Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-01-12
Gladstone and Financial Reform.

GIa0Stone ana flnanCldl neIoTHl'
winsted Comm Press
The hard money financiers of this
country who in their servile imitation
of British systems of finance have
come to look on the advocates of an
American system of finance as rascals
or fools, will hardly know what to do
should their model change itself before
their eyes in the adoption of the lead
ing principles advocated by their op-
pOnents in this country, viz, the SUBJ
stitution of government currency for
bank notes. But if what that reliable
authority, Blackwood's Magazine, says
is true, it would appear to be not at all
impossible that England should take
the lead in the establishment of a pure
ly national currency. That periodical
informs the world Of what is probably
well known in England, that Prime
Minister Gladstone is opposed to the
system of currency now in operation
in England. 1t says:
"Much to the surprise of the banks,
Mr.. Gladstone has set his face against
their bills; and one of his objections,
and the fundamental one, is based upon
his desire and intention to abolish
hank notes altogether"
1t should be understood that Glad
stone has not yet outgrown-or if he
has, does not think it policy to say so
the fallacy and fraud of specie basis,
but he has got so far as to see the pro-
priety of relegating the tissue of curren-
cy to the government, and that is a
long way for conservative English
craftsmanship to get in this age, and
offers furthur evidence that there is
sweeping over the whole civilized por-
ton of the globe of salutary progress
such as has never before had so i'm
ortant an influence of human thought
and action. We are entering upon an
era which will witness the breaking up
of many venerable institutions more or
less fraudulent and inimical to the
welfare of the generality of the people,
and the reformation of abuses under
which millions Of people have been
cheated out of that wholesome reward
due to all who are heavy laden with
the labors and duties of busy world,
the certainty of competency sufficient
to insure them against want during
sickness and old age.
There can be little doubt Of the cor
rectness of the assertion regarding
Gladstone's attitude towards the banks
1t is shown in a parliamentary paper
printed by order of the house of com
mons last June, and containing the cor
respondence between the treasury an(
the three chartered banks of Scotland, re
garding modification of their charter
sought by the banks. These banks de
sired to be allowed to issue notes afte
the manner of our national banks, OF
the basis of government securities, ant
it appears that the proposition me
with the hearty approval of Mr.. Glad
stone, with the exception, and it is a
exception of the most vital Importance
that he took the ground from unde
, the banks by opposing the issue of banl
, currency and advocating a government
! currency. Blackwood says, in contint
alton of the interesting subject, tina
} the idea of the abolition of bank note
{ is "a long cherished" one with Glat
+ stone, and that he is now resolved t
, force the matter upon the attention Q
. parliament and the people, and if pos
t sible compel the banks to surrende
3 their special privilege. These are tn
= words of the above named magazine:
r "One thing made manifest is, tha
: Mr.. Gladstone has reached a new stag
r in his views upon this great question
a and that he is now resolved to procee
= to work in his long cherished idea c
= abolishing bank notes-in other word
: abolishing banks Of issue altogethe
+ and establishing state issue of pape
4 money for the entire kingdom, and ths
n he is resolved to put every possibl
D pressure upon the existing banks in o
Q der to tempt or force them into con
). pliance with his will and purpos
y The fundamental change, amountin
+ to a revolution in the currency of IL
6 United Kingdom, now contemplate
Q and announced by Mr.. Gladstor
It through the treasury, is momentor
+ subject Of vital interest to the bankin
) classes, and to the community at larg
>. Judging from the statements containe
70 in the treasury letters, a bill for IL
" abolition of bank notes and of existir
it banks Of issue, may already be in til
d hands Of the government draughtsme
l. and ready to figure in the ministeri
d programme for the next session Of pa
s. lament.
d 1t would be greatly to the credit
ID American statesmen If they would Il
IN ten to the advocates Of national pap
a money, and take pains to secure Il
ID early adoption Of measures calculat,
As TO restore to the government its fund
De mental ripht To issue the entire curre