The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-05-16
INGALLS, DISCUSSES FINANCE

Atchison, Kan, May lot Is obvious
that il the greenback treasury notes. silver
certificates and other paper obligations OF
the government are to be presented for
redemption in gold, redeemed in gold. re-
issued and presented again for redemption
in gold indefinitely. 1t will be necessary to
have surplus revenues In gold or to sell
more bonds for gold.
! There needs no ghost my lord, come
from the grave. to tell us this"
| AS an economic proposition 1t does not
make much difference whether the peo-
pie are taxed to obtain tho surplus revenue
or taxed to pay the bonds issued, to enable
| gamblers and brigands TO plumber the Ma
tion by methods that make Monte Carlo
| respectable.
| 1t seems Incredible that the ink Is yet
upon contract by which President Cieve-
land transferred the protection of The treas
ury and the defense OF the public credit
10 foreign syndicate which agreed Tor
a profit OF $4,000 600, to restrain their own
depredations upon the gold reserve till the
following October. Any private business
conducted on such scheme would consign
ITS proprietor To the bankruptcy court, the
almshouse or the penitentiary, according
to the caiibre OF his lawyer or the lspo-
s!tion of the jury.
The fatal infirmity of Mr.. Dingley's
theory is his assumption that the executive
has the right TO hold the greenbacks In
the treasury, either to exchange for gold
or for the purchase OF bonds. The green
backs, limited to 1916 6lS, Ol6, were intended
as permanent and constant addition 10 the
legal tender currency OF the country, aud
any policy which has for its object their
withdrawal is without warrant in law.
Another defect in the hypothesis of MIR.
DinSley is his assertion that the retention
OF the greenbacks in the treasury would
not contract the currency because the gold
Tor which they wer. exchanged would enter
INTO and become part of the circulating
medium of the country. Everybody knows
to the contrary
Practically gold is never IN circulation.
1T Is not available In the daily transactions
or wage earners because 1T is not sus-
ceptibie of subdividing into coinage OF
small denominations. In placid times of
tranquil and contented prosperity the peo-
pie prefer paper and gold remains in un-
sought seclusion. when distrust and ap-
prehension prevail, when credit is impaired
ana confidence shaken, then gold is board
ca or transferred in bulk from Kingdom
10 Kingdom to he buried IN the vaults OF
The statement OF Mr.. Dlngley emphasizes
the declarations of those who framed the |
financial plank in the st. Louis platform |
and of their democratic allies that Sound |
money means ultimately the detriment |
of the greenhacks. the degradation OF
standard silver money and the transfer
Of the legal tender function to gold coin |
alone. The volume OF the currency should |
nave no more to say about the number
OF dollars to be issued than about the num-
Der of hats to be made or the number of
bushels OF wheat TO bc ground or he num-
Der OF cattle and hogs to b. raised.
Il should retain end assert such mower
as would punish counterfeits ana insure
security. but the amount of money should
lenehd on the requirements Of business
ana not on the caprice of congress. the
Adlcls OF rapacious syndicates or the com.
piiant Vagaries OF renegade secretary
u the treasury.
All the people of the United States are
IN favor Of honest money
ana the maintenance of public faith. credit
ma honor. Many OF them believe I'm the
OF tariff for revenue and for
,,iotection' Brt any measure whose iustl-
ration is tho contraction OF the currency
'r which Will reduce the price Of wcoI
ilnes ana other raw material hv urra
q tlnV.