The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-16

SEATTLE. SATURDAY. JAN. is.
RErrsiS. THE eREEsBAcKs.


Neither the Popuilstic fear nor tho gold
nsno-rnetalilsss hope that TIA gresnbacks
are 70 he retired tn the near future are In
the way OF being realized. On the con-
trsry. there Il every reason 10 believe that
the issue Of legal tender paper money now
outstanding viii remain undlsturbed dur
ing the administration OF Mckinley.
Senator Sherman IS the recognized
fnancia. authority in Republican national
politics. Whether he goes into the cab
met. a. Is announced. or whether he rs-
mains IN mis- place IN the senate. he viii
exercise a powerful influence in shaping
the policy OF the administration and OF
congress. not only In such matters as
directly affect the department over which
ne wiu preside, but IN matters OF financial
legislation.
Senator Sherman has outlined his po-
sition or the question OF retirement of the
greenbacks in letter. ostensibly private.
but undoubtedly intended to be made pub
&c, TO Albert II. Walker. OF Hartford. Con-
nscticut. as follows:
7 DO not sympstIize with ths movement
proposed to retire United States notes
from circulation. 1 believe IL IL easy TO
maintain a limited amount Of these In cir
culation, without danger or difficulty. The
maintenance in circulation of sSss ,ooo. 900
United States notes. supported by re-
serve OF $40. 900 600 gold. not only saves
the interest on s2is. 200 900 Of debt. but Is a
vast convenience TO the people at large.
The best form OF paper money Il that
which is hacked by the government and
maintained at the specie standard. The
absolute security of these notes was never
called In question. after the resumption OF
specie payments in 1873. until the reserve
was being frenched upon to meet dehcien-
cles In current revenues. brought about
hy vha. ia known as the Wilson tariff
Jaw Of 1884,
There is a very strong faction. made up
IN great part OF the sound money Demo-
Gratis. which indorses every act OF Mr..
clsveland's administration. and which in
sists that the first and most I'm
portant measure toward re-
form In the currency system
OF the government should he the retire
ment of all the outstanding greenbacks.
In aecordsnes with tho recommendations
OF Secretary Carlisle. Mr.. sherman's let
ter IL a terse and convincing answer 20
the argument put forward By these people
that it was the outstanding legal tender
issues which caused the gold raids on the
treasury and compelled the issuing Of
bonds TO maintain the reserve.
There is little in thu situation AZ present.
and there viii he absolutely nothing after
the government Is provided with ad-
outstanding ereenhaeks any menace TO tie
treasury reserve. That reserve now reach
e. $40. SEQ 600 in gold. upwards of 81. 900 900
having been added slnes election by the
paying IL ~ gold. in exchange for green
backs. With a reserve OF this magnitude
the power and the intention Of tho gov
eminent to maintain All It's currency at
par. there are no reasons why any Of
the outstanding legal tender notes should
be withdrawn from circulation for the
purpose az exchanging them for treasury
gold.
In ordinarily healthy conditions % bus
mess. the greenhacks circulate IN the east
in preference TO gold. The people are sc-
eust0mea 70 them. tney demand
them. and they 90 not want
and viii not use coin. 80 long az they have
absolute. unrestricted confidence IN the re-
aesmshlaty % the paper money.
Theirs S also n sentimental feeling In
reference 30 the srsenbacks. which can
not be altogether ignored. There ere
many people soher-minasd and clear.
headed business mon who confess 70 such
sentiment They prefer the greenbaek
to the equally safe and "a readily redeem
able national bank note. or the more NOD
ern issues Of treasury notes and silver GER
tihcstes.
Take - aitowether. q Is quite certain tina,
in tas absence az any legislation or thc
threat 81 legislation which might irnpai,
IN. ability % the government 20 reaeerr
its outstanding currency in Eola on de-
nana. there IS not the slightest reason "a
fear tina; any very large amount Of such
currency wlu - presented sor redemption.
or act 81 a menace 70 the gola ressrve
during the next four years.
a