The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-10-22
OCTOBER Y, 1908.


Dutch East Indians learned the trick
of free coinage from the Portuguese
and brought it to Holland, and the
effect of the innovation, Alexander Del
Mar AYERS, caused an immense guam
tity of the precious metals to find their
way into that country. The immediate
effect was a heavy rise in prices, and
this found one form of expression in
the curious mania of buying tulips at
prices often exceeding that of the
ground on which they were grown
After the peace of Westphalia in
1913 the Dutch republic stopped the
free coinage of silver and permitted
It for gold ducats, which, however,
were not legal tender in Holland.
With the monarchy of 1916 came
system of gold and silver coins, but
upon the discovery of gold in the
Ural, shortly before the discoveries In
California, the .Dutch demonetized gold
as unfit for money. Then in 1873 they
turned squarely around, reinstated
gold aud demonetized silver-the bur-
CHER class being behind every one of
these changes, which cost the Dutch
people upwards of ten thousand mill
lion f1orins1
But the Bank of Amsterdam in some
features presents a parallel case with
our treasury and the issue of gold
and silver certificates, SO startling as
to warrant the suspicion that the
similarity may be even greater than
surface indications present
Let us quote from Del Mars His
tory of Monetary Systems:
writing in 1776, Adam Smith
was at great pains to inform us
what strong institution was the
'burghers' Bank of Amsterdam,
how for every guilder in gold or
silver to circulate as bank mon
ey. there is a correspondent guild
er in gold or silver to be found in
the bank. The city is guarantee
that it should be so. The bank is
under the direction of the four
reigning burgomasters, who are
changed every year. Each new set
of burgomasters visits the treas
ure, compares it with the books,
receives it upon oath and delivers
it over with the same awful sol
emnity to the set which succeeds;
and in that sober and religious
country oaths are not yet disre-
garded. A rotation of this kind
seems alone a sufficient security
against any practices which can
not be avowed Amidst all the 4.
revolutions which faction has ever
occasioned in the government OF
Amsterdam, the prevailing party
has at no time accused their pre-
decessors of infidelity in the adj
ministration of the bank. No ac-
cusation could have affected more
deeply the reputation ard fortune
of the disgraced party; and If such
accusation could have been sup
ported, we may. be assured it
would have been brought In
1872, when the French king was
at Utrecht, the Bank of Amster-
dam paid so readily, as left no
doubt of the fidelity with which it
had observed it's engagements.
Public utility Ind not revenue was
the original object of this institu-
ton.
"Alas, for Dutch burgher pa
triotisnl, and the credulity of our
great Scotch sophist," says Mr.. Del
Mar. when, fourteen years later.
that is to say, in 1890, the French
again invaded Holland, they found
the bank empty and lnsolvent.
Even whilst Adam Smith was PEN
ming his panegyrics, it was secret
ly loaning away bullion which be-
1onged to its depositors and note
holders. It's pious burgomasters
were forsworn, the city was dis
honored, and the world received
its hundredth lesson on the folly
of trusting to the stability of 4
monetary system which is not abb
solutely under the thumb of the
state"
AS is we'll known the banks have
been for years making inroads upon
our independent treasury system, UNI
+i1 todav IL nyigfc .nr1v in name Each