Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-09

feated at the polls, the Democratic party
should abandon the financial plank OF 1886
and endeayor TO rally on new ground. His
speech tonight embodies a plan for a re-
deemable government currency upon which
he thinks all Democrats should be able to
agree. He says:
I'm less than another decade the ma
tional banks will hold the purse strings of
this government. and in the United States
will WELD a power before which thrones
nave rumble and republics have disap-
peared, or they will be upon the highroad
to final and complete extinction. If the
latter, some plan will have been discov-
cred for the preservation of a national
paper currency, excluding all others, sum
cient in volume to constitute a just meas
ure of value and answer all the require
meuts of business susceptible OF expansion
or contraction. as the necessities of gov
eminent and people require, absolutely
sound in every part and every particular,
and SO guarded by law that it will be in
vulnerable to attacks from enemies with
OUT or within.
mo one metal is sufficient for the basis
of such a currency. To endure, II must
have its root in the constitution, with gold
and silver SO and welded about
IL that no power on earth can tear them
apart or make one the superior of the
other.
u would not retire a single dolla- of our
existing national currency or change it
in any respect, except to make it redeem
able in the same way.
The endless chain that has made so
much trouble in the past can be rendered
harmless without a farthing's depreciation
of Il single dollar of our present currency,
and without a tremor in all the business
enterprises in the country. and our noun
tains and mines, employing hundreds OF
thousands OF our own laborers at remuner-
alive wages. will furnish in abundance the
basis for the soundest and best paper cur
rency that man has ever known.
We have now in the treasury Of the
United States. the sole property of the
nation, more than $500 900 worth of
besides an idle gold reserve of $4,000. 900,
kept there for the redemption of our ma
tonal paper currency.
We have outstanding in United States
notes a little less than $500 o,0Co. and in
treasury notes in or out of the treasury
Yearly sl5O.oo,o0 more; And we have also
outstanding over $3.50. OO0.0 600 in silver GER
tificates, every dollar of which is now ex-
listing national currency.
Every one of these notes bears upon its
deem deem it pt upon d3 nj She f TRe Tnited States So
notes are. by their terms, payable in money
generally. But d solemn pledge of the gov
the silver certificates in silver dollars.
There are two places where United States
and treasury notes can be presented for
redemption. one at the sub-treasury in
New York. the other in San Francisco.
AT present, these notes are redeemab bic in
gold If gold is demanded. and thereupon
are relSSued as money.
Experience has demonstrated that n re-
serve of % per cent is sufficient TO secure
the redemption of paper currency issued
by a solvent bank. the notes of which are
TO be reissued as fast as redeemed.
THE government of the United States is
an entirely solvent institution. If n reserve
equal to that deemed necessary for a bank
can be constantly maintained in gold or its
equivalent without the slightest danger thai
such reserve could be diminished. all ought
to concede that a national currency baseo
upon il would be and always remain d
sound currency. This can easily be &C.
complished. and this government instead OF
losing by the transaction can release fol
gold reserve. How? Let congress provide
that for the redemption of existing United
States and treasury notes there shall bt
maintained In the treasury a reserve of 2
per cent of the aggregate face value Of
such notes outstanding. one-half in silyel
bullion at its market value, and one-half II
gold at the same value. That three days
grace shall be allowed for their redemp
ury for that purpose. That they shall b,
redeemed in gold or silver at the govern
ments option at the market price of tn,
metal used for such purpose, or in coin o
II coin is demanded. and shall ~thereupol
be retssued as AT present provided. That OF
the day of redemption the treasurer shall
purchase in the open market a quantit,
OF bullion equal to that required for the re
demption of notes deposited.
would then have a reserve for tina
purpose that could neither be increased no
diminished. Not an additional dollar of ex
pense would be incurred by the govern
ment. and its existing United States an,
treasury notes would be as sound as an.
paper currency can possibly be made. NJ
raid upon the treasury would ever occur
No man could possibly profit by sending
these notes TO New York or San Francisc
for redemption, for he could always pur