The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-01-12
The Currency of the Future.

To the Editor of the indianapolis Journal:
The issue Of paper currency circulating
medium is an acknowledged necessity by all civ
ilized governments. Shall our present national
system of issue be continued retrograde to
State enactments for currency supplya These
are momentous questions that should engross
the present Congress and be dealt with in a
statesmanlike manner, wholly ignoring party.
The continuous plethora of the United States
Treasury demands reduction of the national
debt, and that leads to the destruction of the
national banking basis, and it is but question of
time when the banks must cease, unless a new
basis be provided by friendly legislation. No
disputes the security. but inevitably the
stability is in jeopardy it is the duty of Con-
gress to avert such a calamity as the contraction
of currency below com mercial demands. How,
then, shall the needed supply of currency be
continued, should be the all absorbing problem
for Congress to solve. I trust the solution will
be that OF statesmen, not politicians; the people
not only demand. but the future prosperity of
the country depends upon ii. Inasmuch as the
CT cation of the greenback was to supply the de-
pleted treasury with substitute for metal
coins, now that the precious metals have become
SO abundant, and coinage increased TO the ex-
tent that new vaults must be provided for stor-
age and safe keeping, would it not be wisdom
and Statesmanlike policy to dlm1nShstheI ma
tional Indebtedness with the surpluss Let the
diminution commence with the greenback,
which alone constitutes one third of the National
debt. Yes, the friendly gresnback has nobly
filled its mission, let every dollar of it be
deemed and the plighted faith of the de-
pendent government be maintained. Another
third of the governments Indebtedness could be
permanently wiped out in supplying the country
with permanent national banking basis, in
the issue of bonds bearing low rate of interest.
not exceeding per cent, especially for national
banking. By that means safe. stable currency,
with national pledge of redemption be
continued in quantity sufficient for mercantile
and all business pursuits OF the Nation, at the
lowest possible expense, thus exercising the
governments province, that of redemption and
security, allowing the people to transact the
business of banking The government could
well afford to pay Per cent. on the countrys
banking basis and furnish par value in currency
on bonds deposited for the benefits accruing
from the aggregation OF lost currency without
exactlon OF the per cent. now charged the
banks on circulation. The greenbacker's theory
or the government turning banker would neces-
state repositories ana a horde of officials
throughout the country to give circulation to its
issue. For every dollar circulating. the govern
ment necessarily must have promise to pay,
equivalent in some shape. just our banker
now hold. Except in theory entirely impractical,
tie greenbacker fails to give the country cir
culating medium The greenback has well and
faithfully discharged the viii of its creator. and
the time has cpme 10 fulfill the promise of re-
demption and be put az rest Cease torturing it
by perverted use that of voiding the payment
of the capitalists just tax Throwing the burden
of taxation the farmer, mechanic and labor
ing man, whose property cannot De turned into
greenbacks at the approach of the assessor.
The SAG. 600 900 of greenbarks now existing may
be manipulated to void tfle taxation OF a billion
of money. which otherwise would be listed as
taxable Different assessment dates being liked
in the several States for listing OF property
gives opportunity for shifting greenbacks from
State TO State for the yoidauee of taxation.
The inauguration and carrying into effect Of the
foregoing described policy would liquidate two
thirds of all the rational Indebtedness, leaving
undisturbed the eacrning surplus for extinguish-
ment OF the remaining third, which in less than