Who Will Be Helped?

öuppose me govornnient ïssueü all the currency, and the banksissued none, where would the man who wints capital go for it 'i Not to the treaBury. The goverument borrows, but does nut lund. Necessarily, ha would go to a raoney lender; perhaps to the very one whc now manages a national bank. Moroover, he would pay at least aa high in turest as he pays for money borrowed froin a natioual bank. Nobody will go up and down in the land lendiug money for nothing, or for maller interest, btcause the govurnuient bas iusued more greenbacks. He who has capital will still demand pay for the use of it, and he who lacks capital will still have to borrow it as best he can. The men who are now uatioual baukers will, ot course, taKe their capital out of that business, wheu they can no longer issue currency ; being acquainted with the mouoy lending business, they will naturally become private baukers. Of course, they will sell the bonds now on deposit ; they cannot afford to havo ïnoiiey drawing ouly four or four and one-half or üv per cent. interest, when they can lend it as private bankers at seven or eight per cent. Soiuebody olse, perhaps in Kurope, will draw the interest f i om government. Tho bunker, gutting back his own capital, will lend it as he does now, and the man who needs it and borrows will pay at least as much for it. Who, then, will be helped? Not the jovernment; it will pay to soine hoider of lts bonds exactly the interest wbich t pays to a national bank. Not the iorrowers; they wül go to the bauker "or oapital, as before, and will pay hiin as much for it as they pay now. Possibly the banker, for he will tbeu be engaged in a business wuich no knavish ■epudiator can imperil. Ue will care ïothing for the credit of the government, ezcept as any oitizen may care. ie will be lending his own money, and will take caro to gut good security. The race of raoney-lenders liever made gain as rapidly as in that age when the poor tried to oxtort wealth by tortures from the miserable Jews. The more harsh, unjust or brutal the public sentiment or the laws, the higher will be the rato of interest deuiandod by those who have money from thoso who need it. In a country of great undeveloped resources and many hopeful and enterprising borrowers, the man is a public enemy, and particularly an pnemy of the borrowing class, who tries to disturb the foundations of credit or to iiupiiir the security of capital.