New-York tribune., 1891-05-25

is In each coin. That is an entirely dlferent mat
ter from issuing promissory notes
In very few years the entire bonded indebt-
edness of the United States will be paid When
that is done what necessity will exist which can
require the Government to issue demand notes
The greenbacks were issued for the purpose Of de-
fraying the necessary expenses OF the Government
Government bonds were issued for the same pur-
pose. But at that time our expenditures were
very much In excess of our revenues To-day the
revenues exceed the expenditures. Ii seems
very clear that the Nation will be able to meet
this Bonded Indebtedness as fast as 1T becomes
due. The moment the bonds are all cancelled
then there will be no more interest to save II
more greenbacks were issued the Government
could not compel the holder of the bonds to sur
render them until they are due They will all
mature In few years and will be paid in busi-
ness like way. With the receipts Of the Govern
ment in excess OF its expenditures, what object
could be gained by the Government issuing more
demand notesp In the end it would reduce itself
to the simple proposition to whether 1t would
be wise for the Nation to issue circulating medium
for the purpose of loaning the same to individuals
In other words, If there had been no civil war
there would not be in existence to-day single
greenback or Treasury note payable on demand
Suppose that were the condition of affairs to-day
Would you then consider it wise for the Govern
ment to issue single dollar of such money! If
so, for what purposep If it would not have been
wise for them TO do so except as war measure,
then why should we not get back as quickly as
possible to the point from which we started
The modern attempt of a few men to have the
Government embark in the business oil Issuing
notes. payable on demand, for the purpose OF loan
ing them to certain individuals on time, Is TO me
so visionary and preposterous hardly to need any
notice Yet it seems to me that the result involved
in your question must end in precisely that nd OF
business. II appears very clear that the whole
people that is the General Government) have the
right to borrow money or even issue demand notes
in order to meet the imperative needs of the Gov-
ernment. But that does not imply their right TO
either borrow money or issue such notes for the
benefit Of individuals. The issuing Of silver and
gold certificates is entirely different business
from the one your question involves. In the case
Of those certificates the Government receives the
gold and silver with which to redeem them. and
acts simply as custodian of the precious metals
That may be great convenience to the people aud
wise plan. but that is very different thing from
Issuing certificates on any kind of property which
is not used money among the nations OF The
world.
In conclusion, my opinion is that some pan
should be devised that the banking business OF
the country should all be done by banks and mono
of it by the General Government. AS a rule the
people in their individual capacities will manage
the variety of business in any country much better
than il can possibly be done by the General Gov
ernment. r. G.. HORR.