The record-union., 1899-01-01

grave injustice upon the depositor class
of the country, with results in the
highest degree Injurious to the whole
community.
IF the preference Of the bank asset
note holder over the deposdtor provided
for by pending plans be decided unjust
and impracticable, and an additional
tax upon the circulation be proposed
to remove this injustice, new elements
of uncertainty are introduced, and the
question must also be discussed,
whether, in new estimates of the tax
upon the solvent participating banks
necessary to make up the losses on the
notes, we have any right to assume
that all or large proportion of the
sound banks will go into the uncovered
note issuing business; and if only
few banks issue notes, how we could
prevent that few from being the small
est and weakest banks in the system:
and how, If few banks and weak
banks only issue notes at first, the
tax on such circulation to make up
losses can be held down SO as to invite
that general participation in an asset
note issuing by sound banks for pur-
poses of profit, which would be essential
to the absolute safety Of the notes.
These and many other questions
must be settled, and rightly settled, be-
fore the people will consent to the
abandonment of the present system
under which bank notes are as good as
Government notes, whether but one
bank or all the banks issue notes.
Fortunately for the country and for
its business and commercial interests,
the discussion and settlement of all
these vexed and complicated problems
need not stand in the way Of true gov
ernmental currency reform as outlined
in the two annual messages of the
President of the United States. In the
minds of the people of the country,
the issue of 1896 was not the reform
of our present bank note currency, but
the reformation of governmental cur
rency
81 believe that the people and the
business interests of this country de-
mand that whatever changes are made
in our currency system to break the
endless chain and insure the safety
of the gold standard should, if possible,
he simple and easily understood. They
are not now, nor have they been in
favor of complicated or radical changes.
AS they desire stability in the tariff
system, so they desire stability in the
currency system. While they want
Improvement in both when necessary,
they are not in favor of unnecessary
tinkering with either The bank cur
rency plans of one year ago have
changed, but the Presidents recon-
mendation has not changed. The bank
currency plans of this year may change,
but the value of the recommendations
Of the President will not be affected.
Who is better qualified and who more
entitled to our attention as an inter
prefer of the voice of the American
people in 1896 for sound money and
the gold standard than he whom the
people chose in, that great contest as
their chief magistrate?
Already the ponderous wheels of In
dustry so long stilled are moving
Already work seeks the American
workingman. Already the credits of
the country, so intimately connected
with the countrys prosperity, and yet
so sensitive to radical currency legis-
lation, are reviving under the influence
Of improved conditions and of the re-
stored confidence of man in man. Let
US make no mistakes. Let us take no
backward steps. Let us all, whether
we have this theory or that theory OF
banking currency, stand at one side
for the present until the Presidents
recommendation becomes Law. For
ward in governmental currency re-
FORM"