The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1874-02-05
Money Makes the Mare Go.

national banks to the capacity OF pub
lie needs, and prosperity was every
where. In 1873, Cook a. Co. failed,
and in effect, all the national banks
went with them. BY their organism
and workings the currency of the
country was locked in their vaults.
and the mare stopped chock still,
bankruptcy and ruin spread over all
the land, and here we have her, as pru-
dent legislature alone can cxtricatc
DO these facts show evil results from
an over issue of currency, or inditc it,
efficiency. We say no. Bat they do
condemn the mode OF its issue and
distribution. Suppose all our curren
cy had been directly Issued by the
government, to whom it belongs with
no reserve to hold, nor charters pro-
tcct, the failure ofCook 4 Co. woald
have effected those only whom it i'm
mediately concerned. the currency be-
ing in the hands of the people. This
needless panic could not have come.
the country never was so strong, nor
the people so well able TO pay their
debts as at the time of this general ma
tional bank suspension which burst
upon us as a thunder bolt from clear
sky. How plainly have national banks
shown their danger and inadequacy
to the peoples wants.
should be the banker and CONTROL the
issue. Let them who will, bank upon
their own capital character and re-
sponsibility being individually rcspon-
siblc tor deposits placed in their conf
dcnce, there being no incentive to COB
BILE currency panic could not ensuc.
Reformation ever has, and ever must
come from the people, for eight years
have their representatives tinkcred and
tempered with the finances of the
country. InnoceItly or wilfully. but
ever TO the interest of gambling. stock
jobbing or money monopolics until the
final elimination on the ides of Scptem-
Der. Every interest is now prosirated
for the want ofcurrency with $70o, Co.,
900. in issue, of the best in The world
Yet 40 practical plan la, been present
ed by our national legislature looking
to its return 10 circulation no sound
financial policy for future protectionto
our indu tries of credit. or final ex-
tinguishmcnt of our national debt. all
is wild. unmethodized confusion. Chi
mcras for the hour. Golden corner
blocks for the corinorants of Wall
street TO plumber. The people look
with confiding hearts to Washington
for redress, does the experience of the
past. or the propositions Of the present,
promise it. We see no pure CLEAN of
light from there. God helps those
who help themselves, if they will not
they must perish. The people must
appreciate a policy, public opinion
must sanction it. aud their servant rep
resentatives must adopt it. II is their
debt irrcvokablc to pay. Were it not
better to meet the issue square and
now. Then give us the national cir
culatlon, the legal tender and the Si5,-
900, 900 reserve and more if the health
full requirements of the country de-
mand. Let wise and judicious lcgisla-
ton put it in circulation speedily. de-
termine a future annual payment of
say 500, 100000 gold of our national debt
in quarterly payments with four per
cent. interest adju ten years series
of these bonds in defined quarterly ma
TURTLES in bonds of $40 to $1,000 each
with coupons, making $500, 100000 of
these bonds. in substitution for the
next maturing to that amount, l2,-
SOC, 200 of which will mature on regu.
lar defined days of each quarter OF the
year keep that quantity always on the
market by annually issuing in like
manner 10000. 900 As the maturing are
redeemed. The government should
pay no more nor no less, neither bear
nor bull the market with the peoples /
money. But Us faithful servants do
just what is published to all the world
they are instructed TO do. Establish
offices of redemption in two of the
leading commercial cities of Europe. 1
One At least i'll every state of the Tn
tually commenced specie payments. /
easily, practically. and honestly. with /
out the possibility of financial agts- /
ton. These bonds become in effect so |
much circulating gold in the hands of
mot bond holders and gold sellers) the /
people, a circulating medium for the !
farmer, the tinker or the merchant, for /
The use and purposes of the commerce
Of the world. win pay foreign debts
upon foreign shores give TO the curren- /
cy well defined elasticity and tension /
'alling into use rs may be required APP /
~ OHshfb- SNi ~ Va tNa'r siiNA iN-
firing of their violation when less cur /
rcncy is required, ana regulating the !
gold market ever by their approaching !
naturities by this process go on to the /
inal liquidation of our national debt OF 1
which our currency will be the last /
and indispensable vestage and may ere I
hen for the necessities of our people /
nave attained twice its present volume. /
md from the adoption of this system /
will early have deprecated gold TO this /
value greenbacks being our standard. /
This. however, must depend much up
m the wisdom of legislation. :. wise I
policy that will stimulate exports by +
reduced expences of transportation, 4
md increased American tonnage on the /
'cean. \ well ajustcd tariff that will f.
stimulate the development, the miu-
raj treasures eff our mountains. the /
vegetable staples of our valleys and the
tnimal productions of our hoors.
,cour our rusty spades and give song
20 our slumbering spindles. make glad