Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-02-10

end insisted that the battle for the free
coinage of silver at ratio OF l6 to
having been fought under most favor
able circumstances and the demand de-
feated at the polls the democratic party
should abandon it's financial plank of
1896 and endeayor to rally on new
ground His speech last night en-
bodied a plan for a redeemable govern
ment currency upon which he thinks
all democrats should be able to agree.
In part he said: In less
than another decade the national
banks will hole the purse-strings OF
this government, and in the United
States will WELD a power before
which thrones have crumbled ant
republics have disappeared, or they
will be upon the highroad to finan-
and complete extinction. If the latter
some plan will have been discovers
for the preservation of a national pa
per currency excluding all others. sCf'
ficient in volume to constitute a just
measure of value and answer all The
requirements of business susceptible
of expansion or contraction as the ne.
cessities of government and people re
Gure, absolutely sound in every
part and every particular, and sc
guarded by law that it will be invul-
nerable to attack from enemies with
out or within. No one metal is suf
ficient for the basis of such a 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 superior of thu
other | would not retire single
cellar of our existing national cur
Iency or change it in any respect eX
Cept to make it redeCmable in the same
way. The endless chain that has made
50 much trouble in the past can be
rendered harmless without a farthing
depreciation of a single dollar of our
present currency, and without =
tremor in all the business enterprises
in the country, and our mountains and
mines, employing hundreds of thou.
sands of our own laborers at remuner.
the basis for the soundest and best
paper currency that man has ever
Known.
We have now in the treasury of the
United States the sole property of the
nation more than fifty million dol
lars worth of silver bullion at its pres
ent market price, besides an idle golC
reserve of 100000, 900, kept there for
the redemption of our national paper
currency. We have outstanding in
United States notes a little less than
$359,900,0 900, and in treasury notes in
or out of the treasury nearly $3.50, 000,-
coo more. And we have also outstand-
ing over s350,00O,000 in silver certifi-
Gates, every dollar of which is now eX.
listing national currency. Every one
of these notes bears upon it's face a
promise of the government to redeem
1t on demand. The United States
notes are by their terms payable ir
money generally. But a solemn pledge
OF the government makes them pay.
able in con. The treasury notes b.
Their terms are payable In coin, and
the silver certificates in silver dollars.
There are two places where United
States and treasury notes can be pre-
scented for redemption, one at the sub.
treasury in New York, the other in
San Francisco. At present these
notes are redeemable in gold If gold il
demanded, and thereupon are reissuet
as money. Experience has demon
strated that reserve Of % per cent
Is sufficient to secure the redemption
of paper currency issued by a solven
bank. the notes or which are to be re
issued as fast as redeemed. The gov
ernment OF the United States is ar
Entirely solvent institution. II re-
serye equal to that deemed necessary
Tor a bank can be constantly main
aimed in gold or Its equivalent with.