Uncle Sam's Money

It has been aptly --aid tliat t eirculatlmg medium beara the same reíat f m t the business ota country tfaat blood does to the traman body. It must Ik' pure in ctoaracter, ampie im volume, and untrammelled In i t s movoinciits dlee&ae Immediately developa and ulttanately deatta enaues unless a rcinrily applled. Llke maiiy wIkHi aííiii-i the physical body, the monetary djae&ae ba insicliir.s in ts attadc and the patiënt may be iatally strickea bel reet diagia ie attalned. Even when the dly underato d, radical differencea often artee a to whnt treatmoait Ib aeccanary bo complete tecovery. The grave symptame aow appareni wam UB bhat (inancial aitairs In country are In anythlng lmt a li-althfnl condition and it beIkmjvcs lis ;is p&trtOtlC citizens m protnptly taqulre as to tlhe cause and extent i Uw dangen which threaten tiic country. To iin ed my preticnt etiori dlrected. The circulatiiig mcdiuiu of the United States h composed oí gold and silvor COin, fiovcrniiH'iil nut es andcertliicatee and ctrculatlng ootea is.-u-d liy the natiimal lanks. The total of tiicsi' issues outatamSag April lst, 1898, Avas $2,168,121,710. Of this total toe siuii iï $560,600,904 was held by the Doáted Statee treasetry and thv rcniaindrT. aggregating $1,602,520,806 waa actlvely employed and oOQStltued mr circulating medium. Tlie ainmnit and cbaracter i of tlics. issues on April 1. 1898, aa Mated by the treasury department, ;ire BJB (illuws : 2., 3gSSsSSS3 IS -r :- = - . r. {- - ' x - - -■ i i mmm= S888S8SS8 3 il lillIHi 1: = .- -- - :: " :■. - - -: s illlllii ! iilijfliJ I lililljl! ! S38aSBB -g ■5 5-==== È = -T t.7. Z . ' '- 2 COMl'I.EX CBABACTKH OF OÜB MoXKV. 'Hie complex cbaracter of our ciriiil.ition will Xw more fully understood by coneldering Um quaUties Imparted by law to 'ach of lts constituent parta. ]. The goM ootafl ui the United states are a good fuii legal tender to any aniount wihen of standard weigbt ; 11 iMdow tlie standard ■veight tliey are legal tender at valuatinn in proportion to tlu'ir actual veii;ht. 1'. Standard ailver dollars are leg-al tender te any aniount except wiK-re ottaerwkK expreaely itlpulated ;n t he cont lact . '!. line subatdiary Bllver colns are legal tender to the aniount of $10 ; tliey are redeemaWe in lawful money by tho treamirer or any a-ssistant breasurer of the United States, wtien presentad in the suin ol twenty dollars or múltiples UiercoT. 4. Minor eoins ure legal tt'iider fo tlie umount of twenty live cents; tliey are alBO redei'inalile in lawful money if prewnted in uní oi no1 i sa Miau $20. 5. Usüted States unies were made legal tender by bhe acta authorlzlng tiu-ir issue, except lor dutlee on iniporta and for p.-iyinent ol i he Interest DU the public debt. Since the resu nipt ion ot apecie paymeate on Januray 1, 1879, they bare been recelved for duties on Importo. They are rcdeemable in gold or silver eoin at tlie office i the aasistani treasorer ui ihe United Btates al New York, it' preaented In suma ol nol lesa tiian $50. (. 'Jhe treasary notes laaued in paynieiu (or silver builion purchaaed uoder the act ol Julj 1 1. 1890, are a mil legal tender excepi uhere otherwtee éxprewly stipulated in tlr; contract ; they are redeemable in gold or silver al Ihe discret ion o] the gec retary oí the trensury. It lias been the poltoy ol the departi&eal to reileeni tlKMn in gold coin ii BO demanded iiy_tlie holder. 7. Gold and silver eertilicates are leceivable for CUStOmS, duties, taxes and all public dues ; tliey represent i lie kind of coin depOBdted and cecejved in tlie treaeury for thelr redemption ; they are not legal tender by tlie ni congrega authorir i--ne. 8. lurreucy certHlcatee are laeued upon tl'.e depoedt of United B1 - in same oí ten tHwusand doUara and are made payabte i i order of tta : '-'y are redeemed in kind "í money deposited and a ir ín. t a lega] tender. '.'. Xaiii.nai bank notes are ecured by ti:.' deposit od Dnlted states Interest-beartag bonda wit thé tri umer ol ttoe Dnlted States : they are pedeemaWe in lawfui money, bul are nnt a legal tender, tbough reeelv;ill public (lies, except dulies on iin]Kiris : Mini also fot all Balarles and all public debta and demande oivlog ïiy tbe Onited States t Individúala, oorporations and assoclationa wiUiin the United Statee, except ini -r. -; on t '.i ■ public debí and In reilriiiiiti.u ot national currency. They are atoo receivable at par för any debí or Uablllty doe t aay aatlonal banking aesoclation. ntN VABIETIK8OF ('DIN AMi PAPRB. All tlio varvius forma of moncy ab,ie described. excepting nalional bank notes are arallable as part ol the lawtul niiiiiry reserve held by national banking aS&Oclationï. It is tlms apparent that we have ten varietdes ol eoln and paper clrcu lating as money, no iwn ol which are subject in the Mme requlrementa as tu redemptton, nor dot lied vitl the game legal tender and debt-paylng (ualitics. It is a matter ol sincere confrratulation that the discrction conferred upon the seerefcary ol the trvasury lias heretofore been wisely exercteed, becanee to tliis fact are we mainiy Indebted toe Uw matotenance OÍ tlic parity ot these widrly dis-siinilar and in.-i-icnt iiic iswui's. It is gafe to ásenme tba.1 no system cöaraeterIxed by such imaound coodltions can loiiir 1h loli'i-atcd by in intelligeni and prognesslve people, destined to become i:i ttoe realm ol tlnance what it is to-day i:i potat ol wraltli and power. Uw iorcinost of natie:: . 0BJECTION8 TO I HARACTKR AKD (IA1.ITV OF CIRCULATINQ HBDIV1I - SII'KIc iknc V OP Tin: sri'l'I.Y. It wlll be my purpose in this paper to first biicfly state soini' of the obJectloaM urged as to the character and quellty ol ttuee i Issues, and ondly siiinnit Bome observatlons as to the euIOclency of the sqpply. A caretul review ol the sltuatkw as a ■wilde, warrants the assertion thai our syatem is umnecesaarlly complex in cliaracter and fütally uBSSUBd in principie. No crittclsm lies agalnst our oíd eobiage, and 'the same may be aald ol subsldiary Bilver. The lasue OÏ 'A'M eelt iíiiales muy also ]iass uiu hallenncil on the score of con Vi-nience and ecoiiomy, as it iaeiliee and oiueapeae transportatlon and reduces the loss from abrasión incidemt to constant liandling ol the coln. The Issue of eurrency certiiiOates Cao h.-u-dly be considered as the necfssary exercise of a governmental hiinction. but it is bcneficial in its effeCtB and is a convenieiice which couid be iiiy dispeased with in tbe lyi'ger Cltles. The enormous colnage of standard silver dollars, the issue if eert ilicates based thereun. and th inip.-irt in; to the ionner B practically fnll legal tender quallty, may properly becharaeterized as imaound in principie and tramgbt with grave peril to the iuterests ol all classes of our pople, as it niay involve a chanue o:' Mand.- 1 1 - 1 1 with all its attendant evils. The circulatlDg notes oí natlonal banks more fully meel the proper requlrementa of representative eurrency or secondary money (han any mher issues mentloned, as they ilone j.i,-es the (inalily oí elasticity, whieli is ni esseiitial. and vet they are the object of mallgnant attack . tbe part oí well-meaninií but misguided people, wtooee biterests wouid 1k!#íu laiTïest degree promoted by the niaintcnance oi all ampie, BOTUd and flexible eurrency. It is a matter of reuret thnt the InCreaging premium on government bonds and the eontinued iinposition ol the war bax ti pon these notes has rendered is.sue onremuneratlve to the lts and thus caused a very great reduction in the volume outStanding. iiijeeüiiiis are also properly Drged ; ast t.hO lncreased issue and perinanfut incorporut ion int o our raonelary systom oí the governmental obUgatlona kuown as üntted States and treacury notes. These tssuea on April 1, 1888, aggregated $482,171,104, and are Bteadlly Inereaalng at rale ol $50,000,000 per .iiuuni. The l'nited States were a ÍOn 'I Loan made oeceesary by the unprecedented espenditures Incident bo the conduel f a greal war. As seU defenee may Juetily a man in taking the Ule of iiis feiiow, so govenunents may be excused lor inaUinu' guch issue- as thoee dow under consideralii.n, provlded Uw preservation oí its Imetltutioos and the Integrity of its territory niake tliis course imperative. I'nfort unately, howover, the lii.iloiiiiiMl use oí what are known as nbacks, has sci-vímI to propágate atwound bheorles as to the power ol govemmneni to créate money by lts flat, and apon Uw erroneous views thus (lcveluped. a poweri'ul party was organiaed that tor several years tbreatemed with disaster the business interest. s ui entire nat ion. .Au enorniiius increase in th ■ Issue of notes was narrowly averted and the country wit diffleulty dellvered from the evlla tnctdeni bo wild Lnflation and ultímate repudlatlon. Tlie contlnued uee ol $846,000,000 erf greenbacka Isthereawli of a ompromiae between e n i,., entertained wldely dlverginiï views upan monetary questlons, and can only be bolerated upon the ground that a naQon struggUng onder tin' inrubus ni a great debí may i„. exoused kw violating simad principies ui ftnance by bemporarily floatlag its non-Interest beering obllgattooa untii its bosded deW te retlred, ar reduced In amouni as bo pender its ultímate pa.Miiriu no longer problemática] ar bwdenaotne. The rapid reduc-tlon ►: the public debí lias demonatrated our unexampled reBourcee ae a natlon and establtehed a credit unexceUed by thet o! any of the greal powera As a matter of fací ii nay be. safely awerted that long bon oí tibe Dnited States, paya-ble in gold ooin of llxed welght and rtnuneas, could be placed at a ïower rttte "i Intereerf than thoee of any ot in-r nat ion. Our preseni outetand[ng are. lii.ucvic. ia B certaln degree dtocredlted abroad cm account of betog payable In eltner gold or silver COta, at the option of the government. As the bullían valuó oí our silvcr COtal is abmit 30 per cent. less than its eoln value, an element ol uneertatotsr la bitroduced whidi 'i-vos tw conlldence in our otollgatlooB and place ua at a lUsadv.-inlaur. In any vent il must be dmdtted tha-t our public debí bas longslnce oeased bo be a burden, and tiiat lm adequate excuse now extets (op the pcriuam-iu use oí gorefnment legal tender notes. They shonld be gradually retdred durlng yeara of peace and prcwperlty, In order thai the power to make ewch au lasne niaj be heM ta reaerre.to beexercUed only in cana oí graal uatlonal perll. 'I !ie trea.-ury nOtB Ol 1890 are Mibject to Borne oí the objectlons urged agalnSl Dnáted Btatea noteB, popularly called tireeubacks. The former are Issued in the purchase of buiiion, a commodlty tor whlch ïiie niivcniiiii'iii haa no nee, and whlcn would otlierwise iiml a mark. 't abniad. llius in wliole or in part necewlty for the large gold .-liipnients whieli OOQBtltUte the perll il""' most obvious and imminent . PRIMAR? AM SKI (,Ni).l;Y HONKT. Money lor sake oí cónvenlence lias been dtvldéd by ome wxltera toto two clateea, oamely, prtmary and secosdary. Prtmary money is the deslgnatloo niven tw money oí ultímate paynient or redeinpiicui anil eon-titutes tlK' standard and nieasure of value. The value of car entire circulatlon Is bheretore flxed by tüe character ol our primary money, wliiHi is gold, I he only niet al v!m-e eoin and bullion valu' are the saín.' in all parts (ii the world. Sllver was iornierly the equal ol gold in tliis respect, bul In recent yoars an inerea.sed supply and dimintabed lemand lias eauscd its depreeiation to Mieh au extent a.s to render bullion value when mea-ured by gold, nearly :íi per cent, leas tihan its eoin valne. Seecmdary ninney in this country kneludea all [orms of circulatlon other than fi'i'ld. Our vutii-e circulating medium wil] lx' maintained at a parity wlth n'old only wj Iohk aa tlw goveminent ciiiitinuee to reileera directly or indireetly all forma of secondary moiK'v in 1he yellow metal. This ïedempt hui In unid s not made obligatory upen the gorornmeni by law, has been jnaint ained tluis far throagb the exerctee ot dtoerettonary power conterred upon bhe geeretary of the treasuy. It is ajiparent, thereiore. tliat the iinainienance of the preaéni standard oi valne dependa upon. let. The wil] of whomsoever may occtijiy tlie DOBttlon Of seeri'tary of tlie trensury. and lm. üpon Jus hoving the ablllty as well ,-is ihe disposil ioji to ma int a iu ï-edempi imi In gold. Su we present the rcmnrUable spec tacie oí a natlon ol bhe fir.-t rank in point of ananuf aeture-. COmmerce and agrlculture, poceeeelng more weaitli. .ureater average totelllgence and tncrtltutloma than any other, ; depemden.1 upon thé Integrity and sound tudgimeni of the one man wh:i may. for política] reasons, be (h'iued wit'.i the adininistration o[ bhe lep::ri men! oí tile treasury. in fixkng tlie value oí the -irettlat itifi niediuni oí the cotmtry, by which Is !eti'iniined i in ':■■:■ o.' every eontniodity, bhe wage ol every laborer and the value oí every e on! ract. How cao we leíeud a policy whlch placea oí a single individual powers, Bhe iwwlee or corrupt use ni whih mlghi reauli in auch a ctoaage In prlcea aa would be tantainount to eonfiseation V l'.ut 1he bitnat ion is still íurtlier aggravated by the operatton of lawa enacted and preBerved by our répreM'inatives in coogress, 1 1 1 ;■ effect of Wihich bo stcadily bul surely bring in bo 'i cuniiition wbere it wül beeome Impoastble for any secretary oí t he 1 reaMiry. lie he ever so wise and íaithfui. to preserve ue from a chaoge of standai-ds and its reaultlng dla.■i-i. -rs. 'II volume oí our seeondary money ta being iteadlly tncreaaed by ihc tesueol a bom $4,000,000 Intreenry notes montüy, and our supply ol primary mamey te a4 the same time rciativcly reduced iy the exportatlon Ol gold. Il inevitable that lilis conree, U pereteted ta, will reader the volume ol priniaary mamey Inadequate ror .■iicuiptinii porpooM ;unl resalí a ,-i collapse oí the preseat systein and bhe decreacM ol t cutiré mooet.-uy tabrte to the tevel oí the allver standard. ol H BXPOBTATION O!' OOLD. It i t significant fací that oor exportatKxn oí n'old lia substantially kepi pene witlh the l&sue ni treasury m cau.-cil iiy tlic punchase oí silver biiiiiiwi onder boe Shermtun Act. licnvirii July 1.-1. L890, aad Marcb let, L898, the opemtloos oí tala act, the lasue o( them notes has aggregated $131,867,858. During the period on net exportatlons ni goid reached $117,106,710. ií tiie silver traillan Unís arbltrarlly wühdrawn andhoarded in the treasury multe bad been permdtted to seek its ciwu markets it WOUld llave gone abroad instead ol gold, and tfcus our -inrk ol tlie l.itter metal mijïlit havr ncrensed rather than iliminislied. and COOfktenCe, whiell is tlie Icisis of btlslneaa proeperlty, remaim-ii onimpalred. I'EOPOSITIONS STA1 'Eli. I have neitlier time ttOT inclinat ion to now enter lnto a lengthy dtscusp(m of the subject ol the tree colnage of siivor. ín niv Jttdgmeni ttoe complete openlag ol oar mlnta to tlie wthdte netal at te present ratio wouM be salddal. i bherefore preíer tu confine myeeU to statiag gome jiio]K-it nis bearlng apon the subject wliich are eitlier gemerally admltted. (ir supported by a decided prepoDderance ! evldence. 1. Ibere can be inu une actual standard or measiire of valu ■ at a givi'ii time and place and that BhOUld tot of either gold or sllver, or possibly botb, wliere the mint and bullion valué of tJie twn metala are at a parity. u. Gold la t!ie actual standard or measure ol valué ni this country. '■',. Kvery contract enterei illto the resuinptiiin o: specie payincui- n 1879 :vith iinimportant exoeptlous) has been based mi values measured by the gold standard, whlle .ilK.ilmely none now in exlstence have been based on values meaeuired by the siiver standard. 4. 'I he free coinaixe of silvr at the presenil ratlo vvould almosi certalnly eveutuat' in a change to a Bllrer standaiMl, In wllicli case eaeh ilollar of uur Clrculating medium would have a power no ifreater than tlie buIUon valué of tlH' dollar, wli;ch is dow 04.4 cent. .". l'.y i r!i;iiiíi' tu tlie silver standard cmployers of labor would priniarlly jirniil at tlie fxpensc oí wane ivinien, and tile invcstnients oí the lat ter clase lm saviags banks, trust compaaiem, Ule Insurance bompantes, building and loan aSBOClationfl and niany otlier corporate amd personal securltee would greatly deprecíate ta valué, ti' cost of ltving would be enhanced to tiho -nibarrassiucnt oí persons dependent apon wageB, salaries and Hzed incomes, while munlcipaUties, Corporation. Erusts anil ]iersons oí great weaith who ccmtltute the cliieí borrowtng das.-, would be jnabled to pay their debt s in a depreciated medium. 6. Wagie worker.s eonstltute the bargeel and moei important claes ancl are entitled to I iie iH-i'ierence whenever their Interest come in COOfllCt witli thciM'of the debtor cla-s, subjecl to SUCh limit at 06 just ice and equtty mey Impoae. 7. The niaintcnance ol the gold standard will cause no contraction, wlïlle a ohange to the silver standard would tend 1o retire íroni i-irculatlOD more Ihaii $500,000,000 of gold. 8. Kxperience Iris denionst ra ti il that a violemi coatractlon pi the clrCUlAting mediiiiu is a serions evfl : the same is i rué oí a chanue to a depreciated Standard. Either has proven Miiiiiient in the pa.st to prostrate Im.-ine.-s inicrests. As jio nation has ever experienced the Btmultaneous Iniliclion of botlL these evils, the eflect of tJie conibined visitation protendü a iüaster, the magnttude of which we have DO data ior correct ly e-timatlmg. 11 trut oí these propoaltions wil! l:e ery i;riier.".lly adniitled by [airminded people, who iiave invesl iatcd the subjc-t. if they are accepted as Irue, it will be found difficult to surully defend the further parchase oí silver bulUon or ils free and unliniited colnage at tlie present ratio. What wc most admire in tin' indivilual man Ihai intem-ily anilcnura.u'i- which leads liim to the iaithfiil and aníllnctiag performance o! evcry coutrait according to its spirit as Wll as its letter. He who 1akes advantage oí legal tecdmlcalltiea to avoid an eiiuitable claim, is lookedupi ii as a. trickstcr, lacklng in bhfi liis'her qualMJes ol true manaood. Tinp.iymcni In sllver oí a (ivbt contracted in gold, might be legal, bit it would nut be honorable. A nation is but an aggregatten oí individuals. An aggregation oí dishonorable units cannot make au honorable whole. No nation can afford to onact a law or adopi .-i pulicy which wlll suuirest or peunli :;iy devialiou from Ute iuo-i pulous rhtegrlty oa Une part ol any of Lta rit laeos. Th" largor parí oí ;'."■ legUlation upoo queotions affeetlng tiic eurrency ha-t been the reeult oí enforced coni- to t ! enemlea í sound 11iiaiuc in order iii.-it some suppoeed perll miuht be averted o-r some governmeatal exlgency met, Ttoe calm and intelligent appllcatlon oí wellestablished principies to the formation oí a complete and gymmetrica] mooetary eystem adapted to the neoeaeltlea ol a commerelaj people lias fnll.ll! :-;!lll eem ll i i-i 1 i' ül ill emactinents, whlch now afíiii-i as. One of the most potent forcee employed iu the adoptlan oí unwise menSnrea la based upon ttoe assumptlon that the country te suffering írom an Inadequate supply ni the otrculatkng medium. Thda iiir.H-y la wKtely entertained and Btrenonsiy asBerted, but it la not capabta oj demonsbration, and In íac-t tlic weight oí evidence seems to establish its íallacy. ESTÍMATE ni' monky STOCK. The Boa. E. o. i.coeh. director oí mint, submitted to the reeeni Int-eniMtional moiietary conference an approxtmate estáte í ttoe total and capita stocks ol money Id i hprincipal countrtee, from whlch It ai)peare t!iai the worWssupply la made up as nlliiws : Gold . __ $ S.i;:',2.rt)."i.(100 r 4,Ü2,7OO,UUO Uncovered paper 2186300 Total- - H0.a84.Di Totul population - W,!SU, Average per capita --- W centr, Tlu' average per capita circulatiotn oí Uu' United stat:1.-. Canada and the ten European natione having a popul.-itimi in exoeaa f 10,000,000 la thua si atd : Prance Uulted Staten - UB.15 (.rnininy 18.M United tlugdOm 18.42 Sjpain - i.i 1--Ï 5i [taly - 9.91 Austra-Hungary 9.75 RussIh 1 T.n; Turkey 2S8 A.verafra (ten oouutrloal - - 116.24 Oí tlioso Franco alone exceeds the Dnited Statee. Tliis excees i dae to t lie íact iiiat the Premch people employ iiank cJuecka and to a vcry limited i'.xti'ut, íicavly all gettlementfl heinií eflected y h.: age Ol actual nioncy. (In the (ilhcr liand oir capita clrCUlatios exceeds ihat o.' the United Klngdom 37perceata Uermauy :ú CaUiida 89 " Average of ten principal natious 5ó " The per capita ir-i -ai beata vcry imperfect ome, bnt BO ia !■ aa it applicatiiüi oí valué it lndicatea qo lii'.iiiciu-y in Ule rnited States. Ou tlne othoj' liand it is ghown i li.it s e have relat ivcly, almost doaible the erupply ueed in Canada, whei-e the existinig' conditions preee&t the gre&tesi siinilarity to our own. If ve apply tlie labor teet, whlch is lield to be the mo.st reliable, it will be foxind tliat nt faets are disclosed indi-,i t inij tliat our circulatiO'H is insufíicient, as it is coolldently Btated by the best authoritie.s, that a day's labor, skilled or unskilled, coinmand.s more dollars aiow Than at any time sime the resumptioii oï specie payments. As íui-ther bearVog upop Uile point it iuay Im' asserteil as a general propositiivn tliat no country will continue the expoi'tution oí inoney while it Ki-sesses an insuíficient supply. Nevertheletss, the official records show tti;i t we have been Hteadily parting witJi our gold for tlie past Uve years, and that 'the net exporta oí the yellow metal Crom July 1, 1888, to Mar. 1, 1888, asgregated $lTl,020,sr,s. And linally attent ion i-s called to the act that average tartereel ratee have steadily dcclined ÖTirlng t he sanie period. In view of these facts it inay Ik; safely asserted that the weiiit oí evidence is againet the theory of aai insuïficient supply of money, if, indeed a condition of redundancy is nol .-hown to exist. COMCEBMING SILVEK. All adyocatee of free coinage of siher velii'iiK'ntly assert that a corrupt comaptracy exists, having ior its object the denionetization of sllver ii' tlic end Ihat contract on inay enBUe and the interest of bankers and money lcnders lx' subserved. As :i lifetODg bi-metalist , 1 liave given this aisKertiou careful considera t Ion, but candor Impela me bo say that the evidence adduced íalls íar sJiort oí stabliahlng tte truth. Beeides, 1 obscv'ci-e ilril oí (liüMiiiiu and depoedt prosper most when the volume ui circiilafHüi i.s redundant. 1icc.hu-' a money metal bec.iuse. iu toe opinión 0-1 mankind, it was adapted to use aa a standard and mea.Miro oí valué. Ohanged condltione greatly hnpeired ltc ueefulness and the name power Ihat made eau proprrly unniake it. The univcrsality and tlie long continuaiicc i il:e inovement to oufTaíí its nise and limit its legal tender quality, ar.' tlie beat cvidi-ncc that it resulta from natural causee ".-al her thau írom the art iíicial manipiilat ions oí sclíisli conspirators. Conspiracy is a cause, utterly Inadequate to the production oí sucli a u iIe spread and laslint; effect. Por more than twenty yrars civilized liac chiliitcd a tiMid'iicy to look iipon gold monctalism as the system wliich must innt.'ly prevalí ; one by one they have ■d the 1-anUs ol bhose win) maintajn a single gold standard. Every country maklng the attempt ia buc(ccilfii il eecuring a Bufflci mt quantity oí t jYiiuw tntal and In every cese public optalon acquiescea ia and supports the chamge. fan it be posalble that we are wteer than our gi ii ration : o-.-thit we are too weak, linancially, 60 follow ivlicrr the (tebt ridden powen of Europe lead '.' GOLD PRIMAR? MoNKY. Lel iis continue to use gold as primery momey ; let U stlll be tihe stand,;-(! and Hueasure "f value and the medium tor adjuetlmg International balances. Our Bllver coins aow ntlng i" neariy $500,000,000, cxr repreaentatlve eertiilcates, can be wutely utllfoed Rw domestic purposea in ordiuaxy daJly tran Uods, provided we Buepend t!J purc!ia-c and eoinage o! the white met;:1 nirl retire all other forma of moiiev ol I he Jenomina lone. We h tve now in circiilatlon o! olil coiin, Mivcr coln and paper money aimui $500,000,000, In dtenominabiona ol live dollars and ander. Ii wc Mini ndcr 1lii.u ii-ld entirely to ailver coln and gilver certificateb, they will ia- im.i the pookets ot the i !- plc and the tills pi t!ic 1 radcs-niail, a.nd reader it Impracticable for ImLmporters to pay cuetoma dutlea in this iform 01' eurreincy. The tr nry rcrcipts ol gold a.nd its equivalent will be greatly Inore and an Important element o! danger to the gold reserve removed. SVSTKM S'EEDS REMODBLIKG. It is a]]arent 1hal en; re niulietary pystem neede remodellng üimjll a dan more atmple In (orm as well ae more correci in principie. The liniitat ions :ii snc'n an address as this will imi permii t he el iboratloa of a eyetem, dot are tlie coaditioms favorable to the enactmeni ol a measore oecesearily bo radical in its cfaaracter and iar reaehlng In its effects. it will come in due time, lm wever, il we are iaithfill t the duties ol enligiitened citizenahlp. Some relfef hhonld oeverthetese be (eüianiled i'nnn the -ni ruim, and 1 may permltted to sugg thal 1. The act of July 14, 1890 lihould be repealed. 1'. All gold cola. l'niti'd Stutt.s tieasury aml naii.iiial bank Ol the denomktatkxn o3 $5 and ander ahould 1h' retired and relssued in lorger deniiininatii.il. utllizing In ])lace liiereof öilver -oi:i ,-nid sllver certiiicates, the dciidniinat iims ol the latter being raBfiricCed ta ome, two and Kve dollars. 3. The legal tender quality o: zilver coin hould lx limtted to one hun(lred dullars. 4. The tax Bhould be removed frotu national bank notes and the issue thereof be Lnoreascd to tin1 par of bonds pletlged lor thcir redemption. Unfoi'tuiLattdy the vital qnestions aftectíng our Clirrency have been (;ragged into tlie domain of partisan politics. 80 far as tlieir set t lenirat is concerned it is to be fea red that the di-siinilat ioiiis ol the demn.n'ogue and the greed of the BpottHnam may be found jnore poteoi than the sound arguments and tlie mature jndginent of tJie financier, the atateeman and t.he patriot. While the political pot hunter is able to mislead thrlltlees, tin-cruimlous and illy in 0 nied voUrs. the intereste of a peuple conspieuOUB for its industry, [rugallty and iut-egrity, aro placed in the deadliest perll. In thï presence of such an emergency it is tbe öttty of every good eitizen to continue in aeason and out of season to reitérate the t inie-honored. principies that have been evolved froni and eetabliBhed by the uniform esperience ol the entire civiMied world . TO niajiy ií lis tlirse st a t etnent s may geem trit' and stale, but in persistent discussion and unceesing agltatiom lie the oaily hope of a people who are torced to subinit to the arbitramont jf the political arena questimis which tenil to array selflahnesa and srapldity agalnsi scrapuloua and unyieldinii integrity. If we would Buccesefully issue from the struggfte we must make onceasin.ii appeala bo the conscience and Inbelligenoe ol íhe American people, and thus incile to ilance and activlty a consfn lu'iicy wiiich Ib occaalonally mi-led, but always wtoe and jus! 1 ts ultímate concluslona.