Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1898-10-29


thing OF silver in 1873. The mex
was in passing the silver purchasing
act instead of restoring silver to thu
position it occupied prior to 1873
This step, its author admits, wa!
wrong. The next blunder was mad,
when the treasury department sur
rendered to the holder of obligation:
against the government the right tC
name the kind of money in which
such obligations should be paid.
Regardless of the business inter
ests of the country, it has becom me the
policy of the administration to under
take another false step, in providing
for the retirement of the United States
notes and treasury notes of 1890. 1t
is plain to be seen that this cannot
remedy the evil result, to-wit: the
run upon the gold reserve, for so long
as the silver dollar, silver certificate
or any other form, of United States
currency is outstanding the holder
thereof can present it for redemp-
ton in gold.
But even should the last dollar OF
United States currency and every sill
yer dollar and all the subsidiary coins
of the United States be retired. our
condition would not be bettered. For
should these all be out of existence,
then so long as there was one dollar
of national bank notes outstanding
the gold tiend would soon ply his oc-
cupation and demand gold of the ma
tioual banks of the country until they
were compelled to retire their entire
circulation. This would leave no
money in the country except gold.
and not much of that. The gold
fiend, the legitimate child of the gold
standard, is on our track, and on our
trock to stay until we are driven to
return to the only refuge of safety
that of bimetallism-by reopening the
mints to the free and unlimited coin
age of silver and gold.
But there are none so blind as
those who will not see.
A Dangerous Measure.
The committee of the house on
banking and currency Of the last con-
gress, of which committee George w.
Prince, member of the house from
this district, is a member, has, in
obedience to the message of the presi-
dent. prepared bill embodying the
ideas of the president, and presented
the same to the house, together with
a report recommending the passage of
the measure. This bill is known as
house bill No. 10,2S9. 1t will not
the evil in the least, and is a
most dangerous and Objectionable
measure. This bill reforms the bank
ing law. The main features of the
s., foi TO This
are as follows: 1t provides
that the national banks may issue
three classes of circulating notes,
national reserve notes, ma
tional bank notes and national cur
rency notes.
1.-The first are issued by the gov
eminent to the bank in exchange for
United States notes and to be re-
deemed in the first instance by the
bank in gold. but to be ultimately re-
deemed by the government.
The second are issued as now
to the bank upon the deposit of United
States bonds with the treasury. the
only difference being that the bank
can take out these notes to an amount
not equal to 100 per cent of the
face of the bond instead of 80 per cent
as heretofore. The national currency
notes are TO be circulating notes is
sued by the bank. 1t is provided
that any national bank. having de-
posted with the treasury United
States notes and received in exchange
therefor national reserve notes. shall
be entitled to receive and issue, in adj
dition thereto, an amount of national
notes equal to the amount OF
national reserve notes received, as
Aforesaid; provided, however, that
the amount of national currency notes
thus issued shall not exceed the amount
Of its national bank notes outstanding.
md, provided further, that the notes
thus issued shall not exceed 40 per