The examiner., 1882-03-11
Banking and Governing g

Some people are afraid chat if the government should e.Iops the Green back theory and issue all the paper money which the people want directly it would be going into the banking business, which would be bad thing to do. There are bankers plenty who both preach and practice on the the- ory that the issue of currency is not a legitimate function of banking, and they get along, do business and make profits without issuing currency, which they are willing 10 leave to the govern ment and its associates.
 Now there are other banks that ar in partnership with the government in this matter of issuing currency, and the government has already become involved in the banking business to such an extent as necessitate the ere ation of particular bureau presided over by comptroller of the currency, so that the government is already com mitted to SO much of the banking busi- ness as is involved in furnishing pa per circulation to the people. There appears to be no objection to this on the part of the national banks and their friends. They are entirely willing this system shall be extended indein- itely both in its volume and time; but the objection is to the government do- ing alone and directly what it is do ing in conjunction with the banks and by indirection
 For full twenty years the direct method has been tried, and for nearly twenty years the indirect has been in operation; the direct method has not cost the government. cent, on the contrary it is notorious, and proved by the testi- mony of public officials, that the method had actually involved profit to the government. This cannot be said ot the other indirect method, which has at least cost the entire amount of the interest on the bonds upon which the currency is based, while the control over business and public measures which the banks are enabled to exercise is as much or more against public in terest than the interest burden of the bonds. The danger to the country does not lie in the direction of the gov ernment becoming so much of 8 banker as to furnish the entire volume of cir culasing money as it lies il the abdi- cation of @ part of it's governmental sovereignty. The danger lies in the banks going into the governing business. Here is where the trouble lies, and here is the danger that is to be met and overcome. Already they have the laws framed in their interest; already have they bound large part of the land in shackles; although some may look on these shackles as mere adornment, they will find free action fettered by them and that greater burdens will be added year by year until all the people will be made beasts of burden or draught animals in the service of select few, who will then press the government into any business they choose.
 We are told that it is altog ether dan gerous to prolong the greenback part of the war debt over period of peace. These paper tokens of money were a war measure, and as such cannot be too soon put out of the way. This kind of talk comes with an ill grace and with every evidence of deceit from a party which is doing it's utmost to extend into futurity the kindred and far more ob- noxious war measure, the bonds. If war measures should expire as soon as possible after the war which called them forth has passed, most assuredly every bond should be paid as soon as possible. After they are out of the way will be time enough to attack the less harmful and more useful non-interest bearing note.
 Let us sum up: The national banking system involves the governm ent in the banking business most certainly and at great cost. It also imparts too much governing power to banking corpor. ations, and it extends an obnoxious and costly war measure indefinitely through aperiod of peace, while no good comes to the country which cannot be better secured and at far less cost; hence we concluded that the national bankine system must be suppressed and the cir. cnlation restored to the governm ent, to which it belongs. - Wisconsi,a Standard.