The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-14

man law notes. and the holders of these
notes to have the option to convert them
month. commencing July L next: the inter-
est on said bonds to begin on the date of
f fast aI sss rsdaa me notes .rss (, son be sa snosltd as
the treasury. as proposed. will put the
notes which they back as security perma-
nently on a gold basis. No one can then
claim. as is now the case, that this coun-
try is drifting to a silver basis. No en-
Ightened American citizen will entertain
when made absolutely payable in gold coin
py legislative act, are not equivalent to
gold itself; in fact, better than the gold.
does not. What makes a bond payable
IN gold, issued by the United States gov
eminent, universally acknowledged to be as
good IL not better than any security issued
by any other nation? Because the natural
resources of this country are superior to
is what its government credit rests upon
more than anything else. Our trouble, just
our corporate securities to get gold for
them. They say gold payments are probably
secure enough just now, but what certainty
have we as to what will be the case five
or ten years from now, providing the pres
emit Legislative acts are continued, when
certain evidences strongly point to your
legal tender, -greenbackS and Sherman law
notes being redeemed in silver, sooner or
later, in which event they will only be
worth, in actual value, one-half of your
gold coin? There is no denying the fact
that this reasoning is largely az the bot
tom of our present gold exports. Such leg
islation as ] have suggested will do away
with all such imaginary alarm, as it will
remove the cause therefor. When the $780,
100000 Sherman notes are redeemed 1t Will
stored in the treasury vaults. That silver
should be put to the credit of the $33f.-
100000 Bland silver law notes. which VIII
gold basis, as the silver coin and BAR SILVER
together will then be ample security in its
market value for their full protection. All
our government money, after fDelD2 pro
vided for as proposed, will be on a sound
and invulnerable foundation, and nothing
can possibly happen to shake confidence
in 1T from any quarter of the globe. 1t Is
undeniable that everybody has confidence
in national bank notes, and admits them to
general recognition? simply because they
are backed by United States bonds as Sc
curity. Why not, therefore, put the green
backs and Sherman law notes on equally
as sound a basis by backing them with
the same security? The next thing for
tional bank law as applied to their issue
of currency, SO as to authorize either ma
tional or State banks to issue notes up
TO the par value of any OF the various
United States bonds when deposited with
the Controller of the Currency, and with
a few other trihing changes in the law, SO
as to make 1t more liberal, and thereby in
'duce the banks TO put their notes out
freely to meet the money needs OF the en-
of our country has thus been put on a
solid basis, a return of prosperity awaits
us such as Will make the United states
of America the envy of all other nations"
saturdays Bank CI~earings.
1t New York1Clearings, $S6, os7, 613: bal
ances, Sc, PAT, 852. For the week, $532, OH 491
balances, $35, 048, 900.
At Observation-Disclosures, SIS, ssS, s1s; balances,
8, 416,145. For the week, $50, 464,o7o; balances,
a st. Louis-Clearings, s4.oOs. 6ss; this
week, 81, s1o. 1874; balances. s1S5 -
At MISUNDERSTANDING, $2,541 $50; bal
ances, $5S, I'll.
At MISUNDERSTANDING. 81, 141 ,144; bal
ances, 81, 541, SGT. For the week, cleairngs,
$62, S45, 1856; balances, SO, 747, 720.
At Chicago-Clearings, $13, ASS, $50; total for
week, 1872, 295, 317; corresponding week last
year, $85, 223, ISL. Money, 4Q411a per cent; on
call; 5M6 on time. New York exchange,
Coo premium. Sterling commercial, $4.S7 and
SASS.
At Cincinnati-Money, 21a@3 per cent.
New York Exchange, 60 per cent. pre-
MUM. Clearings, 1902, $50.