The advocate., 1895-10-16
A VERY WEAK EFFORT.
Congressman Harter Comes to the Defense
Of the Banks.

the proposed retirement of greenbacks,
has called forth a vigorous letter from
him. We are glad Of it, for Mr., Harter
may be taken as a sort Of authorized
defender Of the views held by the ma
tional bankers. he was, if we are not
mistaken, one Of the invited speakers
before the convention Of national bank
ers last year. We publish his letter in
full as follows:
Editor of The Voice. can see NO evidence
that the bankers OF the country are, as the ar
ticle you mail me says, striking" for the re-
tirement OF the greenbacks ! wish they were.
That we can ever have perfectly sound cur
rency, or permanently good business condi
tion, go long Gs the government insists upon
doing q banking business (involVing, as 1t
does, the keeping OF q proper gold reserve),
do not think possible. The quicker, therefore,
the government confines itself to its proper
and limited duties the better. The banks
should supply the capital and the currency
for the business Of the country, and the gov
ernment should have nothing to do with the
volume of our money except 70 coin or
stamp the gold and silver we use, and thus
certify to its weight and purity. 1t is incredi-
bic that all the thiuk1ng people will not be-
fore long awake to this fact. Why the United
States should be so far In the rear Of Canada
and Europe in such matters is hard TO account
for That 90 large number Of Its people
should be anxious to tread In the unhappy
steps Of Argentina is most surprising, and
that the free silver element among us should
insist upon our adopting system which even
the negro government Of San Domingo aban-
doned In 1894, after long trial Of it, is one Of
the disgTaceful and disheartening signs OF the
times. That the greenback circulation should
be retired at the earliest date compatible with
the convenience Of the business public 10 30
true that It ought not TO have TO be urged 80
often. Undoubtedly, the entire currency
question should be referred by Congress TO Q
non-partisan commission to report COM
plete plan for putting our currency, both coin
and paper. upon basis whore volume viii be
automatically adjusted, and under which the
measuring power Of all our money will be as
constant and unquestloned as that Of England
Until this Is done we shall suffer In our do
mestic trade and In our foreign commerce
The country needs little common-sense cur
rsncy tonic--a doctor would perhaps say an
alterative-and the press Of the country can
mot do the people greater service than In sd-
Vocating civilized and enlightened treat.
ment Of this question. Respectfully,
MICHAEL D. HARTER
Philadelphia Pa, September Is, 1896.
This is straightforward and to the
point. Il brings US at once to the
main issue In the currency controversy
of the near future, namely, Shall the
government or the banks issue ''the
currency Of the business Of the coun-
try" and control its VolumeP The ar.
gumentthst @the government should go
out Of the banking business" is the
most plausible and the most dangerous
one we have to meet, and must be
satisfactorily answered.
Before attempting an answer, let Us
get the whole case for the banks be-
fore us. Mr.. Hsrter has laid stress
upon the currency system Of Europe,
and especially England. Let another
accredited exponent Of the banking
views tell us what that system is.
Horace White does this in a very able
editorial in the EUening Post, Sep
tember 20, on can Automatic Gold
Reserve" Mr.. Harter also refers to SO
basis where volume viii be automatic
ally adjusted" What Is this "auto-
matte" systemG Here is Mr.. Whites
description Of 1t as 1t works in Euro