Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-07-31
guraing anrdnradag au1g g. 1901

was also endorsed by very prominent
Wall street financier and two state con-
ventions and was, in fact, in addition
tacitly endorsed by the entire union,
since no criticism to the best of my
knowledge has ever been made in public
speech or print against 1t.
The absurdity of the idea can be seen
after few moments of explanation OF
the various qualifications of our none
tary issues. If the custom house re-
fused the greenbacks, the importer
would smile and ask him If there was
tunnel to the sub treasury, for If so,
he would redeem his greenbacks in gold
and then send the gold over to pay the
customs duties; he might also ask how
much gold the government. gains by the
transaction. If he entire greenback Is
sue as we'll as treasury notes in 1890 We're
retired and the importer offered silver
certificates to the custom house, such
could legally be refused since they are
not legal tender, but the silver dollars
behind them are and these couid not be
refused unless the entire amount was
retired, ace the refusal would put into
operation on unconstitutional facto
law. If the silver was retired and
the enormous contraction, due To the re-
tirement of both greenback and silver
issues. had not caused the most fright
full panic in history, there would still be
left the bank note issues and these by
unrepeaed law tsection third of the act
of June goth, 1874 are mandatorially re-
deemable in United States notes green
backs) when presented 10 the treasurer
of the United States in sums of one
Thousand dollars or multiplies thereof.
No further eXpatiation is necessary to
show this absurdity Of the Sherman
| plan
Again. an indication of the unreliable
| ty of unanimous endorsement is in
| 8stanced by the very method of redeem
| ing bank notes referred To above. Since
the entire congress after months of con-
/ sideration and the entire press OF the
| country as We'll as the citizens thereof,
| when the gold standard law was passed.
seemed to lose sight of the said unre-
| pealed section requiring redemption of
| the bank notes In United States notes,
and it is aprarentthat the effort to pre-
| vent an endless chain by locking up
| greenbacks must be to some extent at
least futile when the holder of bank
| notes can obtain them from another de-
/ partmeIt of the treasury and thus, by a
4 circumlocution. cause the said endless
| chain. the difference being that by this
latter method bank notes according to
1 law would be cancelled, the greeni,acks
after being redeemed by the government
4 in gold. would be locked up as substi-
\ tu;e part of the gold reserve and the
\ gold received by the citizen during the
! panic would find a lodging place in a
| safety deposit vault, all of which means
a triple contraction.
Surely With our monetary affairs In
such tangled condition il would bs
perllous To add another factor n tbs
poten,iality for evil during adverse per.
\ ods: Srace Will only suffice to mention
foreign action during panic The re-
turn of our securities in large blocks
1 would require gold exports and silver
1 would only be another avenue for oh,
tanning the money from the government
since the banks naturally at such tim'
endeavor To hold their entire reserve II
gold While the depositors make specf,
i gold deposits.
/ regret that the ,imit Of this articl'
4 precludes more than a mere mention o
several plans for removing The di'liccl
4 ties which now surround our munetar,
issues inclusive Of silver Blu Thu
much can say that the methods up
hold the gold standard in a fiilnet man
ncr than Is npM possible, strengthen tn
bark note issues ard prevent an endles
chain OF any kind whiie making silver
. measured in gold, equal in bullion Nalu
tosits face value Without recourse TO tn
visionary and imprac,icable free coin
age plan.
hope In future articles. from time t
thine in this journal, 70 give full dat;
l.of the constituent parts Of said plan
ard should be pleased at such times /
have the methods referred 10 subjecte
to critical Investigation in order tina
any possible flaws may be detected.