The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1899-01-13
THE ENDLESS CHAIN.

This is the title which those who ad-
7ocate retiring the greenbacks, are pleas
ID to give the redemption of greenbacks
10 gold often. The very fact that they
lvoid speaking OF their object by its
right name is evidence that their scheme
is Objectionable. Figures of speech are
very pleasing, when they
cover something very undesirable. They
are often the sugar coating of very Bit
ter pill. II the so-called financiers think
1t would be good thing to retire the
why don't they say 30, and
argue that question. To retire the green
acks viii. not destroy the endless chain.
To think 30 is delusion. The "endless
chain" is the issuing of bank or credit
notes, payable on demand in coin, and
their redemption on demand, in coin. II
the endless chain is destroyed it must
be, by refusing to redeem the notes, or
by redeeming them and refusing to ia
sue them again. The last is what is
is proposed. But this would destroy all
currency and leave the people only coin
for carrying on their business.
But these financial tinkerers don't
mean to destroy the endless chain,
though they try to make the people
think they do. They simply mean to
substitute one endless chain for another.
Their intention is to substitute Nation
nj Bank chain for the Government
chain. They intend to have the Govern
ment call in all the Government cur
rency, and let the National Banks issue
all they want to. But it will be an end
less chain. The banks will issue notes,
and they will have to redeem them, and
there is your endless chain again. The
difference is this, the Government haf
about $4OO. 900, 900 Of paper money sfloat
on which the Government pays no in
terest. 1t is proposed to take these up
and let the National Banks issue thai
$4O0 ,0O0, 900 and draw interest on them
Why is it proposed to retire the green
backs, the best currency we ever had?
The only reason given is, that this
great big Government of 100000 o
people, that can borrow money at lowe
rate of interest than any other Nation o,
the Globe; this Nation, that is bothered
to know what to do with all the gold tina
| is piling up in its treasures; can't stant
. run on the treasury for gold, once i,
thirty years, but little $25 900 Nation
al bank could!
Does any man, who is sane, believ
that any system of National Banks Cal
be devised that would be as able to NEE
demands for gold, as our Goyernmen
is? That is the gist of the whole ques
ton.
"There has never been any trouble il
maintaining greenbacks at part whel
the balance of trade was in our favo
When the balance of trade is against III
gold has to 60 out, and if it cannot b
obtained at the Treasury, it will hav
to be obtained at the National Bank
How can any one believe that the bank
can better meet the demand than th
Government?
| An "endless chain" is like all othe
chains in one respect, it is only as .stron
Is its weakest link. The weakest banl
will 20 to the wall first, there will be
panic, and specie paym snt will cease
In only one way can this be avoided
to-wi A large reserve fund of gol
must be provided by the banks to me-
emergencies. This would lessen tn
amount of gold in circulation and i,
crease the demand for it. But if greI
reserve fund is to be maintained WI
not let the Government rese rye be il
creased, and the greenbacks be keI
afoat7
4 There never has been, there never vi
be, any trouble to redeem the greenbac
while gold is coming our way. The f
nancial legislation we need is just sue
as we have-a tariff law that will kee
the wheels of industry in motion, an
!, keep the balance of trade in our favor.
The demand for the retirement of tt
ereenbscks comes from the money POI
or of Wall Street, and it should not
listened to.