The record-union., 1895-08-17

and carry this measure to success. The
ment Of duties. The people saw what the
Government was doing, and believed
| that what the Government did could be
done safely by themselves.
1t you ask how the Government can
aid in increasing the use OF silver, l
answer let it take silver and silver GER
titicates for the duties due to itself. Not
all In silver. but let it take 10 per cent. in
silver. and make Is per cent. a legal
tender for all debts. This road is already
| open IN nearly all the States, and silver,
to the amount OF So, is always taken for
taxes. This amount could safely be in
creased to $40 in every Sheritf's office in
the land.
In this way silver ould come in TO such
general and safe use that no one would
feel afraid OF much larger sums than $40
payments and 10 per cent. silver Govern
ment collections.
assert that when 1t was expected that
soon the war debt would be wiped out. it
ought to have been policy of the Gov
erninent to stop the liquidation. AS fast
as bonds were redeemed they should
nave been relssued at q lower rate of in
terest, thus controlling the selling price,
aud yet receivable as capital for banking
purposes.
This would be an ample provision for
the security OF banking issues. The
government can always have plenty OF
such bonds on hand, for public works
can be built by the issue of bonds,
which are always saIable for cash. All
bonds for public works can be made re-
deemable at the Governments option
when needed for banking security, but
should be optional for no other use-and
Tor this use because il is necessary to keep
the country well supplied with money
q L.
valuable asset as u nited States bonds.
suppose California wants national
bank. She sends to Washington for
United States bonds. The Government
would be obliged to call In bonds worth
million dollars. But suppose the Gov
ernment has not the money with which to
buy the bonds. The obstacle is at once
removed by the use of the money that the
California bank has sent with its applica-
ton for the bonds. The Government
knows by Its register who holds million
dollar bond, and by it's terms orders the
BOND sent to Washington for redemption
Dy the Government with the California
money No one else has the power 30
order that bond returned but the United
States Government, and this only for Sc
curlty in national bank.
This method is not complicated but
simple. 1t is not obscure, but tangible
and flexible. The purpose is not selfish,
but IN every way patriotic and useful.
through 1t banks cannot become monop-
ollsts, but must necessarily perform their
function for reasonable percentage Of
proht. 1t locks up no more gold than the
sum that, added to the increased weight
of silver and the necessary legal tender
vein running through the binetallic sys
tenn. added to the legal requirement that
permits importers and other con tributors
TO the Government fund, and extending
to every county and municipality in the
land, will make it to be rooted in whole
business, the whole understanding and
affection of the whole people.
WI by, even California might get money
for banking purposes by three or four
million bond issued by theGovernmentf for
taking the debris out OF the Sacramento
River, and thus make what is now the
greatest obstacle to her prosperity to be-
come the greatest support to her pro-
gress.
Now one word in regard to the de-
monetlzation of silver l do not speak
from the record, but from certain truths
that are patent to all. A large numb Der of
United States Senators have stated under
their hand. and would have attached
their seal if it would have added assur-
ance to their word, that they never voted
to demonetiZe silver. One or two have
given their belief that words were added
or erased by some one with malice or
without brains Only decade or SO be-
fore, the United States broke down the
wall of China-changed her exclusive
ness. Mexico protited more by this
change than the United States. She was
| enabled TO do this by the heavy Mex lean
dollar. 10 change the current of busi-
ness in whole or in part to the United
States, the United States coined a dollar
as heavy as the Mexican dollar. 1t was
called the trade dollar. With the
hatred of the Chinese, who took millions
of gold from the very top OF our soil mot
from veins, we neither wanted Chinese
trade dollars nor the Chinese whose trade
they were expected to secure. The dol
lars became very unpopular from the
company of ideas with which it associ-
ated The Government did enact its coin
age and the Government did demonetize
its coinage. And no man, in or out of
Congress-, ever voted to demonetize any
other dollar. Am | right?
But whether the account of demonetiZa-
ton is the true one or not, hold that the
plan OF silver resumption is the practical
one, and If the trade dollar, with it's
greater weight, must be adopted for it's
greater bullion value, it will be a move
along tried lines. When this resumption
is united with banking, taxation, duty
and part of the foundation for our every-
day circulated small change we will have
the crowning cap of an Englo- American
system OF banking. L. NJ. SHIELDS.