Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1896-11-12
All Agree That the Present
System is Unsatisfactory
Change is Needed.

it's meaning to the business interests Of
the country"
Mr.. SCHNEIDER, A CHICAGO BANKER,
WANTS A COMMISSION.
In reply to the question, "Whst should
congress do to improve the national
monetary system?" Mr.. Schneider
says:
"Of course I favor the calling in of
the greenbacks, their redemption to be
provided for by the issue Of lonR-term
bonds, at 2 per cent These would
readily be taken at par by the bankers,
if they we're allowed to deposit them as
security for currency issue up to par.
Some such course must be adopted
pretty soon If we are to put the finances
on sound basis"
William T. Baker, president Of the
board OF trade, said:
Congress should take immediate
action on the monetary question, and, 10
my opinion, II would do we'll to follow
the recommendation made by Presi-
dent Cleveland year ago. The green.
backs and Sherman notes should be
retired % soon a. possible. They could
be provided for by the issue OF long
term bonds at q low rate of interest
say 2 or ~ per cent. These could be
taken up by the banks and used % q
deposit to secure their circulation.
Charles Counselman said:
"The government should issue enough
bonds at low rate of interest to take up
all lts promises to pay Of every nature
and kind. Then let the banks issue
currency secured by these bonds up to
par. This appears to mo oil tnat 10
necessary. Take the treasury out Of the
banking business, 90 that it will cease to
be Q menace to the country at all times,
az it is now. This would. in my opinion,
tend 10 the est shllshment Of an abso-
lutely sound monetary basis. and abolish
the present conditions, which are the
tho cause of all our troubles, or, at any
rate. large part Of them.
]. W. Dosne, president Merchants
Loan and Trust company, said:
"There can be no doubt as to the
wisdom Of the government retiring the
ereenbacks: 90 that when troubles arise
the treasury will not be called upon to
psy out gold at time when it least
desires to part with it. II the govern
ment can derive sufficient revenue from
the customs, then the government situs-
ton would improve and the monetary
situaf1on would also be benefited in
directly. To provide for the greenbacks
I would suggest tho issue Of long. term
gold bonds at 3 per cent. Lot it be 90
stated in the bonds that they are gold
and not coin
Emanuel Mandel Of Msndel Bros. said:
I am heartily in accord with those
bankers whose views we're published in
The Record OF Saturday. and believe
that the greenbacks should be called in.
Az to how they should be provided for.
I believe the banks are best qualified to
judge.
"One thing that I strongly favor is
the continuance OF the sound. money
agitation; believe that this would hast
en- reform in our financial system, and SO
restore confidence in America and her
securities all over the world"
A DIFFERENT VIEW.
Robert Lindblom, commission mer-
chant, SAID:
"All this fuss about congressional leg
islation being needed to improve the
monetary system is too ridiculous to
talk about. Let the government re-
deem the greenbacks IN silver and none
would be presented for redemption
There WAS never any trouble over green
backs until Secretary Charles Foster
conceived the idea of giving the holder
the option Of receiving gold or silver.
Then the trouble began, and has con-
tinued ever since. AS for giving the
banks encouragement to increase their
circulation, We have enough promises to
pay already. What we want is more
money in this country. would like to
be secretary of the treasury for just two
days. l would then tell the people to
bring IN their greenb backs and receive
silver for them, and none would be pre-
sented, and there would he no more
panic.
1.-THE agreement made by the govern
ment when greenbscks we're issued was
that they should be paid in silver.
Gold was not even mentioned at ALL
The new administration will have hard
road to travel. The country will have
sound money, but will be looking for
There will probably he
sboom for about two months,
when 1t will die out, and by the end of
the next four years the people will be
for free silver coinsee.
The Chicago Dispatch, bimetallic
advocate comments ~ follows on this