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

listed BY n tn re greatest banking inst
tutlon r. the Lard. eHs elosfed with Ire
least power for sell preservation and bsn-
saeiaI sctscn- one statute requires sfse
secretary % the treasury 70 redeem rs
and another conpels hsm % pay thsn o..
thai thsy snzy sefurn again and again for
redemption rpon every hand TIRE laws
Of the land nnaks 4 a. embarrs ss-senf for
flsa profitable conduct az fhe basinesz az
Fairs 81 the country. II adds 70 the en-
harras@nezg ~ the enforene imitation 81
tie volume OF sae circulating medium az
one time, and the forced contraction
through the operation @ the sEb-trsasary
system ~ another. It's only source OF
strength hes IN the believed forbeaFanee
of attack uron Insolvency by those who
banks. created under Il ard subject 10
governmental supervision Supply the cur
rency needs OF the country. il stlu insists
o. competing with them IN their note is-
suing function. and prevents through TAX
and other barriers which ne law erecss
accomplishing me very purpose for which
they were brought into being.
AL this arises through 4 sentiment which
has somehow grown about tha currency
system, that the government IL IN some way
responsible for money. II has It's origin tn
thai provision Of the constitution that
congress alone shall have the power %
make and regulate money. The object os
tbs IN the minds o. the trainers was 70
prevent the states from issuing lndspcnd-
snt coins. and 20 create confusion. It was
never contemplated that the government
should exercise any banking functions
nor create money. except as II vas cre-
atec b. all other civilized governments.
namely. putting the certificate stamp upon
a piece o. metal as a guarantee OF its
quantity ana quality. and regulating the
value Of subsidiary oolnage issued for con-
vcnisnce.
Nowhere. either IN the constitution or IN
the speeches o. the statesmen OF the tine.
IL there a suggestion that the government
should take a piece Of paper ane 81 cali
Inc q money make 4 money. The men %
tnst day az OF thu. knew that a govern
money and issue promises to pay Il. but
national credit. the same as individual
credit. CONSISTED In the faith that the gov
srnmeut ~ouid redeem its promises as a
private debtor would. who valued bis rep
ulation.
Mr. Eckels kept very closely 20 his sub
Ject and dealt only with the need Of cur
ssncy legislation. bat made no suggestion
Of tho means BY which reform Was TO be
effected.
John 4. Branch president Of the Mer-
chants National bank. OF Richmond, Va.
undertook 70 carry on the subject from
that point. lie is as concise as EckeIs Is
diauslye.
Mr.. Brunch says this nation has lost
valuable time. He says that We should at
once and for all time define the meaning
Of the word dollar" That should be the
standard all the world over. We have a
gold dollar silver dollar. a treasury
note. a greenback and national bank
note. all having a different intrinsic value,
and Apt al par only BY credit. We know
the value of an English sovereign. a
same all the world over-in all its changes
they stand for gold. We must define the
word dollar" and II should mean, he
says. beyond peradventure OF a doubt. a
gold dollar OF the present weight and fine
ness of the United States gold coin. That
dollar Is good for all and everywhere COM
mands respect.
Ffzfxs hsFsssa AIRY -
make q good currency. and when Ii falls
short OF any Of those. II l. not the best. It
should be- fixed and stable: adequate to the
needs Of the country; should expand and
contract automatically. II should be sim
pie and uniform. and II should be so dis
,Fibuted throughout our territory that ev-
cry man entitled to credit should be able
10 obtain It's use az fair rate. This Is
easy enough 20 write down, but Is an IDEAL
not easy 20 reach. We must FIRST over
come prejudices and patiently bear with
those who see IN every attempt to slmpRfy
the currency an inimleal purpose FOR in
stance. those people who are clamoEizg
for a greater circulation Of money would
be Mortified II they were asked 70 follow
the example Of Great Britain in putting
ali reserves into circulation through the
banks instead Of storing Il. IDLE and un-
productive In government vaults. As Il s..
W keep that money stacked up because
Of the ally prejudice, aud borrow money
abroad II - as II a man having money
should put IL into a hank and draw nc in
terest and then borrow money az interest
IN order 10 pay hrs current expenses. he
may have the pride Of a reserve. but he
has TO pay FOR a. This folly on the part
q an individual wogld only represent a
tfifing loss CA the part q the Individual
but when 81 applies q such sums as those
held by the government il involves very
considerable loss.
AxnREEss BALLOON.