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

lively small and are more than Offset by
the fact that a very large number OF
checks are transferred several times be-
fore presentation al paying bank. effect
ing Two or more cash settlements. be-
fore the final adjustment, which only is
included in the summary.
Do we begin to family comprehend the
magnitude OF the service that banks
render to the business Of the country
Some one has said that, He who
causes two blades OF grass 10 grow
where only one grew before, is a bene-
factor" What shall be said then for
these institutions which multiply the
peoples money, ten fold. and make pos
sible thousand advantages that could
not otherwise be enjoyed.
Many good and earnest people in this
Land Of ours. believe that the panacea
for ali the business and industrial ills,
from which We suffer, is to increase the
circulating medium by the free and
unlimited coinage of silver" The ora
tors and Spokesman OF this class OF our
citizens. misconceiving the usefulness OF
all so-calle1 middlemen, are given 10 de-
crying banks. and TO holding them up
as hindrance TO the industrial and
commercial progress of the masses OF
the people. They cry for more ctrculat-
ing medium, and. az the same time. cry
down the medium which makes the cir
culation, circulate, Yea, they raise
their voices in awful warnings because
the national banks, generally without
profit 10 themselves but for the ea.on
that the law 50 requires, Issue about
one-tenth OF the cash circulating me-
dunn OF the country. No sccount is
made Of the fact that the banks OF this
country, by the very genius OF their op-
erations exclusive OF any circulation is
sue, as we have shown. are furnishing
more circulating medium that could be
wrung, in an age, from the Businesses
OF the Rocky ranges, or brought from
the mines OF India. 1t is confidence
based on reason. the confidence Of the
depositor in his bank and it's operations.
the confidence of the banker in the
business man to whom ne loans and his
faith in the borrowers enterprise, the
mutual confidence OF one business man
in another, that enables the country 10
carry forward it's vast business. and
without which, no conceivable amount
OF gold or silver would avail. An ounce
OF wise business confidence, is worth
more than sixteen ounces Of either gold
or silver.
The contention OF free silver advocates
Is. that 1t would put into circulation
about 800, 0o0. 900 more OF money each
year, and thereby increase values, 50
that all productive labor and property
would be more remunerative. That this
500. 000, 900 OF money would seek invest
men;, and that demand creates prices.
Granting this proposition. which would
ba true il the silver should circulate az
full money, 1 leave you TO estimate what
effect upon prices has the thousands o,
millions Of bank credit money" which
on account OF its elasticity. raPidity and
convenience Of circulation, its safety
and availability, is paying for more than
OF al purchases now made
While making that circulation, you
might incidentally consider what woulr
IL profit the country. 10 gain billion
dollars OF metallic money. and to destroy
or cripple that winch gives more than
ten foid value and usefulness TO every
dollar % c3sh money. gold, sllvsr, O.
paper. extsut IN this land?
Much more Higsnt be offered In exe-7-
plifcation Of the true position that bank
ing occupies IN oar cofaEae-ciai economy.
but time for5ids. Let ne. IN closing.
quote from one VINO wei summaries the
scope and extent, 0: the bankers infig-
ence:
The chain OF our progress Is endless.
We advance . higher lie BY conditions.
Our needs determine the direction %
or activities. out OF the Inconvenience
and f1tili:y % attempting 70 excaange
the pIodgcTs % the earn b. means O.
money. coined or uncosnei. I
arose IRE necessity and being Q. the
bank
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