Paper Currency. 



profit from their circulating notes. The result has been that for about 

 two years past they have been rapidly withdrawing their notes, and 

 the people have relied on the government to make sufficient disburse- 

 ments for bonds and other purposes to give elasticity to the currency 

 and bridge over the crop-moving period. Few people have a correct 

 idea of the extent the public treasury has been relied on to give 

 elasticity to the circulating medium. If any one wishes to figure this 

 matter out, he can easily do so at any time, by first ascertaining the 

 total coinage for the year, adding to this about one hundred millions dis- 

 bursed by the government for bonds and other purposes and then 

 deducting the amount of the National bank notes withdrawn from 

 circulation. The result will show to what extent the government has 

 been called upon to do a work which was formerly so well done by 

 the National banks. 



For about twenty -five years the National banks have given the peo- 

 ple a currency which has never been surpassed, if it has ever been 

 equaled. It has been of uniform value throughout the country, 

 elastic, convertible, convenient, and as safe as any circulating medium 

 that I know of. It has served the people well) and a universal de- 

 mand should be made that some plan shall be adopted for their con- 

 tinuance. Government bonds are being paid off, it may not be pos- 

 sible to obtain them for use as a basis for circulation, and some dif- 

 ferent plan must be adopted. There are several plans now before Con- 

 gress. The people ought to call on their representatives there to ma- 

 ture and adopt the best one. The National banks and the people can 

 exchange notes, and expand and contract the currency whenever it is 

 mutually beneficial to do so. 



The prosperity of a country does not depend on the amount of the 

 circulating medium. All that is necessary is to have enough so that 

 every person who has the means for getting it can have enough to 

 make settlements with. Unpractical men talk and newspapers pub- 

 lish articles, which let loose a great deal of nonsense and lead people 

 to suppose that the Silver bill is something in the nature of an inher- 

 itance, bounty, pension, annuity, or an endowment annuity. It 1S 0 

 no use for the improvident to think that they will all be given an 

 abundance by legislative enactment. No matter how much silver is 

 bought by the government, I have no idea that any one of us will find 

 his bank account materially increased. What the people need more 

 than the coinage of more silver dollars by the government, is a better 

 knowledge of financial questions, conservative and thrifty habits, an 

 to strive for a good bank account. The average business man is too 



