Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1892-08-07

tional banking system there has been no
trouble such as marked the era OF state
banks. The notes OF our Ohio National
banks are good in every State In the
Union and the notes Of the National
banks Of other States are equally as
good in Ohio. The business or note
shaving is unknown and the cobnter-
feiter is greatly deferred in doing his
work. The suspension or failure OF
National bank has absolutely no effect
on its notes because the United States
bonds deposited in Washington are
ample security for their redemption at
par"
The Secretary next gave an account
Of the resumption Of specie payment
and extolled the wisdom of the legisla-
tors who provided for it. 1.-THE re-
sumptioa act," he said, provoked vide
and heated discussion. 1t was argued
on the one side that resumption would
involve the whole country in disaster;
that violent contraction must follow:
that resum ption could cot be maintained
without enormous cost to the people,
and that the readjustment OF values
would ruin every debtor in the country.
On the other side, 10 was said that the
unstable condition OF our currency
caused the constant readjuStment OF
values: that no serious contraction
would occur before resumption,
and that upon its successful
accomplishment an expansion would
come from the addition Of boarded gold.
Many other arguments were used on
both sides, disaster being prophesied
upon one and prosperity upon the other.
We all know now that after the resump-
ton in 1879, this country enjoyed a Pc
Rod Of the highest prosperity, and that
no suffering preceded that period which
could not be traced, in part at least, to
the panic OF 1873"
Secretary Foster referred to the res
toration OF
THE STANDARD SILVER DOLLAR,
the increase OF the volume OF money In
circulation, the production Of gold from
our mines, aud then presented tables
showing that the amount OF money In
the United States August 1, 1892, was
81, 800, 034, All; the amount In circulation
on the same date was 81, COL, $40, 325; the
money per capita was $1,000, and the
circulation per capita was S24.41. This
per capitr circulation" the Secretary
said, sis the greatest the country has
ever had"
In concluding his address, Mr.. Foster
said: ITO me it seems perfectly clear
that IL this country is to have any kind
Of paper money issued by the banks, the
National bank system is infinitely pre-
ferable to that of banks of issue under
State authority. In the National bank
system we have one restraining power
which has shown that in nearly thirty
years OF their existence not single dol
lar has been lost to the public. Under
State authority, we would have forty
five different systems of banks OF issue,
reviving, partially at least, the old sys-
TEN, entailing more or less loss upon
the people and circulation largely con-
fined to the State OF issue. The money
shavers would again have occupations
and large losses would
CERTAINLY FALL UPON THE PEOPLE.
''If more bank issues are needed or
desired it can easily and safely he had.
At present there is no profit in the cir
culation of bank. II our $3.50, OOO,-
600 of 4 per cent. bonds were extended
fifty years at per cent, relieving the
banks from taxation beyond the cost TO
the Government Of Issuing the notes
and maintaining the bureau OF the
comptroller Of the currency, and per-
hitting them to issue notes up TO the
par OF the bonds, the banks in my opin-
ion, would freely take these bonds and
issue notes upon them, and thus furnish
currency to any amount required by the
business interests of the country, and
at the same time reduce the rate OF in
terest one-half to the extent OF the
bonds taken for such purposes.
81 am not advising that this be done,
but to express my opinion as to pre-
ference OF the issue OF bank notes by
the national banks as against the pro-
posed rehabilitation of the old state bank
system.
THE history OF the currency OF this
country plainly indicates the necessity
Of having at all times a circulating
medium that is without question or
doubt upon a perfectly substantial 6a-
sis, so that any dollar of our circulation
should be equal to every other dollar.
I do not know that we can have too
much good money, but | do know We
can have too much poor money. Let 1t
be the study Of our people to secure for
themselves sound money, and as much
OF IL as their business needs may re-