Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1857-10-31
s.Currency.u

What is it? Whatever community soc
proper to adopt as such !; proridsd, the thing
adopted is convertible, readily and cheaply,
into the currency of any ether community
where the wants Of the community require
it to go; and this condition Of convertibility
is sine qua non. ......
Interested individuals are attempting to
force certain promises to pay into circulation
us money, and retain as such the bills of the
'sBank of Florence" although the latter has
failed utterly to answer the purposes of
money for weeks, in that it has not been
and is not now convertible into the currency
Of any State or city with which the people
of Iowa have commerce. So entirely has
confidence been withdrawn from the institu-
tion by those who arc responsible for its
circulation in this community, that when
presented at their counter for redemption, it
is only convertible into shinplas'srs orr the
bills of discreditcd banks. -..
The whole community are interested in
this effort to have currency exclusively oar
oun, because, if it be possible to conduct
commerce on such, there need be no money
pressure here or elsewhere in the future.
They are interested, also, for another reason
quite as important to them. 1t is, that this
6ogu: money is being rapidly exchanged for
the safest Of all currcncy-the stap'< pro-
duee of tho country, whichis being sent
away, leaving only thu oog"s in its place;
for who docs not Know that reliable bank
papcr AZ weuas coin has almost disappeared,
and will soon be entirely gone from usf
But this attempt 20 use as money somo-
thing not convertible is not neu at all. 1t
was an exploded humbus when governments
instituted coined money, and continues so to
this day, notwithstanding which rogues and
simp'esons have frequently guilcd communi
ties into parting with valuable property for
promises to pay" under the confident belief
that they were money, but their "coasfJen"e"
did not render tho bills convertible, and
failure followed as it always will. The very
first thing competent and honest banker
does before putting his paper into circulation
is to provide for tho redemption (conversion)
of his bills. Failing in this, he is unworthy
Of our confidence, and if he persuade his
confding neighbor to exchange his property
for the worthless paper, hc is practising
fraud, and his intention to ultimately redeem
does not lessen the fraud, because he repre-
sents them to be current Gas money!" and
not mere notes or evidences of debt.
The results to the individuals who receive
it and to tho community will be tho same
whether those who issue this local sAiaplas-
ter currency be ignorant or dishonest. Look
but to the bank failures of but twenty years
past. All were not corrupt, but IN all re-
demption (convcrsion) was not sufficiently
provided for. Confidence in them failed,
and the failure Of tho banks then was nec-
essary consequence. Arc wo competent,
then, to make currency Of that which has
already lost tho confidence Of bankers very
where, ropudiated AZ money both a. humo
and abroad9 Certainly not. And every
dollars worth Of wheat or other property
exchanged for stinplns'sr money is so much
gold at best rendered useless for time, and
perhaps deslroyel .forsrer. l believe these,
and other facts calculated to put an cGeotual
stop to the issue and circulation Of incon-
vertible paper, should be impressed upon the
public mind, and that it cannot be done too
soon for the good Of tho whole community.
If these sentiments are approved, Mr. Ed
itor, you will please publieh or substitute
something better calculated to bring shout
that desired object.
Coon MoxRY on NoxE.
four correspondent expresses our own
views on this question. Farmers who have
wheat to sell should adopt as their motto
"Good Money or Noue'' when disposing Of
it, and refu t. take q singls dollr Of
Florence. The statement above made that
it is not convertible into either gold or other
good eurrency is true to our certain knowl-
edes.-EDIroR Jor.SAl.l
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