The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-29
! MONEY AND BANKING.
Economic Subjects Discussed 10 Her c,
Whites Treatise on the Science Of MoleJ.
BOTH HISTORICAL AND PHILOSOPHICAL.
The Nation Upon the Wrong Road
Legal Tender Act Fills the Public
Mind with misconceptions Mis-.
tnhe for the Government TO Ell.
gage I'm thc Banking Business.

Cine OF tho most complete works OF It's
kind ever published in this country is
Money and Banking" by Horace
White. 1t is both historical and philo.
sophicnl, and because Of logical arrange.
ment of subjects and topics, incidental
definitions and explanations of worda
and terms used and wide scope-em.
bracing discussions of nearly every kind
OF money and banking system tried or
proposcd---it is as we'll adapted for the
uso OF college students and general read.
ers interested in economic subjects rs
for professors and experts on financial
questions. A quotation from Mr.. Whito'e
preface will give an idea of this latest
and very timely work on money:
ION the a5th of February, 1862, the
government of tho United States made
its paper evidences Of debt legal tender
between individuals. The nation was
thus sent upon the wrong road, and has
been toiling in Wilderness ever since.
In addition to the injustice which it
wrought, the legal tender act filled the
public mind with misconceptions and
delusions on tho subject Of money. So it
cnme to pass that although we adopted
irredeemable paper with the greatest re.
Iuctance we were willing to founder in
1t il years after the supposed necessity
for it had passed away. Then, partly Ivy
design, partly by chance, we resumed
specie payments, but the people had to
large extent lost sight of the fundu-
mental principles of money. The mis-.
conceptions and delusions remained, the
most dangerous and widely prevalent
hoins the notion that mere quantity is
a desirable thing and that the govern
ment can produce quantity and ought to.
1t IS the aim Of this work to rccull
attention to first principles. For this
purpose 1T has boon doomed best to be-
gin at the beginning of civilized life on
this continent and to treat tic subject
historically. The science of money is
much in need of something to cnliven
1t. II anything can make it attractive,
1t must DO tho story of the struggles of
our ancestors with the same problems
that vex MS. The reader will find an
abundance Of these in the following
pages. Indeed complete and correct
theory of money might DO constructed
from the events and experiences that
have taken place on the American con-
tinent, even if we had no other sources
of knowledge. This may be said of the
science of banking also. All the wisdom
and all the folly of the ages, rs to these
two related subjects, Lave been exploit.
cd Gil orr shores within tho space cf less
than 800 years - no
Alr. White believes that it was n great
mistake for the government to engage
III the banking business and that the
normal and proper business OF tho treas.
ury Is the collecting and disbursirg Of
pnblic revenue. He sees hut little pros.
Fect oil banking and other reforms on
oven for clear thinking CT currency
Questions rn;il we retire ard cancel
the legal tender notes and restrict the
treasury 10 the duties for which it was
originally and solely designed.