Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1882-01-26
THE CURRENCY,

taken advantage of to put the curren
cy of the country upon permanent
basis. As yet, no comprehensive
money system has been brought for
ward. The measures proposed, SO
far, are not radical, but amendative
only, and consequently temporary in
their character. Whether the cur
rency of the country will be put upon
a solid or enduring basis or not, de-
pends upon the success that monopo-
lists shall attain in consolidating the
Republican party in support of their
interests.
AS to the national banks, it cannot
be denied that the monetary system, of
which they are part, has furnished
the country with the only reliable
bank notes that have circulated at
any period of its history; but, at the
same time, it must not be overlooked
that the acceptability of these notes
has been due wholly to the security
for their prompt payment exacted of
the banks, the endorsement and guar
antee of the notes themselves by gov
ernment, and the provision made for
their reception by banks in payment
of debts due them by other banks
and by the community, and for their
|, liquidation with greenbacks. No
reasonable objection has come from
any quarter to banks as an integral
part Of our monetary system, or to
any of the salutary restraints put up
on them as enumerated. All the
complaints that have been made
about them have had their origin in
too great privileges granted them,
and the grasping and monopolizing
: disposition evinced by them and their
war upon silver. Not satisfied with
the high rate Of interest allowed on
, the bonds deposited to secure their
V Issues, they have sought to evade
: taxation. Not content with being
allowed to participate in currency
making, they have aimed to monopo-
I lize the entire circulation. migrate
# ful that their assets were appreciated
from paper to a coin basis, they
stroye to raise them to an exclusively
. gold standard, forgetful that they
would have been unable to have OBJ
T tanned enough of that metal to have
IS kept their notes at par had they beer
y allowed to have substituted them fol
i greenbacks and silver. 1t is tn,
e grasping and monopolizlng aims o
l. the banks that must be guarded
l. against, and when this shall be dom
!, there can be no reasonable objection
" to their occupation of even a proml
1T nent position in permanent none
"a tary system.
At present they certainly reliev'
n government from the obligation ant
ID necessity of holding a coin reserve il
le the treasury for the redemption Q
IS nearly one-half of the currency
, They also assist in keeping up tn
i, amount of our circulation to its highes
$ A; possible limit, except when their grasp
Id ing and monopolizing instincts lea
e. them to contract it, an abuse of priv
~ =. ilege which all agree should be re
p strained.
H. What is needed is the deposit of
i'll coin security insteaded of bonde
all one. Then shareholders would ban
~ on their own capital, and have tt
Id necessity of earning interest ON it
ed an inducement to keep their notes
l, circulation, and should they at an
~ time present them for cancellation, tt
hSa coin returned for them would r.
lid place them as currency.
With single exception, Englan
demands pound for pound security
nv coin to be held as redemption fur
he for her paper circulation. Taken as
it whole, her currency might not r
'se s quire so great a reserve; bnt
~ particular bank can forsee that Il
oh whole of its issues may not be I
cps turned to it when financial stringent
Ids sets In. That country also perml
~, .,'o banks to hold their reserve
at- M but our financial experience del
,ou onstrates that government shou
ry. guarantee against loss through ba
9ve notes, and hold dollar for dol
itn tn in coin as security for doing it.
in The greenback is the best par
the money that has yet been issued' a
ked though treasury notes receivable
the public dues and redeemable on
drv ir mand might make as good a cure
cv, as the legal tenders, resort
them would be at best an experlme
neG the result of which would have to
The tested. ---------------
ing, PLAIN Speaking.