Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-02


cigclstoa aud The of the currency remains
exactly the sauc. IL Is evident that. while silver
coin can bo largely ana g hVehish'y useu ~ 'ue m
small transactions % retail trade as soF ot toAen
money! IL will hot hong he able 10 maintain i1Sri
anywhere in the civilized world as Standard OF
value and unlimited legal tendet 10 tAe graz
transactions Of business. congress al Its ias Ses-
san restored the fuIi legal tender character OF the
silver dollar aud ordered the coinage of not rSS thai
eco 600 nor more Ihzu GO. coo Of silver dollars per
month"; How will tniS work. Great predictions nave
made OF rres and prosperity 10 follow im me
laiev uiou The passage Of this act. and on the ether
hand Of evil cons e Iarnces- - FAR no great effect
either way has been visible. The minis have sieadiy
coined their millions per month: but although
the people % the United states were represented AZ
fairly burning with love for the dollar Of the iathefS
nobody se"nIS now anxious 20 have ~ Jingle IN ms
pocket. Tie bullion value OF the dolar i at pres
ent about eiehiy-sryen cents In gold. with DOWN
ward tendency How Is IL possible that silver dol
lars will at par long the quantity issued re-
mains within that volume which can be used as
token nuHey In small retail transactions: How large
that quantity l. only experience can determine
But II seems Inevitable that. sOOu tina; guam
tty IS exceeded by tie silver dollars put into eirc-
Iafinn, silver dollars will be quoted at
discount A. 10 gold, o.. In other "oids' sou va,
beer prelntuin as 10 SILVER, ah1 We sh1''
have the oil uncertainty and the sanblins Sieeua-
iioR of the gold room in Wall street once more.
And what viii fOilows As more ana more siFer
money Is Put into circulation the OLD universal law
that the Inferior currency drives out the superior
one will operate again sold Will leave the country
and silver coin will remain only metallic cur
rracy. We shall then have reached the con-
di1ton In which the Chinese have been
cratic friends In ohio seem in a particular
hurry reach that condition. for they loudly de-
Inand the coinage Of silver. which is now limit
ell tn four millions per month. shall be relieved OF
ali restrictions. But csnnot permit myself 70
d CUB; that. when with the actual resumption OF
specie Payments a better order OF thinSs ana
: revival Of prosperity dawnS upon Us.
the American people will he disposed 10 dispose
of this Question also with a n.rc diSpas>ion-
are and clearer Judgment The third thing which
pointed necessary. 10 lay the fOnndatlOn Tor
sound business and prosperity. is well regulated
and banking system depository for business
funds and a machinery for business exchanges
How sarprIsingy important part Of our econom-
ical organism banks have become need not ex-
plain Every practical business man a. well as every
student of the subject knows it. The American
people Of This generation have In IN resp ct gone
through lively variety Of experiences from the wild
cat State banks which existed before the wr. 10 the
National banking system Of to-day. What qualities
must a bank possess. that you may II good
one. II II bank OF issue It's notes must be well
secured aBd surrounded with such guarantees OF
eonvertbIiy that they may pass throughout the
land without discount and vithou; danger OF loss 10
anybody Second. its deposits must De well secured
by reserves, 80 10 be reasonably safe. Third its
discounts and loan business must be conducted With-
ou; extortiOn So as To afford reasonable accomrno-
daiion TO the business community When he banks
OF the country possess these qualities they are a
blessing the business community. worth untold
millions wear after year When the banks do not
possess quail ties they the sourceoi Infinite
dstrust and restcSsness for their business walks as
" thin crust OF ice, In canseF oil breaking
through every moment.
coMPARING THE OLD AND NEW BANK SYSTEMS
Nov compare the state bank system. as il existed
before the war, with our National banking system
a. It exists now, and what do you dad. Unler the
State bank system have partial and general sus-
pensions and bTeakdowns OF bsnks-in lsOs- isl4,
1919 Iss5, 1884, 1887, 1879, 1871 aud 1s59-re-
sulfing In aggregate losses OF hundreds OF millions
10 bIholdsrs and depOstors and the most disastrous
confusion in the business Of tho country. our Ma
tlouaI banking has now been in existence for
about fifteen years. IL has passed through imam
Furtlf 4nl ruDF
perhaps. than any that ever swept over this iand
And what has been the result! Not single holder
Of a National bank note has lost a cent: and the
whole suffered by depositors I'm National ban IS
during the whole perod of their existence INCLUDE
ing these i've terrible OF collapse and dstrust
amounted to about six million dollars. loss less
than suffered by depositorS in Slate and savings
banks this year alone These are facts which ean-
no; he disputed. These banks have stood success
fully a trial which no bankiu. SYSTEM in this
try stood before And uow we are told that the
National banking system Is unpopular and must
be abolished. do not hesitate 10 say. gentlemen, II
(, not t-tle that the National banks unpopular
Whence comes the bout their unpopulsTity. lwl
tell y"u. political agitafOrs 10 make capital Tor
themselves and against their opponents. d d-nounce
the National banks as monopoly. oppressive 10 the
people. aud then multitude OF other
politicians, with their usual pus.llaniinity,
bend before tie breeze. That Is all
Bur YOU may say why not deprive the National
banks OF this currency saving the interest on
their bonds. and then stih Keep them under the
sirict government supervision which maSes
them As safe / will tell yoa why not
tiOn Was the principal Thing which induced those
CORPORATIONS 70 come into organize under the Ss-
tiunaI system. AMI TO submit To- the rigorous govern
Tn-nt supervision. which Is by means pleasant TO
them. Deprive them OF that beueht. aud most II
not all the 400 sTiOEIl bank noT in existence
will Withdraw from The <atiOh1 al system ana become
State banks again. NOu cannot eat your cake and
Seep Joo. sim o;hsr reasons why the
withdrawal Of the National bank CURRENCY and the
substitution therefor Of greeubacks appears 10 he
highly detrimental 20 the public interest viii not
90 into a discussion Of the question whether new
issue OF greeubscks- government paper money, IN
/ times Of peace. would Je constitutional or not !
ain strongly OF the Opin'O that they would not bs
/ constitutional. bat having that aside eyrn
/ if the Constitution did not stand IN the
way. the following points are Of decisive
importance The Substitution or greenbacSs
for National Bank notes. as / have already SHOWN,
possible. only at present buJ for an indefHiif
/ time. IL would launch Us ont again upon sea OF
| irTeleemabie paper money without rudder or CON-
/ pass
] A CURRENCY ELASTIC IN VOLUME.
| Our National Bank currency Possesses quality
very important the business % the country which
I the Government paper currency does not possess II
is the quality Of elasticity. Have you not all beer
demanding currency elastic in volume? Well, The
| bank currency Is. The Government paper currency
Is not. The volume OF bank currency. under
1 weiI-regu!arei system. Is determined nv the re-
/ quircmenrs OF the business OF the country. Wnef
/ more is needed It will become profitable 10 issn'
more. aud it will BE issued. When les Is needed.
I Tue excess lttNs tatk 10 lAe uAiAS- st4i'
J withdraWs. Il l. seii-2diustins Process ThC
{ volume Of Government paper circulating i liked by
law. aud that law is made by politicians. what
[ ever the~ehangin. needs Of the business may lie,
tlzt volume OF the Governments paper currency re-
mains fNed until through the slow and cumbersome
[ machinery of legislation the law Is changed again
| b. politicians. Aud Of all human agencies 70 de-
terlue the volume OF currency needed bv business.
business itself j. the reliable and best, and
/ set OF politicians Is the ulsAfrst and worst The
Government sad banker. Jut II well Administered
i; inay he good bank controller, as II proved In
Z this instance. il = very Important respect then,
l National hank currency bcin. equally safe A. u
value. Is vastly superior 20 greenhack> aud every
Z tEiuEinr business mau knows that II &, -.
/ Wat uiher objections are there 90 the Se,luus
J baEEss That. Democrats say. the National bank
su~geurs being based upou United states hOads the
maintenance 81 that circulation viii tend % perrt-
is about g. soc. 0O0 tCe wull respectfully ask oul
Democratic friends vhetier they are IN srch hurry
10 put heir hands IL their pockets TO pay od those
81 800 600 coo this year next: VIII IL not even
unlr- favorable circumstances, take AZ least
Twenty-Five or thirty years TO accom-
plish that wors But while we have
lie National dert. Will IL not be well Q
put !: 10 the best can: When. At last. afiei
twenty-five or thirty yeaIs. have pad it Cr.
unril we COME down 20 the last 500 ooc. eco, will
not theu be time enough TO discuss whether ir T1l
be pay OF that little amount, OF 10 keep IL a
1 q basis for bank circulation ~upp"se We sdi1ErI
tai, debate ButII--yer.pd- Let suggest t.iIr 4
Is useless 70 borrow trouble until that peruG: let
, suggest that 10 is useless borrow trouble GboU
( eggs 10 laid quarter OF century hence
Irdesl this objection shows the extreme poverty
! argument 10 which tic opponents % tiIe NaiiunS
I hlHE system reduced IEeir last point rs Ih.s
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