The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-08-04
THE BUREAU OF THE CURRENCY
Most truly yours,
WALTER CLARK

Correspondence of the Progressive Farmer.
RICHLANDS. n g., Jlly 20
The power TO issue money and &c
control the volume of the currency is
clearly given il the Constitution Of the
United States to Congress. The people
and the States evidently parted with
the right when they adopted the Con
stitution Of the United States. a bu
reau OF the currency ought to have
been established at the foundation OF
this government, and a national cur
rency established by law, it's volume
increased as the population and bust
ness and wealth and expansion of ter
ritOry Increased. B mixing houses
ert cted Of stone or brick belonging to
the nation, one end of the building for
q United States p ste flee, the other
end for the bank. This bank to have
no connection with stockholders, prea-
idents or cashiers, disconnected from
all corporations, trusts or combines
but controlled and managed by Con
gress, having a board OF control In each
State and Territory, ell ;ers eco
mended oy the State Legislatures and
confrmed by the U lited States Senate
for a term Of six or eight years, under
heavy bonds and sworn eff GERS, and
deprived of politicalfunctions, kept out
of politics, and TO never to be allowed
to borrow money of the bank or get in
debt to it directly or indirectly, and to
be content with their salary only, to
Keep out of eli other bu9inees or resign
and go hence. Tnese banks to be con
structed Of stone Or brick in every
State and Territory "a needed. Aep3
cial committee appointed by the States
and Territories to inspect their conduct
and to ex anime their books, theamount
of cash and business every six months
or oftener if req Tired, and report to the
chief officer in Washington, D. c.. and
by him laid before Congress. These
banks are to receive the money Of the
government, sell, exchange, receive
deposits and act as the financial agent
Of the government. In the language
of President L L. Polk, ITO say that
the people Of this government are in
competent or not to D etrusted with the
custody Of their own money in their
own treasury, provided by themselves ;
but must rely on the presidents, cash
iars and stockholders of banking cor.
porations, not appointed by them. nor
responsible to them, would be to con
cede that they are incompetent for self
government" Let a law be made to
keep these banks from all executive
control. The Constitution of the Unit.
ed States evidently contemplated and
intended a bank as am fairly attemDt
ing to describe. Give US the bank or
independent treasury or the sub treas
ury, as TO it's name we care not. a mi
form and good currency, national
invites character and the Issue of
money aud the volume of the currency
controlled by our chosen representatives
in Congress-m3 whom we vote for
every two years. We have banks
controlled by presidents and cashiers
corporations, they break and deposi.
tors loose their money. B 1t National
and State banks of issue ought never
to have existed. Issuing a paper prom.
Using to pay and we borrow it; swappinp
promises, what fools we are; money is
not handed down on Mount Sinai like
Moses received the moral law; the law
OF u land makes money and the law
| unmakes money, and for thu banker