The Boise citizen. (Boise, Idaho) 1906-1910, 1908-01-24
INCREASE OF CURRENCY
GRAVE PROBLEM that NOW C0NFRONTS THE
AMERICAN PEOPLE


published in Humanity St Louis publication in behalf of the
proposition legal gold silver
certificates issued by the government against deposits of the
other His plan proposes have gold gold certificates of
$2O silver certificate of denom
nation higher than that with silver legal tender only $40
He concludes his second article the following argumentatve
"Woud it initiate currency? If by initiation is meant the
provision of actual metallic money sufficient carry the business
of the country; money bank prom
pay money based government interest bearing promise
10 pay money; of money with
growth the needs for it. then nhatonbu by imitation
be money which, like inverted pyramid daily
hourly broadens at its base but supported old
apex waying oeng each increase of prosperity until it
tumble burng the honest industries of the country in the ruins
then it is not initiation.
e people the country determine how the money of
the country is to be Turn where
YOU w-read reports of the comptroller of the the
treasurer of the address of Mr. Hepburn president
National Bank of New York at Atlantic City, Henry
Cew the fatherlaw President Rooseves personal
sentative Congressman Parsons chairman of the Repub
can committee of New York Lexington Ky; Geo. Harveys
editorial Morgans Hapers Weekly of October 12
1907 Norden Magazine and the Commerce Monthly
wherever you find demand that view OF the scarcity
money legitimate business and for moving the crops con-
eress must provide an currency with accord they
demand that currency shall be bank credit
On page annual report of the comptroller OF the
currency he SAYS comptroller again respectfully and
earnestly calls the attention Of to the necessity OF cg
in the national currency the recommendations made In
his report December 1902 that the national banks be author
zd issue portion circulation uncovered notes the
best means adding this circulation the greatly needed quality OF
elasticity page he outlines the scheme: All natona
banks which operation for not less than two years and
which have unpared surplus OF not less than ~ per cent
their capital be permitted to issue not to exceed % per
cent of the amount bond covered notes uncovered
by deposits And again g. referring to the need
for ready crops he This can be done simply
easily automatically by the proper of the right kind OF bank
notes and in no other way
Charles H
found The pressure and others for larger and
regular supply small denominations of continues unabed
with the treasury unable existing laws comply with their
urgent requests The sentiment of the country seems so unanimous
for rectfcation of this utowad condition naturally
he expected that congress will ultimately the legislation that
has under consideration which will bring full relief to treasury con
ditons the volume of small denominations without IN
fating the currency.
Presdent Hepburn of the bank recommends the
plan but being unameed by office frank and shows the
coven He says Judged from historical and scientific
standpoint the currency system of country best be admins
tered through nstmenat of central bank OF issue Eng
land proved this and central bank of issue and provided
that the note issuing privilege then possessed by existing banks
should revert central bank of issue whenever for cause
te various banks should forfeit the same.
Fee we have its nakedness the scheme Mr. Hepburn
fails however to the of the Bank OF England are
legal tender and that be issued except as against the
deposit of the actual gold There credit for the Bank
of England It's original for money previously advanced
government and all subsequent issues have been against the
gold. "a
her are doubtless Others is nconcevabe that with
accord and without suggestion bankers should take the
same position at time No. the plan has been subering
until now the opporme advance it The lines must
be drawn the conederated banks will demand OF congress the right
to issue credit money
Do the people of the United States know what this means
What means the money of the country controlled by banks
of issue and of that issue based their credt You
be asleep day and night the acas OF the money
market Law in wait for stricken trade ready feast its necessities
he of haute finance know what IS the OF
money They aened the public wealth. eech like they "a