Page:Our Financiers- Their Ignorance, Usurpations and Frauds - Spooner - 1877.djvu/13

Rh Perhaps we may conclude that we want no special laws whatever, either of license, prohibition, or regulation, on the subject of banking; that bankers, like other men, should be free to make their own contracts, and then, like other men, be compelled to fulfil them; and that their private property, like the private property of all other men, should be holden to pay their debts.

Perhaps we may conclude that it is the natural right of every man, who has a dollar’s worth of property that can be taken by legal process and applied to the payment of a promissory note, to offer his note for that amount in the market; and that it is the natural right of every body that pleases, to accept that note in exchange for other property; and that it is also a natural right of every subsequent holder of that note to offer it again in the market, and exchange it for other property with whomsoever may choose to accept it.

And since, in this way, it is not only theoretically possible, but absolutely practicable, that, to say the least, a very large amount of the material property of the country should be represented by promissory notes, and thus made to aid in furnishing a solvent and legitimate currency; and since nobody can be required to accept such a currency unless he pleases; and since nobody who chooses to accept it can either say that he is wronged, or be said to wrong any body else, by accepting it,—perhaps we may conclude that such a currency as this—if the people, or any portion of them, prefer it to any other that is offered them—can not rightfully be prohibited.

Perhaps we may conclude that no considerable accumulations of coin are necessary to maintain specie payments; that, where banking is free, and the private property of the bankers is holden for the debts of the banks, the business of banking naturally and necessarily falls into the hands of men of known wealth, whose notes challenge the scrutiny, and command the confidence, of the whole community; that, as these men, if permitted to do it, are always ready to supply the market with the greatest amount of notes that can be kept in circulation, the public have no temptation to accept any doubtful notes, and doubtful notes can consequently get no circulation; that, when the public are thus satisfied of the solvency of the notes they hold, they prefer them to coin, and the bankers rarely have any occasion to redeem them