Give Us A Gold Standard

Ex-Senator John 1!. Hendesron, oí Missouri, cbairraao of the National Repnblicap Convention of L884, who has devoted long and careful Btudy tofinance, has .sent to Secretary Carlisle, by re queet, alongleíter on the currency issue : To Hm. John G. cretary of Ihe 'I " I pr ised togive you in writing the substance of my statements made in conversation touching the monetary eonditions of the country. ■ I tht'ü ezpressed the belief thaf the present stringencyia produced, not by any lack cr insufficiency of our curreucy, but by the loss of confidence in that currency. " There is no error more common tlian that the abundance of money adds to the commercial or business energy of a people. certain amonntof inoney is essential to effect the Bmaller exchanges of commodities. But money does not créate exchanges. It does uot grow heat and corn, por manufacture cloth, nor opérate railroads oor Bell ships. l.almr and skill 1 these things, and among a people entirely civilized, over 95 per cent. of the exchanges necessary in those operationa are effected by bank checks. The bank check having performed i ts office ceases to circuíate, and we shall liever have a peicurrency until every note used for circulation shall be destroyed on return to the autliority issuing it. England lias come tu this, and America with England's experience, wil! do likewise. "The aiiiuiiiit of money in circulation per ca) lita among the people in the years nained was: In 1873, $18.03; in 1875, Í17.1H; 1.S77, Í15.68; 1879, $16.75; 1880, $19.41; 1882, $22.37: 1884, $L'L'.r,:, ; 1886, $21.82; 1888, $22.88; 1890, $22.82; 1891, ííi.41 ; 1892, $24.47; June 1, 1893, $23.88. 8RBAT PEOSPBBITY WITII GOI.D. "I think 1 am safe in asserting that froni ls7ii to lss:;, weenjoyed very great proaperity, individually and oationally. There was no lack oí money. It suiflced not only to fill the Treasnry, but it abundantly aaswered the demande of commerce, and au extraordinary activity waa followed by very high prices. 'l'Iic average per capita circulation was $23.61. l'rmii L890 to tbe present, a period of great monetary stringency, the average was $23.65. ït is therefore amparen! that ' times ' naay be ' hard,' and money acaree with the most abundant circulation. " If, on R given day the active Imsiness men oí a coiuiiiiinity, for reasons good or bad, resobre to make no fint her contráete, to quit busineas traneactions, a Beeming Bcarcity of money is the result. If nobody wants liis labor or bis property neither the laborer nor tlie property ownercan get money. BKOI.AKO and i-i:axci:'s kxkhiknck. "The per capita ciiculation in the United Kingdom of Great Britain is now 119.34. Of this $14.47 is gold, circulating freely ainong the ieople. "The per capita circulation in Gerniany is still less - $17.56. And yet in these countries, with tlieir vast commerce and manufactories, there ia no leartli of money. England adopted the single gold standard in 1810, and has idhered to it every since. " Germany adopted the single standard in 1872, and since that time she has jeen rapidly ftdvancing in all the eleinents of national greatness. France lias ifsOO,000,000 in gold coin alone." 1I0W WE LOST Ollt .OI.I. Senator Henderson tlien reviews the Bnancial legiglation of 1.S73 and the resuniption of gold paymenta by the Relublioan party in iS7'. lie shows that the moment we, as a nation, ceased making bad money, good money began to come to us from all quarters of the globe. Tlms, in the ncxt six years, af;er 1875, the importa of gold exceeded the exporta by f1ü2,(0O,000. As soon is we began to coiu silver again ander he Bland act andfinally under the Shernan act, uo matter how great the balance of trade was in our favor, no mater how lurge our crops aud our exporta, we could not prevent gold from going out of the country, i we had maintained the öne gold standard, Senator Henderson says, the magniflcent exportsof 1892, amountingto $263,000,000, wonld have been paid for in gold lv the foreign nationa which took our producís. Instead of that we sent over 113,000,000 of gold after the merchandise ! Non that the balance of trade has alno turned against us the country is being drained of its remaining gold. Tlie Treasury has lost $160,000,000 of gold and gold certificates in three years. $83,518,628 loss os oub bilver. Senator Henderson shows that since 1878 (the date of the Bland 8ilver Dollar act) we have coined 419,331,306 silver dollars, and at the current price of sil ver the loss to the people by departing From the Binglegold standard is.fs:;,Ms.cl's. of the ■"( r (00 milliónsof gold with which we began in 1878 none can now be found in circulation. Whai haa noi gone to foreign oountriee enjoying the Messing of a single standard has been hoaxded. The gold certiflcates not already torced apon the government for redemption are po longer seen. They are hoarded like gold itself. TUE KKMKDY. What now is tlie remedv? i'irst- The eustom duties herenfter bc pal d in güld nlone. Second- The silver bnlllon in the government vaults should at o nee be sold in gold and tlie prooeeda covered in the Treasury. Third- Three per cent. gold bonds to the amount of 1800,000400 should be promntly sold and the proceede trausferred to the Treaanry. Fourtl, a day should befized,not later th&o Januarj I. 1898, for the redemption snd payintntin gold coln of uil clrculatlng noto of every descriptlon heretofore issued by the government. Klfth- At least half of the silver dollars isNiierl ander the acts of 1878 and 1890 should be soldas bulllon.and tl: remolnder mlnted iuto sul.sidiury silver eoins.nnd made legal tender only in payment of ten dollars or less. Sixth - l'rovi-iion should be made for the ise of $:ou,U00,O'jO of gold bonds as a basis for bank[ng1 making the provislons as liberal as possililr. consistent with safety, but uader governmenl aupervlslOQ. Seventh- The basN of natioual banking should be so enlaigedas to permit the issue of clrculatlng note on the deposit of other than I nited stalc IkiikU. the solveney of BUOh bonds to be passed on by respoQsible ijoveruinent Officials. Kighth- All bank issues to be redeemed in KOld coin on demaud. THK CONCLUSIÓN. II is not poverty, but distrust that afflictethe country. Ourfabricof Bnance must be torn down and built ancw. We accepted the liad advice of the silver inflationists onc - yea, twice. The cup is too bitter to continue the draught. They said that ii America coined silver England, France and ( rermany would be constrained to use it also, andtbat silver I would Boon tuke tii' par of gold. u the contrary ts l'all lias been rapid and j without intermission. These foreign governments now have our gold aiid we are left with a currency discarded by the wliole worid and scarcely more ; uable than copper. "Jt will be charged that a single standard is sought by capital asa means of extorting higher rates oí interest. Jt is eiiough to say that in every country liaving a single standard, interest rutes are scarcely halí the rutes prevailing lien. Give us u gold standard of valué. Non is tlie most acceptable time. We have tried the doublé standard and it is I a most frightful failure.