The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-16
CURRENCY MEASURES.


AS it Ia the opinion of the Republican
leaders that IL will be better to include
bill. that course will no doubt be fol-
lowed. II makes the position OF Re-
publican senators a subject of great In
terest. II the measures were submitted
separately some might go through even
though others should fail, and we would
get partial relief Many Republican
members among the independents
might favor the reduction OF the tax on
bank circulation. the issuance OF circu-
lation up to the par value Of the bonds
deposited, and the establishment of
small banks In rural communities. with
out being willing To indorse Secretary
Cages proposed issue of refunding loan
bonds.
As parliamentary expedient 1t is
better to put forward the presidents
recommendation In the form OF bill,
so that the views OF members of con-
gress may be drawn out on a bill as
to which the majority might be rea
sonabiy expected to be friendly. rather
than wait for one as to which there
would be certain opposition.
There is a manifestation OF willing
ness on the part OF sufficient doubtful
senators to give the presidents sugges-
tons a trial To secure the passage OF
measure repeating the law of 1873,
which requires the government To pay
out for Its current obligations the
greenbacks which have been redeemed
MIR. Letter. of Chicago, is of the opin~
Ion. as he has stated in an interview.
that the government already has the
power to stop the reissue OF green
backs. but whether or not both sides
OF the Republican party will probably
unite 10 let this so on trial is
IA question The sound money men
viii support the measure. as they
believe. Of course, that it Is this
reissue which places the reserve at
the mercy of demand and ieopar,iizes
the credit Of the country In the event
of a panic. The free silver men believe
that the withdrawal of the greenhacks
from circulation will SO contract The
currency that a popular revolt against
the whole system would follow. Sound
money Republicans should not he
afraid 10 test this. The safeguard sug-
ges'ea 10y the president Is so naanifestIy
calculated 10 prevent "A contraction that
the issue might he met with perfect
confidence. President Mckinley rec
oin.net,ls that when the receipts Of the
government meet the expenditures su
the greenhacks which ara redeemed I'm
gold SHALL he kept srar. from the ordl-
nary funds 81 the treasury. not 10 %
paid cut again unsil exchanged for an
equal amount Of gold,
There is 10 want Of harmony tetwean
the plans proposed by Secretary Gage
and the suggestions made I'm the r-esl-
dents message, The difference "a IN
PROV tdtng method and going farther
into arrangements for the future than
the presiden, does
brseiiy. Mr. Case proposes an issue
and redemption division to - created
81 the treasury. in which Nes. o0a eoo In
gold should De placed. as well as ali
the silver dollars held for cert fcates
and ali the silver bullion and Ire dol
lars coined sherefrom. bought under the
sherman act. the gold and the silver
- he used FIR redemption purposes oaiv
ana not for current expenses In the
Same fund h.s vogli deposit 500. 90 600
90 EresRSacAs 20 b. used IN excharre
FER "a equal amount ~ gold. So far
he IS on running terms WITH the prvSf-
dent
The feature ~ Secretary Cages risn
which will meet with opposition IS that
Involving the Issue If rsfundinw ioan
geld bonds. bearing @l-3 per cent. In
terest. and payable after ten years. AZ
the governments option. these to b.
exchanged FOR the bonds ALREADY f..
ssse1. which mature In 1894. 1917 ana
1895 ybe Fefaoding bonds 10 be used 4
desired. as security ror bank note cir
eula2ion
This r. an admirable plan, and II the
Republican party were IN power il