Publisher's Synopsis
Excerpt from Lower Our Standard? Never
This plan undoubtedly would arouse distrust in the minds of the masses, especially in troublous times, when it is of paramount importance to allay distrust. Taint our currency issues with even a breath of suspicion, and our prosperity will be undermined as by an insidious disease. The quick redemption theory I am convinced will prove fallacious, impractical and even impossible under our system. The reasons are more fully explained later. If the plan did not work, then it would either drive gold out of the country by the injection of this inferior currency, or would produce in?ation, result ing in increased frenzy of speculative promotions with all their train of evils.
A currency with profit in it spells in?ation and in?ation spells disaster. One ardent advocate of asset currency, speaking of the banks exercising the privilege of issuing such currency, says which they will be sure to do and will only do it, if the profit is sufficient to induce them.
As the contemplated issues are subject only to a 3 per cent. Per annum tax; as the issues are entirely at the voluntary command of any national bank, practically without collateral security; as many good banks pay 3 per cent. And upwards as interest on deposits and the quick redemption theory will not work, how many banks in their greed for profit would go the full length of their tether, stretching the rubber currency to the limit, and thus still further foster the evil Spirit of speculation instead of instilling a spirit of conservatism. The very banks that ought not to be allowed the right would be the very ones to go to the limit.
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