Mexico weekly ledger., 1880-02-12
THE CERRENC'
Ought Not 10 Be Entrusted to Shylocks

Our currency is made up of coin
and notes, all of which are legal ten
ders. Not only is the profit arising
from the notes of such a circulation
very great at all times, and therefore,
aconstant temptation to the over issue
of them, but there are periods, also,
continually recurring when demand
for more money is imperative enough
to be irresistible. 1t is this facility
of being over-issued and deprecated,
that attaches to u currency, which
renders it possible of being used in
judlciously. If, when legal tenders
are too plenty, they could be refused,
the danger alluded to might be either
escaped or the damage arising there
from repaired. When ordinary banks
fail, the loss of even millions through
their paper is speedily replaced. But
it is the nature of such a currency as
ours, that it connot be rejected. In
stead of being capable of forced into
retiracy, like ordinary bank paper, on
being over-issued. it remains to in
crease values. How important then,
is it that abundant provision should
be made to keep the currency at all
times in what be designated as its
normal condition? In order to fur
nish rules for the management Of cur
~rencies, certain economists have COM
pared national calculations. As ap-
piled to the United States, nothing
can be more fallacious than dicta de-
rived from such sources. The people
of this country are distinguished from
other populations by their free use OF
money, and small C about its
source of supply. Except among the
blacks, there is little individual
boarding. AS soon as money is re-
ceived it is either paid out, invested
OF deposited. Such a people, there
fore, require less money per capita
than most Others aud conclusions as
to the amount of it actually necessary
to the successful conduct of its bust
ness, cannot be reached from consid-
ering the average amount used by
other nations differing from it in their
financial habits. Nothing short of
actual experience through a series of
years, can furnish reliable conception
of the amount of assistance our coin
must derive from paper to furnish a
currency In every way conducive to
continued public and individual pros
perity.
In other countries the rapidity with
which values are ascending, would
indicate that our currency is becom-
ing redundant and yet, such is the
confidence reposed in both govern
ment and the banks, and such the
almost universal desire for higher
prices, that no one thinks of asking
either to redeem their paper. All the
g%reenbacks are out, and the banks
are increasing their notes without re-
striction of any sort, beyond putting
up bonds to C them. A propo-
sition to compel them to keep coin
reserves is voted down, and well
enough must be let alone.
What the people of this country
must insist on, however, is retention
vf control of the volume of the cur
rency. Because they spend their
means freely, they ought not become
Indifferent to the character of thelr
money. Their welfare is intimately
connected with proper regulation O.
it., and property is too vast an inter.
est to commit to S~hylocks. The PEG.
pie are the most reliable party to be
entrusted with it. AS taxpayers too.
they are entitled to the relief of car
ryIng IS large a non-interest bearing
debt as on trial shall be found to b.
consistent with a healthy currency
and after furnishing coin basis 70
the entire circulation, they ought no
to divide the profit of issuing pape
with the banks. Z,