The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-04-02

1
the amount Of each received by bank
in this city on recent day will indicate
their relative Importance in that direc-
ton:
ooiu coln' ........ ,.r......'...'s''s'... sbooo
Silver coin. OBSERVATION-DISCLOSURES. lbSao
| Gold certificates. ....................... 4045
Silver certificates ...................... eel20
Legal tender notes and greenbaois.. g.
Treasury notes Observation-Disclosures, 25490
National bank notes ................... 8426a,
TOTAL cash. &Sbvbl
Checks, drafts. bills Of exchange ....sb, sos o45
Percentage of cash to total credits,
per cent.
1.-THE lesson to be drawn from these
figures is this:
Much tho larger part Of all our COM
mercial exchanges are carried on by
bank checks or other instruments of pri-
yate credit. These instruments all relate
to certain form Of money, in place Of
which they for the moment stand. II
uncertainty intervene as to what this
related thing-this money--is, Or is to
be, distrust and confusion enter in.
The mighty agency of personal credit is
shaken. Commercial exchanges fall off,
trade languishes and industry declines.
1.-THE greenback was issued to pay
debts, not to acquire value. or, il value
was received, such value was either con-
sumed OR converted into value not avail
able in the market The greenback paid
soldiers and government employees; it
bought powder and munitions Of war.
The existence of q greenback is the EVIL
dence of debt not paid. It is lien
upon the future.
"a national bank note, on the con.
trary, is the evidence of some existing
value which lies somewhere as collateral
for its redemption. To transfer such
values is the only ordinary and proper
occasion which calls for their issue. The
volume in which they will appear
marks the rise in prices or an increasing
quantity of existing things. Like the
bank check, they will be in active sery-
ice when trade and commerce are active.
Thus they enioy the principle Of elas-
ITCHY, wholly lacking in any possible
form of direct government issue. The
method of their retirement ia wholly
different and subjects the trade and COM
merce of the country to less dangerous
strain.
"Tbere is No reason wbv the goveru-
ment should act as warehousenan for
either gold or silver. such function is
outside its proper limit of action. But
we are faced by the condition, and it is
the bette noire of the treasury, The
enormous amount of $500. 600. 600 of
silver, represented by S338. OOO, 600 in
silver certificates added to the $3.50.
900, 900 purchased by the government
under the Sherman act constitutes a
standing menace to every business inter.
est.
"Our whole monetary system ia the
resultant of makeshift LEGISLATION and
unscientific compromises. II is fine that
reform began. lido not assume tn offer
mora final remedies Tn NV own oninion
the ereenbacks should be permanently
retired. The silver purchased under the
Sherman act should be gradually sold
and the treasury notes redeemed and
cancelled, Some well guarded system of
bank note circulation, broader and more
elastic than the present national bank
act provides, should be ipaueurated
Such bank notes should be redeemable
at n central place and he redeemable in
gold oply
"To sum mn, the defects of our nres-
ent currency system arc: l. Aconfusinp
heterogepeity which needs simplifica.
tion. 3. The greenback controyerts the
principle of paper money-yiz, that ey.
ery note injected into the commercial
system sbould represent an existing
commercial value 3. The treasury note
is a standing evidence of foolish opera-
tiop. the creation Of a debt for tbe mr.