The daily morning journal and courier., 1899-09-07

The people want their government
 alone to issue money, not some private
 individuals, whether based on a deposit
 of ninety or one hundred per cent. of
 bonds or in fact on any other proposi-
 ton. Therefore, the further considera- ton and discussion of the national l Dank-note plan seems fruitlesS and
 should be dropped, as it has outlived it's
 usefulness and is, de facto, a dead is-
 sue. 1t seems desirable to transform
 the national bank-notes, greenbacks
 and treasury notes into money accepta-
 Die to any nation or people, and to this
 end it is proposed to retire green
 backs, the entire issue of national bank
 notes and the treasury notes, which on
 April l. 1899, stood:
 I GreenbackS -............,,.,..$3 $346, ,6Sl, ,Ol6 National bank notes. s.......... 243, 134, S92 Treasury notes. 94,954, 2SO | LoldI puof, i'o,loo
 In place of the above it is proposed to
 issue $6S4770,1SS in bonded notes"
 form of paper currency similar to na- | tional bank or United States treasury
 notes now in existence, which as mere
 promises to pay" by the United
 States government, we have seen would
 be of unquestionable value.
 | To add to the security, if possible, and | meet the views of that portion of the l citizens who favor deposits of metal be- hind the issues of paper money 1t is proposed to make these bonded notes due twenty-five years from date of is- sue and at the end of each calendar year after their date to deposit in the treasury vaults four per cent. of the face of the notes in gold, this sinking fund to be held in bond for their re- demption at maturity. The balance of
 the currency was on April list, 1899, made up as follows: Silver certificates. S398, STA ,0O6 Silver dollars not covered by
 certificates ."..............., 0,l9o,ooS Subsidiary silver. 7639o, ,9S4 Gold ....................... 973162,297
 The silver dollars will doubtless be
 covered with certificates and returned
 to the treasury vaults The subsidiary
 silver, minor coins and gold (when in
 the form of certificates) is generally satisfactory.
 Greenbacks,-Ther is a desire on the part of many financiers to retire the greenback, although it must be admit ted that its value, based on the govern ment's promise to pay" makes it equal to gold. The base upon which
 the silver certificates are issued seems in question, the people being nearly
 equally divided thereon at the last presidential election.
 The theories of the extremists on both sides have been proven false by the stern logic of practical events. The United States never was in more pros porous condition than at present, and yet the money of the country is practi- cally the same as it was during the years of commercial depression in the middle of the present decade. We have neither experienced unlimited coinage of silver, nor have we thrown out sil- yer altogether; nor has any one been known to decline a silver dollar for a full dollars worth of merchandise or a dollars worth of gold, notwithstanding the fact that about forty cents worth of silver and sixty cents worth of promise to pay" make up the present silver dollar, upon which over four hundred million dollars of our currency is based. From our experience with bonds and greenbacks, it is fair to con elude that if the silver dollar contained but perhaps two cents worth of silver and ninety-eight cents worth of promise to pay" 1t would be equally valuable in the United States; provided, again, that the issue did not exceed a safe limit within which no question could arise as to the governments abili- ty to redeem it's pledges.
 fnasmuch as the people seem divided on the subject of the base of issue of that part of our currency known as sil- yer certificates. and it Is known to be the highest form of statesmanship to devise laws which, as nearly as possi ble, accommodate the needs of the mir nority as well as the majority, it is proposed that the present silver certifi- cates be retired and bonded silver cer- tficates" be issued instead, the present deposit of silver dollars now in the vaults to remain as base of issue and in addition thereto, the government shall on the first of each calendar year after the date of issue deposit four per | cent of the face of the total issue in silver dollars The bonded silver cer- tificates will be due in twenty-five years | rom udle Ol issue, anu dl l1lelE fIldtul- ity two silver dollars will be waiting to 1 redeem each one dollar certificate.
 Gold and silver is the accepted money | of the world now, as 1t has been for | some thousands of years. The measure | here proposed fixes the value of each | metal so far as government can fix it. | One of the most important sections of | the United States statutes is section l 369S, which, in part is as follows:
 The faith of the United States is sol- emnly pledged to the payment in coin, or its equivalent of all obligations of | the United Stktes not bearing interest, known as United States notes, and of all the interest bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligations has expressly provi- led that the same may be paid in law full money or other currency than gold and silver.
 A fear has existed that powerful com pima tions of domestic or foreign capital night corner and control either gold or silver if the government should make ali it's promises to pay" redeemable in