Okolona messenger. (Okolona, Miss.) 1900-current, 1903-09-23

my r. ATE information Is TO the eflect
$aaA ID that the national banks will retire
! ] ! !. . J. J: J. ]. !. !. ! !. ! !.
E7S 80 their circulating notes during the
IrSSNf a. month Of September up to the foil
Eg1SS8 az monthly limit Of s., 600 600 permit
SaAWlGT ted by the Law. Applications for
Ee4IIK|$1b retirement have been received to an
FTG1EYl[ amount covering the legal allow
NSN&s9' 2 ance for October and half Of No
vember. This comes at a time when it is supposed
that more than the usual quantity OF currency Is
needed to omOve the crOps.o lt has BEEN stated
that the Secretary Of the Treasury will refuse to
make depO its OF internal revenue receipts with
those banks which have given notice OF reduction
of circulation This is what the New York Times
calls "blackstiug7the banks so acting. TheIimes
comments on the matter in an editorial from which
the following is extract says Cincinnati Eaquirer;
"The policy Of retiring notes at moment when
the CRY is that more notes are needed would appear
to be illogical and unbusnessike. On the surface
appearances are 80 much against the banks that Mr.
Bryan for instance in case he should interest hm-
self ia the question: would be able to make state
ment to an audience which the most skilln expoud-
Ier among the bankers would find 1t exceedingly
hard to contrOvert. An advocate OF free silver
coinage or Government paper money would boldly
declare that the banks retire their notes 10 order Co
keep up the money rate; that their proiessed desire
for larger liberty OF issue is Dsncere their purpose
being to make money scarce and dear Sucn
statement would prep plsterous II made to we'll
informed men, but put in popular fashion and sup
ported by the facts by which Secretary Shaw iusti-
fes his tsblacklistu it would be difficult to relute It
in way 20 carry general conviction. The simple
truth is that the national banks retired circulation
in order to make money, and all of them, without
any exception whatever, we're organized % make
money"
We look in vain through the rest Of the editorial
for proof 81 the Times statement that the argument
it puts in the mouth OF san advocate Of free silver
y coinage or Govement paper money Is "preposter-
ousv It appears to be plain and fOreeiul, and the
q Times only disputes it dOgmatically. Mr.. Bryan
and free silver have nothing do with the question.
The discussion is as to private public regulation
e Of the paper currency. The situation which the
9 Times so accurately describes is which will
starte the minis Of conservative men who are not
: engaged 10 the business OF trading in money, and
, who we're never free silver Il is likely to lead
to an overwhelming demand for radical revision Of
the currency laws, including the national banking
Il laws. This demand will not be based on specious
g. or 'sDreposter9us' arguments, but on facts from
C which deductions are easy.
J. The Times lays no blame the national bankers.
It states tTuthlnlly that they organized for bus
il ness purposes,in other words, to gain money Tor
D. themselves It shows that when the Secretary OF
n the Treasury makes deposits OF internal revenue
receipts in the banks he adds to the quantity Of nom
sr ey available for business purposes. The United
Il States bonds, held as security for national bank
notes. rise in value, and the bankers would rather
j. have them than the circulation they guarantee So
they cancel their circulating notes to the extent the
3. out OF the vaults in the Treasury. And by this
means they counteract the Secretarys addition t0
a available circulation They make money. the ar.
C tcle they deal in continue to be and dear
while the efforts Of the Secretary Of the Treasury
are supposed to be in the direction Of making il
plenty and cheap.
" The Enquirer is in agreement with the Times in
y not casting maedictions on the bankers. They
are engaged in business for themselves aud not iOI
ID the Government or the people. They are doing a
is all other business dO-they are taking aivan
n tage Of opportunity. The men who are 10 blame
t. are those who are running the financial policy Of
ID the Government The bankers are merhly taking
o. advantage OF that which is presented to them. All
10 business men do that. That Is what business is
O. The withdrawal Of national bank circulation. tho
70 will revive and stimulate the demand for ssG0vern
ment paper money! to wonderful degree. Tbs
memand sill not be simply ''craze" either. There
70 such thing reaching ia taking aivantag,
Or OF The mistakes OF "bus ness adversariesn Their
u is also Ihe story, with the enduring moral, abou
m ''killing the goose that laid the golden egg
q Kerosene oil is higher to-day than It has beei
N