Daily capital journal. (Salem, Or.) 1896-1899, 1897-11-22

shock to commerce, loss 10 the people
and cost 10 the government can be
obviated by throwing the mainten-
ance Of our standard OF value upon
the hanks, where the burden belongs. 4"
We print so much Of Mr.. Fowler's
plan TO give our readers an idea Of
what the most practical OF gold
standard currency reformers proposes.
We are not prepared to advocate
his system, but believe It is our duty
to give IL TO our readers, on its own
merits, in view Of the fact that the
administration will probably proceed
+ to promote some such liue OF currency
refurm. 10 conclusion Mr.. Fowler
says:
"The Government should retire its
demand obligations and let the banks
assume the conduct of commerce, TAX
ing with 1t the right OF note issue
upon certain conditions. As first
consideration Of the privilege they
should carry the government debt at
a rate not TO exceed 2 per cent,
thereby saving TO the people more |
than fifteen millions 10 interest an
nually. AS a second consideration |
they should maintain gold payments
by currently redeeming their notes In
gold, which should be guaranteed by
she payment OF sufficient sum into
the treasury OF the United States In
the form Of tax upon circulation. In
addition to such guarantee fund the
government should have a first lien
upon the assets OF the banks (which
now exceeds seven billions Of dollars)
for the purpose of ultimate redemp
tion in case Of a failure. AS third
they should be required
10 pay into the United States treasury
! sufficient tax upon deposits to in
sure all dep)sitors in national banks
against loss In case of failure. Such
AK would not have exceeded an aver.
Ige OF one-twelfth Of per cent per
lnnum during the past SO years, which
s an infnitesmal sum compared with
the great advantage to be derived
herefrom, not only 10 the people, Lut :
0 the banks"
In revie wing Mr.. Fowler's bill we
all attention TO his admission that
he gold STANDARD has cost our q
ountry 440 mill ions since 1879, that o
involves retirement Of the green 7
acks and treasury notes and certifi- 4
ltes now redeemable in coin, that :
gives the national banks the entire =
)ntrol Of issuing paper currency. G
'aniel Webster's warning that the
oyernment should beware OF partner
lips with corporations. because IL 70
lways gets the worst end of the bar CT
lin, has been emphasized by the re- dl
mt foreclosures Of Pacific railways. In
system OF currency consisting OF ~
nited volume OF treasury notes, TO
full legal tender, with free
image OF gold aud silver, would mo-
a self'adjustlng system, under de
lich free banking would flourish pu
tirely separated from government, co
It regulated by state and federal ga
VS., would be more nearly peoples ~,
stem. 1t would not build up =.
ecially privileged banking class con-
cted with the administration by nn
e umbillcal cord OF wealth, that II lie
'uld always threaten the life OF the -
tion TO sever. But the gold stand =
! banking corporation statesman
5 his day and must have his say. 81
lose who wish TO know further de- n,
lis OF Mr.. Chas. n. Fowler's cur Z,
lcy reform system can secure free a
ok of 1876 pages by addressing him
Washington d. C.
new politicll Il danger arises. In 5