New-York tribune., 1896-12-07
rur rraP on GREENBAChS'

.oc;6cally do gentlemen mean "''v Vs.,
' no" corornment out of the Dahhihs '"
Vi '"" ,7,,oro orc about 10000 banks III '''e 'o".
ne'' oonsderablv less than 2,'Vo iss"e '"'
"'' ~" '.,o,, ,rhoteyer. The issue ana reu."'r
,..,,,o,;ng notes are not the esseh'ia' no'
''" u .,,,o, function of a bank. houses INV
'ne a,s Re,monts, Browns ana breN.'
'"e ,o,os but are nevertheless decioe''s
iss". ,.,.,,o business The dictionaries s".
ID '"o Sar, &c ian institution for lending "nu
receiying money" The treasury i.0.. .,o,oror
eminent dues. but lends no money A.
docs not discount notes, nor IL IL 49, ,a,.,ro
nosit TO take the Treasury out Vi 80. a,ono
business. apparently. is merely 10 ie' :, "''
u ;s ont of the banking business
The men who use this phrase III orue' - oi.~
,reiudice always imply that the iss"o "a '
i.,ipg notes is essentially Dahkins i""' 'oN'
pr, II is far more properly. ana III h"'n"" "a
nor;ence for more extensively, i"h'''o "
Government. because no other Dody' coIpo'
-: ,orson can issne notes which shall nave III!
o.rtain and definite value. Inc "o'ernH''n'
o.r In any event give value to its notes d!
,.,;rc them receivable for taxes, ana IL can
80 aoos make part of it's notes legal tehder
.,, Guarantees their redemption in gold on de
nn5 since the greatest of private banks have
,.. ,.,o,,r m fail. since even the greatest Eu-
., ,orIs which are I'm effect but agencies
- .scorornment. have repeatedly been obliged TO
80. fro,r Government authority to take steps
bevond their legal power In order 10 avon ia''
ure since the Government alone possesses
througb its taxing power certain means us
lang nc II exists of giving value 10 notes IL ha!
,ssue. since issues by corporations authorizeu
,,v STATES have been tried with almost lhcalcu
lob,e losses and wrongs resulting. and since the
only honknotes now circulated command conii
dence because they are In fact backed by the
nuhl,c credit and the banks are supervised and
controlled by public officials, II would seem that
In this day and country. as originally and In
other countries the function Of issuing notes TO
circulate as money was properly that Of Gov
ernment. and not Of any individual or corpora
tion
Men who desire to have the legal-tender notes
retired are almost always careful not to say
what they propose TO substitute for them. 1t Is
certain that they do not want, and the country
does not want more notes redeemable In silver
only. If the choice is between note issues by
Government and issues by National banks. the
popular verdict Is overwhelmingly In favor Of
the existing National issues, because the great
body of voters who supported the late Demo
cratic candidate openly and passionately de-
manded vast Increase Of such issues. while at
least half the voters OF the Republican party
believe that the abolition Of the legal tenders
would be a grave mistake. Nothing else could
30 surely and powerfully increase the popular
antagonism to banks permitted to use the Gov
crnment credit ms a basis for notes which they
loan for their private profit. Nothing else could
80 powerfully aid those who are most recklessly
demanding unlimited issues Of paper by Gov
ernment loaned directly to the people on their
lands or crops. 1t does not seem to the majority