Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-10-16

tate TO take national bank note as good.
no matter whether the bank whose name it
bears is located in Texas or Mass achusetts.
in New York or in Oregon? Never. The
national bank note is, therefore, not only
better and safer bank currency than we
ever had in this country, but as good and
safe as exists in any other.
sAFETYsAND UNIFORMITY.
In point of safety and uniformity OF value
the greenback certainly does not excel It.
Bus in another respect the national bank
note is, as paper currency, vastly prefer.
able to the greenback. The volume Of gov
ernment paper money must necessarily be
determined by law; that is, ia our case. bv
the opinion of majority OF congress. the
executive concurring. Once so determined.
it remains fixed and rigid, no matter wheth
er the business of the country demands
more or less currency than is out. until at
another legislative session it can be changed.
and then it remains fixed and rigid again.
For il can not be assumed that the exec.
utive would be intrusted with the discre-
tionary power to contract and expand it at
pleasure. 1t is not necessary to discuss
how this would work with such a paper
currency if convertible into coin, for as I
have shown, the plan of the Ohio
Democracy tends clearly and newt
!
convertible again. Nov imagine what the
consequences would be if the fnanciers of
the "Ohio idea" school were in possession
OF the government, and intrusted with the
power to determine according to their no.
tons how much money the country is to
have in circulation from time to time. But
even under more propitious circumstances
the volume of the currency would depend
upon the fiat of politicians, and, therefore
hn louc To- n IL
tives and influences foreign to the business
interests of the country. Il would constant
iy remain the subject of uncertainty and
agitation; and, as every sensible man
knows, such uncertainty and agitation can
never fail to be highly prejudicial to that
confidence which is necessary for the sue
cessful conduct OF business
1t is not SO with national banks notes
The volume of these bank notes, under a
sufficiently strict system of redemption,
will adjust itself to the fuctuating demands
of business without the interference of the
government. When more is wanted, the
banks will find it profitable to issue more.
| When there is an excess, it will flow back
upon the banks for reduction. The gentle
men OF the Ewing persuasion need not in.
dulge in the foolish fear that the banks
will try to make money by unnecessary,
artificial and ruinous contraction, for il is
the contrary, the tendency will rather be
in the opposite direction, and it will require
very strict and reliable System of
redemption to restrain that tendeu-
cy. But with such a system our
national bank currency will be entirely
self-adjusting; it will be reliably governed
by the wants of trade, and, therefore, the
best currency for the general interest of
business. And this is the bank currency the
/ IN
want to destroy it because, as they say, it
costs ten millions year. The regulator in
steam engine costs something. You can
save few dollars in buying an engine
without regulator; but only foolish M an
will forget that the regulator will save a
hundred times its cost in the working of
the machine.
The constant and mischievous agitation
| of the Ohio school OF Democrats for the de
struction of the national bank currency
and the substitution OF greenbacks NAV,
however, serve one good purpose. 1t will
at last convice every sensible man, that, as
long as government paper currency ex-
lists, the agitation for an expansion of that
currency will never cease to disturb the
public mind, to thresten the maintenance
of specie payments, to endanger the public
credit and to undermine that foundation
upon which alone the business of the coun-
system. 1t will at last convince even that
class OF well.meaning men, who, al
| though in favor of honest money
have been affected by that sentiments
al ldolatry of the greenbsck which mas con.
| fused so many minds, that, after all, under
our constitution, as in every well-regulated
polity, it is not a legitimate function of the
government to be bank of issue; that in
the public interest it is necessary to take
the volume of the currency out of politics;
that it is the business of the country to coin
real money and not to print notes; to see
that the coin struck in the minis be of the
standard value; to prevent and punish
counterfsiting; to regulate the banking sys-
tenn by law so as TO make it safe; to act as
bank comptroller so as to keep it afe,-and,
as for the rest, to let currency and trade in
their relations take care of themselves with
out arbitrarily interfering with either.