The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1883-09-20
THE ONE.PEK.CENT. BANk-NOrE
TAXATION.

THE ONE.PEK.cENT. BANk-NOTE
TAXATION.
Id l. u Gr.cnhack Editnr,a, In Leading
Republican napcr--i,.ad and Take
Hcart,
From thn CHICAGO Tribune
At the last session If Congress the
National Banks received espcc al nj.
tention. The taxes on capital. IN to-
posts. and IN hank checks mcsc t.
moved, No other single interest VAS
relieved 50 generously. Ry these
measures the National Banks were freed
ot not less than Sh,nM.noa (Sh,aaa, soa
of taxes. But this docs not appear IL
satisfy some of them. aaa they have
now begun an agitation iii New York
for tho repeal Of the tax oi per cent,
on circulation.
The right 10 issue the money Of the
people is delegation OF the sovereign
power of the Government. This power
should not hc gi,ea IL private corpora
tions. ii NJ all. without, the most string
oh, regulations, nor ample quia pro
quo. in retura, to he rendered Ia the
people. All peoples have iealou~ly
guarded their prerogative oi eotning
money whether on metal or paper,
Money is the peoples medium Of eN.
change, and the people must control il,
Planting capital in banks, receiving lie.
posts and lending them out, and buy
ing aud selling exchange, and discount.
ing notes are essential pagts Of bank
ing, but coming money is not, Ii for
any rea>oa that sovereign power oil the
emission Of currency u delegated to
private bodies, il should be exercised
II der restraints al the most careful
kind, and tribute for the privilege
should be exactcd i'll sufficient amount
to remind the corporations that what
they are doing is i'll no sense whatever
IN appendagc of the banking business,
n something which could become II
vested right, but the mere temporary
assignment on suileranec os u sovereign
prerogativr.
Tn such grounds as these We onpos
the removal Of the tax on circulatloa,
1t is an anomaly tlat the circulation III
the country should he issued - with
drawn Mt the pleasure of private eapi.
talists, or, what is tho same thing, hank
corporations. This is one of those
matters in which the eternal vigilance
to which they are being continually ex-
hortel takes tho proper form III
jealousy. We are Jealous OF the power
Of the National banks To coin and issue
money. We all remember how the
National hanks, when ii VAS proposed
tia. tho Funding bill should compel
them h take ont the u per cents as
security for their circulation in place ri
the either issue they held, produced il
few days n very respectable panic ly
tho simultaneous withdrawal of tier
circulation notes, We did not defend
the compulsory clause of that hill
hut the incident il none tho less sn
excellent illustration oil what risks
are run 10y leaving tho coatrol
of the volume Of circulating money
in hands of private bodies, Mt thai,
we are ready ID propose to take away
the circulation If the hanks, The sys~
ten. has been slowly built up, and many
interests Of one kind or another arc IN
twinel about il. But We are unalter-
ably opposed tn any concessions tn the
National hanks on the circulation ssae
of the ledger. Issuing money is part
of their business not Ia he exercised
without the most ample recognition in
taxes and all othcr necessary WAYS of
their Tributary relation tn the Govern
ment Ii they are not ready to pay
per cent. year un circulation, We
are ready To see them drop it: AMI
VT have no fear the Government will
be nj fault in providing money to
take the place III tho National
bank notes, The work is done now l,y
the Government for the mos. part.
The Government takes care of the
security bonds, engtavcs the notes,
prints them, rcd.ems them when worn
or defaced, and gives out new nates !,
examines them periodically, and il one
fails, helps to wind up its affairs. Tho
work is worth | rer cent. The Gov.
eminent would have less to do il il,
furnished all the paper currency itscl'i
| The DRIFT Of our financial affairs is
certainly toward the disappearance Of
the National-bank notes. The circuln.
ton has begun III decline. and the ~. :
tinuance Of tho redemption Of the
bonds will accelerate this tendency
Before the end oil this year the Gov
ernmont will ho paying oil tho 3-per-
cents, on which 50 muca Of the lat L
circulation is issued Already ii IL,
| noticeable that it is the smallest and
weakest banks that have out the largest
circulation, while the great banks, n, IN
| Chicago, in New York, Boston. phila.
delpii,, Cincinnati, st. Louis ana
Baltimore, have mostly put Their or.
culation 10 the lowest figure allowed hs
the law. We shall not regret il in the
course of time the banks are lack nj
their legitimate business Of, receiving
deposit making loanss shaving pap /.
selling soraign exchange, and, the sole
issuance If money, whether gold, silver
or paper, IN in the hands of the Coy.
eminent, where IL properly belong,
! Chicago Tribune,
More Digniifcd.
! We'll, and how about your ma
r'aee2" II have broken ii off" "lo"
haven't, haze yan?" Yes. Ny In
tended fathes-in-law wanted ref T.
enees." "And YOU were offended p
Not NJ all only as | knew he wonld
broken OF the engagement afterMara.
preferred 10 have the start of him, AID
l. -.