The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-13
SEATTLE WASHINGTON, L. 1897

rrer tsers ss al adequate. ard pSr3aps
IL some places zn excessive supply q
4 aefciency % osnksrs facilities. Where
these banking facilities exist 70 an aes-
Quate extent. not only are means CT az
tr-r~ovTsrs hal, there are also suppl5es 81
those credits substitutes for money, ii
the shape of checks and drafts. gnAea in
czease sne volume of currency zr the tine
S1en such an increase = needed oy lie
people. Were these banking facilities
q o ner exist &C ar adeq extent. url-
8u3y high rates af Interest," prevail ard the
demand fer currency III general exceeds
ire supply. We therefore need for 6ones-
tic puFEeses q currency OF sable value
ans fBIl purchasing powsr. which snail bz
neither redundant AoT contracting. and
trade when and as the interests OF the
country may require.
This coungry has extensive CONNER
eial relations WITH other countries. The
continued 9eve5oE EEeHt OF tna Vest and
South demands tGaf the surplus capital
of tne x0FId should - brought here for
eEnaserarIFe Investment. II IS IN no
sense inconsistent with tire protection CT
the home ,narkst that we look forEzTd
70 the growth and Increase OF our foreign
commerce, 50 that out agricultural. min
IN. and manufacturing products shall
fad that larger market which VIII give
70 American Industry greater returns For
our interEla fIonai relations We need, there
fore. a currency which shall be Of fnll
value in the markets of the world. We
may differ as 10 questions Of protection
or revenue reform, but We car agree that
the government must have q revenue ads-
quafe TO It's necessary expenditures. and
with a surplus sufficient TO provide for
possible contlngs sRcles. We can agree that
as revenue must be raised by taxation.
taxation should be 50 imposed as 10 lay
its burdens upon the people in the man
ner that can most easily be borne. We
can agree that TIE existing standard OF
values shall be maintained. We can agree
that bi- aIiism would be desirable If IL
can be secured by International treaty
and be made practically effective. We
can agree that there ought 10 he an en-
iarges3 and increased use Of silver coins
convertible at par into gold. We can
agree that so long as the government de-
mand notes are outstanding. provisions
should be made b. law for the mainte-
nance OF an adequate gold reserve. spe-
ctflcally pledged for the redemption Of
those notes. We can agree as 10 the fact
that while in some cases shareholders and
depositors Of national banks have lost by
their unskillful or unfaithful MANAGE
ment, yet no holder OF a national bank
note has ever had occasion TO inquire
what bank issued the note, or has ever
lost any part OF the amount of the note
We can also agree that the national
banking system should be so amended as
70 provide some method for the more
general extension OF banking facilities 10
all parts Of the country. And. chiefly. we
can agree that the right solution OF the
currency question IL of grave Importance
and should be the subject OF more DELHI
convention can al its present session ex-
tend 10 II. and may properly be referred
10 such method Of investigation as you in
your wisdom may direct. Upon all these
questions IL IS for you TO determine the
action OF the convention
w hen the convention which framed the
constitution OF the United States was
about 20 assemble. Washington said: II
10 please the people. we offer what we
ourselves disapprove, how can we after
wards defend our work. Let US raise a
standard 10 which the wise and honest
can repair. The event IS in the hands OF
God
Let that view. expressive OF the highest
states rnanslip and the truest patriotism.
ard 10 which the wise and honest OF all
parties can repair. In this country the
people are sovereign Nowhere else in the
world Is there a more general diffusion of
Intelligence, or a higher average OF moral
character. The people must. as the tri-
ounai OF last appeal determine what the
currency or great country ought 10 be.
and therefore what the currency Of their
country VIII he. The nation has survived
the shock of foreign and civil war II has
overcome the disIntegra ting influences
o. the expansion of territory and the
growth OF population. II has successfully
resisted the attempt 10 lower the standard
Of value. Let Us have confidence enough
in the people and faith enough in our free
lEfStlkAAlHus 20 neIIefe ElAf IN the futRrA
as in the past The people will rightfuIiy
determine the questions which saaIl be
submitted 20 them"
Situation Admits of No Delay.
At this juncture calls were made for ].
II. Walker. chairman OF the house COM
mittee on banking and finance. Mr..
Walker asserted that the convention
ought not "a be satisfied with anything
that did not relieve the treasury OF the
ffmff aa States = ahGeftrfsafx-
any responsibility for the current reaernp-
ton of any form OF paper money. and that
at once" He said bonds must be hanish-
ed from any connection with the none
tary system. and that bankers must be
allowed to manage the banking bushes.
of the country as the farmer does the busi-
ness Of farming" and all other
business Is mana ged. Independently Of the
government. He said:
'"The National bank act must ba made
as liberal as II is possible 10 make a. con-
sistent with safe banking Scarcely any
two hanks In tho country could be manax-
"a in their details exactly alike. or safely
issue the same amount of currency The
very largest discrimination must he left
with the comptroller Of the currency ard
some means must be devised TO furnish 10
the country a board u supervisors Of the
whole national banking system. as In other
countries. and that also must have the
widest discrimination
Mr.. Walker declared that the whole peo-
pie of the country must bring pressure 10
bear upon congress that would compel a
thorough reformation Of the system. The
speaker then read the following extract
from an authorized interview with Sena-
tor Thurston q Nebraska:
Il feel that al proposed financial legis-
iatton can a1d ought 10 he post tponed untN
this country has a chance 20 test the ef-
feet of the new pro- ecttve tariff We are
rot therefore very much interested about
any money issue"
Mr.. Walker added.
~ hat! Walt ten ye.rs7 Five years.
How long, And yet 7 thiak he expressed
the prevailing opinion iD both the senate
ara ne house OF esprese seuFatiges, and tf
thar is 50 nothing VII ne done unti the
isoe. " ''' 80
IN conclusion. Mr. Walker said:
"Tt seems % me ~ only practical so7u-
ton of tAa question is - put The current
ra3@Uptou' Of the legal tender notes ard
7f every form of currency prapurtiauafeiv
20 every ooGutTy. Tnen. lu Justice % them
sU1 20 eomprlsa ate fhfTn for the service
allow them 10 issue currency against thssr
assets 20 an amount equal 20 the legal
tender notes they assumed ths current re-
fempt.on of F'urt3er-n5Te. Che people
never Nt.i consent 70 tae use - any cur
rency the payment ce wEen Is noE suI5y
r}za raHteea aF tae United States treas
grF in ease % The Insolvency 81 fhe hank
saa- puts lt 4n clFt1s 3t.uu- IL has beeu
ercs 60 oy tsuTeS carefully made thae a
~ t3 r4E oF mills FF~ annun up8n tae
@ir eaeets. reEaErtnE tAe provisions -
Pre- present isw as tn -1e currency - r1e
banks asving the Hrs- Zen apea i-s assets.
zuy .oes tbae could come 10 is rroa2 guar
atce-Ce sica notes