The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-15

follow Texas, thirty-two; Pennsylva-
MIA. thirty-one; Illinois. twenty-nlne;
Minnesota, ,twcnty-three; Nebraska
and Ohio, nineteen each; Oklahoma,
seventeen; Kansas, twelve; New York,
Indiana and North Dakota, eleven
each; Indian Territory, ten: New Jer-
sey, six; Virginia, North Carolina,
Michigan and Wisconsin, five each;
Maryland. Kentucky and Missouri, four
each; West Virginia. South Dakota,
Colorado and Washington, three each;
Maine. Florida. Louisiana, Tennessee,
Montana. Wyoming, Oregon and Cali
fornia, two each; and New Hampshire.
Connecticut, Delaware. South .Caroli-
ma, Georgia, mississippi, New Mexico
and Idaho, one each. 50.
The wide distribution shown, and the
fact that these smaller organizations
are not pnrmitted In towns or villages of
over 5000 Inhabitants, indicates clearly
enough the appropriation OF the people
In these smaller communities of the
facilities which this feature of the act
enables them to enjoy
Bank Currency Better Than Govern
~: .ment Paper.
But It Is alleged that the whole prin-
ciple:is wrong. that no bank ought to be
allowed to issue circulating notes under
any conditions or circumstances, that
the government and the government
alone should issue the paper money,
and to an amount adequate for the
needs Of the people, That allegation
cannot be taken up and discussed at
length here. To those who hold the
theory that paper money may be made
by printing upon certain sized pieces OF
paper. a declaration In the nature OF q
fiat which, shall have all the power and
efficiency OF colRod money, 1t is Idle to
address any argument upon the subject.
They are irretrievably in the clouds;
but to those who comprehend that 4
promise to pay!means q promise to pay,
and to pay money, 1t may be pointed
out, indeed 1t has been clearly pointed
out time and time again. that the public
treasury is n poor agency for issuing
paper money. The only way for the
government to get out its paper notes Is
to pay them out Tor debts or for ex-
pcnses. which simply changes the form
Of the debt without paying 1t at all. Nor
has the government any assets except
an arbitrary stock of gold with which
to redeem its outstanding obligations
of 4 demand character. This is I funda-
mental objection to an Issue of paper
| money by the government. 1t is. Of
course. true that we'll WITHIN the needs
OF the country for paper money circula-
ton. the government can keep aitoat 4
volume Of Its demand obligations cloth
ed with the power OF legal tender: but
even so, as 4 consequence. embarrass-
| ments have arisen, pcrturbltions III
government finances have been occa-
| STONED, public alarms been felt, and SER
ious disturbances from time 10 time ex-
ipericuced in general business affairs. \
bank, on the other hand. issuing notes.
whether secured by a deposit of govern
ment bonds or otherwise. II worthy of
the name of bank, has ample assets
consisting OF claims on the community
convertible into money, besides Its cash
reserve, with which 10 redeem Its notes
or to pay its deppsltors.
The business public and the more
thoughtful students OF the question
throughout the land. congratulate them
selves that the outstanding demand OBJ
legations Of the government are no
| greater in amount than they are. and
will not willingly consent that the vol
,ume should be enlarged
Government Bonds Not a Proper b.
sis for Bank Currency.