New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02

time should private citizens compete with the banks
for the gold greenback which Is scarcely probable until
IN private hands furnish slight elasticity in the cur
rency which may nave It's use
THE GOLD GREENBACK
at the issue is wor scarcely than paper green
back; but as 1t approaches the time Of payment in
rapidly value that the tendency constantly
increases Withdraw 1t from circulation. But
still money. great demand for money, increasing Its
rate, would force 1t into market again.
Let us not forget examining this method that the
action taken is final and cannot by ndirect0n be
mite promises that have been Withdrawn Cancelled
never be reissued. In their place promises
ncit and definite that no Congress would dare TO break
Them Two millions Of irredeemabe paDer is destroyed
each month aud cannot except by direct act Of
IL should not be unnoticed in considering the value of
this measure that
IT Is A SIMPLE MEASURE,
free from subtlety andI complication; one within the
comprehension Of the plain citizen This is should
be. II Government will NEEDLE with that which 1t
should alone least let this interference such
as people can understand ana integeDty conform
This is an easy measure and alas slow measure OF
II we offered no quicker results we were bound to
make provisions which should guard the long interim
rency 1t not therefore, sufficient for this Commit
tee 10 offer only method OF resul?tion which in many
wears would bring this country specie payments I
was necessary that they should also provide what safe
guards could be devised against the recurrence VI paes
III We have seen that the natural tendency of do
precated currency Is 70 lead Indirectly 10 the destruc
ton OF that trust which IL the foundation OF all currency
We have that this destruction OF trust the
OF panic In the absence OF trust, in the temporary
destruction OF currency, only money Is priced. In
countries where the currency normal the duration OF
panlcs Ia stopped, by attracting TO the points OF
strngency by the offer OF large interest the money OF
the world Here Is analogy which should guide us,n
the organization and management OF the artificial cur
reucy which we have created.
When under system, this lack OF trust destroys
the functions Of currency and Enlightened people refuse
augh else than substitute the law forces
upon them II the amount OF money IL limited from what
source the panic get lite relief IL cannot fall back
upon the markets OF the world. The world, uD-
fortunately. has not It's best currency.
What Is wanted Ia that elasticity which the laws OF
trade supply IN those countries which enjoy the
rency OF the world In what way artificial elias
cty he established which shall measuraby supply this
want There seems to be no other than
THAT PLAN OF FREE BANKING
which the bill embodes. Government cannot sup
My II. How could the Government issue it,
For what Could 1t issue IL. II would be un.
natural currency II would pass only under the
compulsion OF law. But the circulation OF the
bank would be regulated by demand. and would repre-
sent and be backed by tire capital Of the bank other
property. This IT, OF course, only true OF bank that
ex poets to redeem.
Banking without such expectation would tempt the
banks 10 use In other FORMS their capital, and to pre-
none OF II In shape ready for tb redemption OF
lts n0tes Having put out Iher notes without tear OF