, because 1t must he
Immediately re-issued. the amount may
he considered as illimitable; and SO
long az thess notes are outstanding just
10 long will 1t be possible to compel the
issue of bonds, whether in sums of
nifty million dollars. one hundred million
dollars or five hundred million dollars,
for their redemption.
We have already issued n hundred
million dollars of bonds within the past
year for the redemption of this currency
vet there is just as nu6h of it out today
as there was before these bonds we're
issued; and il We should continue until
we have issued five hundred million /
d,llars of boudS we would then he nler