Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1904-03-21
THE DEAD ISSUE
is VERY MUCH ALIVE AGAIN,
ACCORDING TO WALL STREET.
The Wall Street Journal Wants to Get Back to
Correct Economic Principles in Money and
Banking Mattsrs.-would Retire the Green.
backs.

Those who insist that the people have
no concern in the money question
should read the editorial in the Wall
Street Journal of Monday, February 30.
The Journal says:
"Let us get back in this country to
correct economic principles in all
matters relating 80 money and banking.
We ought to cut loose once ana for a.
from all measures of initiation. We
have become one Of the great powers in
finance, as in politics. We ha' put
ourselves upon gold basis, nov let US
go one step further and prove our ca.
pacity for leadership in the business
world BY putting our financial system
upon the sure foundation of sound prin-
ciples."
The Journal declares that the govern.
ment should retire its greenback circu-
lation and that Congressman Hill of
Connecticut is absolutely right in hold
ing that the existence of $346, 0OO. 900
in greenbacks is the greatest obstacle
today in the way of currency reform.
The Journal admits that among the
people there exists a "strong pressure
against any measure looking to green
back retirement" but insists that this
course lie of the highest Importance.
The Journal deals in an interesting
way with the plans by which greenback
retirement may be brought about. One
plan is to replace the greenbacks by an
issue OF low interest bearing bonds,
which would be available for use by the
national banks as security for bank note
circulation and government deposits.
The Journal admits that one objection
has been raised to bond issue on the
ground that it would replace a nom
interest bearing indebtedness with an
interest bearing indebtedness; but it
says if that objection be found to be
good, the retirement could be con-
Quoted by the issuance of gold certifi-
Gates in exchange for the greenbacks
gradually as the latter were turned in
for redemption. 1t also says that the
retirement of the greenbacks would re-
lease the $4,000, 900 in gold now held
in the treasury vaults.
Every suggestion flom such sources
with respect to our money system is
arranged along lines of selfish interests
of the financiers. According to these
plans, either the greenback is to be ex.
changed for gold certificate, that must
have the gold in the treasury before
it may be issued, thus locking up in the
treasury vaults one dollar in actual gold
for every dollar in greenbacks retired;
or national bunk notes must be substi.
tuted fer the greenbacks. According to
this latter plan the government trans
forms the 1916, 0O0,0 900 in greenbacks into
an interest bearing debt, in order that
the national bankes may use the bonds
representing the debt to draw interest
for himself on one hand and as security
for the national bank notes he issues
and speculates with on the other. In
addition thereto there is to be conferred
on the national banker the privilege of
expanding or contracting the volume of
our currency at least to the extent OF
$346. 900 900 according to the whims and
selfish interests of the bankers.
Those who really believe that the peo-
pie have no concern in the money ques-
ton must be blind to the things that are
oOino IN in the financial circles Of the
country. What these fnanciers desire
is that the people shall lose all interest
in that question. Then, when the PEG.
pie have fallen asleep. Wall Street will
arrange our money system according to
their own selfish interests, and the peo-
pie will awaken when it is too late, to
discover that they are the victims Of
misplaced confidence,