The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-16

Kansas can be relied upon 70 furnish q
new financial panacea every month or so
during Abe winter season, after the crops
have been harvested and before the tims
for spring psowing commences. The
latest In that direction is put forward oy
a man named Griffin, and his Plan - De-
ing extensively and approvingly comment
ed upon by Populist newspapers. Tna
Griffin plan Is as follows:
'First-Let one or more states esta'nlish
bullion bureaus or warehouses In which
silver can be deposited ard rece.pted for
In quantities Of s7l. grains. or nultiples
thereof, with the statement that that
amount Of pure silver, worth at coinage
rate one or more dollars, VIII De delivered
TO the holder on presentation.
.fSecond-Requirs the officer in charge TO
announce, at the close Of each business
day, week or month. the average price OF
the bullion in silver dollar during that
period az some designated market, provide
further. that these receipts shall be re-
ceivable at the price OF silver bullion last
announced, for state, county aud munci-
pal taxes; also authorize the sale OF so
much of the metal as may he necessary 10
pay creditors that decline TO accept bull
lion recsipts--is there be such.
'-Third-Provide that. when silver IL re-
nonetized. the bullion on deposit shall be
turned over TO the general government
and the paper issued thereby be used to
redeem the outstanding receipts"
This plan Is not open TO the objection
found 10 the last financial scheme which
eananated from Kansas. which was for the
state legislature 20 declare Mexican
dollar legal tender. The former scheme
ran counter to the United States consti-
tuition. and consequently had to he aban-
doned. Ne such complaint can be urged
against the foregoing plan
There is no constitutional inhibition to
prevent the states from establishing bull
lion warehouses or grain warehouses. and
issuing to the persons who elect to store
their products there receipts for the
amount stored. which receipts can be
transferred 10 others. There is also moth
ing 10 prevent any person from accepting
sooh receipt In lieu OF money. he de-
sires, although there is a constitutional in
hsbition against compelling him to do so.
The trouble with this proposed plan Ia
that there win be considerable difficulty In
procuring the bullion to store. The silver
producers may not be particularly salts
fed with the price which they are getting
for their product. but what they do get
is a. least money with which debts can
be paid. What particular advantages II
would be TO them to store their bullion in
a Kansas warehouse and receive receipts
for which are no better. as far as debt
paying capacity Is concerned than the bull
lion Itself. is difiicnh to find out. The GER
tifcates would huctuate in value precisely
as the bullion dces,
On the other hand. IL does not appear
how the kansan. who has no silver. IL to
proht by the scheme. lie cannot get any
or the bullion receipts except by taking
them A their market value. instead Of
money. either In payment OF debt due
him or for something which he desires 20
sell. Having the option OF taking bullion
receipts. which are not money. or money
Itself Il would seem that he would natur-
ally prefer money.
Altogether. Il Is hard 70 see what poss,-
tile benefit would accrue 10 any one by rea-
son OF the scheme. or how Il would even
tend 30 alleviate the money famine" OF
which this Kansas theorlst complains.