The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-07
WE HAVE NO USE For TT.

That portion OF q communication,
published elsewhere, which refers to
the national banking act is we'll worth
an answer, which we are glad to give.
The Introductory portion, we may say,
is a further illustration of the unfor-
tunate animosity tina, characterizes too
many of Mr.. Bryan's supporters, and
is neither witty nor wise. The Demo-
Gratis who opposed the adoption of sill
yer monometallism do not repent what
they had to do. and would do it again
unhesitatingly every time that necessi-
ty required until the end Of their lives.
That being the case, we have only to
repeat once more the question whether
1t is worth while to keep alive the one
and only issue that can divide the
Democratic party and insure its per-
manent defeat.
Passing to the inquiry of our CORE
spondent, we will reply that the
national banking act does not receive
our approval. 1t was, as our CORE
spondent says, war measure, and
that is the only apology that can be
offered for it. It helped sell bonds at
a time when a market was most desir-
able. It has no more excuse for ex-
istence now than have the greenbacks,
both of which have outlived such USE
fulness as they ever had The G 20
has expressed itself fully on the sub
ject Of the necessary reformation Of
our currency system. 1t believes that
paper money, based on evidences Of
debt, is an absurdity in theory and OBJ
jectionable in practice. The national
banking system, like the greenbacks,
has survived because there did not
rise a statesman strong enough and
party patriotic enough to put an end
to both. and to substitute for them
legitimate paper currency.
AS we have already said, this paper
| money ought to be issued by the banks
| Not those now called national merely,
but by all banks which should accept
the conditions laid down as necessary
for the safety Of noteholders. All
should be subject to frequent in
spection by federal authorities, all
| should contribute to a guarantee fund
| for the redemption of the notes of fail
ed banks, and all should then be equal
ly entitled to issue circulating notes to
! the amount of fixed per cent of their
! paid up capital stock, on condition Of
paying into the federal treasury, for
the use Of the people, tax on circula-
ton that would leave to the banks only
/ a small, but reasonable compensation
for their share in the work Of issue
and redemption, and secure to the peo-
pie themselves the principal proceeds
of the valuable franchise.
Coined money Of gold and silver at
the valuations agreed upon by the
whole commercial world should have
the governments stamp for weight and
| fineness. Paper money should not be is
sued by the government at all, but by
banks under the conditions here set
forth. Both the greenbacks and the ma
tional bank notes should be abolished.
and genuine system of free banking
be established. If this were done, and
If congress should then adopt, as the
unit for deferred payments, an index
number representing the market price
OF fixed quantity of a large number
Of commodities over period Of years.
and should repeal all acts Of legal ten
der, we think that the United States
would have a monetary system as
nearly the ideal as human thought and
human experience together have been
able to devise.