Cayton's weekly. [volume] (Seattle, Wash.) 1916-1921, 1918-02-09


three separate and distinct financial dis
turbances. The first one mentioned occur
red in 1914. the second in 1887, and the
third in 1857, all Of which were sweeping
in the disastrous effect they produced upon
the banks and business of all kinds in every
state of the nation.
Specie was suspended and general bust
ness was everywhere at stand still and
failure the rule.
It was during the time of the civil war,
because of the necessity, that any thing ap-
preaching systematic methods of banking
and monetary system was, after an ex
perience of more than eighty years, adopted
and established by the national government.
The method Of banking then took form in
the present national banks and was great
advance over the old state banks. The ma
tional banks proved to be suitable for the
purpose intended; and were of immense
service to the government in securing funds
during time of financial straits incident
of the civil war and proved Of great benefit
to the people. The bills and notes of Issue
of these national banks, being sustained by
government b0nds were good at their face
value in any part of the country which was
Of immense advantage to trade and COM
merce not only locally but nationally
The monetary system of the government
which on account of the scarcity of coin,
consisted Of it's treasury notes known as
"green backs" and paper fractional cur
rency known as ''scrip", shin plaster" etc.,
and were good at their face value through
out the country All commodities however
increased at tremendous rate in cost value,
and the purchasing power of all paper
money Of both the government and the
banks was finally reduced to the lowest
ebb This system however, has since been
ENLARGED and improved by the adoption Of
gold standard and numerous other amend
ments made from time to time by the Con-
gress and we have now currency of gold
and silver, of bills and notes all of which
are of equal value and Of great purchas-
ing power anywhere in the United States
with a government credit equal to that of
any government on the globe
The present banking SYSTEM though SUI
perior to any system yet adopted in this
country it is claimed, even now, is far
improvements can be made, or what the
remedy is, it seems, is beyond the under
standing OF the most experienced bankers.
lmperfectlons must always exist in all the
affairs OF men. A perfect system Of finance
is impossible. But it is commendable in us
as nation that we seek after improve
ments; that we look forward to and strive
after, the best.
The present banking system has, how
ever, served the country under modern
methods Of doing business, and managing
commercial affairs, much better than the old
state banks, and it should continue to be
the system until more perfect one with
fewer imperfections, can be- and u.s. evolved.
Such system must of necessity meet the
wants of, and be an actual benefit to. all
the people.
We do want better banking system and
more elastic one; but not such as our
great political leaders are calling for. We
want banking system that will serve all
the people alike, and promote their inter-
ests in distributing trade and property more
uniformly instead Of concentrating it more
and more each decade into the hands of the
few to the detriment of the many. When
such a system can be evolved it should be
the policy Of the country to adopt it. but
until then, we believe it will be unwise to
attempt new experiments.
What we do not want is a currency that