The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1882-01-26

up their own notes was likely 10 be-
como a law, they said, .sMe will
have The premium on orr bonds now
rs----IsEake the profit and bc done
with IL" The merit of this system
heretofore has been that il WAS elastic,
or claimed To be so, but that procedure
by the hanks shows that it is not elastic
in the sense in which that claim has
heretofore been made. In other words,
il does not respond to the wants of the
country for currency; il does not take
out more only when the country wants
more; il does not retire the currency
when the country wants less. In tins
instance it was retired because they
could make n profit for themselves at
that particular time irrespective oi the
wants of the country for currency
That was very proper thing so far as
they were concerned; they are not 10 be
reproached for il; they are in business
for the purpose of making money but
the country wants n currency that re-
spends TO the demands of the merchants,
of the stock growers, of the men who
use money, and responds to il inevitably
and always, not by the enlargement of
the currency, but by a contraction of
il if contraction has become necessary.
This illustrates one of the conspicu-
Gus weaknesses of the system. The
only thing necessary to say about the
national bank system is that it depends
now upon the national debt. 1t was in
tended in its inception as an experiment;
il was intended merely for the war,
There is no other case in the history of
I, - in, NH 81, al.
for twenty years only has been granted
for the performance of any great func-
ton. 1t therefore was experimental. II
was a war measure, and that alone.
There are men who attack and men who
defend the national banks, but all the
way through this question, like the
question of tariff and the question of in
ternal revenue taxation and a hundred
other questions, is embarrassed by the
question of the existence of the national
debt.
Let US take the national debt out of
the way, and if the national banking
system is good enough to stand by itself
it is good enough to be adopted dc a0U0.
If it is good enough TO commend itself
10 the judgment of the American people.
irrespective of the existence of the ma
tional debt, then thlnk that the Amer
lNtAL ECOpA~ as OA IAA6 nAOA
and in the other branch of congress will
be able to find it out.
All the way through, whenever We
come to discuss economic questions,
when we come to discuss financial ques-
tons, we are embarrassed by the consid-
Grafton that we have got q national debt
pressing upon US and that we must not
do certain things because 1t touches the
national debt, or we must do it because
of the national debt. i say that every
interest in this land is
embarrassed by this question
of the national debt-the tariff, Internal
revenue taxation, questions of finance
and until we get rid Of that we shall
never be able to discuss these questions
upon platform which is solely and only
for the best interests of the country and
its people.
osition to take $50,000,000 out OF the
treasury. 1t will be observed that my
amendment as now proposed keeps the
redemption fund in the treasury at
800, 100000. l think that whatever
else is done limit to that fund ought
TO be fixed, beyond which the secretary
of the treasury should not touch il, and
at this particular point we ought TO be
able to say ''thus far shalt thou go, and
no farther" Why? There is not a day
that rumor as to what the secretary of
the treasury is going to do is not used
for depressing the market in New York
or of increasing values in that market
The treasury Of the United States is
spoken of day by day in the streets of
this city and in Wall street as men
would speak of bucket shop. Men
say that the treasury is going to
IL
600, or $2O,000O00, or $4,000, 900.
and there is great dread in the market
because of the existence of $4,000 900
redemption fund, which, according TO
the testimony of the predecessor of the
present secretary of the treasury, en-
braced in the pages before me. can be
used Mt any moment of time, subject only
to the discretion of the secretary.
II is an unWise and dangerous power
to have lodged anywhere. The fund
ought to be limited. The treasury of
the United States with reference to the
debt, with reference to the volume of
the currency, ought to perform as invol-
untarY an Office as the windmill that
pumps the water into tank along q
railroad. When it is full it stops pump
ing, when it is empty it begins again.
1t ought to be required by law that
ChCtl Vi
the treasury should be paid out as fast
as il comes in.
We want certainty and security, we
want the interests of this
country, IFS railroads, its banks,
its manufacturing establishments,
and all the concerns of this great people
to be free from interruption by POSSIBLE
ity of danger from fluctuatiOn growing
out OF anything that any of our servants
may do. The law, therefore, ought to
fix the fund at some sum. / have said
$100,G00,000. l know that many men
on this floor think that $50, 100000 is
enough. 1t is better to fix it at what is in
treasury, large as it is and greatly in ex-
cess of what is needed, than to leave the
discretion where it is now lodged, be-
cause it is a threat to the interests of this
country, when the treasury of the United
States may be quoted as tender to a
bull or bear speculation in the market
of New York.