The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1900-03-15
The Cause of Free Silver.
OUR CURRENCY.
wiIi Not Bs nc an Improved by the
aew I.aw-PeweF sf she
nAnks.

AhN tsAW-FNWrF ~ Auf
nAnls.
The national hanks haze always had
the same privilege OF reducing their
notes. " redundant, auder the rxikting
laws that they win have under the law
now bting discussed in the senate.
They have only 20 withdraw their
United States bonds from the treasury
department and surrender their circU.
laiion. Therr Is nothing whatever In
the new law, nor could there be, to
make this more easy. On the contrary,
by a large proposed reduction Ina the
tax on circulation, and by increasing
the limit OF the notes iaaued To the par
value of the United States bonds de-
posted with the treasury, instead OF
80 per cent, as nov u great inducement
viii be offered 20 the banks 60 enlarge
their circulation and thereby 20 pro-
mote imitation and speculation under
ordinary conditions, IL Is estimated
that on the passage Of the law there
viii be a rapid increase OF from $780,.
00O.oO0 10 $500, ,Oo0. 900 lsome people say
more) In the note issues OF the houks.
As regards the elasticity OF the pres.
rnt system, Il would he Impossible 10
point out the slightest superiority pos.
sesSed by the Bank of England In It's
currency regulation over the American
banks. The Bank Of Germany has Ger.
tain privileges In this respect not pos
fessed 10y either the Bank OF England
or the American banks, but these ad-
ynntagcs have not saved the Berlin
market from more deeply seated de.
preston than Wall street has suffered
from. In fact Il was the Eemi.-Anic In
London and Berlin that prNrlpitatcd
the American panic, as all business
men know. regardless OF any "curren-
cy syBtem.'
The bill before the United States con.
rrcss, while opening the door 10 an
enormous increase In the issue Of bank
notes, az the same time provides for
probable heavy increase sooner or later
In the legal tender money of the conn
try In which the bank deposits and
notes are payable. when gold Is With
drawn from the United States treasury
In exchange for legal tender notes for
export, these notes are 10 become i'm.
pounded and withdrawn permanently
from circulation. except aE reissued
against deposit Of gold coin. II will be-
made the duty Of the secretary Of the
treasury also, either by absolute pro
vision OF the law or by nominal discre.
tion, to redeem on demand In gold coin
the silver dollars and silver certificates
which now filI so Hcccptably and SAITH.
fuctoriiy the needs OF the domestic cir.
uulation. The banks will thus have In.
creased means 20 protect thcmselYea
from the demands of their own depos.
it1rs for gold for export, by throwing
on the treasury las heretoforel bur,
den which does not properly belong to
81; but by the virtual ext!nguishment
Of a large portion of existing legal ten.
der money. concurrent with n great in.
crease Of the fiduciary money Of the ma.
tional banks, IL is hard TO see how the
new currency system" is going to di.
minish the risk Of monetary crises.
France to-day has doubled the
amount Of full legal tender silver mon.
Sy per eapitn that the United States
has, aud the legal tender quality Of the
money for all public aud private dues
makes It, just as in the United States,
as good Rs geld for all domestic pur.
poses. The Bank Of France discounts
Its gold reserve and its rate Of discount
by rendering silver instead Of gold In
payment Of ia notes and deposits. The
United States, on :he other hand, pro.
poses TO degrade her existing silver
money, 10 put black mark upon IT,
and TO reduce IL virtually to token
money, redeemable In gold nj the will
of the bullion broker aud exporter,
thus usconverting what IL now currency
asset into liability; this, too. without
the shadow OF demand for Il from the
people Of the country. to whom the hil.
yer, circulating in the form of silver Ger
tiiiCates, has always given perfect sat.
isfaction. There has never been the
shghtest discount or doubt connected
with these certificates. On the con.
trary they were worth during our
greatest currency panic--that of iso3--
n slight premium over gold in the New
York market, by reason of their great
er convenience for holding, or for ship
ment to other cities. This form Of cir.
culating medium is 30 completely ab-
sorbcd by the people that each months
limited coinage Of silver IL eagerly
sought after in the form OF certificates,
and the treasury has virtually no free
silver in its reEerve wide United States
treasury monthly statistical reportsl;
40 that no secretary Of the treasury
could pay demands upon the govern.
ment in silver II he would.--London
Daily Financial News.