Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-08-25


a resort 10 them. Permit national
banks TO issue az many notes ns theli
directors think proper, and upon we
security Of the assets nf the bank pniy
aubiett 10 as rigid Inspection by ih'
government ns can be asked, aud th'
pordian knot will be cut
LET no man suppose ] am an ln,
nntionist l am single Ftnnhniu h'iv
man 'of the extreme tyne. ] Wouil
require bank 20 pay gold fnr "
notes on demind.ur 90 be Instantly pu'
into liquidation through receivefH Ih.
only trouble my views give mo W iln,
fact that the iunatiunists also called
for the repeal Of the tax on state bank
notes. But we ntc ~ fnr apart every
whore else na the two poles. want
20 give the Industrious man an "pp'i-
tunty TO make use uf hls rdfnuft'H
hut under the severret restrict 'n-
They want to help the cause oi en..p
money, and TO lugialntc money mo
the pockets u those who arr tno lazy
20 work for a.
very greatly exaggerated. Hfiinc w.
war the notes N state hanks caused
trouble, but Why our steam nnu
electrical developments were very lm-
porfecf and whom state bank mote
once got into q community n was nara
10 gct thrm out " a. iut evriy part
~ Tho country ia now intofrcctui with
rapfi means VI communication anu nll
parts are m instant touch ~ 'nch
other. a North Carolina note would
not be- day In Richmond, before "
would be hufrylng back 10 IN bank
that issued II with a demand for pay
meut u II IN gold The notes ~ the
local hanks would never leave hfmc
Tho people thore would want them.th'
people away would not want them,
aud thoy would stay whore There WnH
n demand for them rather than 30 10
q place that ala not want them.
'The popular conception ~ need
for n currency note that viii circulate
MI over the country IL an utter error
who needs such a nntef General hufl.
nera does not because general business
IL all done by exchange. No on" needs
II but the travellers. and they can pro-
tcct themselves by carving enough
Eold IN their pockets fnr current cA
pennoH and bank checks on iha cities
10 which they are going. The upHhOt
Of the business then is. that the grn-
srni publis wuuld never see or hear,
under present conditions, ~ local bank
notes, aud the rural communities that
now have nothing 60 conduct IN flr
business With, would have all the media
u exchange they need. Because. uH
tho nofeH ~ the local banks. though
perfectly good In fact, would not b.
known away from home, the discount
thus put upon them would send thtm
home Whenever they Htraycd away,
for the use " the people who apprc'
claied them. and for whose use they
wcre Issued. This II really the Ideal
ryrtum.
~ do no, think have ever seen an
American that was aware ~ the fact,
hut England, Scotland and ireland
have today exactly the banking system
that I contend for, Each island has
local banks scattered an over u that
put out their notes on no security
whatever but the assets 81 thi banks
themselves. Tho notes are az dis
count thirty miles away from The
bank that Issued them. hut they FUR
nlah the people living around those
banks with an abundant aud perfect
cufrrnry, Great iiritalne whole In
tcrnal economy rests upon thess BANKS.
II an sometimes told that the Su-
premr Court ~ N. United states has
construed tho Constitution contrary a.
my viawH This IL true. but this con.
strurtlon n part ~ the war doctrine
put out a third ~ u century ago 20
ennble the government 60 carry On the
ciVii War, and the sooner II H. aban-
dancd the better. That construction n
part OF q series % decisions which told
that the Congress- ~ the United states
can convert q piece Of green paper IN
60 q dollar. n thing which the Almighty
Himself eau not Do without ffnt chang
ing the laws " tho universe.
"Thc idea q the whole paper currcn-
~ be issued nv private banLn, IN
stead u b, government aacncirn. " an
essential part ~ the fundamental idra
of the fathers ~ our government. Ihoy
intended that the Individual should b.
everything. the government no,hlnE,ex-
cept for the few thlnHH that all are
equally interested In. They had
never heard the word socialism, bui
they knew tho evil nnd all ~ their
works aimed at guarding against A..
>pnp.r money issued ~ the govern
Snent ~ the nurost nid that socialism
lran have. The local bank with ~
local notes II the HurcHt Safeguard fur
local n.if.ruir. The rHHcnce " the
other n individuality, and TINT ~ cn-
scntihl 10 the continued freedom ~ a
frco people"
Commerce N KinsiH cry, condemned
the Ideas advanced 10 Air. llnylila "A.
dress, from nfut ~ lnni, lie declared
that Inc West had slcn enough u cur.
rcncy Issues by local hankA The
banking huslntgn he asserted wlu
hlghly dcyrhpod an over the country
In lhr East large commerce had led %
me establishment u banks N large
mcrco had been satisfied with smaller
banks, IN che IVES banks were t10
plentiful Competition had heon s1 sN-
reHsiyr thit the banking hualnefs u
not profitable and consequently lu
many cAsta not safe.
lie advocated thr branch bank ays.
ten a. the remedy fur the erouhle
1.arnc city hanks should absorb iliill
country banks thon plethora N
money could not exist In one i0canty
whih an unaatiHned demand existed IL
anothrr.
Mr.. nonebrake ~ Kansas disagreed
with Mr, ituyalra assertion iaiAt sOun,
cry districts lack banking facilities
especially IN the West lie quoted nT,
UREA 90 show The amount ~ moupy IL
the hands ~ country hanka in Kansas
JOHN y, Branch. president VI thl
Mcrohapff NNii0nal Hank 90 Rich
moni. Va, disagreed with an suEgcs
tionE, lie faNafed permitting country
banks o. Issue currency IN tho sam.
terms az city hanlgs,
Mr., OeorEe NJ Reynolds, Of Chicago
opaned thc discussion " tho question
"uniforn Laws fur Holidays a. Wei
as DAYS OF Grace lie said In part
THE law merchant aud the common
law. OF course, must give way a. thl
statutory enactment, ana I lind tina
the Legislatures of the different statnl
without exception. so far as know
have from time a. time enacted law
which prp either dcclaratory VI the las
Of merchants. or In dcruEatlnn uf IL
by the absolute pr practical ecftainti
OF tho law which prevailed under thI