The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-22


suegessasaA ~ : Dsep Gtndeas o.
Iseait1eA3 Eeonsmy.
Seattle. Jan. 4. 1856.
To the Esdzto~: The foslowsnS prcpc
s;tscns for crez<sng = sound ard dexsbze
currency III the United States are ss1o-
mittes:
L Limit tse guvernrent strictly. IN r.
ststEtion, syix: sCongress shall have
power 10 c0sn money and regulate the
value fheresA.
= Close the banking business Of the gov
ernment. and pay on In coin the obaiga-
tioEzs Of thu treasury. requirsng re6enp-
taon at sight. BY popular lcan on =
kong tine ak,a low rate OF Interest. and
leave 10 bankers the business Of issuing
currency ntsses. redcmabie IN coin. p-ue-
eriy secured.
8. AbosiEh free coinage, both silver and
gold. and determines by legislation sprroxi-
rnateIy the per capita amount OF gold and
silver money needed for the business Of
tina countr5s and the relative vahac Of
gold to ssiv<r-say to Is L.
4 Let thu. government buy In open
market gold. and silver enough to mEin-
tain the per capita amount OF gold and
silver monty required. paying for the
same In coin T1is would cost nothing,
IS Tor everr dollar paid for bullion the
treasury would get new dollar In coin.
II we paid out $l0o. 600 = year fer
bullion to tie coined. the country would
have at thu end OF the year 500 Geo. 60
plus the seiyniorage. OF whsch the treas
rry wound hold $40. o00. 900 plus the seign-
forage. II silver emained at its present
bullion vasrie. and the purchases were
$4,000. 90 eath gold and ssiver). the treas
ury would have $i5. 100000 at the end OF
the year.
5. For the convenience Of those who use
large amounts OF money. authorize the
Issue Of certificates representing deposits
OF coin--but not less than SO each-and
permit the treasury to hold In gold and
silver bullion 50 per cent OF the amount
Of gold and silver certificates In circuia-
ton
g. Make c6n and coan certificates the
only legal tender.
Among the obvious advantages Of this
plan are:
!. II would relieve the government from
its present ignominaous position as a
debtor Liable to smmedsate demands,
which it is unable to pay without borrow
Ing
2 1t WOULD absorb the gold and silver
product OF The country, besiles inviting
the product OF other nations. 1t would
make coinage a source OF profit to the
government, and enlarge the volume Of
coin in proportion to the growth Of popu-
iation.
3. It would place in the treasury. In
the banks and among the people an
amount of coin and bullion so large that
II would be Impossible for foreign ma
lions to withdraw 1t from us in a suffici-
emily large proportion to disturb bush
ness or valles of property.
:. It would abridge the gulf between
the present bullion value of silver and
Its coin value. and so far substitute real
value for more than three thousand
millions of dollars now in nominal value
In the silver coin OF all nations.
5. It would practically leave In the
treasury hrge part Of the coin, saving
thereby losses by abrasion and gaining
80 much as would be represented by
paper certificates destroyed, or loss In
use II the per capita is fixed at So the
amount OF iiew coin or bullion required
annually to provide for the increase OF
population would be about $50. 0oo, 900. And
to raise thu per capita from $50, the
present rath, OF our gold and silver to
population. TO $50. would require the pur-
chase Of $65o.ooo0o0 or more dis
tribution over a long series of years;
and this would be accomplished by the
gradual redemption In coin OF the ex-
listing demand obligations OF the govern
ment. As the present total annual sur
plus OF the worlds gold product avail
able for coinage Is about la tons, or
$s5,0o0o0o, and the annual surplus of
silver about 800 tons. or $6O,000, ooo. at
The ratio OF Is 1-2 to !, or go pence per
ounce. or leBs than $50, ooo, coo at the cur
rent market rate for silver bullion, It
Is not difficult to foresee the effect Of
legislation by which the United States
would becorne a purchaser OF s50eOo. 600
worth of gold and $5o.0oo,ooo worth OF
silver annually for series OF years, SUBJ
shutting gold and silver money and GER
tificates OF deposit for all other existing
forms OF legal tender. and maintaining
the Per capita volume OF gold and silver
money and bullion at $50 per capita. in
stead OF go. which 1t is now.