Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-11-22
of murder shall receive . handsome chrome
as testimonial of tho esteem Of the COM
munity. b
GREENBACKS ~. NATIONAL BANK
NOTES.

GREENBACKS ~. NATIONAL BANK
NOTES.
It Is understood at Washington that the
report of John J. Knox, comptroller Of the
currency, has been completed, and is now
being considered by Secretary Sherman
with view to incorporating some of it's
recommendations in his annual report. Mr..
Knox cites the fact mentioned by the direc-
tor Of tho mint that by the end Of the
present fiscal year there will probably be six
hundred millions Of coin in the country,
which, added to the currency already in cir
oulation, would give Us circulating medium
amounting to thirteen hundred millions,
which is greatly in excess of the present re-
quirements of trade. Il In order to- diminish
the volume of this currency and prevent q
redundancy, Mr.. Knox proposes that Con
gress at once provide for retiring and can
ceiling the greenbacks, leaving the national
banks q clear field for the issue Of all
paper currency that may, be- needed
by, the business public Mr.. Sher-
man, it is reported, favors delaying the sgi-
tation of the retirement ofegreenbacks for a
time, yet the recommendations Of Mr.. Knox
have made an impression upon him, and he
is seriously considering the question of
whether this is not the best time for settling
the whole problem Of the future paper oirou-
lation OF the country. It Is probable, there
fore, that he will incorporate q recommended
ton in accordance with these views in his
annual report. ;5a3EcE
We do not wonder in the least that these
two worthless should unite in an effort to fleece
the public in favor of tho national banks.
In this they are perfectly consistent, for they
have constantly opposed the circulation of
greenbscks, and done all in their power to
throw discredit upon them. In his speeches
during the late campaign Mr.. Sherman de-.
voted much time to a defense of the nation
al banks and an attempt to
show . that that form = of 2;:@ cur
rency was much preferable to green
backs. He seemed to have forgotten that it
is the endorsement of the national bank bills
that inspired confidence in their value and
gives them currency. To carry ont his argu-
ment it will be necessary to claim that note
issued by the government itself is of less
value than one endorsed by ia most silly
proposition. All the arguments against the
circulation Of greenbacks are fallacious.
They cost the government only about a cent
and half each, and being secured by the
promise of the government to pay are equiv
alent in value to gold itself. This is not
the case with the national bank notes.
They cost infinitely more-are q source of
expense amounting to nearly sixteen mil
lions annually-and the government derives
40 benefit from their circulation. The guar
antor of note of hand, such as the bank
bills are in effect, is entitled to whatever
prodt,may result from the destruction and
mutilation of bills, and of this profit the
government would be deprived in case Of the
retirement Of the greenbacks. q r.. 3, 2; t.f-:
If our currency is redundant the best pol
icy would be to provide for the gradual re-
tirement of national bank notes. The peo-.
pie much prefer the greenbacks. = They are
anxious to have currency that is at once
uniform and stable. The banks not only
draw interest upon the bonds deposited as
security for their circulation, but upon their,
own evidences of indebtedness issued in the
form of circulating notes. This is making
the people pay q little too dearly for their
whistle. 49, -" .t@~ 90 Il
We have little fear, however, that the pres
ent Congress will adopt the suggestions of
Knox and Sherman. The members under
stand the wishes of the people, and will not
run counter to them. '.ua ,~5s..s :,#.