The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-19

There il twv fold advantage in this. Tho
money OF tho people, lying TO tho credit
of the government IN bank, IA available
| for the use Of tho people, not Idle ana un-
| productive, as In tho care Of this country.
where II lies IL government vaults. We
borrow largely abroad. n the government
money werc available we could curtail
our foreign loans to thar extent
! II ls Of grave import 10 the Nation that
| tina solvency Of the government should
never be In doubt. With government do
mand notes outstanding. the question re-
turns from time to time 10 unscttle busi-
ness. to destroy ccnndcnce.
| The grccnbacks and treasury notes should
DO retired. The experiences OF the world
| IN banking matters can not be- disresarded.
and the government should retire from the
banking business. No other frst class
power Is In the banking business.
The affairs Of State, with which the
| government must perforce cope. ara 60
weighty and serious II IL folly to compli-
| cato them with business. The divorce be-
tween government aud banking should be
| absolute
Ii has been well said, '9rhe refinement
| in the use OF credit is a pretty accurate
| measure OF National economic progross."
| Orr currency should be based on crciit
| All government interference IL do not say
SUPERVISORY should DO withdrawn.
| Tho function OF government Is to gov
1
| is Ia issue currency, receive deposits, buy
| paper and make loans.
| There should DO no more interference on
| tho part OF the government In the banking
business than IN tho milk business, but
| tho government should see 10 II that banks
comply with reasonable. lust requirements,
| dictated by experience and common sense,
| just as all good municipalities should see
| 10 1t that the milk supplied the people is
| pure and unadulternted.
! Once IL Is understood by the people that
| bank nois is not money, that bills ~
| exchange. promissory notes. checks aud
| bank notos ara substantially OF tho same
nature; when they understand that the
| issuing of notes Is not a sovereign act 10
| be solely reserved TO governmon,ss when
| they appreciate that the act Is no more
| sovereign than tho net OF tho merchant
| when hc gives his demand notes. and that
| II Ia gratuitous interference on tho part
| OF tho government 10 tax or otherwise
| forbid bank TO issue currency while II
| ltayos all other corporations FREQ TO make
| as many demand notes as their credit will
permit; then they will demand THAI the
banks be permitted TO prosecute their
| legitimate business without interference
| ON the part OF the government. All other
business Ia conducted without such utter
| ference. To discriminate against banks is
| unjust. They should he permitted TO Is.
| sue as many notes MS can safely and profit
| ably be used,
1t is idle to cirque that 1t would be Inn
possible 10 make these notes good. A care
fu study vi the subject proves that max
Ing the notes good is question of de-
aail
Bank notes. based on a carefully matured
scheme OF credit, and payable on demand
In gold. are the best medium OF domestic
exchange. and fulliil all the requirements
| OF good currency
| The fgirmpr demands ruyrpupv IN mako
and market his crops
Tho inesolwnt farmer Justly complains
| that the credit he obtains is often at ex-
orhitant rates. and that frequently no can
not Obtain currency at amy price.
iie Is entitled to banking facilities and
wo must advocate and encourage local
banks OF issue. owned, controlled and opnr-
ated by residents who know the financial
worth and standing OF their customers
Good, sound currency provided for taken
with tho increase In tho production OF the
gold OF tho world, viii. believe, settle
Forever tho free silver hercsy of ID TO ].
A competent, nom partisan currency com
mission should DO appoinied. and briefly.
It seems to me. they should advocate:
!. The final adoption of the gold stand
ard.
2. The gradual cancellation OF government
demand notes, said cancellation to he no,
raster Than new currency is issued by tho
banks; tho deposit Of government reyenue.,
In the banks of the country ,.nd tho rc.
tirement OF the government from the bank
Ing business.
j. they should advocate the repeal OF
tho tax on tho circulation of bpInks and
hereby mako possible the issue OF a cur
rency which VIII expand and contract
automatically with The needs OF tho coun-
try; said currency 10 he under the super
vision OF our National government, and to
be surrounded by ample practical and ef,
| ficient safeguards
II tho currency commission doee not
solve tho problem aud guide tho people
10 demand currency reform based on eter-
nal principles, 1t Us my solemn conviction
gentlemen, that, with tho Inevitable re.
turn OF hard times, the people will solve
the question Tor themselves. and free sill
yer may he the least of oar evils
a committee will be appointed TO tako
action On tho suggestions embodied in Col.
oncl Branch's paper and report at the next
meeting Of the association
The hour was so late when Colonel
Branch finished speaking. and 30 many had
left the hall. that President Lowray an. :
gcsted the deferment OF all the remaining
addresses until tomorrow morning, When
the convention will be called to order at
o'clock Accordingly the first paper 10
be read tomorrow viii be That of liyron
Herrick. president Of the Society for Saw
ings at Cleveland. Ohio. on Savings
Banks" At o'clock the convention adj
journed until tomorrow morning
The delegates this afternoon enjoyed Tho
hospitality OF the Michigan Central rail.
road which rendered them a ride around
the city on their loop line 10 Beaufort gtn-
ton, where boats were taken up the river
TO the St. Clair flats.
CaIdweIi's PncIery.
Caldwell News Chronicle.
The Houston Post is rejoicing over The
establishment OF packcry at that place