St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-13
FORGOT THEIR TEXT.

Some eminent thinkers of the
country on the financial question
have appeared before the state bank
ers' association of New York this
week, and of course the currency
was the main topic of debate. While
the bankers were unanimous in their
opposition to free coinage at the
ratio Of 16 to l, with the exception
of Mr.. st. John, of New York, whose
reputation as a crank was thor
oughly established long ago, it is
to be noticed with regret that they
dropped out of sight altogether the
topic which ought to engage the at
tention of every man who is hon.
estly endeavoring to get to the bot
tom Of the financial question. Mr.
Harter, of Ohio, was apparently the
only man to remember this side of
the subject. The rest of them forgot
their text. We will never have an
end to money discussion and agita-
ton, or to fine-spun theories that
w Ooib lCclO lllC SOullll 1uIO
the bog of ruin, until we come down
to the natural and proper system of
q currency provided for the people
by the people. This means that the
issue of paper money should not be
permitted to the government at ALL
Bank bills ought to be provided for
the people by those business agen-
cies which can measure the amount
Of the requirements of trade, and
Increase or decrease issues automat-
ically to meet the needs of the peo-
through which the demand for
money makes itself felt, it is they
which are fitted to perform this
function. OF course, they should be
allowed to do so only under sys-
tenn of the most careful federal su-
pervision, and with an absolute
guarantee against loss by the note
holders.
This does not mean that the priv
ilege of issuing bills should be linn
tied to the present national
banks. 1t does mean that the
system outlined by Mr.. Carlisle
and Mr.. Cleveland and reject
ed by congress contains the ele-
ments of that currency system in
permanent safety and satisfaction.
In this way the supply of money
will be absolutely free from the
Vaccinations of politicians and
from the control Of monopoly. It
is true that a certain amount of
capital is necessary to start a bank.
1t is also true that a certain amount
OF capital is necessary to provide
almost everything required by the
commonest needs Of the people. Ev-
cry man needs to wear a cotton
shirt. Yet the machinery to make that
cotton shirt is not within his reach
To take the raw material from the
fields, to form it into thread, to
weave the web Of cotton cloth, are
all operations that require the ex-
tensive use of capital. But, while this
field of industry is open to all COM
petitors, there is no possible monopo-
ly in the production of cotton shirts.
nor can man who wears one ever
feel that he is a victim of the op-
pressor. To contend that, because
this garment is a common necessary
of his life, he individually must be
able to make it for himself. is non
sense. 1t is the same with the pro-
vision Of bank bills. In order to have
security and uniformity in circula-
lion, these bills can be issued only
against satisfactory collateral. To
do this is an operation that requires
capital. But if all capital is free to
go into 1t, there is no monopoly.
With the restrictions and safe
guards that experience has suggest
ed, there can be provided for the
people of this country bank note
currency which will supply admira-