Next Wednesday night let us investigate our currency and ask ourselves "What is currency?"
Before we separate, I want to read to you what Webster says currency is, because I want you to be thinking over the matter in the mean time. Webster says:
"Currency is the state or quality of being current; a continual course or passing from person to person or hand to hand; general acceptance; circulation."
MR. LABORINGMAN: You mean something that everyone takes and is glad to get.
MR. LAWYER: Precisely so; it is that which is in circulation, or is given and taken as having value, or is representing value, as the currency of the country.
If we all keep this definition in mind, we shall have very little trouble next Wednesday evening in agreeing upon what currency is, and what it ought to be.
UNCLE SAM: I want you men to remember one thing, and that is this, that we want no currency in this country that isn't as good as gold, and currently redeemed in gold coin to prove it. Nothing will satisfy Uncle Sam but the best, and don't you forget it. On top of that I want to plant another proposition, and that is this: It's not my business to be exchanging gold for that currency either. Compel the banks to do that, for that is their business.
But first, we will settle what our currency is, and what it ought to be.
UNCLE SAM: Well, boys, when we parted last Wednesday night, it was agreed that we should take up for consideration and discussion tonight the question, "What is Currency?" And just before we left Mr. Lawyer read Webster's definition of Currency.
MR. MERCHANT: I am very glad that he did so because it gave me a start, and set me to thinking, and as a result I became very much interested in the subject.
MR. BANKER: I have made the question of currency a study now for several years, and regard it of prime importance in any financial and banking system; but especially so considering the peculiar conditions existing in this country with our vast extent of territory, and the many distinct commercial centers there are here, each specializing in some one kind of production or industry. But more particularly is a right form of currency essential in this country because of the great number of our individual, independent banks now exceeding 25,000.