The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-05
The Aldrich Currency Bill.

There is j disposition to attach
more significance TO the currency
bill which Senator Aldrfch is willing
to vOuChsafe before the session closes
than really belongs to it. There is
enough good in it to make its passage
forth while, though it is pretty near
~ Offset by II positively bad pro-
vision. It's really useful feature is
that which authorizes issuing gold GER
tificates down to ten dollars, though
It might better have been five, and
allows the dividing up Of silver GER
t~ifcates. The "greenback" is no
small denominations, but this j. &C
companied by d provision for restor-
ing one, two and five dollar govern
ment notes, which is wholly unde-
sirabIe as well as unnecessary. II is
in the interest Of perpetuating these
m0ngrel credit notes, which ought 10
be kept in the higher denominations
and gradually replaced with gold GER
tifcsates. The "greenback' is no
, IOIlStI CiuiItl ILCtCoofII y " I-N@t~SDAO
and should go" with the Sherman
silver treasury notes.
Permitting all government receipts
to be deposited in banks without dis
tincti0n between customs n internal
revenue does away with a lOng-stand-
ing absurdity, but it will have no praC-
teal effect. The internal revenue re-
ceipts on the whole run rather above
furnish half the revenue Of the treas
ury. They afford many times the
volume Of unds in the course Of the
year that are deposited in banks, and
under Secretary Shaw it has been the
practice to turn all alike into the
treasury and to make no distinction
in depositing in banks between the
sources of the receipts. 1t is We'll to
get rid OF the distinction in law which
no longer exists in practice, but it will
not affect the volume of deposits.
There is a really useful provision in
the amendment offered by Senator
Nelson, but Senator Aldrich would
have nothing of that, apparently be-
cause it would be of some use. This,
in two separate clauses of the amend
ment, provides that the public money
deposited in the banks shall at all
times be subject to the draft and
withdrawal of the Secretary of the
Treasury and that he shall not al
low the public money in the treasury
to accumulate over and above a safe
and Reasonable working balance re-.
quired for current demands upon the
Government" The adoption OF this
would leave the currency in the chan
nels of business. where it belongs, and
reduce to a minimum the disturbance
caused by the receipts and disburse-
ments of the government.
Mr.. Aldrich's only answer to this
proposal was a question: What is a
working balance?" What is the work
ing balance Of Il state or municipal
treasury or 4 great corporation? An
officer incapable of Judging how much
cash he needs to keep on hand fol
current demands is unfit to have
charge of the fiscal operations o fthe
government. If he has not sense
enough to tell within a few millions
he had better go into some other bust.
ness, but with an ample balance II
bank upon whcih he car draw at viii
he ought to be able to keep out O
embarrassment. This really usefu
and sensible provision would give the
Aldrich bill some value, but for thai
reason there is no hope Of it's adoption
journal of Commerce.