Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs. It is the only fund on which they can rely for loans; it is the only resource which can never fail them, and it is an abundant one for every necessary purpose. Treasury bills, bottomed on taxes, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crowded, will find an efflux into other countries, and thus keep the quantum of medium at its salutary level. Let banks continue if they please, but let them discount for cash alone or for treasury notes.

If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and (to insure preference in the first moments of competition) beari…

It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses …

The States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for p…

On the level of political principle, the imposition of taxes and the expenditure of tax proceeds are governmental functions. We have established elaborate cons…

The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instab…

Government is the only institution that can take a perfectly good piece of paper, print some noble words on it, and make it perfectly worthless.