The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1893-07-21
MAKE MORE MONEY.


than that, he is New York banker.
Yet Mr.. CIews 80 far recognizes the
inefficiency of gold as the basis for
money, even though assisted, as 1t is,
by silver degraded and dishOnOred
by the existing laws, that he has
written letter to Comptroller Eckles
suggesting u way to increase the cir.
culation by at least $l50,000,00O.
Mr.. Clews' plants contained In the
following quotation from his letter:
"The national bank act certainly
should be amended to provide for notes
being issued up to the par value of
United States bonds, and another
amendment would also be wise, to pro-
vide tor an issue of notes against the
surplus capital of the national banks to
the extent of 70 per cent thereof.
"rhese two changes in the law would
make an increase in national currency
amounting to about $l50,000,0OO and
would provide the nation with enough
new money for its needs, and il would
Oe the best and most legitimate kind
! besides. The New York banks now
The national banks of other cities and
elsewhere have probably l00,000,000 in
addition. This backing in cash, or its
equivalent to the notes issued againts
same, would make them the strongest
and most legitimate character of money
in circulation. No stronger kind of
money could be devised. The surplus
against which the issue of these notes
would be made would be under: the
national bank examiners. The con-
slant increase in the surplus of the
banks would also give Nh elastic char
acter to such money, which is very
desirable feature"
1t will strike the average reader as
very remarkable fact, that when
ever the bankers are obliged to admit
that the volume of circulation is in
sufficient to do the business of the
country, they at once suggest some
roundabout scheme, which ends In
leaving the absolute control Of the
volume OF money in the hands OF the
banks. Everybody knows that it
was piece OF superlstive idiocy to
limit national banks to the issue of
only 80 per cent in their own notes,
Of the amount of government bonds
they deposit. So Mr.. Clews, is right
about increasing the issue to the full
amount of the bonds. But the thing
the people of this country want to
know il, why should we have the
volume OF currency controlled by the
banks at all. II the obligations Of
the government in the shape OF bonds
drawing interest are q good basis for
good money, why is not the govern
ment's obligation in the shape Of a
treasury note, not drawing interest,
good enough mouey itself:9
The money question at this time,
is Of paramount Importance. In fact
it always is. The financial crisis pre-
vailing dissstrOuly over this country
now and for several months past, is
due to the wretched financial system
now in force. 1t is a wretched sys-
tenn because the making of it has
been left to the lawmakers, infiu.
enced by the capitalists, whose ill.,
terests We're served by having it as it
is. Toe mass Of the people have kept
their hands off; they have not and
do not now show One-hali the inter-
est in the subject that they ought, in
one 80 absolutely vital to their well
fare.
If the people, thu plain people Of
this whole country will serve notice
upon their representatives in COu.
gress that if laws are not made to
control the money of the country in
their interest, and not that OF the
banks and bankers, they will here
after elect them to stay at home,
there would be a radical change
made by the next ses.rou OF the Gen
eral Assembly.
If Instead Of doing this they keep
their mouths shut and only grumb bic
about hard times, when hard times
come, they can never expect to fluid
any relief that comes through legIs-
ton.