Evening journal., 1908-03-06

and silver notes and preenbacks Only
S75. ,3S4OO treasury gold Is free for
use. The balance Of the gold IS held
in .he reserves Of banks, except about
S4S, $50. .53841 in the hands Of the peo-
pie, or fifty cents per capita.
$5,9SS, 100000 treasury notes issued
under the Sherman silver purchasing
act OF 1890 are awful money. Also the
s346, ,6S1, ,O16.00 United States notes,
commonly called greenbacks. Repeated
and persistent attempts have been
made by national banks to induce Con-
gress TO order the destruction Of these
legal tender greenbacks. Practically
all are held in bank reserves, $780,
5t5,7S2.00 by national banks.
50. 1905. 1854. .374.0O circulation. or $32.4e
per capita. Is outside the treasury. OF
this, sl,666. 500, 10000, or $19.S6 per cap
ita. Is IN the peoples hands. But only
bout flfty cents per capita IS lawful
money Ninety-ilve per cent Of all
the currency in the hands of the peo-
pie is not legal tender, or lawful
money II can always be refused when
/ rendered in payment Of debt. Few peo-
pie know OF this vital fact Several
members Of Congress and two good
lawyers recently disputed when told
that national bank currency was not
legal tender, until shown the law. So,
all plain people can not be expected
TO understand this thing so important
to their daily life and business. Is
not this in effect a huge confidence
game practiced upon the people at the
instance OF some one simply because
they do not understand the gamer
There Is no doubt about the soundness
Of all this currency, for the govern
ment OF the United States, and all It's
vast taxing power. Is behind every
dollar. But DO not the people need a
currency that Is real money, lawful
money that cannot be refused when
rendered?
Should U. S. Issue All Money!
The gold standard was firmly estab-
lished In this country by the financial
Act Of March IA. 1900 II binds the
government to redeem every dollar in
gold and authorizes sale of bonds In
un United amounts TO maintain the gold
reserve. No one proposes now TO dis
turb this, or TO issue any but safe
and sound money redeemable IN gold.
every dollar TO TO be worth a dollar OF
gold
Many. however, believe this great
government should stop farming out its
money Issuing privilege to national
banks for their profit and advantage
That government should issue all cur
rency, and not to banks exclusively
That Il should be legal tender, law
ful money. redeemable in gold. That
the old cry against greenbacks would
not apply against this money because
It would not be mere fiat but would
be redeemable IN go d. on page 16 Of
u. s. Treasury circular No. 72, issued
July !, 1904, it Is stated that the rea-
son the S5O,00O,OOO.OO Of paper money
issued by the government in 1861 did
not depreciate IKE the other green
backs did, was simply because they
were a fun legal tender for all debts
and We're redeemable Ia gold. There
fore, they always were worth as much
as god even Ga the midst Of great
civil war. The objection urged against
, free silver coinage. many feared a de.
based money because It was not re.
deemahle IN gold
I Sl5o,000,oO0 gold reserve ls held n
b treasury TO secure the SaI6.G81 one .Ol
lega ltender areenbacls. But not on
, dollar Of gold or silver is held a
reserve TO protect $685.. .927, sos 90 banl
q note currency And Il Is not even lega
tender II is mere fat optional cur
/ rency. II greenbacks. legal tender anI
payable Ia gold. were TO be issued Ii
place OF the bank currency and L
, others as well as national banks, o
course e would be done only on deposi
5 OF same bond security
b Without Intending at this time 10 sie
ciacally state my Views on this lmportan
matter OF government issuing all none
under proper safeguards and restrictions
. same TO be sound and redeemahle In gold
the subject is mentioned to Induce uuhi
thought II Is largely a question OF pol
icy only FOR Endorsement by some banl
10 course odds nothing 20 the security o
! paper money guaranteed by the govern
ment secured by deposit OF eovernm. N
7 bonds for same amount. and payable ID
5 gold. And legal tender money won't
be more useful 10 the people than cur
rency not lawful money I viii be d.
lho people through their C0nfress 20 de
ciio whetter io taHt from national barL
h'a profitable monopoiY The Aldr.ch Dbl
Che central goFernmont bank. ava Dor
Fowler asset currency mlasure all aee
20 increase ihe power and privilege @
banks witl reference 90 issune ourrenc.
p But the fowiCr bil is iass obiaciIana -
SO Gar aa comforting eNIta power on taI
e street. although not entirely free trlH
p that danger
Ahe ccnfrnl government bank aohem
wholly bad 70 a proposed fo caH
Government Dank but f0 havr 30 owned D.
tha national banks asdius seiy accor
20 tder capital Stock have shown ta
She extraordinary proportion of thu o. O
rcprlagntld by NeW York nanks. Na
street knows that be- would lhsoui l
dominate such privately owned COVER.
mcnt bank otherwise ils busy hantar
would nor ne promoting tHc p 1leet N
Frank a. Vandsrip. Vice president OF d..
National city Bank The anaari d.
hank of New Yoth ie the public .ra
lor sucl . central b1nk Air sehT N.
iarrimans banhing associate. pub iol
supports the plan.
Currency on Rauroad 8onds.
The Aldrich bin aut orizes depo 90 O
listed railroad bonds with the lea ur
as security for EN- rgency currency
requires that the Secretary Of the 'rr a
> ury keep posted on the value OF sue
> bonds. These securities nuctuate widel
In price. This sometimes is caused by IN
side manipulation In the stock market
Occasionally because OF Intentional ha
management Of these private corpora
tions for sinister objects. II would. then
seem necessary to establish In the treas
ury, and perhaps in the White Hous,
Wall Street tickers. like they have IN 10
big banks and brokers' Offices in Ney