The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-05-11
BANK NOTES.
re- Poor R~ssoning Of Ons whe A..
vocates Extending the Fo"es
Of Money Institutions-

Until we'll along III the SeH'u's' eey
Sound Currency, the issuing OF notes
was regarded, and is still in certain
sense regarded, as inherent in the ma
ture Of a bank. The reason for the reg
ulation of bnnk-note issues was exeep- |
,ionally well expressed by former Sec
retary OF the Treasury Hon. Charles ,.
Tairchild in his statement before the
committee on banking and currency
in January. 1893. lie said:
II conceive that the way government
gets its right TO interfere as 10 THESE
demand obligations IL this: They were
found to be a most useful instrument In
transferring property and services from
man TO man To attain their highest use
| fulness however. IL was necessary 'ha'
| they should have great rapidity OF move
| ment and in order TO attain that RAPID
| uy OF movement the receiver OF theH'
must be saved the necessity OF looking
4 10 the credit OF the issuing party. who-
ever ne might be.
..Therefore government properly came
IN and devised a system by whicn tney
| shall be issued and then certihes that
they are ISSUED under that system. 30
that a man who takes a note. II he knows
how good the system IA. can know now
good the note Il. and he does not nave
10 stop TO look further He has TO know
one large thing instead Oh vast ho'"
Of smaller things
that the government performs when ~
coins piece, OF bullion. In the case OF Sill
yer another service Is performed because
with the silver dollars the government,
has put a certain degree OF promise pc
hind them. but take "A piece OF goiu-
ana II would be the same way with sill
v.r n we had the free coinage OF silver
with no government credit Denlnu u
and what the government does IN ina
instance IS simply to take the piece ..
bullion from the owner OF u anu "
a In a certain form. and cerufy tnat y
4. .uch n quantity and of such quahty
The government does not contribute an,
capital: II does not put anything ihts
the bullion transaction: IL does NOT eoi
!. Ter much benefit upon the owner Oh ~
bullion, because he could put the ~e'sn
e ana the quality on II II the government
q a,d moi 40 that but II does confer yer,
\ creat benefit upon the people VINO wan
70 use that bullion for the transfer OF thei
- property and services, In that IL saw
4 Them the trouble OF assaying ana we'si'
@ ing. -, 80 s,,oe him
= v,,h a hank note II does not put an
n ca ital into H. 1t does not give u an
n credit except that IL proNides sysse.
I. and certifies that II Is ISSUED uhoe' ''n
system The government performs srca
gerviCP IN tnat way, VI tOH4f'f - -
q ple who want to use bank notes ana :
le hoth cases II performs a great service
=. the whole community In that II dimih'sne
the amount OF bullion and the numoer
~ bank notes necessary 10 carry on u
nj transactions Of the community. 'eca1se
~ gives them both greater rapidity o. NOV
= ,nent and causes less of them 10 De r
~ ouired for the same volume OF transa
" tons
&c M fault can be foundwith the abo'
u; abatement. only we should, in writin
81 change the Technology tribe. al
PIT that i. in respect to the one word 4
IS terfere.- Nobody has ever dispute
sc the right of a bank TO issue notes al
dc more than such a right has been al
re, puted for the individual. The point
a. DISPUTE comes when il Is suggest'
that the government add its credit
to such notes. When this is done they b
ie' come government notes. why ne
ov' then. let the government issue its ov
IN notes? How can the government
ne ;erfere in its own functions
sea bankers do not want greenbacks; b
use they demand that the governing
TN credit be added gratuitously to tn
no private notes. In this light the falla
ISL in the following conclusion to I
orr above quotation will readily he seen
ei' .If that Is 4 true Statement of the r
me crnmont's functions in regard 10 ba
lad notes. IL has always seemed 70 me
)rs. should approach We AZ gnyc
oi mcnt Is not 10 repress these things.
for 10 60 on in the direction of the princil
cen the philosophy. which has given u
~ right to interfere at all. and simply =
as vide for the greatest facility OF movcms
that being dependent on the goodness
mr. the system that II devised. and nav
n;s. some that. leave the people TO take G
OF themselves.