Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-23
Suggestions for Honest Money
So. Men.


When a friend OF Honest Money hears Il
greenbacker denouDcing national banks AS
a great monopoly. just remind him that
banking is free. that national banks may
be established anywhere, and by any per-
sons that can command the means to pur-
chase the bonds necessary 10 secure their
circulating notes so that they will be safe
for the people who take them. The gov
eminent makes no restriction except what
is needful To protect :be bill-holders. The
wants of commun,ties and their. resources
control entirely the establishment OF ma
tional banks. This is very different
thing from monopoly.
When you hear greenbackers denounc
ing national banks as Institutions created
only FOR the benefit of bankers, and max
ing immense profits. you can present them
these facts the national banks pay direct
government taxes of S7.076, 0S7, and &c.,
701. 732 to States, counties and municipali-
ties. The government pays them $751;
000, 600 for interest on the bonds which
they deposit to secure their bills. and they
pay back TO the nation in taxes the whole
of this SUN and MORE THAN TWO
MILLION DOLLARS beside. At a
vast expense they become responsible
for. the safe keeping Of the money
OF the whole community; they man
age all the loans and financial trans
actions of the government and the peo-
pie both, 10 all their extent; they are
taxed on their capital, taxed on their cir
culation. taxed on their deposits, and sub
jected to a limitation on the rate OF interest
which they may demand. Under all these
burdens. they have given to the country
the best currency by far that it ever has
had in the whole century of its existence
"a currency which, for the union OF safety
with convenience. cannot be matched
As to profits, the business Of banking un-
der the national banking system is not so
large but that banks in our State aud other
States havs given up their circulation and
iuO stcui OtHef Uhuhs
are considering taking the same step.
When man is so far gone in the green
back delusiUn as 10 argue in favor OF fiat
money" "absolute money" then it is use
less TO attempt to talk with him about
banks of any kind, for all that would be
needed upder the fiat money" system,
would be mills enough TO grind out paper
dollars to suit the wants of the "absolute
money" lunatics. When one supply was
exhausted another could be ground out,
SO Of course repositories Of money would
be useless. Beside the money itself would
be worthless and nobody would care to
keep it.
When the straddling plan is advocated
to retire bank notes and issue instead
government notes redeemable 10 Coin
inquire of the straddler it he proposes to
have the government 90 into the banking
business and the currency made the foot
ball of political parties; and whether the
country did not get enough OF that kind OF
coonsbk ~ viz oeJ VI huuicW
and. fualiy. II he understands fully what
he means and what the effect of his prop
Ositon would be If it We're carried into
effect. The men who advocate this prop
osition want TO keep up the appearance of
being In favor OF sound currency, but they
throw out the idea OF greenback cur
rency as a sop to the greenbackers, or
bridge to keep upa connection with them.
They occupy dishonest position. A
square greenbacker is more manly in his
attitude than a slraddler.
There are but two sides in this contest.
those who are for Honest Money and those
who are opposed. There is no middle
ground to stand upon. Every man will
cast bis influence upon one side or the
other.
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