The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-20
DISCUSS MONEY
QUESTION,
Continuation first page.)


er of the United States to receive al
the gold and silver bullion of standard
quality or mintage pureness and issue
for the same to the depositor silver OF
gold certificate for every ounce deposit
ed at the ratio of IL to ] or coin it free
for them if they like, just as gold is
done today, and let Congress direct the
collection of sufficient revenue in gold
or silver certificates to begin to redeem
the greenbacl and cancel the bonds and
issue in lieu of the greenback silver and
gold certificates there will soon be no
further question about every American
dollar not being equal in purchasing
power in every market in the world for
then every outstanding circulating dollar
in paper will have its redeemer IN the
treasury of the United States. If foreign
countries wish to trade with us, they
must pay us with a currency with the
same kind of redeemer behind 1t. III
they cannot get that kind of a currency
in their own country, let them bring
their silver and gold bullion to our treas
ury or our merchants and get what they
wish to buy with it at its full unit val
ne. If the gold and silver producers of
the world undertake to combine and
form a trust and make money scarce to
suit their ayaracious appetite as the
gold men have been doing, let the Gov
ernnent do as Lincoln did. issue Il legal
tender currency which will immediately
reduce the demand for silver and gold,
In fact this power to issue legal tender
paper currency secured on the homes OF
the people is the only sure and direct
power on which the people can rely
to protect themselves under the pres
ent monetary conditions when the
money SPECTATORS would seek to con-
tract the circulation. We need this pro
lection and it was wisely provided for
even when both metals were the legal
unit of value. A dose of Lincoln's green
backs instead of Cleveland's bonds for
the $262, 600, 600 saddled on us in times
of peace to fasten tighter if possible the
gold standard, would have cured the
single gold standard men for a season
at least.
This hypocTitical maintenance of the
National Bank system by bond sale
and the taxation of the people thir-
ty years after the necessity for it ceas
ed to exist, can be easily cured, and
not nllrt single banking business MOI
tax the people one penny to secure their
circulating capital, for there is no more
security to the national bank deposition
than there is to any other bank de-
position, the only thing secured in a
national bank, is the amount of capital
covered by the bonds in the United
States Treasury. Beyond that the de
positor must look to the stakeholder the
same as depositors in any other bank
The moment the unit is restored to sill
yer the Government without any breach
can authorize any man or citizen to open
a national bank and the Government
would print the name of the bank on
its bills the hour that the bank, instead
of depOSiting an interest drawing govern
ment bond with government whose
people are paying that self same inter
est, deposits silver and gold bullion to the
full amount of the banks circulating
mediums. and receive full amount OF
currency for every dollars worth OF
bullion deposited. The people will then
not be taxed to maintains the banks
with a pretence of guaranteeing that II
is safer and it cannot and will not rob
its depositors, nor will the government
be bothered to gather up the bills OF
one of them that breaks, Tor their
breaking can never destroy the value OF
their own bills, nor wall they ever be
deprecated unless the government itself
loses the bullion deposit behind them,
and to ease the conscience of that lot ol
Bankers that want nothing but gold
behind their circulation let them de-
post gold bullion with Uncle Sam and
he will stamp Gold certificate on
the face Of their bills. In this way
every paper dollar in circulation will be
just as good as every specie dollar in
circulation because there is specie
dollar or unit bullion in the treasury
with which to redeem it, and our circu
lating money is soundly guaranteed with
out any lien or debt on the homes oil
the people and done without the least
imitation of the currency or risk to the
Treasury.
This may seem very simple, and