The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-09-08


There is no question whatever that the
present system OF national paper currency is
the safest we have ever had. The payment OF
the bills of the National banks is absolutely
secured, and if now the reserves in the banks
were coin instead OF greenbacks they would at
once answer all the requirements OF currency;
for when gold should be needed for particu-
lar purpose it would be forthcoming on demand.
The system at present is theoretically that OF
free banking, but practically it is not SO, be-
cause the bonds required to be deposited as Sc
curty for the bills issued are at SO high pre-
MUM that new banks are placed at decided
disadvantage as compared with those early es-
tablshed. Let this be remedied and some
other notifications made with the bills con-
yertible into coin on demand, and better
banking system or better currency need not
be asked for. They would stand all the tests
of theory and practice for a good currency. And
an adoption OF the free banking feature would
subject them to the same self-adjusting laws as
to volume &C., which regulate the trade OF
the world Establish practically
free banking on specie basis and the law OF
supply and demand will without strain or dis
turbance settle it 1.-THE question as to whether
our currency it redundant or not] so that no
body will question its correctness -Argus,
Jan. A. 1876.
And it IN. Y. Commercial Bulletin] asserts
what it will be very difficult to controvert,
that provided United States notes are ade-
quately covered with coin, the banks can use
them as the representatives OF coin just as well
as they could use the coin ITSELF
Then he [Ante-Bellum says we have a cur
rency the most costly,-our people paying for
it $122, 100000 year, or some sixteen per cent
on the amount. How this is figured out we do
not see. The greenbacks and fractional cur
rency costs only the printing and the bank
notes only the interest paid on them the same as
in ante-bellum days. The interest paid on the
bonds deposited as security for the bills IS
properly included as part of the taxation
which burdens the people; but 1t is not quite
clear how this amount can be properly counted
again as part OF the cost OIL Une currency
Argus, Jan. q, 1876.
That the greenbacks and fractional currency
cost only the printing is obvious. That there
is any element in the cost of bank notes which
naturally should or does increase the rate OF
interest to be paid for the use of them as mon
ey, we are not able to see. They stand there
fore in this respect just like the State bank
notes of other days, and the taxation paid by
the banks their current expenses, &c., do not
legi.inately enter into the cost OF the currency
any more now than they did then
With free banking Incorporated on the system
as is now done, and made practicable, as is not
yet done, competition would soon bring the
business down to fair profits, and with resump-
ton Of specie payments we are unable to see
why these bank notes would not be as cheap
as they would as safe a currency as could be
devised.-Argus, Feb s; 1876.
WHAT IT THOUGHT OF THE LEGAL-TENDER DE-
CISION.
The Republican party is Cooking to the re-
sumption of specie payments"-the same as t
has been for the past ten years-and rowing
the other way! 1t packed the Supreme Court
to reverse hard money decision, and only last
Winter added twenty-six millions to the vol
ume of rag money! February %, 1876
Our readers will remember the interest and
excitement that attended the discussions upon,
and the subsequent decision by the Supreme
Court CT the United States, establishing the
standing of, the legal-tender notes $50 called)
and how that President Grant, under authority
from Republican Congress, packed the Su-
preme Court by the appointment OF two new
justices to secure reversal OF the former right
eous judgment and the setting up OF false law
in place of the true.-May 4, 1868.
WHAT IT THoTGHT OF EXECUTIVE vETos.
The recommendation of constitutional al
amendments touching legislation in the last
hours of the session of Congress and authority
to the Executive to veto portion OF Dill we
trust will be unhesitatingly adopted. Ihey
are needful and unqualifedly good reforms
that ought not to be delayed-Argus Dec. 4,
1878.
WHAT IT THOUGHT OF BILLS OF CREDIT.
The fact that bills of credit which afterwards
became worthless made the revolution sue
cess, if they did that would hardly justify us in
attempting to obtain sound currency by SIM
liar means. We certainly need to avoid any
experiment predoomed to failure for such fall
ure would fall most heavily upon the classes
that already suffer most severely-the produc-
ers Of the country.--Argus, June q, 1878,