The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1897-05-14


debts, not to acquire value, OF, Il value
was received, such value VS. either con-
sumed or converted into value not avail
able in the market The Rreenback paid
soldiers and government employees; Il
bought powder and mutations Of war.
The existence Of q greenback 81 tho evil
dence Of a debt not paid. Il Il q lien
upon the future
"a national bank noAe, ON the con-
trary, is the evidence Of some existing
value which lies somewhere az collateral
for its redemption. TO transfer such
values is the only ordinary and proper
occasion which calls for their Issue. The
volume in which they win appear
marks the rise in prices OF an increasing
quantity Of existing thinga Like the
bank check, they will BE- h active serv-
ice when trade and commerce are active.
Thus they enjoy the principle Of elias
ITCHY. wholly lacking Ia any possible
form Of direct government Issue. The
method Of their retirement IL wholly
different and subjects the trade and COM
meroe Of the country toaess=d dangerous
strain. Mo ss9s3
.. = : sss,s =
There isno reason why the govern
ment should act az warehouseman for
either gold or silver. Such q function is
outside its proper limit Of action. But
we are faced BY the condition, and it is
the bette noire Of the treasury. The
enormous amount Of $500, 900, 900 Of
silver. represented by $888, 600, 900 in
silver certificates, added to the $780,.
600. 900 purchased by the government
under the Sherman act, constitutes q
standing menace to every business inter.
est. .
"Our whole monetary system Is the
resultant Of makeshift legislation and
unscientific compromises. Il is time that
reform began. ] do not assume to offer
more final remedies. In my own opinion
the greenbacks should be permanently
retired The silver purchased under the
Sherman act should be gradually sold
and the treasury notes redeemed and
Cancelled. Some we'll guarded system Of
bank note circulation. broader and more
elastic than the present national bank
act provides, should be inaugurated.
Such bank notes should be redeemable
at q central place and be redeemable in
gold only.
To sum up. the defects Of our pres.
emit currency system are: 1. A confusing
heterogeneity which needs simplifica-
ton. .. The greenback controvects the
principle Of paper money-viz, that CIV.
cry note injected into the commercial
system should represent an cxistire
commercial value. 8. The treasury no. >
is standing evidence Of foolish oper;..
ton, the creation Of debt for the pur.
chase on a failing market Of a commodity
for which the purchaser has no use-it
lies open to the just charge Of being boil,
idiotic and immoral. 4. The national
bank note nearly conforms to the true
principle Of paper money, but tho un.
reasonable requirements for security
paralyze it's efficiency and operate to
destroy its elasticity s. The fiivcr cor.
tifcate encourages the use Of silver to a
larger extent than consists with the safe
preservation Of that metal on purity
with gold
Would national commission i,elp
to promote reform? There is reason to
hope that it would be Of great service in
that direction. Such q commission, II
rightly selected, would throw food Of
light upon these involved questions
The information IL might gather would
be OF immense value to allgour people
s. n ~