The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-20
ATKINSON ON SILVER

L has not been their fault They have
been controlled by the logic OF events and
hy the existence Of what may rightly BE
called factions n bath parties. the most
dangerous faction having been the advo-
catss Of protection 70 the silver mines BY
means Of \ forced circulation OF silver
coin without regard TO It's intrinsic or bul-
Ion value Another faction as il may
rightly b called. has consisted OF TIE few
men who have forced protective duties
upon wool. Other divisions have existed
which might rot be rightly named fac
tons
Another difficulty has heretofore pre-
vented union OF right minded men OF
late ranged under both these old names.
A true grievance has existed in many
parts OF the country under the legislation
foT putting prob. oftsve tax upon bank
note circulation. Among intelligent men
who are ccnversant with the conduct OF
banking there has been no party division
upon this matter. The merits of the na-
uona! bank act have been witnessed By
men OF both parties without anv disttnc-
aon. put the necessity for an adjustment
oI the banking system 20 the present con-
narions or peace has been also witnessed
by men without distinction OF partv In ALI
sections OF the country. In fact. the
tne most urgent demand for a repeal of
me tax on bank notes originated in the
East and the resolution 10 that effect
which was put into the Democratic Mat
FORM at the last election, was put there
az the instance OF q prominent Eastern
democrat; but on the other hand parti-
sans VINO care more for party success
IMAM Tor the general welfare % the cotin-
Try. have made use Of the blood stained
sfeehoacx az a party cry and without
any true comprehension Of the subject
they have exercised bad influence in re-
iarding reform IN banking.
Again The ecI frfn
Forced upon many. perhaps a majority OF
those IN whose interest IL was assumed to
nave been made. against their judgment.
and on strictly party grounds. Among
men who are entitled to repute in both
parties and who do not take part IN the
partisan management of either. the large
majority both of those who have been
caassed as Republicans and Democrats
would rejoice 20 see the question OF the
tarin. or the standard or unit of value
the banking system and the whole revenue
question taken out from party politics for
such adjustment as may be consistent
with right and justice. That opportunity
mas aow come. The facts are known. The
influences which have prevented either OF
the FORMER parties from taking right action
nave lately been thrown or The Repub-
IIcans have rejected the silver faction.
the true Democrats have refused TO be
governed by the Popalist faction. knowing
II to Se but faction In point of number
among the people, although by various
ways and methods IL had attained the
control OF party convention. Where
there Is viii there is a way, and the
time is ripe for the union OF the right
minded men which is now working itself
out.
Some OF these plain facts may well be
resta.sd in a plain and simple manner. and
as the present series Of letters gives the
An INIT
throughout the country. he will venture to
give very short and summary statement
OF facts by which the future policy of this
country must and viii be governed in spite
OF partlsans or Populists. The forces OF
nlisrule are noisy, aggressive and some
times dangerous. but they have never yet
touched a vital spot in the life OF this
nation. and. they never VIII.
In respect TO the supply of money, the
purchases and sales OF food, fuel, shelter
and clothing which are necessary 10 the
continued existence OF the people amount
to not less than one hundred million dol
lars Gi0o. .0o0) day. That computation
is based on three exchanges only from
the field. the forest and the mine to the
consumer. and at that amount each con-
sumner would get less than what half q
dollar a day viii buy at retail prices.
When that fact is comprehended II will
BE- apparent to every one that money in
the sense Of coin depends more upon its
quality than fts quality. BY far the
greater part of this trade. ninety g0l TO
ninety-five ts5) per cent. OF the whole 5
conducted by means OF notes. drafts.
checks or book accounts. All these rest
for their ready acceptance In liquidation
OF all debts upon the quality OF the stand
ard coin and not upon the quantity.
rich nation viii always supply itself with
all the coin 1T needs OF the best kind. 4
the people are left free in their action
and in their choice of what kind Of money
they want. Bad money OF legal tender
forces good money out OF circulation and
destroys credit
The greater part OF this work and OF
this exchange must go on in any event.
else people would starve and go naked.
So far as can measure. less than ten QO
per cent OF each years product can be
saved above the mere support OF life. The
actual cost OF living comes 70 ninety 800
per cent. OF the entire product. and that
% per cent. Of trade must go on. II cannot
stop. be the money good or bad. People
Will trade in some way 10 support life, and
X they cannot get good money they viii
trade with bad money or by barter.
The evil effect OF any attack upon the
quality OF the money OF redemption or OF
the coin which Is the standard or unit OF
value. Is in stopping constructive enter
prise having reference TO future wants.
stopping the building OF new railroads.
new mills, new works and new ware
houses.
Now the older sections OF the country
naturally possess the largest amount or
capital. The newer sections OF the country
need IL most. When the quality of the
money OF final redemption Is undou5ted,
the owners OF capital in one part OF the
country have no hesitation either in lend
Ing II or investing Il in the younger parts
or the les. settled parts: but when there
is A doubt o. the quality OF. the money
which they may recover. Of course they
stop their lending and stop their invest
ments. They will keep their capital idle
or lend u at home on bonds payable IN
gold for three go per cenG-net. more or
less when the people In the younger states
which need = mos; cannot borrow az all.
OF what does a good deal OF this idle
caoitai consist Not IN money. but in
grain which cannot get into consumption.
/ because enough has been sold 20 support
Nfe. iron which cannot get Ito eosssUmp-
ton because enough has been sold %
| maintain existing railways and buildings.
ard 20 meet necessary wants, with mona
| for constructive enterprise: or IL may con-
sist OF timber or coal or anything else
which under ordinary circumstances would
20 directly into use in new investments
On the other hand since ninety (ss31 per
cent. Of the product Sufslcss 10 support
life The work-en who Eouid cpstomarily
be enasloyed IN produc5ng and applying
eae other ten CD per cent. more or less.
IN permanent investment. are discharged
from their work There - nothing for
them 10 40. while the people = thousand
miles away who might be employed n
building railways. workshops and fac
So sHSsap -frz-