Thank you for visiting SNEWPapers!
Sign up free
Editorial
November 3, 1892
The Salt Lake Herald
Salt Lake City, Salt Lake County, Utah
What is this article about?
The editorial analyzes how reducing the national debt through taxes will phase out government bonds, threatening national bank currency unless alternatives like state or railroad bonds are permitted by Congress. It notes rising coinage of gold and silver, urging free silver coinage to avert money scarcity.
Clipping
OCR Quality
98%
Excellent
Full Text
The Country's Money.
The steady reduction of the national debt by the people's taxes, with the gradual disappearance of the government bonds, makes it plain that the national bank currency must vanish from our money system in a few years, unless some other securities than government bonds can be substituted as a basis for notes. There is no decrease in the number of national banks in the country, but the volume of their issues is sinking.
There is a disposition in the east to ask Congress to allow the banks to deposit the bonds of states, cities, counties and railroads as security for circulation to be issued, with the object of preventing this part of our paper currency from going entirely out of existence; but such a proposition has never been presented to Congress, and it is very doubtful if it would be received with favor.
The country's stock of money is steadily increasing with the coinage of gold and silver, and if the coinage of silver were made free all danger of a scarcity would be removed.
The steady reduction of the national debt by the people's taxes, with the gradual disappearance of the government bonds, makes it plain that the national bank currency must vanish from our money system in a few years, unless some other securities than government bonds can be substituted as a basis for notes. There is no decrease in the number of national banks in the country, but the volume of their issues is sinking.
There is a disposition in the east to ask Congress to allow the banks to deposit the bonds of states, cities, counties and railroads as security for circulation to be issued, with the object of preventing this part of our paper currency from going entirely out of existence; but such a proposition has never been presented to Congress, and it is very doubtful if it would be received with favor.
The country's stock of money is steadily increasing with the coinage of gold and silver, and if the coinage of silver were made free all danger of a scarcity would be removed.
What sub-type of article is it?
Economic Policy
What keywords are associated?
National Debt
Bank Currency
Government Bonds
Coinage
Silver
National Banks
Circulation Security
What entities or persons were involved?
Congress
National Banks
Government Bonds
States
Cities
Counties
Railroads
Editorial Details
Primary Topic
Future Of National Bank Currency Amid Debt Reduction
Stance / Tone
Analytical Warning About Currency Contraction
Key Figures
Congress
National Banks
Government Bonds
States
Cities
Counties
Railroads
Key Arguments
National Debt Reduction Via Taxes Will Eliminate Government Bonds As Basis For Bank Notes
National Bank Issues Are Decreasing Despite Stable Number Of Banks
Eastern Interest In Allowing State, City, County, And Railroad Bonds As Security For Circulation
Such Proposition Unlikely To Gain Congressional Favor
Money Stock Increasing Via Gold And Silver Coinage
Free Silver Coinage Would Eliminate Scarcity Risks