Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-10-26
TWELVE PAGES
THURSDAY. OCTOBER &c. 1889.
GOVERNMENT MUST FURNISH
CURRENCY.


Our experience since the war ought
TO have taught us one good lesson, II
no more: and that Is that the making
and Issuing of money Is properly no
part of the banking business of private
corporations, but is one of the most sd
cred and important prerogatives OF
government, and especially of the gov
eminent of a free people. OF course. the
doctrine is not palatable to the national
banks. so-called. that are only private
institutions for profit. and with no de-
sign or motive OF public service; and
equally of course, all who desire TO in
gratiate themselves with these banks
and their minions. industriousy incul-
cate the contrary doctrine, that the
government must so out Of the bank
ing business" and turn the control OF
our money and finances over TO the eX-
elusive monopoly of the banks.
These so-called national banks are
so pampered and petted that there is
no end to their demands and preten-
eions. For their benefit. Federal tax
Is imposed to the prohibitive figure of
ten per cent. on the issues of all State
banks; at their bchest, the competition
of the free and unlimited coinage of sill
Yer was stopped and the metal demon
etizcd; and now with Secretary Gage
in the lead. they are demanding that all
Treasury notes be retired, amounting
to about S245, 000. 900. and never re Issued
and that they the banks) be allowed to
n ha fun
the bonds they have deposited in the
Treasury. 1t is true. they receive full
interest on the bonds deposited and get
80 per cent. OF their bonds in so-called
national bank-notes. FREE which they
lend to the people, a s part of the cur
rency. ut from TO IL per cent a wear.
on gilt-edged securities only. Even NJ G
per cent. we are now paying them
$3.50 600 a year for n bank note cur
rency that is practically our own mon
ely. as 1t is furnished gratis by the pub
aic Treasury, which is ours.
But not content with all they have
and now demand, the banks are now
Milling the newspapers, magazines and
reviews with complaints and arguments
against the policy of the government
which requires them to deposit u. S.
notes In the Treasury to secure their
circulatlon. THEY WANT THE PRIV
1LEGE OF FREE BANKING. TO
MAKE AND ISSUE ALL THE NOTES
THEY CAN CIRCULATE, ON CRED
Ut. WITHOUT SECURITY, AND TO
THUS FLOOD THE COUNTRY WITH
"A FALSE MONEY OF sIIINPLAs-
TIERS. "YALLER-DoG" AND RED
DOG BANK REDEEMABLE
IN NOTHING. AND WITH NOTHING
BUT UNCURRENT GOLD TO IN
EERFERE WITH THEIR PAPER-Is-
SUES. Great God! Think of ii. When
they affect horror at the idea Of the
government attempting to do half so
much! They are to have unlimited cred
Ut, unbounded privilege and freedom
and all the prerogatives Of government
with relation to money, with an ex-
elusive monopoly of paper money! That
rs what they intend to have, il McKin-
ley is reelected; and let all the peo-
pie make a note Of the fact, which no.
body can or will deny.
And why are these private concerns
Tor profit to be incumbered with benc-
ats? It seems that they claim the Sc
cret Of elasticity" in currency: which
being interpreted into plain English.
means that with full liberty to do as
Ehey please. they Will issue money to
any amount as long as It will pay, and
hontraot .it to the smallest aum. IL they
Inn nl AXE more On its &c as we