The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-02
TWO VIEWS.

There are two lnethOds or dlsposing
of the Presidents white elephant--the
currency-reform question.
Either the Government must 90 out OF
the banking business, or IL must go into
the banking business with more thor
oughness than it is now in IL.
The popular proposition is that the
Government seek TO free itself from all
banking functions, and limit its relations
to the banks aud to the currency to the
paternal duty of supervision--seek 10
prevent frauds against the banks and by
the banks against the people.
Should the Government. through
Congressional action, establish great
bank of the United States, and through
il issue all currency, handle all the
treasury cash, aud transact general
banking business, there would result
tremendous profit, which would re-
duce taxation, and there would result
III appreciable saving to all who now
deal with the banks. There would also
be currency about the soundness Of
which there could never be a doubt, and
a consequent free and confident action
In general business that is only evident
in the times of greatest activity now.
Should the Government retire frum
the part it now plays in the money
scheme of the country, and only act in
supervising capacity, there would be
greater profit for the banks, and scarcely
any other material advantage. A class
would be enabled to make more money
and make it easier.
There is sentimental advantage that
would result. The Government would
be following its traditional pathway, and
many very sincere patriots would feel
that the great danger of centraliza-
tion" and Imperialism would be
avoided. Many other patriots would
feel that a great political danger had
been avoided in preventing great
increase of the ofiice-holding class.
A newspaper that represents these
classes most intimately declares that it
is "the primary concern of the Govern
ment" to lie relieved OF the RESPONSE
bilities and liabilities of banking.'
Why this is the primary concern
of the Government is not stated.
Because the present system does
not bring advantage to either
the Government or the banks,
does not absolutely prove that the
change must be in the direction of the
Governments abandonment OF its bank
ing functions any clearer than it shows
that the Government ought to take on
more banking functions.
There is the American idea that in
republic much should be made of the
people and little of the Government
which must stand as our shibboleth and
be lived up to. 1t assuredly points to the
retirement OF the Government from the
business of bantering. 1t scarcely
suffices, however, to satisfy the reason
when the relative figures are considered.
Nor does it appear infallible when it is
considered that if the Government
operated the banks every citizen would
profit thereby exactly in proportion to
the size of his tax bill. but if the bank
ing business is left TO private corpora
tions only small number will partici-
pate in the profit while all who use
banks will be taxed to provide the profit
for the few-just as is ut present the
case.
The whole question resolves itself into
the setting up of "a sentiment against
dollars and cents. The sentiment may
be of far greater value than the dollars,
but it still rests with those who demand
the retirement of the Government from |
its banking functions to show cause. |
1t has not as yet been done, during the
present discussion. Ii may be scarcely |
worth while, so exceedingly slight is |
the manifested desire that the Govern
ment increase, rather than abandon, its |
banking frnrtfeffs Perhaps the alb
sence Of demand for it may be all the |
condemnation such a proposition may
require in land that is governed by the
people for the people.
ALL IN CoOn TIME