The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1872-12-13

q p.Oe's's so0ho duu->O-iOIt5l. some Oh tile
best banks in this city, as well as in
n New York, do not and have never is
J. sued note to serve the purposes of mo-
ney. If there is so much profit in the
circulation of the National bank-notes
why not let the National Treasury have
Iit, instead of the banks? AS the Ma
n tional banks now are, they constitute a
: fearful political power in the affairs OF
Is the Government. Only think of il, L.
foo of them, with capital of $4OOOOO,-
4 UOO, whose profits mainly depend upon
slihc policy to be pursued by the Admin.
Iistration toward them. Their influence
!. upon the Administration and the peo-
0 pie is alike corrupiing. Why not sub
{ siitute ior the S4OO,OUOG00 OF National
!. bank-notes IA like amount OF Govern
/ Inieht legal-ienders! 1he Secretary says
pc would bc productive OF serious evils
eand losses. They are as follows:
: Il. The National Banks hold nearly
S40O,UCO,OUO United States bonds, which
4 otherwise would be thrown upon The
pliarnct. absorbing domestic capital; or.
,.ii purchased abroad, adding by the
amount OF interest 10 the annual bal
aices against us i'll our account with
,iuther countries.
y. One office OF bank is to agnre-
gate the capital OF small posscs.or.. aud
tihereby To iurIish means in aid OF i'm
.lpurtsnt CONNIE rcial and financial under
takings, not only ia the centers. but III
lthe renotest and newly-sett!cd parts of
ltie country.
Il "3. The National banks are used as
AIDS TO tile Government, which other
wise would require large increase in
The number Of the designated deposit
itoric>, and Il proportional Increase OF tile
public expenses without the least ap-l
.prcciable advantage.
a. They facilitate exchange between
different sections OF the couiItry. thus
diminishing the cost OF commercial trans
actions.
"5. They are generally less disposed
than private parties controlling equal
capital 10 demand exorbitant rates of in
icrcst."
/ Ii doesn't seem to lave occurred TO the j
secretary that the Government could
take $4.OWpCO Of legal-tenders audi
buy uli that amount OF bonds in market
is iili ,nein and 50 save s2f.Cu0UUO a.
year in gold interest which We now pay.
Isiis substitution OF grecn-backs for fiie |
DAhN-AptAs scAiAs hOt ibNstt>t itt Nts- IA
anne OF cdr.e:ey at all. We lave al |,
ready aiisw erred the assertion that banks
rouid not exist without tie right OF is-
sue t.iai they now possess. IL is not
necessary that the Government shouldl
use tie banks az Repositories of its mo-
Dey. Under the Independent Treas ury
which lasted from lsi5 to 1851.
l.ie Government Kept its own money
without tie aid OF IA bank. and in all thai |,
tiine never los: !; dollar OF it. The prop-I,
er place for the money of the Goveril-l
incnt j. IN its own vaults. and not in the
safes OF the banks. to be used for spccu-
lative purposes. The last point made.
that the National Banks generally Charge
less rates OF Interest than private banks II
VIII create smile from moneyed men.
Tie Secretary believes that 1.-The cir
culaiion OF the banks should be fixed {,
and limited, and that the power to|
change the volume of paper in circula- Il
tion within limits established by lawl
should remain in the Treasury Depart
ment." We think that the general scnsel
Of the people will believe that that is al
too great power to be lodged
IN one man, who can use it. and dou ot- N
les, would, for the interest of himselrl.
and iriends. Ii is IA pretty power TO give,
a Secretary. that Of regulating tie "
amount of our circulating medium. :
Ii the facts are true. rs stated By Mr..
boutwell,, we shall never, in all prob
ability. have our pockets lined with
those old silver pieces OF money Which J
We used 10 have before the war. In this i
he says: !
- In tho last ten years the commercial II
value OF silver has deprecated about |
three per cent. as compared with gold. .
and its use as currency has been dscon- II
limned by Germany and some other coun- ii
tries. The financial condition OF the d
United States has prevented the use off
silver as currency Tor more than ten q
years, and am Of the opinion that up h
on grounds OF public policy no attempt 4
should be made To introduce il: but that 4
the coinage should be limited to com d
mercial purposes, and designed cxclu- c
,ivcly for commercial uses with otherii il
nations. In
'.The intrinsic value Of n metallic cur &
rency should corrc spond TO its CONNER
cial value or metal should be used onlyl
for the exchange OF tokens, redecmablel
by the Government az their nominal I
value. AS the depreciation of silver is /,
likely To continue. it is impossible 10 is I.
sue coin redcemallc in gold without nj n
Innate loss 30 the Governments: for n
when the difference becomes consider !
able, holders will present The silver for \
anl leave it in the hands OF ;
The Government to be disposed of sub s
af a tnss srbo,oc,ro ;r =