Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1879-09-18

them at will. And it ia proposed also to take
possession Of the bonds deposited to secure
bank currency, and tell the owners Of those
banks that they must take fiat money or moth
ing. This would be double violation Of pub
lie faith. The bonds are expressly PAYABLE in
coin at maturity. To call them before maturi-
ty and force payment in paper tickets would be
simply robbery. Again, the bonds are, placed
in the keeping OF the government ~ pledge
for one specific purpose and to be returned on
certain specified conditions. For the govern
ment to take possession Of these bonds in vio-
lation Of these conditions would be the grossest
kind of an outrage direct violation Of ma
tonal contract, and could not fail to reflect dis
astrously on the credit Of the government and
the business Of the country.
THE THEORY OF GOVERNMENT ISSUING ALL THE
MONEY.
But suppose all this were done and we have
adopted the theory Of congress issuing all the
money, what kind Of system would that be ?
Under the present general aud free banking
law, il more currency is nseded in any commu-
nifty at any tins the banks Of that community
can get it within . few days. For instance
WIEN they they have en- exhs large wheat crop
in Minnesota requiring an unusual amount ef
currency to move it, the National banks Of
Minnesota can get Just what is needed just at
the time it is needed. II congress only could
issue money this could not be done. Congress
might not be in session just when Minnesota
needed more currency, and If congress WIS in
session you couldn't get bill passed fer the
purpose in six months. And how woulc Con-
gress know how much currency was needed and
just where it was needed2 Who, for Instance,
would be willing to leave ii to the judgment Of
Col. Bouck to say just how much currency there
should be in this congressional district? Does
he know any better than the bankers who are
in the business and are watching the conditions
Of business to know the demands and keep the
supply equal to them? Certainly he cannot
And il it would be unwise to delegate that pow
or to one man for each congressional district
it would be more unwise to delegate in the ag-
gregate to the whole congress for The whole
country for then there would be dispute and
dissention, forever making business uncertain
and unsafe. The House Of Representatives
might want to issue more currency and the Sen
ate might not concur. Or both House and SEN
ate might agree to issue more, and the Presl-
dent veto the bill and so the thing is set about
with innumerable objections. We want cur
rency regulated according to the demands OF
trade" say our greenback friends. Then the
way to have it is to let the demands Of trade
egulate it. And this is effectively done by the
National Banking system. How is congress to
know what the demands OF trade are?
POLITICAL MONEY.
But just 30 long as congress should have the
absolute power of regulating the volume OF
currency, the subject would be one Of perpetual
political agitation. Demagogues would always
be found trying to get elected to congress by
telling the people that they need more money,
and instead Of currency egulated by the wants
Of trade, we would have one regulated by the
wants Of office-holders, a political currency.
AUTHORS OF THE NATIONAL BANK ACT.
Salmon P. Chase and Abraham Lincoln are
more responsible for the National Banking sys-
tenn than any other men. Ir. Chase urged its
adoption in his reports and Mr.. Lincoln in his
messages to congress and it had the universal
support of such mon as Charles Sumner, Henry
Wilson, Thad Stevens, Horace Greeley, and in
deed all the eminent men Of the time who IA
vored the prosecution of the war and the main
tainance Of the public credit. These men were
neither knaves nor fools. They did not desire
to Cypress but to protect the people and the
system they devised does protect the
people liter than any other banking
system .ver did-protects them from all
losses from bad money-protects them
from ounterfets-protects them from fraud
ulent banks without capital-and protects
depositors 30 that they do not lose in dealing
with National Banks per cent. Of what they
lose in dealing with other systems. Banks are
most essential to the conduct Of business We
cannot do business now without them. Surely
a system 30 safe aud reliable not only as to cur
rency and its regulation, but as to deposits,
discounts and exchanges ought not to be des-
troyed till we are sure we have something bet
ter to take its place. The greatest, purest
statesman Of our counny gave their most care
full attention to so perfecting this svstem AZ TO
protect the people And it ought not to be
condemned at the command Of such men as
Sam Gary and Brick Pomeroy. When they are
as much entitled to public respect and conf
NJ anA Chase
time enough to break down what Lincoln and
Chase 80 laboriously built up, at their instiga-
ton and command. II the people would only
look into these subjects for themselves instead
of taking the assertions Of political demagogues
about them they would discover what the facts
are, VIXEN they are protected by law and who
are the real friends OF the people.