The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-12

ooth In our coinage regulations and in our legal
tender laws, and we thereby discriminate against
silver and destroy its precious quality
money metal.
. We do by indrection what no nation dares
to do by open and repressive legislation at the
peril Of the safety of its government.
The laws should be changed and the peace and
stored to the condition that existed during the
arst half century of our national life.
Change Of System Necessary.
We cannot change by our laws the money
systems of foreign countries, and, while we
could do much In that direction to give strength
to silver-the American metal--we have no
higher duties than to take care Of people in
their home work by securing to them all the
benefits Of the silver and gold that are 80 rich
~ stored In our mines.
To do this we must change the basis of our
present system Of finance and national banking SO
that our capital shall consist Of gold and silver,
actually accumulated, instead of resting it solely
upon our national credit, based the power of
vide the gold, or the gold and silver. to redeem
our obligations on demand or when they shall
fall due.
We must change our currency system from
credit basis to specie basis of national bank
Ing If we would make 1t just to all classes and
independent of the power of monopolistic COM
bines.
Our system of banking is constitutional, and it
Is convenient and secure in that 1t provides for
reliable currency, but its foundation Is not
money or bullion but credit, wherein it Is greatly
TO redeem our promises in coin to be hereafter
borrowed or collected, under laws of taxation.
This system is false and unjust to the living,
and Is still more unjust to our posterity
Our laws discredit both gold and silver as the
basis of all banking by prohibiting Issues Of
paper money by private and state banks and by
refusing charters to national banks on any basis
except that Of national bonds
This Is a revolution and new departure In
finance that no other nation has ventured upon.
No other great nations have seemed willing to
lnhlct almost universal bankruptcy their peo-
pie II the exigenctes to which they are exposed
cause their credit to sink below par.
Gold and Silver Foundation,
If we place gold and silver, as the foundation
or our currency, In national banks controlled by
our government. and pledge the faith Of the
government to the redemption of the issues Of
the banks In gold and silver coins at the option
OF the holder, these Repositories instead of being
raided and depleted by spectators in coin and
closed by panics created for the purpose, will
increase with the growth of our country and
will put capital at work for the benefit Of the
people. ,IE
Such a system with balances Of foreign trade
In our favor, will cause steady and immeasur-
able increase in wealth in which every citizen
will have the full share that Is due to honest
industry.
The battles of 1.-THE standards will cease, and
the ratio between metals, according to weight,
Will cease to trouble and the purchasing power
and the debt paying power Of the metals will all
be adjusted by the value of the currency they
represent and support and in all these functions
they will work together for the good Of the
country. -
credit basis, to a cash basis, using the precious
metals for its foundation and the credit Of the
government to insure its integrity, we I'LL forever
close the door upon the chickering's that cause
dstrust, antagonism and panics in our financial
affairs. - .. -