The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-02-16

supplied, create a serious contraction of
the currency, which must be supplied in
some way.
The presidents suggestion. and the
provisions ut the pending bill. look To
the supplying of This aculI with an
increase of national bank currency in
accordance with your suggestion of
allowing the issue of such currency to
the full extent of the par value of the
bonds. ] do not believe tins would sup
ply IN full the which would he
created. but it does look to me that
there would be such Il necessity for
increasing the currency aud issue of
additional currency that nothing could
withstand II demand for-supplying the
remainder of such volume with n large
volume Of -silver. Your suggestion that
this demand should be supplied by
opening the minis to free coinage of
American silver meets my ideas except
in its limitation to American silver, but
at present / have no IDEA that the ad-
ministratiOn cOntemplates or would
countenance such a means for relief, but
l believe that when the vacuum is once
created, and the necessity for supplying
il la arisen, that the necessity for
taking that course will be so apparent
that it will prevail.
intend TO vote for this measure and
for the issuing of five hundred million
dollars of bonds as recommended,
because l. believe that unless congress
authorizes this Issue of bonds the
treasury will he compelled to issue
bonds under existing law, and this
measure will fix the limit upon the
amount that may be issued, while under
the other system there is no. end or
limit to the Increase of the public debt
that may be forced. L shall vote for
that proposition independent Of all
questions OF currency, either In kind or
volume; shall vote for it simply because
it Is necessary to take up that volume of
paper which, though non interest bear
ing, Is being used and can be used to an
llimitabIe extent in compelling the
issue Of Understanding obligations. i
shall vote for the proposition to make
all imports payable in gold. Bi-metal-
liSm to me e bi-metallism, and not
the exclusion of m metal. and there
fore If we maintain bi-metallism at all
we must provide the gold as well as
silver, and HIS * the only mean | see
OF prOviunis gold.
l shall f,':r for the proposition to
allow national banks to issue notes to
the full par value Of the bonds deposited
BY them. 1 never saw any sense in the
restriction Of the amount to ninety per
cent II u bonds are good for their
face value then they are good security
for any collateral to the same amount.
l do not believe, however, that the
measure which we are considering will
become a law. The probabilities now
are that It will pass the house, but l see
no probability Of 1t passing the senate at
this session, and still less Of its passing
that body during the next session.
Such a proposition will probably be
stronger in the next. house Of repre-
sentatives than in this, but weaker in
the next senate than in the present. one.
As there are coming into the next senate
a number Of new senators who are silver
men, and that means, so far rs they are
concerned, men who desire the use of
silver in our currency, not simply to
meet the wants of the government or
the people Of the country, but solely to
supply q market for the product of the
mines within the territory they repre-
sent. This end will he reached more
efiicaciously and more satisfactorily to
them by the country going to a single
silver standard than in any other way.
l am, with the kindest regards. yours
truly, JOHN G. TARsNEY.