Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-08-19

l
the country's credit Its coming ma
be longed delayed and only be attaine
after tremendous loss to capital an
injury to labor"
i The address OF John p. Branch. Esq
also attracted considerable attention
and was the occasion of much favor
able comment. He said:
l am invited to suggest What Legis
lation is Needed In Respect to the Cur
rency."
! | maintain that our currency shout
he the best. Nothing short OF the bes
will serve the higher and larger inter
ests Of our country.
Its>value should be fixed and stable
1t should be adequate to the needs o
the country.
1t should expand and contract auto
matically.
1t should be- simple and uniform.
1t should be so distributed through
out our territory that every man en-
titled to credit should be able to obtai.
its use at fair rate.
Such an ideal currency is possible oil
attainment II we approach the consij.
| Grafton of the subject with the deter.
mination to overcome all prejudices
to forget all petty interests, fully re-
solved, in spite OF difficulties, to give
the country perfect medium of ex-
change.
The ignorance which surrounds the
currency question Is profound
TO reform our currency we mus:
undertake and push to successful issu.
an educational campaign, basing our
instruction upon a broad foundation OF
recognized economic principles, al
ready clearly demonstrated by the
banking experience of the world.
We must not allow ourselves to be
discouraged by the vastness of our
undertaking.
The interests OF the people and the
bankers are one.
The currency Is the vital commercial
question of the day, and upon the an
swer of the American people much de-
Ponds.
l believe that answer will be WISE l
believe good sense and sound judgmen,
will PREVAIL but there is danger In
delay.
Our answer Is awaited with interest
by the civilized world, for we stand In
the forefront OF nations. Our national
progress is without parallel Natural
conditions are helping us to rapidly
emerge from the depression of the past
few years-depressio easily and direct
ly traceable to our failure to appre-
bend and understand natural law ana
to our apparent determination to be a
law unto ourselves in finance and
economics.
We are full Of energy, hope and ambi-
ton. Trade is reviving. But the basis
of all trade is the unit of exchange
WHAT is the value of our unit per
manent prosperity cannot be ours
while the value of our unit is open 70
doubt. 1t is essential we should define.
once for all. the meaning of the word
dollar. Is it a gold dollar. a silver dol
lar. a treasury note, a greenback, a ma
tional bank note? The question must
be answered. Each of these dollars
has different intrinsic value Credit
today keeps them at par.
We know the value Of an English
sovereign, a French franc, or a Ger
man mark. In all exchanges they
stand for gold.
The value of their unit fixed-ours
uncertain-England, France and Ger
many have prospered, while we have
labored under the Shadow of a deep
distrust
We have lost valuable time
We must define the word dollar and
1t should mean. beyond peradventurel
of doubt. gold dollar of the present
weight and fineness of the United
States gold coin. That dollar is good
for all, and everywhere commands re-
spect.
The paper currency of England
France and Germany is bank notes
not government notes. They keep
their revenues on deposit in their great
chartered banks. There is a two-fold
advantage in this. The money of the
people, lying to the credit of the gov
eminent in bank, is available for the
use of the people, not idle and unpro-
ductive, as in the case of this country
Where 1t lies in government vaults. We
borrow largely abroad. If the govern
nent money were available, we could
,urtail our foreign loans to that extent.
1t is Of grave import to the nation
that the solvency of the government
should never be in doubt. With gov
eminent demand notes outstanding.
he question returns, from time to time,
20 unsettle business, to destroy conf
1ence. f
The greenbacks and treasury notes
should be retired The experience of
the world in banking matter cannot
be disregarded, and the government
should retire from the banking busi-
ness. No other first-class power is in
the banking business.
The affairs of state, with which the
government must perforce cope, are SO
Teighty and serious, it is folly to com
plicate them with business. The d.,
vorce between government and bank
.ng should be absolute.
1t has been we'll said, THE refine
nent in the use OF credit is a pretty ac
curate measure Of national economic
progress
Our currency should be based on
credit. All government interference n
10 not say supervisory should be with
drawn.
The function of government IL To-
govern. The legitimate function Of
banks Is to issue currency, receive de-
posits. buy paper. and make loans.
There should be no more interferenca4
on the part Of the government in the