The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
A SILVER BANK CURRENCY.

1t is well-known fact that several news
papers which now assail the main features
of the currency plan of the monetary COM
mission warmly approved of the banking
plan of ex-Secretary Carlisle put forth in
December, 1894. Yet, except that the Car
Isle plan permitted the issue of circulating
notes by State banks, there is no essential
difference between the salient features of
the two plans for banking. Heretofore the
objection to the national bank has been
that the stockholders could purchase United
States bonds and issue notes to 80 per cent.
of their face and thereby draw interest upon
both bonds and the notes. This objection
obviated, the word national is all the
offense which the plan of the commission
can contain for those who assail the plan
upon political grounds. In time it is barely
possible that such party following organs
as the Sentinel will have plan for the
issue and management of the paper money
of the country which every enlightened ma
ton finds necessarily possible, be-
cause the mission of those who control such
newspapers is not to construct theories and
devise plans, but to object.
The plan of one element of the aggrega-
ton known as Organism for paper cur
rency is well known. That element the
Populists, have been demanding for years
unlimited issues CT fiat paper money. They
would have the government loan it's fiat
money to farmers to pay mortgages. They
believe in the direct issue of all paper
money by the government. But what
scheme has the portion of the Bryan aggre-
cation known as Democrats for the issue
and regulation Of bank paper? Have they
any? Fearing the centralizing tendencies
of the national bank system, do those So
called Democrats favor the greater CEN
tralzation of direct government issue? DO
they favor issue by banks under State laws,
or are they silently awaiting the opinion of
Mr.. Bryan that they be in accord with the
person who furnishes them opinions?
One of the latest bills which these Demo-
Gratis supported in the Senate, providing for
the free and unlimited coinage of silver,
contained the framework of a plan for the
issue of paper money. Assuming that the
minis could coin but portion of the silver
bullion which would be brought to them in
the event of thesfree coinage of silver, which
would double its debt-paying power to the
owners the bill provided for the issuing of
silver certificates upon the uncoined bullion
to it's bullion value. The scheme was de-
signed to double the value of all the silver
bullion in the world. 1t would not, because
there is so much of it. Nevertheless, the
tons of silver which would come to us for
storing and certificating into paper dollars
which this bill made legal tenders could be
used as the basis of banking. The banks
and other institutions holding gold could
send it abroad and purchase silver bullion
for which certificates would be issued to
double its market value. The owners of
5000 in gold could get silver bullion upon
which certificates for 100000 would be
issued. Thus with $4,000 capital bank
with 100000 of notes could be started. OF
course. now that Mr.. Bryan directs it, the
Sentinel and all other Democratic papers
which We're once hostile to the free and
unlimited coinage of silver by the United
States alone favor the measure issuing GER
tifiCateS uDOn silver bullion