Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-02-01

should be issued ''at a rate of interest
not to exceed two per cent" and retired
from circulation as the corn, wheat or
cotton is taken out from the warehouse
for shipment or consumption. The
money may be just such money as Mr.
Widney contends for, to wit: legal ten
der, United States notes+ and, if issued
under the sub-treasury plan, would
fully merit the encomiums and meet
the requirements as given by Mr. Wild
ney, as follows:
All writer's concur that the attributes of a
perfect system Of paper money for this or any
other nation are: First, safety; second elias
ticity; third convertibility; fourth uniform
ity. These points were specially emphasized
by Hon John Jay Knox in his address before
the American bankers convention in New Or.
leans In 1891. In the system herein suggested
and which more eiaborately presented in
other addresses, these attributes are brought
to maximum as follows: Safety consists In
the whole wealth, resources and power OF 65,-
100000 people and 2, 800, 600 900 acres of land
with all the wealth, civilization and enlighten-
ment OF the most peaceful, prosperous and
stable government on the face of the earth
The elasticity is met by the nation furnishing
sufficient volume to meet the ex ira demands
of seasons and trade. and providing for its re-
tirement to the national treasury, when not
bility is based on the ability of the nation with
all OF its resources and power to furnish
coin sufficient TO exchange for any of
the currenc when needed One thing is sure:
If the nation cannot meet the question Of con-
verttbiity no system of state or individual banks
need ever try. Uniformity in every respect is
attained by single national issue of mouey
No other system can ever attain it Out of this
uniform national issue will come stability of
securities, OF business Of production of manu-
factories and of commerce Banks will lose
less by depreciation of real and personal secur-
tiles and by reason of less failures. They can
profitably loan at lower rate of interest having
less loss on capital Long time loans to carry
out railroad and other long time enterprises
can be based on such a system as herein sug-
geSted No panacea for financial blunders and
frauds exists in this or any other system. We
only claim that the financial sense of the nation
will herein find the best and simplest money
and money sytem tor their use. AS bankers
we will prosper best in the long run under that
system that gives the greatest prosperity to the
masses
Brethrenl stand fast in the faith; be
firm. All our premises are now ad-
mitted to be sound-our logical con-
clusions must surely be acquiesced in.
The sub-treasury plan is bound to win.
GEORGE G. WARD
*The writer, however repudiates any ad-
vocacy Of paper money based upon and redeem
able in specie, or any other kind of money He
Is an earnest advocate of purely American
system OF finance, under the operation of which
gold and silver would both be demonetized and
IN absolute paper currency be issued bearing
the inscription: ''We, the people of the United
States severally and collectively, promise to
receive this bill as one dollar in payment of all
debts, public and private, and in exchange for
labor and all commodities"