Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-23
PAGES.
SUNDAY. DECEMBER %, 1900.
JOUR- VERY OWN" TALKS
FINANCE.

Mr.. Lyman j. Gage, at the New York
bankers banquet, seems to have sur
passed himself. There is nobody else
that is even in Mr.. Cages class, and SO
there was nothing for him to go
against, but his own record, as the tool
and pimp of the financial interests of
New York city. AS we have said, the
record was smashed. Is it any wonder
that Mr.. Alfred Z. Barnes. who pre-
sided on that occasion. declared with
emphatic JUNCTION: Mr. Gage is OUR
3 VERY OWN" and piously added:
MAY he remain in Office another four
years?
AS every man knows who has ever
taken the trouble to even cursorily ex-
anime the facts. the national banking
system is the most thoroughly vicious
OF our institutions. 1t is surrender
to private corporations of one OF the
very highest functions of government
the right to issue money. The govern
ment not only surrenders this right,
but pledges its credit to guarantee the
issue, and pays interest to these pr-
vate corporations for the privilege.
s Gage-''one of our very own" In his
New York speech he declared that ma
tional banks should be allowed to issue
their notes as currency, based upon
their own assets, instead of upon gov
eminent bonds deposited in the treas
ury. The greenbacks. he said, should
be retired, because they are evidences
of debt, and it strains the govern
ment's credit TO Keep them at Il parity
with gold. Consider the superb ASSN
Unity of 1t all! 1t is a matter of sta
tistics that banking officials annually
steal q larger aggregate amount than
all the hold-up men. burglars foot
pads, confidence men, gold brick and
green goods artists, sneak thieves,
ehop-lifters, safe blowers and embez-
zlers In all other lines of business
whatsoever And yet. while he SAYS
the governments credit will hardly
keep greenbacks at par Mr.. Gage ia
vors further concessions of money-issu-
: ing power to the national banks. and
solely on their own assets Who. may
we inquire, viii guarantee such issue?
What will the holders o. such notes
get when the assets depart TO Near
aqua, Mexico or Canada in the keeping
OF the cashier or the bookkeeper, or the
Office boy? What, for example, would
be the market value at present of notes
If they had been issued against the as
sets of the bank at Newport. Ky?
What would the depositors of the bank
do for shortage In security?
Equally sapient is Mr.. Cages lament
that the greenbacks are evidences of
debt and a burden TO the credit of the
: government. Is not the national bank
note payable on demand in gold and an
'evidence of debt" being based upon
government bonds? The only differ
ence between the greenback and the
government bond is that the bond
draws interest and the ereenback
a DOESN'T That is where the shoe pinches
our very own" Mr.. Gage. In behalf
OF the banking class, would substitute
an 1nterest-bearing for a non-Interest-
IS bearing government debt. TO be sure
lhe greenpacks are payable on demand
but II we are a "creditor nat;or,,-and
!; as mr Gage says, ''shall soon become
recipients OF interest on capital fur
e f1ished by US for use abroad"-need we
fear that they will be used TO with
draw gold for shipment abroadq
IN upholding his contention tbat
these private corporations known ms
i national banks should alone of all,
: private corporations exclusively be
& allowed to issue their notes against
p : q / i