Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
Give to the Government banking power, with local County Banks, and the
currency question will settle itself. The much talked of standard of
value will become fixed. The currency will be made as elastic as the
exigencies of the times shall demand.
We will have not only gold and silver for a basis but as well all of
the broad acres of fertile land, the mines, the grain, the horses,
cattle, hogs and sheep, in fact everything that goes upon the
assessor’s book will stand behind the dollar. For the County and the
Government will guarantee it.
It will be elastic because each particular locality will have the
power to issue emergency currency to meet the immediate needs of the
community. The County with all its property will stand behind it,
and surely all of the land and property in the County will furnish a
sufficient security to make good a sufficient volume of currency to get
the product of farm, or mine or manufactory to the market.
It will furnish a security to the depositor and thus keep the money
which should be in circulation from being hoarded; for the man who
has a little money will have no fear of depositing it. A banking law
recently enacted in Oklahoma has been much praised because the state
guarantees the deposits. How much better would be a law which provides
that in return for the guarantee of the deposits the State shall take
down the profits of the business. Is it right that the State should
take all the risk of losses and not share in the profits?
It will settle the much disputed Tariff Question, because the profits
arising from the banking business will probably pay all the running
expenses of the Government, and leave a balance besides.
If this should prove to be true the Custom house can be abolished and
there will be no necessity of levying tribute on imports.
It will settle the question of Internal Revenue taxes, for the
Government will need no longer to shock the tender sensibility of the
Prohibitionist by levying tribute on the vile Demon to support itself.
It may, eventually, lead to the Government ownership in such a gradual
manner that it will not unsettle the business interests of the Country,
for as the revenues produced from the profits of the banking business
increase in excess of the expenses of Government, the same can be
invested in bonds and stocks of the Public Utilities from time to time,
until after a number of years they would naturally be absorbed by the
Government.
The local tax collector can be discharged and our direct tax on lands
and chattels will cease, as the profit to each County will more than
pay the expenses of the County, including State taxes.
Public-domain text, read in full here on John Shaqi.
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