The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-27
1 RE DEFENDS
s.. single STANDARD.


vIls Of EszEope viii have an outlet
he Pacific by rail-, and you will be
agat in eloser touch nos ol,4y with the
nHiefse u Asia ;.fa with thai Of :ze
eat Russian empire which has not
.HEtrto been open 70 the commerce. u
she world With all these ma gniticent adj
yaHtages IN prospect. aoss can me people
/ OF The Pacific slope afford 20 consent - 2
degradation of the STANDARD Of values
b. which exchanges must be measured,
There Is announcement 10 believe that
they VIII not. for Ia your region the sen
fsfrtnf for a sound money has always
prea3ninatsd. Through your Boards os
Trade, which are the couservafors Of
commerce. much can be done 10 keep
alive that strong public sentiment in favor
cf stable currency which has always
manifested Itself ca the Coast.
Safe Standard H. Essential.
Your state Possesses fno elements which
some day vii make yoa an opgient people.
namely enterprise and .nexhaBssihie r.
sources IL the wsy of raw material: bu.
you need. IN order that yog may display
yo1 enterprise and Develop those resources
waicb nature has so beautifully provided.
a sufficient anoent Of capital That you
have not a. this day. Nothing VII con-
tribute more 70 draw capital TO your see
ton Of the country than conviction t1at
msni You have Witnessed within recent
years how suddenly your money supply
was Withdrawn and Withheld when cont
daDce was shaken. While generally the
country maintains the present standard.
you can offer no greater iuducsment 10
capital TO take its place among you taan
your own faithful example Of adherence 20
cafe Standard Of values.
Need og the Currency.
THE reeomme ndations have made con-
template the better security or that stand
ard. and also some notifications OF the
national banking act. which ! con-
WINGED. II carried into Law. would be or
Vast advantage 20 your state in applying
1t with an elastic medsffn OF exchange.
and one which would keen pace in volume
With the fsauirf MS of your Increasing
development Under the present banking
and currency system. the first require
ment for the privilege OF Issuing bank
notes Is the investment Of capital OF "A
bank I'm United States bonds 10 The extent
that circulation may be desired. This Is
an imDoysr.shment 0f local capital 10 the
extent of the difference between the cost
of the boaaag now at a high premium. and
thsa asnGgnt OF circulation taken out. to
which may be added the margin Of 10 per
cent now required--amounting altogether
% about - per cent. Ia other words. IN
your developing commonwealth you can
cnly secure The benefits OF a local BANK
currency. 10 be used in industrial prodnc-
:lvity and cosnmsrce, by tieiug up p per
cent. Of the capital you now have, where
iis sery4sae will be entirely lost 10 Your
fqeeIs.
lesson LEARNED From Canada.
banking methods long established IN
Great Britain. France. Germany and other
European countries. as Well as In Canada.
cur neIS.sbef On the north, and the expert
cnee before tile war OF many OF our states.
ssr.E.
carrying the necessary elements OF safety
and which gives 10 communities where
banks are established the Gree and con
slant use 0f The bank capital In addition
10 The benefits OF bank note circulation
equal 10 the capital OF the hank. The adj
yantaEes OF the systegn proposed over that
now In vogue. especially 10 the newer com
mumities where the opportunities are great
bar capital limited. can in nay opinion,
hardly he estimated.
No better illustration ~ these adyan-
ta2es can ee cited than these growing out
OF the bank system of Canada. Under that
system Interest rates are practically uni
form az per cent. through all the prov
inees the smallest and most remote places
being served by the banks at not more
than per cent.
What contrast is furnished BY our ex-
perlences under the present banking and
currency laws of the United States
Money lies eonges1ed and pgofitless IN The
great eent.rsi while ine remote districts OF
the West, aud spags,iy SETTLED sections Of
the south Ind bank facilities almost in-
possible and the sGfrre%s rates almost pro-
hibitory L. the borrower
Changes Are Essential.
at is a bstter banking and currency sys.
tenn. added 70 ara unhse3saslnx recognition
or our present money standard ;hst the
country needs 20 stAFs is again forward IN
a eontiauens career ~ prosperous develop
meut 4 violent sna shocking change in
the money standard or esFstic laws 10 OPP
press ana sut.u2ida,e capital are Gestruc-
tive isfiueEsees snstes8a & friendly aids 20
the higher AMI better conditions which T.
IL conmoa wafh gou. stessse 10 see eetat-
ishcd and maintained 5n The United States