Show the response salt lale lake city utah dee dec 21 18 wr sir S A robinson coi responding corresponding secretary executive committee of UK ilia chamber or of commerce now new yolk dear sir sin your letter at 0 december 3rd ard soliciting tny my views os as to what financial legislation Is at ahli time desirable Is at hand anil and while disclaiming any ans special fiL fildes nes for the taste task yet 1 san am impelled to give you my views from the standpoint of a republican and on an ardent bi c current arrest newspaper reports and the ints sae of the Pies president Ident disclose an cl armIng and increasing deficit of revenue nue under existing laws find I 1 think that the first and roost most imperative leer isolation Islat lon required at al this time ts li to so change the tariff laws as to at least lead produce a sufficient clent revenue to meet the ordinary expenses of the government this could probably be accomplished by a light duty on wool and woolen goods find and such other moderate increases of the ilia tariff lariff sa would meet the approval appi oval of the president also to change chance from the ad valorem valoree system to specific duties tuna tely the present deplorable condition of 0 the treasury Is no novelty in ili tile financial history of our country A brief recital of the effects produced by the frequent changes in oui our tariff laws will bli be of use in considering our present situation and may suggest an apparent remedy I 1 quote from henry C C carcas a reys manual lanual A of 0 social science page pace HISTORIC precedents protection ceased in 1818 bequeathing to free trade a commerce that gave an excess import ot of specie a people among whom there existed creat prosperity a large public revenue and a I 1 rapidly diminishing public debt free trade ceased in 1821 bequeath ins inc to protection a commerce that ravo gave an excess export of specie an impoverished perished people and a declining public revenue and an increasing public debt protection protection again ceased lit in 26 35 bequeathing to tree free trade a commerce that gave an excess import of 0 specie EL a people more prosperous than any that had bad ever then been known a revenue so great that it had been tendered necessary to emancipate tea coffee and many other commodities from duty and a Tra suly tree free irom from all charge on account of public debt free trade ceased again lit in 1842 bequeathing que athing to protection a commerce that gaa fin an excess export of specie a people ruined and their state governments in a state slate of 0 repudiation a public treasury bankrupt tin and be aging everywhere tor for loans at tho the highest rate of interest a revenue coIl collected Lete d and disbursed in irredeemable paper rr money oney and a very large foreign debt prot protection 0 action a gain ceased in be bc que atilt ng to free trade a coin commerce merce that gave an excess import of specie a highly prosperous people state gover n ments restored to credit a rapidly gro grofton groft ln commerce a large public revenue and a declining foreign debt the same author referring again to the effects of the tree free trade system la in the period 1818 to 1821 says page iafe 23 that those years should have been marked by calamity affords the e fare no cause for surprise at arg hour flour sold bold tor for tle per barrel wheat in ohio for 20 cents a bushel while 0 a ton of bar iron iran required nearly 80 barrels of flour to pay tor for it 1 As the tree free trade tariff became more tolly u ly operative furnaces and iacre fa factories corles were closed with ith constantly increasing ea ing necessity for remittances of specie 1 a the whole country was in a state 0 of ruin laborers were n cra thrown out ot of ell employment and the power of accumulation ceased to have existence the foregoing recital of past history would seem to afford an object lesson clearly pointing to at bast one a ot f the causes of our cur present financial condition find as clearly indicates one ot of the remedies bimetallic STAN STANDARD DAnD while as aa you will have observed I 1 am an protectionist yet I 1 am of 0 those who believe that this country can never havo a return of substantial prompt prosperity rity until we shall have lave secured a a restoration of the bimetallic standard I 1 believe that tho the tree free unlimited arid and independent coinage of sliver silver would be a complete cule cuic for tile the ills 1118 that are arc now flow threatening us but as that Is unattainable during the incumbency of 0 the ilia present chief executive I 1 would restore the double standard by making tile tho dollar the tb unit ot of accounts lind find would amend tile the law of 2873 so BO that tile tho dollar or unit should consist of gi ains of pure silver or 23 2322 22 craina of pure gold fold both metals should have bava the same rights at the mints but in order to allay the fears of the president and those who believe nith him that our currency would bo be debased by the flood of silver the secretary of the treasury might be given the cower within his discretion to suspend the col collinge liage ot of either metal when in djs opinion the interests ot of tho the country require such suspension I 1 believe from tny my pr it will b be but a lew far years until gold will be relatively the th cheaper me ital and we way may bo be devising means to protect tile tho mints from rom a nood flood 0 of depreciated prel precia ted gold cold Is most mop generally dt throughout the world than iban nil Hl lr it la Is rone nc rally found in ft a pure BLI st I 1 aad Is chipin ch p i ty mined blid e x Irac tod while sliver silver in ili always same mattil with other metals lit in generally mined lit great crat depths involving costly ants of machinery requiring large outlay 0 of capital bufore liny any returns ere r re realized find anil ahm rained requires ex expensive and leavy costs coeta for reduction the double standard etan dard should be restored in order that the dollar should be it a proper and honest measure ot of val uen it it I 1 Is now a dishonest mea flure it 11 in 1 a gallon of eight duarts a yardstick of seventy two inches A STRANGE GB declaration the lent in his zeal for or the hn gle ela sold rold standard Han dard makes the singular eln cular y misstatement that our count rys in whether owing by ill hie government or cr existing between ln la divi duals has heen boon created with reference to our present stando i 0 it cannot be through ignorance that h he L made tills this stian lre declaration of cobrae t u every e one 0 to knows that hat the gov c t r debt ay iy I 1 of except 1 tile aa addition d 1 anaila I al to lo it t by b y himself n wag Ls ron to under in or n R d different dir i ly ferent er e n t s t e ti i da i d tha the measure under which it was contracted contracted was war it four atour kunrt gallon a liffitz alx inch baid lid stick BS as wele also the elie most of 0 tile the state bbate and municipal pal debts as well as 03 much of the indebtedness existing between individuals TUG THE GREEN BACIS the becom recommendation en dation of the that tile the green greenbacks backs be retired would be 1 I think a mistake ako the passing panning of n law prohibiting the issuance of legal tender lender notes or Tiva treasury sury notes in denominations exceeding prohibiting tile the issuance lasu ance of acci os of 0 deposit for legal tenders in large denominations or at 11 fill all and the withdrawal of 0 tho the from rom membership lit in the new york house would put a stop to the use of 0 legal tender lender and treasury notes as a means of oc withdrawing large sums buma of gold from the treasury they would then be ba inore generally orally co circulated a amongst g the people and could not be so BO conveniently hoarded by the foreign bankers lit in now new york for or tho the purpose of 0 raiding tho th treasury the chief defect of our present financial cial I 1 system Is a deficiency of circulating tin medium and the centralization ot of such currency an we have in the seaboard cities notably in new york STATE BANKS URGED I 1 am of the opinion that the proper steady and regular conduct of the business of this great nation will require a circulation of at least 0 0 per pel capita the only method by which a sufficient clo n t c circulation I 1 can bo be obtained within any reasonable time seems to me to bs be through the medium of state slate banks to bo be organized under laws se BO biving tile the absolute safety of their clr cir notes this seems beems to me to be entirely feasible by creating a derailment dep ailment of con tio in each state treasury requiring a deposit of tho the bond bondt t of the state city or school well ascer tain bained ed value at pur par or above with the state slate treasury notes to be I issued to the banks only upon proper certificates or oc the state slate officers these notes in order to have roily such as now pertains to national bank notes should be printed by the general ire government through the office of 0 the comptroller of 0 the currency and fit the expense of 0 the banks the incomplete currency should be issued to the banks through the state treasury A redemption agency could be established lit in the comptrollers office at washington and the banks bo be required to keep a deposit with the united states treasurer of 0 5 per cent of their circulation as a redemption demp tion fund the same Us as Is now required of 0 national banks the banks should also be required to redeem their notes at their own counter for tills this purpose they should be required to keep heep jn in their vaults at least 25 15 per cent of 0 their circulation in gold bold silver a or r legal tender notes this would at on once 0 a create a demand for silver and legal tender notes to clear the united states treasury vaults of till the accumulated silver thus retiring the silver certificates anil and freeing the treasury front tiny any danger of 0 loss of gold cold through the means of the legal tenders as they would then be hoar hoarded tied by tho the banks for or put purposes poses ot of rede redemption nip tion the banks should be subject to visitation and examination by state examiners as are now the national banks thy they th y could be requited to keep their bond deposit good in case any of th the a bonds should fall below par this system would create local demand for or state and municipal bonds it would create local financial centers in every state and important town thus docen the finances of the country facilitating exchanges and increasing tho the power ot of combination tor for the lie development of the resources of all see sections of the country under proper control this would become an ideal currency having in the highest degree the element clement of elasticity as being localized it would be in the power of the banks to anticipate increased demand and provide lor for it in due season and if the currency above a certain amount were subject to it a tax atwould it would lie be withdrawn from rom circulation when it could not cot be profitably employed independent FINANCE I 1 desire to suggest that wo we should at once undertake to create a system of finance for these united states of america adapted to our wanta and suitable to the ilia conditions prevailing in our own country we have hitherto followed in the wake of the so called financiers ot of england a country w u hose finances have been c controlled ont rolled by the caprice and the creed of 0 its governing class clans which has b been en most clearly exemplified in the copee operations rat 0 o na of the colossal engine of oppression oppre eslon speculation and monopoly manorial Y I 1 the he bank of england this tah bank in its ita carrer of some borne years has been the synonym ot of instability and rapidity of change its managers soon after its organization realized realised reali sed their great power over the finances of the country and unscrupulously used it to their own advantage creating panics at will anti and many times carrying their nefarious operations to such ouch extremes as a to cripple the bank itself then resorting to an order in council or a convenient act of parliament authorizing the bank to discontinue the payment of jav debts such an all order was made in 1736 and continued in force tor for twenty five years in 1815 after the dope close of the french war wa I 1 I 1 this his bank by the simple a lion of calling lit in its claims on th the one liand hand and reducing its liabilities on ebli other the apparent quantity of money meney was waa reduced to the extent exten t of sixty millions of 0 dollars As compared with the money value of the property of the british people it was utterly cant yet did its abl abstraction traction cause an arrest of the circulation almost as completo complete as would ile be produced in ilia physical body hy by the stoppage of tile the supply ot of food thousands upon thousands p rays mcculloch who in considered themselves affluent found that they were destitute of real property and sank as it by enchantment and without am fault of their own into the abyss ot of poverty this action was wn followed up next year 1416 by tile the of silver and in parliament passed an act tor for the resumption of specie payment this action ot of tile the bank supplemented ted by the acts of parliament has hafl been characterized Us as amongst the most remarkable mea measures tures ot f confiscation to be found in the annals annala of legislation for more than twenty years all the transactions of the united kingdom hail had been based upon a currency loss less in value than that which had trl pre bously existed in the course of that period land had been told eold mortgages granted settlements settlement made and other contracts of a permanent nature entered into to the extent ot of thousands of 0 millions Dill llona of pounds the terms of nil all of 0 which were now to le be changed for the benefit of the receivers of fixed incomes end and to the loss loir of those who had bad land labor or the products product a ot of either cither to part with As a land fell ell ex cee low lom in price prece anil and mortgagees everywhere entered into posses stan labor became butr abundant and the laborers suffered buffered for or want mant of food machinery of 0 every kind wits was thrown hll idle and I 1 manufacturers were ruined manufactures being in excess of the demand were forced upon foreign markets market to the ruin of the capital atit at workmen elnera and machinists of oc till the other countries of the world that had tailed to persevere in the protective system peace bad thus brought with it wide pread ruin but it ent enil lobed ched the tha moneys moneylender lender lite hla single commodity rising while land became bi came so BO cheap that he could purchase at less tha halt half tile previous price the annuitant u and ord ile D holders printed Pron ted their and salaries habinc be become come EALY able in coin that would purchase double the quantity of food foad naia for which thoy had rt t imbt contracted Fur furniere and laborers nis a aol aal oil merchants were impoverished their taxes abili their W labor bor and its products commanded leub than ihan half hair till money at which they would before have soli sold EVIL METHODS thos thes are arc the financial methods of 0 great aroa britain w which I 1 aleh we in those these united I 1 states hove have baen so HO following awill g and T I 1 with wondel fully uy tr roqui ts Is it not ab about 0 ut 11 time that we cease to bo be the ta tall I 1 I 1 t to 0 if hie le kite of 0 I billish ill finances cox and endeavor to in construct e t at an am american c dionn system or of finance that will boar bear equally equal y upon all classes of nf our people we ave have been reasonably successful f in creating a cicat nation based u upon pon the principles of freedom and |