The Red Cloud chief., 1898-12-09

q
volume of this silver money now circu.
lating In Porto Rico at 5k million
pesos. The oscillation In value rs re-
lated to gold coin has been constant.
rising and falling, as effected by the
state OF exchanges between Porto Rico
and it's foreign markets. II 10 unnec-
cssary hero to point out at any len 9Th
the general evil results upon industry |
and commerce OF n currency medium
SO out of harmony with the worlds
money as TO induce q widely fiuctuat.
ing rate Of exchange.
II Is therefore suggested that at the
proper time, action be taken by Con.
gress TO assimilato ths currency OF
| Porto Rico to that of the United
States, SO far and so rapidly rs this
can be done without unduly disturb
ing existing conditions and contract
relations In Porto Rico. This, IL Is
believed, can be accomplished by
making customs dues in the island
payable in American money. yet re-
ceiving the silver pesos and c~entavos
Mt n fixed relation to the dollar. The
limited amount of Porto Rican money
would thus find an important avenue
where n uniform valuo on the basis
arranged would b, realized. This
avenue would probably DO broad
enough to give the assurance needed
to keep the peso and its minor sub
divisions current through the island
at the custom house valuation. IL any
doubt should arise as to the suficiency
- ,.A -ro,;ainn ~ rpulA In NADIA
the duty of the secretary Of the treas
ury to give American coin In direct
exchange for the Porto Rican coin at
tho custom hous, ratio whenever in
his opinion IL should DO necessary 80
10 do In order to maintain the ratio
established.
HIS PLEA FOR BANK NOTES
The subject OF currency and banking
IL treated at length. Tho Secretary
says: In submitting my report, / feel
Il my duty to impress upon Congress
as best I may. tho important subject
Of currency and banking reform
II Is the misfortune OF evil condi-
tions to produce arrangement and
hinder progress, which, II long con-
tluutu, 10 uCCuStoh thC buOJCSt va
them TO their existence rs to create In
him a~pathetic indifference to needful
and healtbful reforms. Making pro
gross in spite OF all obstacles and em.
barrassments to commerce and indus
try, We ascribe the advancement to
the causes which have really hampered
and disconnected tho forward and up
ward movement.
! With a financial system condemned
I by tho Judgment Of the most expe
: rienced aud wise, both at home ant
abroad, its evils illustrated In dail'
5 business and emphasized In recurring
:, panics, we fail, with an obtuse timid
ity, to face the questions which mus
be met and rightly solved before in
dustry and commerce can be estat
lished upon enduring conditions Q
security.
h The argument against ~governmen
\. issues OF paper money rs q medium 10
q commercial exchanges have been full
n made and need not be repeated In d.
tail. It's rigidity, its failure to mec
n the dependency OF the whole industria
h structure upon the state of the revenu
and public cxpenditure-these are In
m portant links In that chain of arg'
~ ment. The menace to our domestI
affairs, several times recurring from
=. threatened change In the standar
undcr which they arc carried on, an
es our foreign trade settled, has been
companion evil-perhaps tho create
4. OF tho two.
A.. The cure for these evils Is not diff
bv cult to find. II lies within tho ca.
,ir range Of congressional action. Nor
bv the remedy one to inhict even ter
Il porary paizs or penalties on the boo
he polite. The healthful, stimulatir
no effect OF right action in these dire
,yv tions would be experienced with u
"a first sense OF assurance that the d
or sired end was to be accomplished.
The proposal TO substitute bank 1
ice sues for government notes Is oppos'
IRA with many honest prejudices and a
lv sailed by bitter de~nunciationa IT
ali first arise from a failure to compr
re-. bend the true philosophy Of q pop
es, currency, and must DO patiently CO
In. sidered. The latter obscure the que
SO tion by reckless statements, chargir
at that all propositions for currency
no form are bank conspiracics to oxplc
IL the people. Referring 70 such pr
of posals, an eminent speaker recent
Of wurned his uniustructed hearel
,s- "Thcse banks will become cormoran
TO eat up your substance, control yo'
politics and warp tho political vic,
"a NJ All tina commupitiex Send m mi
nv. TO Congress to help defeat this gre
els evil" Such TRADES against reaso
ing and such appeals to prejudice and
Ing norancc, tho statesman must oppo
nal by simple truth. Is a system OF baI
credit currency In its ability to me
sen the varying wants Of an industrio,
Ia commercial people, superior to tho
ose sues OF government paper money!
nv. thai question DO answered afirmat i'
ly. IL may DO safely left 10 time