The herald., 1895-12-31
Against the Widrey Plan

EDITOR uEgALD--i read IN The HERALD,
Dec. Elm. Judge h. Nj. Widney's remedy
on the financial question. Let us examine
and anaiyze his proposed constitutional
am ndment and see whether it would be a
lasting remedy or only temporary
benefit.
Proposed amendment as follows:
Article XVI. Section |. A national cur
rency circulating medium shall be issued
to the amount of $50 per capita, as shown
by the census of 1890, and by each sue
ceednx census. for the proper redemption
OF which when required, The resources, the
property aud the faith OF the nation are
pledged; for which redemption congress,
by two-hirds vote of each house,
may provide for the cole of gov
trhment revenues and taxes, in gold or
silver CON-.
Sec. 2. Said currency, with gold and sill
yer coin of the United States of present
weight and fineness, the dollar being the
standard or unit of values, and such notes
as may be issued in lieu of gold or silver
coin aud bul ion, held exclusively for ex-
change for currency, shall constitute the
only legal tender money of these United
States, and shall be received at par ia sat
isfactlon of all obligations for the payment
OF MONEY within the jurisdiction of these
United States. said gold and silver coin
and currency shall be exchangeable at par
value.
sec. 3. Congress shall have power to
/, enforce this article by appropriate legisla-
ton, but shall have no power to increase or
decrease said issue. provided that after
the Issue OF 100 }. congress NAV, by two
@hirds vote of each house, reduce the adj
ditIonal issue at any census.
Ihe iirst part of the proposition Is to
nave issued $2O per capita every ten years
second. that it may be redeemed 'when
required"
bird, everything, everybody and the
nation itself would be pledged ITO redeem
this money in gold or silver coin," which at
the present time means gold. If that
money was made full legal tender on q
par with gold ind 81 YER, and the whole ma
tioh btck OF 1t, why redeem it in coin? Ii
| 1t would tie good enough to pass out around
among the weorie for any length of time,
WY won q II not he good enough to keep
passing2 Where and how would the gov
erIiineIt get tie coin to redeem with? In
tho judges speech before the bankers in
Ch caxo. June, 1893, he estimates there
was w per capita in bullion and gold coin
in the United States. How can $40 be re-
deemed with 80? 1t seems TO me some
more bonds would be called for. He says,
provide for The collection of government
revenues and taxes in gold or silver conn.,
Where would the coin he when the time
came Tor the people to pay their taxes?
Would it no be boarded up in the hands
OF The money lenders and bankers? How
could the farmers, the merchants, the me-
chanics, the laborers and the masses of the
people get the coin to pay this extra tax.
Would they not have to- borrow TO pay high
rates OF interest? To sacrifice their time,
their labor, their products, their properly,
their homes. their all, to pay their taxes,
when thai per capita Of paper money
was redeemed. That would take $40 per
CAPT q of coin to redeem it, thus taking
$2O per capita out of circulation, just as
much as it had b4en increa. ed, and where
would the people be AT? In panic, worse
oil than We were before we started in to
get more money.
In section 2 he would make "lhe dollar
the standard of values"
Having made in section L, the paper
money "redeemable in gold or silver culu,"
the basis or standard would remain as now
gold. As do not want TO he too lengthy
let us examine section 8, and e if that is
consistent He gives congress "tlle D ,wer
to enforce this ar icle by appropriate legjs-
lation," bur shall have no power to in
CREASE or decrease said issue;'' s'proviCed
that after the year 1900 congress may by
a two-thirds vote of each house. reduce the
additional issue at any census" He first
denies congress the power, then proceeds
to provide and give them power. Accord.
ing to This last clause congress could IA any
time stop making this $40 per capita at er
1900. That is about hat they would do;
that is, judging their future actions bv the
past, they being elected of, for and by
the no icy power and in their interest.
How does The judge propose that the gov
eminent sha pu this money in crcula-
ton; by p'ss;Hg it out on expenses, by
Lending it out to the states, counties and
cities on their bonds on long time at per
cent per annuin? On that part agree
with him. 1t is good plan. Uncle Sam.
instead OF losing money, would be making
and saving money. Let us sea what he
proposes TO have done with the bonds |
First, TO be taken ny the government. sub
Ject 10 be sold again to bankers to do busi-
ness on, as a basis for national b .nk
money for them to use. then they would
simnly take The place of the govern tent
bonds; simply ne IA change of bonds VINO
would control the bonds and the circu at
ing medium? The b tnkers and the money |
power. II would be the same fellows, they
would CO i,inue to do business at the old !
stands, gather in the $40 per cap ia, take |
1t up to the window and get the gold coin. /.
step around to tie next window and get
our bonds, deposit them, get some money |
on them at another window and lend them |
out to the peope. charging them all the in |!
terest the traffic would bear. contract the |
circul alton whenever it was to their inter- /
est to do so. Ii the government would |
make good paper money based upon the |
faith, credit and the property of the whole |
people and nation, make it full legal |
tender, good for all debts, public and |
private, and loan it out to the sta es, coin. |
tics and cities at 2 per cent per annum, on
long time. retain the bonds and lot the peo-
Pile pay them off in annual payments
the money to he issued from time TO time |
as the people need it in limited quantities
to pay off present debts of the states, coun-
ties and cities, and to carry on pub ic
works and necessary improve ments. GIVE
our deserving citizens employment who
can get nothing to do. Keep our bonds,
Our money and interest in our own couu ry.
1t would give some relief. If Los Angeles
could borrow the money from the govern
ment to own and control her own water
works on long time at 2 per cent 1t would
be fine. Whatever we say or do ''le us
reason together" and try to he consistent
as we go marching on. j. ID. BAILEY.
Grateful as cooling showers--food cooked