Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-16
A "Paternal" Controller.


Mr.. FcKTLs, Controller OF the Currency,
has proved himself TO be the right man in
the right place, having done all that lay
in his power TO provide for the enlarge
ment Of the volume of the currency to
meet contraction occasioned by panic.
His course has commended him to general
favor. His strenuous efforts to assist
crippled national banks to their feet show
that he does not fear that the charge OF
paternalism" will be made against any
Of his administrative acts, but will do oil be
can TO ease the burthens of the people and
take the consequences. Within the coming
week, he assures the public. more cur
rency will be issued upon bonds deposited
to secure circulation 10y banks than in the
same period CT time for some years" Not
that Congress has as yet authorized the
issue of 100 per cent. of the value OF the
national bonds deposited for the re-
demption Of circulating notes, but be-
cause the shrinkage Of values hayiDg re-
suited in decline In the value OF the ma
tional bonds, the banks may avail them
selves Of that fact to--put out more cur
national-bankin system has thus de-
veloped O capacity of elasticity which 1t
was not known TO possess, or perhaps. we
should say, it has now had the first op-
portuuity TO avail itself of that elasticity.
Now let Congress authorize tho national
banks 10 issue circulating notes not Only
up 20 the par value of the bonds held for
80 hn sol mo
value. The United States per cents are
now worth about 10. No good reason can
be given why the banks should not issue
10 worth of notes on that basis. This
would be especially advantageous TO the
whole country, for, OF course, the bonds
which have fallen IN value as g cOnse-
quence of the present stringency IN the
money market will soon rise again when
that stringency shall have passed away.
In tho performance of its duty, Congress
should not consult the cranks who deny
to the United States Government the
power 10 relieve the monetary necessities
of the people. Ours is a government that
taxes the products of our orchards, taxes
our cheroots our cigarettes, our cigars.
our CuthluS-iobaICO' pul iituOA', S'"N'''
whiskey. lager beer. and what not, and
supervises our congressional elections, as
we'll az arrests us and tries us for all sorts
OF offences against the statutes OF the
United States II is in a word a govern
ment potent for evil. Let MS make 1t
potent for good also at the risk of being
charged with paternal'sm.
Controller EcKELs does not hesitate to
say that the present condition OF our
financial affairs rs wholly the result Of
unreasoning fear" OF course it Is. Other
wise the channels of commerce would be
full Of the currency which il now hidden
away in strong boxes and stockings. The
volume of the currency" says Mr.. ECKELs,
"is greater than in any recent year."
There is no doubt of this fact. We re-
peat here. therefore. two or three truths
we have more than once endeavored to
impress upon our readers-frst, that no
body can tell how much currency the
country needs: second, that TO use the
currency twice day instead of once day
would practically double its amount "A
fact which is exemplfed IN the scarcity of
currency when people hoard it; and,
third, that the amount per capita of clrcu-
lation was in 1860 only SlS.S5 as against
S23.45 in 1921. There would be no lack Of
currency if the people knew deDOsitors to
be as well protected as note-holders.