Brenham weekly banner. [volume] (Brenham, Tex.) 1877-1907, 1897-12-02
TIE ORACLE HAS SPOKEN.

| mas broken MS long anu ldllGdl-
ling silence. He has given to
the country a long list of the
nostrums which he thinks will
recreate the alleged Frustrated
credit of the Government of the
United States. He doubtless
thinks they will add to the pros
perity of that limited class in the
welfare of which men of his
school are most interested. The
form in which this deliverance is
presented is announced as a
statement submitted by him to
| the Cabinet meeting on Friday.
Mr.. Cages document, says the
Cincinnati Enquirer, is the mar
rowest and most hide-bound
gold standard, anti-greenback,
anti Treasury note and anti-sil-
yer document which any public
man has ever presented to the
public. 1t out Clevelands Cleve-
land. He mourns for the exis-
tence of the greenbacks; he
mourns for the existence of the
silver dollars, and he mourns for
the existence of the United
States bonds payable in "coin,"
instead of gold. He would have
two hundred millions of the
greenbacks retired by being
placed in a reserve in the Treas
ury, from which they should
never be disbursed except in ex-
change for gold coin, dollar for
dollar. That is to say, he would
take two hundred millions of the
greenbacks out of circulation and
keep them for sale, when any,
body wants to pay for them in
gold. He would increase the
gold coin reserve to one hundred
and twenty-fiv millions of dol
lars. To this reserve he would
add not only all the silver dol
lars now held for the redemption
of the silver certificates, but all
the silver bullion, and the dollars
coined therefrom, which was
bought under the Sherman act of
1890. He would place all of the
four hundred and forty millions
of silver dollars now in existence
on a level with the greenbacks
and redeem them in gold coin at
the will of the holder. How is
that for an "endless chain?"
He would refund all of our pres
ent bonded Indebtedness for the
purpose of issuing bonds eX-
pressly payable in gold. In ex-
changing the bonds he would
make the bondholders San equit-
able allowance for the difference
in interest"
His banking system provides
for fifty per cent initiation of
national bank issues over and
above the amount secured by the
deposit of bonds. That is to say,
for every hundred dollar bond
deposited with the Treasury the
national bank to be allowed to
issue one hundred and fifty dol
lars of its bank notes. The Gov
ernmentis to guarantee the whole
issue. If the bank should fail
the Government would redeem
all of its notes, although the
bonds deposited would only equal
two thirds of the amount of those
notes. The Government would
have to recover the other one
third of the amount from the as
sets of the bank. This, of course,
would be no security at all, be-
cause no corporation ever has
any assets which it is inconven-
lent for it to have. There is to
be a tax of two per cent on Gun
secured ejaculation" to create a
safety fund to help the Govern
ment out with its redemption of
the notes of failed banks. This
tax ought to be payable in the
unsecured notes.
Mr.. Cages scheme would rea-
lie the fondest hopes of those
who desire to lend paper money
furnished to them by the Gov
eminent without interest, and
collect the loans in gold alone,
at whatever sacrifice of property
may be necessary to produce it.
The only fault Shylock could
possibly find with it is that it
omits provision destroying the
1epal oualitV of the existing silver