Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-02-21
WHOLE NUMBER 1884.
lower walls of the building will be
nearly sixteen feet, gradually dimin-
ishing towards the upper stories.


No inconsiderable part OF our finan-
cial difficulties grow out OF disregard
OF law, or strained and false inter-
probation of the laws. One or two ex.
amples will satisfy any reasonable per-
son Of the truth OF this statement.
On May 3lst, 1878, an act was
passed providing that " from and after
the passage of the act it shall not be
lawful for the Secretary OF the Treas
ury or other officers under him to
cancel or retire any more OF the
United States legal tender notes.
"And when any of said notes may be
redeemed or be received into the
treasury under any law from any
source whatever, and shall belong to
the United States, they shall not be
retired, cancelled or destroyed, but
they shall be reissued and paid out
again, and kept in circulation; pro-
vidcd, that nothing herein shall pro.
hibit the cancellation and destruction
OF mutilated notes and the issue OF
other notes OF like denomination in
their stead, as new provided by law"
There were at that time $346, ,OOO, 600
OF treasury notes in circulation. The
greater part of these notes we're OF
small denomination and were in uni
yersal use. These small notes
rapidly disappeared from circulation.
The banks were anxious to substitute
their notes in the place of greenbacks.
Taey gathered up the one and two
dollar notes and whenever they could
collect $50, 500, $500 or $1,000 in
one.dollar greenbacks they exchanged
them for others of larger denomina-
ton, thus violating the explicit lam
guage of the law. They could store
them in their vaults as part of the
reserve they were required to keep,
and be ready at any moment to make
a raid upon the treasury for its coin,
aud the government officials were
induced to declare that coin meant
gold.
If the Secretary of the Treasury had
recognized silver as the money Of re-
demption, as it was his plain duty to
do, there would have been no raid on
the treasury for it's coin, and no
sale of bonds to replenish an ex-
hausted exchequer. If the law re-
quiring the issue of small notes in
place of those mutilated and unfit for
use had been obeyed the banks would
have been unable to successfully de-
plete the treasury. The plain hand
OF the banks is easily seen in every
transaction which has led 10 the cul-
mination of the present embarrass-
ments. They are intent upon COM
pelling the government to cancel the
treasury notes. by repeatedly making
drafts on the treasury for gold re-
demption. The banks have now the
President and Secretary Carlisle in
their power. They are asking Con.
gress to provide for the retirement OF
greenbacks, and the enlargement OF
the power of national banks, 80 as to
give these iniquitous associations en-.
tire control of the finances of the ma.
tion.
May God and the people thwart
their wicked purpose! II there were
not 80 many Congressman who owe
their election to the influence of the
banks, and who look to them for their
reelection, q remedy would soon be
found. When We remember that
money is power, and that we now
have some $500 of these cancers upon
the body polite, which are q Law
unto themselves, and whose enact.
ments are for self.aggrandizement, we
can understand why it is that Con.
gressmen hesitate to apply heroic
remedies for the cure OF the financial
ills. If our Congress had the courage
to direct the Secretary OF the Treasury
to recognize silver as we'll a. gold the
money OF final redemption, recognize
gold, silver and treasury notes as Of
equal value in exchange, the anxious
fears that the reserve will reach the
danger line, and the National Treas.
ury become insolvent, would disap-
pear. There is an evident disposition
to stand by the law of 1872, providing
for the continuance of the greenbscks,
but if the banks can demand redemp-
ton in gold as often as they can
gather them they will force the gov
ernment to either demonetize and de-
stroy its currency or continue the
bond purchase of gold. We express
our deep conviction that there will be
no financial prosperity until Congress
provides that all money and currency
shall be supplied by the government,
and that all corporation currency
shall be suppressed as soon as can be
consistently done. The grand issue is
government currency or corporation
currency. II banks of issue are sup
pressed times will be good and pros
perity will abound.
A COLLEGE Y. NJ. c. A. has been
organized at the Colfax college, with
a membership of 20. E. +. Sherfey is