The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-30
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CONTINUED from Sixth Page.)

the ma jority are already agreed. Its
opponents, the advocates of fiat money,
would, think. become converts if they
would make the application of the prin-
ciple to any personal Indebtedness
which had been incurred through some
unusual disaster.
That as the funding would transfer
I large proportion OF our active circula-
ton into a form Of fixed wealth, ur-
available for the daily exchanges OF
our business, we should mobilize this
fixed wealth by the issue against it OF
an equal amount Of proxies or represen-
tatives in convenient currency denom-
nations, which would have all the value
and none OF the Objectionable elements
or qualities Of the national bank notes,
the only currency which has successfully
passed the test Of the last tnirty-fve
years.
That while the government ought
not 10 issue its notes or demand prom
Uses it is entirely legitimate that for the
accommodation, not OF a class, but OF
the entire people, it should cooperate
in securing an absolutely safe and uni
form interstate currency by acting as
custodian OF the security bonds, and is
suing certificates OF the deposit of sucn
security, being paid therefor by small
circulation tax collectable out Of the
interest of its bonds.
That, by making these exchanges
simultaneously, and with all the holders
Of the dangerous notes direct, the al
vantages Of the exchange would insure
turDance OF our circulation would be
avoided.
THAT the general confidence resulting
from the transaction would release the
entire stock of gold into active or at
least available circulation, and it and
the volume Of new currency would ma
turally seek employment wherever legi-
innate industry promised a fair return.
That the condition OF confidence and
safety from panics would enable bank
ers TO conduct a more satisfactory and
fully as profita bic business, even
though the absence Of the Damocles
sword over them might for time seem
unnatural.
That 1t is not legitimate that because
gold is sometimes needed for export OUT
entire domestic currency should be gold
demand paper to our constant inconve-
nience and anger. That gold not being
needed for government or bank reserves
il would always be available for paper
uses, and any undue desire 10 cross the
water could be easily checked: by a pre-
MUM charge, the same as the bank Of
England checks its outflow by an in
crease of the discount rate.
BANKING AND COMMERCE
F. P. Neal, vice president of the Union
National bank, Kansas City, No, read
scholarly discussion Of the relation
of Banking and Commerce., as follows:
Commerce Is a conQue,o or without al
peer. 1t has made and preserves the
map Of the world. Alexarders, Caesars
and Napoleons have had dominion for a
season, but nations have been formed,
territory fixed and permanently main
tanned, only where natural and homo
geRous trade laws prevail Commerce
has attained its highest development in
what are known as Christian countries,
and has been the handmaiden Of civili-
cation. 1t has gone with the missionary
into the dark and remote places OF earth,
and mas been a mighty power for the
spreading Of our Christian civilization i
Rightly understood il is not a narrow,
selfish effort for mere personal gain, |
but is for the development and utiliza-,
ting OF the bountes provided by the !
c. Gator. II rebounds to the general |
good, as well IS TO the profits of the in-d
dividuals directly engaged in the traffic. |
As power for peace its influence is |
incslculable, rs every student Of recent |
events in Europe can testify. Every !
phase OF human achievement has been |
been subject - abuse, and meanly dis !
posed men will degrade whatever they |
touch, but the great tide Of trade and |
commerce mas been for the Advancement |
OF the world. It is the right pre,ogative |
Of every man engaged in any branch OF /
legitimate commerce, to feel honored |
thereby and proud OF his calling
1t is my province today TO speak of |
one Of the forces. which 1 think investi- |
CATION will show has been a most potent |
influence in making this nineteenth CEN
fury known as the Commercial Age"
The invention OF printing multiplied the |
facilities for the diffusion and spread of |
all knowledge, a thousand fold, ana we
shall find that the element of banking.
has given the commercial world a DOW
ef Of expansion beyond our ability to es-
innate.
To one contemplating the multifariou.
functions Of modern banking. with its
vast transactions. handling in a day
wealth Of which Croesus never dream
cd. il is difficult to realize that the
Rothschilds and Morgans of early times
sat upon cheap wooden benches. in the
market place their business being linz
tied TO making change for the people.
at a small charge. and to buying and
selling the moneys OF other countries.
From this custom came the name
"berchers." which le.er changed TO
bankers"
History reveals the fact, that when
trade and commerce began to assume
any considerable proportions. banks in
some form were found requisite. Their
functions have Increased with the devel-
cpmert and needs OF trade. The money
Changer was found convenient de-
posito.y for surplus funds He soon
found ne could loan out some Of these
deposits for interest. or usury, as il was
then called. ana ere long the "oenchers"
in neighhorirg towns and cities. began !
to exchange credits from one place TO
another by checks. Letters OF credit"
erc. RESEARCHES among tue ruins OF an
cient Babylon have brought 20 light tab
les, which were the caecks and note. OF
a B2byloni,n banking firm. This house.