The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1874-06-12
q CURRENCY.

The United States has in circulation
S3S2, 600. 900 of its own notes (green-
backs), and standsresponsible for $685.
C02.955 of currency issued by national
banks. the Government paying SIX per
cent. interest on $40, 900, 900 in bonds
deposited by these national banks rs Sc
curitv for their circulation. In other
words. these national banks are paid
six per cent. interest on their circulation
by the Government. Now, SO FAR rs
Il experience goes, the ~''sreenback'
is the preferred currency Of the country,
and We. :he Government pays no inter-
est on that circulation. What is there
TO prevent the Government from calling
in the national bank circulation, and in
lis stead issuing IFS own promiscst to pay
Ii will add nothing to the Governments
responsibility, for il stands good for ev-
cry cent of the present national bank
currency, but il will W. to the Govern
ment m annual interest Of from fifteen
to twenty million dollars. We have
seen many specifics for the financial Ills
of the country, and plans for securing a
uniform and sound currency, the most
plausible of which is that the Govern
ment should furnish the currency, and
no bank permitted to circulate its W
notes; the Government always keeping
on hand a sufficient amount Of tho me-
tallic basis TO preserve eQusnimity and
provide for emergencies. The people
alone have q natural right to all the ad-
vantages of o currency based on the
faith and credit Of the Nation. This
principle should bc recognized as nnda-
mental, and the only safe and proper
basis on which may securely rest all the
circulating medium of the country.
In order TO carry into effect this prin-
ciple, all circulation of banks should lie
taken away and Joreccr. IS soon ~
practicable. Withdraw the national
bank notes, say 20 per cent. OF the cir
culation of each bank annually, and in
place thereof, issue United States coin
notes as fast as the bank notes can be
returned to the issue department at
Washington. Such substitution. merely
putting one note in circulation in place
of another, could d no business jar
whatever.
The new notes, and legal tenders nov
outstanding, should he made rcdeema-
BILE in specie, on demand. whenever pre-
scented at the Assistant Treasures Office
in New York City. To ensure this.
Government should accumulate Coy sell
ing bonds, etc. at least n hundred
and fifty million dollars in specie. in the
vaults Of said Assistant Treasurer. and
aim to retain that ~ . minimum
amount, at all times, to insure conf
dence and provide for contingencies.
The fact that California yielded. In 1878.
scventy-two million two hundred and
f~ortv-cight thousand dollsYs in specie.
proves no apprehension need 10 felt on
the matter Of this reeervs. Moreover.
as soon as the people understand they
a have specie for the asking. they viii
not want it, as every R will prefer to
carry United States notes IN their pock-
cts as more convenient and equally
valuable.
This proposed separation Of circu!a
ton from banks Of discoum and dcl,c--
1t, would establish banking proper on .
legitimate basis, and transfer 10 the
General Government. where II undorbt-
eddy belongs, the circulation Of the pco-
pie for the sole benefit of all. This
principle is the same A. recognized and
acted on By the bank Of England. That
institution has cut or the issue from
the discount department As com
pietely as fit were another corporation.
Why should not we improve by their
example,