The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1899-12-23

so redeemed for one purpose, and only
one, and that Is for the purpose Of
maintaining the gold reserve 10 the
treasury.
He 9 exchange this fund only as
be Al issue bonds and sell them; and
II be g only exchange them in order
to maintain the gold reserve, then l
ask the gentleman from Indiana how
and in what other way could be
exchange them except BY an exchange
Of greenbacks, treasury notes, or silver
certificates for the gold Itself3 | sub
init to you that under the terms Of this
measure whenever a dollar, however
redeemed, has got into that division Of
issue and redemption, It never can 90
DOT again except a gold dollar comes
into that pound, giving bond for the
good behavior Of that dollar so re-
Issued. That Is the fact. Now, what
Is the result Of iti II this bill Is
enacted into law, we have = right to
believe that the logical and natural
consequences will follow.
Gentlemen say that money will not
be redeemed; that no one will desire
or attemp, to redeem q present
currency, whether 1t be silver certlf.
Gates, treasury notes. greenbacks, or
silver dollars. II this bill il passed,
TING lAesns y "Er0E sESy q svs-
deemed Is furnished, the bankers get
the power to compel redemption, and
10 the very same bill they are gwen q
motive for the retirement and locking
up Of this money. You propose to
substitute the national bank currency
for the currency now IN existence, thus
supplying the very strongest motive
the national banks could have 10 lock
up all other currency except their own,
In order that their currency may be
more valuable, and In order that no
paper currency may be outstanding in
J the business world IS a rival Of their
own.
How does 1t lie in your mouths,
when you pass a measure proposing to
lock up this currency and put into the
hands Of = powerful class both the
! right and the motive 10 lock it up
how does 1t lie in your mouths to say
" that thing will not be done' 1 submit
" Mr.. Chairman, that in the ordinary
u and usual curse followed By thes,
men we will find in a few years
larger part Of the United States note
AID the silver certificates and th
y silver dollars locked up in the divisloI
= Of issue and redemption, and what vii
we have to take l n their placer Ii
Us see. i do not remember the figure
u Of the gentleman from Indiana, bat
~ have the figures taken from the la
c report Of the treasurer Of the Unite
Al States applicable II conditions exlstin
u June 80, 1899.
There we're outstanding then somI
. thing over eSlo, 900, 900 Of Unite
~ States notes, commonly known
Ne greenbacks, sS2, 900. 900 Of treasul
notes, s4ol, 900, 900 Of silver certlI
y Gates, and about ESQ, OoO, 900, as CIV,
BY the gentleman from Indiana,
silver dollars. When this redemptlt
takes place, We will have locked
over s75,oOo,o 900 Of currency, for y,
Of tell Us there will be 10 circulation
be equal amount Of gold taking its plac
10 How did We get that gOldP By sellll
re 1915, 000, 900 Of bonds, on which
IT. are TO pay every year more than s2t
In oOo,0 900 Of interest 10 order to z
70 money 10 substitute for what you adm
h. is now the currency Of the oountr
Ily meeting all the business needs, pr
%, yidipg every use and function
IN money.
~, But Of course It will not DO done
once. II It were possible TO bring
y the door Of the treasury every silv
IN certificate, every silver dollar, eve
greepback, and every treasury nc
tomorrow, and TO exchange them 1
IN gold, and place IN the hands OF /
men nov holding them the equlvAle
81. IN gold, there would be no secutI
on that within i've years from this date
cd per cent Of that amount Of gold wou
d. still be within the territorial limits
the United States. Gold is the o
10 money that 10 cosmopolitan. It /
on one that has no local ~habitation,
RI fixed place Of abode. We settle wi
he Europe a trade balance 10 our fave
I'd and the banks Of the country are q
mt Of gold. We pay the trade balanC
Of and our gold eagles are winging th,
Of way TO other lands. England raj.
sy the price Of exchange, Russia desIr