78 Colorado College Studies. 



4. The relegation of control to the states would almost 

 certainly cause the checks to be set too low at first, and 

 cause a large initial increase of notes. 



5. Insecure notes from a single state would diminish 

 the practical convenience of the whole note-circulation. 



6. Security of all the notes under separate state man- 

 agement is almost incredibly improbable; and if attained 

 in one year, might easily fail in the next. 



7. The prohibition, by tax or otherwise, of circulating 

 notes that fail to conform with national law, is not an in- 

 justice to individuals. The objection on constitutional 

 grounds touches only the question whether state or na- 

 tional legislatures shall impose the necessary restrictions; 

 and if sound at all, is rather an argument for a constitu- 

 tional amendment than for a bad-money system. 



8. A means of elasticity, probably safer than any bank 

 note system, exists in the irregularity of Treasury expenses. 



