The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-08-19
Evil Effects ON Credit.

70 the credit OF the nation and with TIE
least expense 10 the citizen
Evil Effects on Credit.
I'm the contemplation OF a series or
contradictions and Inconsistencies 50 ~
COT. -ruous the business men Of the na-
ton may wei decry currency laws 50
Irrational and demand a speedy remedy
ing OF them at the hands OK the enactlns
power. No stronger evidence couta ec
had that the whole system IS Tadieftil
wrong and weakening 10 our fluaDClai
world than the fact that here and every
where. rs IL now stands X - the enc
great subject OF discussion and debate
No one Is decrylng our form OF govern
Tnent because all recognize The tnhefei.t
correctness OF the principles upon ~flica
il rests Our system OF Jurisprudence y
beyond question, and neither IN lsSlstd~
tive hall nor in the columns Of the press
IS II assailed. Bat the private citizen III
business the national Legislator and eA-
ecurive officers OF the government are al
confessing hy their daily acts and con-
verSatlon that this one first essential 70
q peoples prosperity. 50 Tar from bei1s
sound is absolutely weak and dangerous
II would he foolish TO undertake 70 con-
ceal that the source OF our difficulties
which has hbghted the past c0nifonts the
present and threatens the future, lies n
the fear that the United states cannot
IL the face OF existing laws maintain un-
SWerEingly the gold standard as us untL
OF value The fatntest susIdelon tat< ~
viii not be able now or tn the INtlFe -
neet its obligations IN conformity WIN
that fine sense OF financial integrity W.alch
has heretofore been observed would again
give the business world sGcn snotA
as 70 cause q deaGenlng OF reFlVlnS III
austry and destroy returning prosperity.
There Is 10 relief from this situation IN
the great individual wealth Of the lnal-
vidual citizen nor IN his individual de-
sire TO maintain his credit The unnh-
tied resources Of the country and the ut-
bounded energies OF the people are eqta4-
IS unavailing in giving AID and cofliore'
s.Fa ff4a FszFf
ctal system and not in the rule OF eondlct
which guides the individual as an lHGi-
viduai. Until the national fault is sFAui-
Gated the citizen must continue 10 sun,
Tor his couutry's folly both IN purse and
Ia reputation The boasffuf plea OF tnS
sustaining power OF patriotism as appilcu
TO the countryS currency issues, III Atiiis
Of q financial stress is OF 10 avail a
great governments fiscal operations can
not bs conducted simply upon patriotlsnl'
nor can they he based upon sentiment.
The government racks IN dignity whsh
1t puts Itself in a position where IL Is
either a TnendfCaut asking ala from tti-
vate citizens or a WeaktnS az t1eH
mercy. IL possibly may DC a pad thhts
from the patriots standpoint 10 preseht
far redemptfoB the currency demand
obligations which the treasury under the
mandate OF the law sends feFth, az a time
when the government IS hnanctaitE Sih-
ia esed but the act IS a business one
and is governed by business reasons. Inc
treasury department should ce IN saC saCh
rendition that IL would not iRitd II tittr0-
sary for its protection to have the citI@en
eliminate all the elements of human seiI7
fshness when dealing with IL IN otoet
TO inspire confidence Ii must stand upon
The same footing as any other business
esfa ablishment. ready and willing 10 pay
the governments debts without ASKING
ltnlency from its creditors and az no TINE
having a larger liability outstanding thsn
n ts a hle 10 liauidate. Ii certainly ohsht
not TO insist on voluntarily FURNISHING the
raeans for its own destruction and then
complain il those means are eHpaoseu
and danger threatened
Retire the Greenbacks.
ssThe citizen who notes the trend OF
events must see that the cloud upon The
beautiful horizon, which we count as al
ready ours. is the ambiguity IN govern.
mental contracts introduced oS the itA'l,
tender issues These issues are condefnne q
hv the student of finance familiar with Inc
worlds monetary history. ana win eqgl
eYnuhasis by the man OF afairs trained n
the school Of business. In their ops ration
they constitute the strongest hope or me
advocates Of the free coinage OF silver.
thus working n double hindrance 10 me
return of complete ard lasting prosperity.
TIE advocates of tie free coinage or sl4Ner
believes that through tham silver bss's
must ultimately be reached. ana because
Of this resists their paym Mt ana cancel.st-
ton unless silver dollars NJ Failo OF slA-
teen 10 ore be substituted n their 81 al.
He protests with equal vehemtnce against
their conversion into absolute gold certih-
poeftiou ard treatment they compel the
interests Of trade and the cause OF LABOR.
the undertakings OF the manufactures. all
TO give hostages 70 fortune.
ssTrose who row ASSERT that they are
patriotic emblem OF the war and unchanE-
I'd must remain tile psople money saoatd
study tie history ot tneF cfeaIon ana
their effect upon the country welfare.
Thev are demand obligations never re-
tired. yielding 10 TO ordinary rules or
trade necessities IN expansion or contFac-
ton IN volume. In the very terms Of The
cuHtraCs which - borne upon thelF lace
are uncertainty and doubt. causing from
their Inception loss and expense to the Teo-
Pie They n once enhanced the cost OF
tha civil war and prenaturely drove the
country from a specie SIS 10 one. for
many years Of irredeemab,e paper. Al
the time they were hIst scnt Iogth tas[
most ardent advocate apoloEizsd for their
issue and promised quick payment and
cancellation. AS an earnest OF the then
formed and announced intention they were
FOR A time made convertible into an Inter-
.-et- bearing bond. Had it not been for the
tnt0Vsrd circumstances surrounding tire
government not dozen votes could have
been obtained ~ fttn the g nae r tAe
hrtlea for the legal tender principle Which
they embodied. Secretary Chase was dra-
gaoccd through what he rmisgakably be-
NeVed 20 ha dire necessity int0 giving Off
cial sanction 20 them re fatty declined
10 advocate -rfir issue IN has port 20
congress sv. his cape CITY of chief ius-
r5es 0f the me court 81 the United
1ee4f tender quality attaching 30 them Il
was stated and Uucansr8d1cted az the tine
ths, prior 20 act Of lss- not only W&s sslc1
u l2W never passed, olt such law VAS
never Voeea upou, never propoSa q. never
Introduced never FecoT meuaed by any
dapartmen; OF the governIaent. and thst
slrh 4 measure was never seriously enter
tanned in debate in either branch of con
grezs Trhe present senior senator Tram
vermont NJ. justin :. Morrill,. then q
member of the committee ca WAYS and
fuf-rs q ehe hou~e. ir an sxrre ue}v able
sEfsch 0tuoIIced them as Eho precursor
81 q prolific brood ~ promises and the
laE as "a fna8sIre ntt blessed ny ore
sound precedent RoQ damned IS all HIS
prediction of thirty-Tve years ago and bis
caa-s-,s ,s-1Eat5on ef thtm have been flily
tf-tiE-3 hy tAe series ~ events wrich have
marked os8r history zt0r~ taat tiuae and
today Hs re rectlrs 80 tae V1rds then spo-
kaa ke usas- ta ke u1e5au--laT sz.Isf on
tu .-@ SUcU edge t1ar -t- sszresFgl sHship.
yzaks the- of soTne o-rers q saat era.
Wa- srlcieEE 60 sse beyond he pFes *
g .f single 80 -