Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-02-09
FOR SOUND CURRENCY.
BASIS MUST BE FULL BlMETALuSM'



Fairfield In. Feb. s.-Ex-Gov. Hor-
49,, r,o,aa ,,,aao nm adaresa ON the
ace boies hiaue u" """'e99
financial question mere tonight IL was
his first utterance on the subject since
tha Qualification Of the widely quoted
-. ~. 49,, ~, aa.,aa tho socrod
iet'ers III "h'e" 'e "e'ie- W
and irrevocable nature OF party put
forms md insisted that the battle for
e. ooi,,a,a of sIlver nt the ratio of
iiee eoi"s
IL to !. having peen iousht nuuer tiie
most favorable circumstances ana tine
Democrats defeated at the polls, the
I,s.,,r..at,, ,,a,,,, ,hou,a abandon the
90, L, ,,,,,o, a.,
financial plank Oh lS'o uliu eiue''V' "
rally on new ground, His speech TO-
,,,ght enbndies n plan for a redeemable
..a,.s,,,,,,a,,, currancv ,pon which he
so'ei"',.s "a 40 oh,a 10
thinks al! Democrats shouiu We "o'e "
arreee,
Ey.coy poies said in part:
-, ,,ooda tho ma
In less thah "n'.''i 49,,
tonal banks VIII holu the purse euh'se
% ,his Government and in the United
Stotea will WELD a power before which
thronna have crumbled and republics
have disappeared. or they will he upon
the high road to final and complete eX-
tIuction.- II the latter, some plan VIII
have been discovered for the preserva-
tion Of n national paper currency ex-
cindinp an others, SUFFICIENT In volume
, 10 constitute n lust measure of values
and answer all the requirements OF
business s,isceptible of expansion or
contraction as the necessities OF gov
eminent and people require, absolutely
sound in every part and every partic-
uiar and so r,inrded by law that 1t
viii he Inyulnerable to attack from en-
enies without or within.
mo one metal Is sufficient for the
basis of such n currency. To endure, it
must have it's root In the Constitution
with gold and silver SO interviewer and
welded about IL that no power on earth
can tear them apart or make one the
unnerior of the other
II would not retire single dollar OF
our existing national currency MOI
change 1t In any respect, except to make
n redeemabIe in the same way.
..The endless chain that has made 50
much trouble in the past can he rem
dered harmless without u farthing's
depreciation of Il single dollar of our
present currency and without n tremor
in nil the business enterprises In the
country and our mountains and mines
employing hundreds of thousands of
oilr own laborers at remunerative
wapes viii furnish In abundance the
basis for the soundest and best paper
currency that man has ever known.
We have now in the treasury of the
limited States. the sole property of the
nation, more than $50. 1000, 900 worth of
silver bullion at its present market
price. besides an idle gold reserve OF
800, 900, 900 kept there for the redemp-
ton of our national paper currency.
We have outstanding in II. s. notes n
little less than $3.50, 900, 000 and In treas
ury notes. in or out of the treasury.
nearly $4,000. 900 more. And we have
also outstanding over $3.50 100000 in
silver certificates, every dollar OF which
is now existing national currency.
Every one of these notes bears upon
Its face n promise OF the government
to redeem 1t on demand. The u. =.
notes are by their terms payable In
money generally. But a solemn niedge
of the government makes theH pay
able in coin. The treasury notes Dy
their terms are payaDie III corn anu the
silver certihcates IN SILVER aoilats lhere
are two places where y. . anu treas-
ury notes can be presented TOT redemp,
ton. one az the suD-trensury IN Nsw
York, the other IN san francisco AZ
present these notes are reueenlhple III
gold II goid is ueiilanueu' anu ehereuP""
are reissueu as money
Experience nus uenonstrhteu tn,' u
reserve of 20 per cent IL suilcient 10
secure the reueihp,ioI VI pape. euI
cy Issued by soiVeht pank' the Iotes
OF which are 10 De feisSHeo US ius' as
redeemed,
The government OF the oni,eu
states Is an ehtire soiNeiit INSTITUTION;
II reserve equal 10 thht ueeineu
necessary Tor pank can pc constahtly
maintained IN gold or us equiVaient
without the snghtest danger tnat sueil
reserve could be uiinihlsneu' hli oush.
TO concede that natohei currency
based upon IT would be ana Always re-
main sound currency. rms can eiisiiy
be accomplished ana the government
Instead OF losing by the trhhs s9s osn
can release Tor other purposes s'V,Voo,-
600 OF its present idle gold reserve.
How? Let congress PROVIDE th,it TOT
the redemption or existing y, 5, ana
treasury notes there shali pc nam
tanned in the treasury a reserve OF 20
per cent OF the aSsfegnte race Nhiuc
or such notes ontstahulng' he-h'iii IN
silver bullion at It's market Vaiue' ana
one-haif IN gold at the same value;
That three days grace shali be allowed
Tor their redemption after demand anu
deposit In the treasury Tor that pur-
pose. That they shali be redeemed IN
gold or silver at the governments OPP,
ton nj the market price OF the metal
used Tor such purposes or IN com OF
either metal AT the governments op..
ton, II com IL demanded' ana shall
thereupon be re-issued as at present
provided That on me DAY OF redemp-