The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-05

~ ~ Is Stlu tHul we must institute
banks OF issue for our money in order To
put 1t into circulation, I answer that
there Is a better way. The issue OF
money by the government directly to
the people gives us u safer money and
saves to the people. as n whole, the profit
arising from It's Issue. When u bank
Issues money, you must pay the market
rate OF Interest, In order to get 1t, but
when the government issues money the
people save the interest, II the money
Is afterward called In. and they save
the principal also, II the money IL kept
In circulation"
Mr., Bryan did not favor the Coxey
Idea OF l~Oaning money directly TO the
people without interest. but, apparently,
he had no fault to find with the principle
Involved, but doubted II II was pructlca-
bic to put 1t In practice without showing
Partially to individuals. He says:
Numerous plans have been suggested
for putting this money into circulation.
Some have an Idea TINT IL government
issue can only be put forth by leaning IL
to the people, either directly or through
the agency OF banks.
There are In my judgment other and
better ways. IF u limited amount Is is
sued-and Of course the amount must be
strictly llmItcd-and It Is loaned to the
people. Partially will be shown in its
distribution, for only n few. relatively
speaking, car be accommodated.
"But aside from the danger Of placing
50 great a power In the hands Of q, d0mi-
nGnt, party, there are plans more just
and equitable than that OF lOaulns. The
money cRn b. used 10 pay the expenses
OF the government, as the ~greenbacks
now In circulation were issued to pay
the expenses OF the war"
The Nicaragua canal could be built
under Mr.. Bryan's plan without ImpOs-
Ing any burden or liability on the tax
payers OF the country. He would sim
ply run the presses a little faster. Here
Is what he says:
Pay for special improvements.
"If the people do not desire to reduce
taxation. government paper could be
used 70 pay for special improvements
which Congress may deem advisable.
HarbOrs can be ~deapcMcd and rivers I'm
proved In this why. I have introduced n
bill. now before the committee on inter.
state and foreign commerce. which pro-
v!des for the Issue OF United States notes
like those authorized In 1867 (How. called
g|reenbaCkS). to an amount not exceed
Ing seventy millions, to pay for the con-
structlon OF the NlcaraEuan canal. This
issue would probably Increase the cur
rency at the rate OF about ten millions n
year for seven years"
AS other works OF Improvement were
wanted, a new wing would be added to
the bureau of printing and engraving,
and more presses would be started. See
the beauty Of the Bryan scheme for an
overlooking treasury without tuxntlon.
81 have mentioned this ole canal. but
there are other works OF national I'M
portnnce. II we find that the currency
needs To be increased and do not desire
to decrease taxation. We cun.b by the Is
sue OF n few millions n year, construct n
ship canal from Buffalo to the Hudson
river. and thus give to the grain of the
Northwest ocean rites from Chicago and
Duluth to Liverpool. not TO speak OF the
military advantage OF such n canal"
tom Reserve.
The ultimate redemption Of these MILL
Ions Is n matter about which Mr.. Bryan
and his fellow Popuilsts would trouble
their heads very little. According to the
Bryan philosophy. the more paper tie
government has outstanding, the smnll-
"r the reserve needed for redemption.
The Popullst candidate for President
dIsm!sscs this Branch OF the subject In n
few sentences. He gays:
"Tf It Is said that more coin will have
to be gathered Into the treasury to res
deem these now notes. Wply that the
government Will need n less reserve for a
given amount Of paper money than will
be- required by private lmnks. Our coin
reserve Is not drawn upon except for
gold 10 export, ANA when our patriotic
iinnnciGrs desire n new Issue Of bonds.
Wherever the government exercises ltn
option by paying coin obligations in ell
yer, when that Is more convenient. u
much smaller reserve will be sufficient.