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FOURTH NIGHT BANK CREDIT CURRENCY
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 Uncle Sam: When we parted last Wednesday night, we had an understanding that everybody would give all the time he could to looking up Credit Currency. Now, I think before we take up that subject, it might be well to recall and review what we've settled among ourselves up to the present time.
 
First: We learned that gold is our standard of value.
 
Second: We all agreed that our money consisted of our gold coin alone.
 
Third: We agreed that our money, which consists of gold coin, is identical in amount with our gold currency; that they are one and the same thing.
 
Fourth: We found that we had at present a large amount of other currency, consisting of subsidiary coins (including the silver dollar), the United States Notes and our bond-secured Bank Notes.
 
Fifth: We came to the conclusion, however, after our last talk, that neither the United States Notes nor the bond-secured Bank Notes were fit for currency; and, in our quest for the best substitute possible, Mr. Banker proposed a Credit Currency currently redeemed3 in gold coin as the form of currency best suited to our condition. Indeed he asserted that it was the only form of currency we should think of.
 
I have gone over the road we have traveled so far and called attention to all the mile posts so that we should become perfectly5 familiar with them; for unless there is a complete harmony between our conclusions reached from time to time, our talks will in the end lead us to no practical results.
 
At our last talk it was decided6, you will remember, that both on account of the peril7 to my credit, and because[Pg 63] the United States Notes and the bond-secured Bank Notes were unfit for currency, we should tonight consider Credit Currency as a substitute.
 
Mr. Merchant: Uncle Sam, I am more than gratified that you have called our attention tonight to just those things we have agreed upon, because unless we keep all these points constantly in mind, we will have trouble in the end in reconciling our views. On the other hand, it has began to dawn on me that possibly what we have always considered beyond our comprehension may after all prove a comparatively simple matter, because I have discovered, since our talks began, that truth here as in all other subjects is simple when we arrive at and comprehend it. Our great problem in this connection is to disentangle the great or fundamental truths and make each one stand out in bold relief. So far, I think we have succeeded to a remarkable8 degree.
 
Mr. Manufacturer: We must have done so, for we have not yet struck a single point upon which we have not unanimously agreed. Let us hope that we shall be as successful in the future. At present, I must say I am a little dubious9 about the results of tonight's discussion, for I have run up against a snag or two, which I half fear will stump10 Mr. Banker, when he tries to pull them. However, he has been pretty successful so far in holding his own, and he may surprise us tonight.
 
Mr. Banker: I have no desire, or hope, of surprising you, but I have perfect confidence in convincing all of you, that there is only one system of currency for us to adopt, or even think of adopting, and that is a pure Credit Currency.
 
Let us assume that two men, A and B, who are of equal and unquestioned standing2 in some country town, start in the banking11 business at the same time.
 
A begins by taking the deposits of his neighbors, and continues until he has received $100,000, and has loaned the same out to the people of the community. He now[Pg 64] owes $100,000 subject to check, and he has $100,000 owing to him, as he has loaned out all his deposits.
 
B starts a banking business, but upon an entirely12 different plan, or basis. He takes no deposits in the ordinary way, but if anyone comes to him desiring to borrow, or sell him promissory notes, he will lend his credit, and take all good notes and checks offered him, and in exchange give his own notes in such denominations13 and form as are suitable for circulation as currency, until he has exchanged $100,000 of his notes for $100,000 of the notes of the same people who have borrowed the $100,000 from the other banker.
 
Now, this is not a strange thing for B to do, because the bankers of Scotland did this for one hundred and forty years before they took deposits subject to check.
 
Now, let us return to A and B. As a matter of course, some of these notes of B will be deposited in A's bank, and B will have taken in some of the checks on A's bank. At 10 o'clock each morning A and B meet; A presents B's notes for redemption and B presents checks upon A for redemption, and the one pays the other the difference. Sometimes the balance is due to A and sometimes it is due to B. At the end of six months or a year, it will be at a stand off. A has paid B as much as B has paid A.
 
Now, can anyone of you men here tell me what difference there is in the transactions of A and B, except this, that the notes of B amounting to $100,000 payable15 to bearer on demand are outstanding, while the deposits at A's bank amounting to $100,000 and payable to order are outstanding. Those notes of B's amounting to $100,000 are a bank Credit Currency. They are issued against, or upon B's credit. They pass from person to person, from hand to hand and are currently redeemed every day. While the deposits at A's bank amounting to $100,000 are against A's credit, and the checks against them are redeemed every day. It is perfectly evident that if the capital of A and B combined is ample to meet the business requirements of that town, the form of credit offered by[Pg 65] them will also adapt itself to the peculiar16 needs of each citizen. In other words, on a limited scale, you have a perfect banking system in that country town; bank credit being given to each person in precisely17 the form he wants it.
 
Now, let us go a step further. Let A and B unite and incorporate the A-B Bank with a paid-up capital of $100,000, each man paying in $50,000 and the bank, so organized, taking over the liabilities.
 
The one bank could then furnish the people of that community their deposit, or order credit, and their current credit, or currency at exactly the same cost to the bank; for the amount of the reserve will determine the cost of the note credit as well as the book credit. The bank being a country bank will carry a 15 per cent reserve, or $15,000 cash, to protect the deposit of $100,000 subject to check, and also a 15 per cent reserve, or $15,000 cash, to protect the $100,000 of demand notes outstanding. The actual cost to the bank in each case is 6 per cent on the reserve of $15,000 or $900 per annum.
 
If this bank should be located in the cotton-growing section of the country, and from August until January, the people needed more currency than at any other time of the year to pay for picking and handling the crop, and the customers of the bank came in and drew their checks for $50,000 and asked the bank for currency for that amount, and the bank should, as it ought to be able to do, under such circumstances change its deposit debt of $50,000 to a note debt of $50,000, so that instead of owing $100,000 in deposits, it owed only $50,000 in deposits, and instead of owing only $100,000 in notes, it owed $150,000, would it make any difference whatever to the bank except the trouble of making a few book entries?
 
In the springtime, probably, the situation would be just the reverse. The notes having served the convenience of the cotton-planters would be returned to the bank by various people, and deposited to the credit of the depositors, so that now the deposits are $150,000, and the notes out[Pg 66]standing, or note debts, are only $50,000; the total debt of the bank being precisely the same all the time, $200,000. It has made no difference whatever to the bank, but the customers of the bank, and all the people of that community, have been perfectly accommodated at the smallest possible expense to them. Now, if that bank had been compelled to go to some financial centre and buy that $150,000 of currency in the form of United States Notes, bond-secured bank notes, or the notes of a central bank, it would have cost the bank at the rate of 6 per cent per annum on $150,000, or $9,000; whereas, it has only cost the bank 6 per cent on the reserves carried to protect the $150,000, at the rate of $15,000 for each $100,000, or six per cent on $22,500. The cost to the bank you will see would be only $1,550, as against $9,000, if compelled to buy the currency, or would result in an actual saving to the bank of $7,450, an item, gentlemen, well worth saving.
 
Mr. Merchant: Mr. Banker, as I understand your contention18 from the illustration you have just completed, it is this, that there is absolutely no difference whatever, either in principle or in practice, between a bank book credit and a bank note credit, except as a mere19 matter of bookkeeping. That it is wholly immaterial whether there are 1,000 men walking about the streets of a town, each having a $10 bank note of the local bank in their pockets, or a thousand men walking about with check books from which they can issue 1,000 checks for $10 each. It is wholly a question of having a banking system that will adjust itself every hour of the day, and every day in the year, to the requirements of trade in that town, at the least possible expense to the people.
 
Mr. Banker: You comprehend my contention perfectly.
 
Mr. Lawyer: I will agree that your plan is structurally20 perfect to accomplish this purpose; but, before I can concede that the plan is all that can be desired, and all that we must insist upon having, I must know that your plan contemplates21 the current redemption of these bank notes in gold coin. For, as we have already agreed, our[Pg 67] currency must be as good as gold coin, and this can only be demonstrated by daily gold coin redemption.
 
Mr. Banker: These bank notes or this Credit Currency will always be interchangeable with the deposits of the bank of issue, and, like the checks against the bank, will be daily redeemed over the counter of the bank, and also at some clearing house centre. The life of the notes will probably not exceed on the average thirty days. I hold that it is the duty of the bank to supply its customers with exactly that form of credit, either current credit in the form of notes, or book credits subject to check, which their business demands, and that both forms of credit must be kept as good as gold by giving gold if gold is demanded.
 
Mr. Lawyer: With this point of current gold redemption covered and settled, I am willing to agree that theoretically you have completely convinced me. Now, what have you to offer in support of your theory by the way of any practical illustrations?
 
Mr. Banker: I am glad that you have demanded illustration and proof by way of banking experience; but, before taking up the historical evidence in support of my condition, I want to define a Credit Currency, so that you will have a concrete idea, if I may express myself that way, in your mind.
 
I define a Credit Currency as follows: a note issued by a bank against its credit, without depositing United States Bonds, or any other kind of security, to guarantee its payment, is bank Credit Currency.
 
In speaking of the marvelous prosperity of Scotland, MacLeod used this language in 1860 about the effect of Credit Currency in Scotland, where it has now been in use 217 years.
 
"All these marvelous results which have raised Scotland from the lowest state of barbarism up to her proud position in the space of 170 years are the children of pure credit."
 
The great achievement of the Scotch22 system of credit[Pg 68] notes is exceedingly well stated by Mr. Charles A. Conant in these words:
 
1. It has provided Scotland with an elastic23 currency adapted to the condition of her industries and adequate in volume to their changing needs.
 
2. It has enabled the people to carry on numerous commercial and agricultural transactions for which they could not have found the necessary quantity of coin, and has economized24 the locking up of capital in the precious metal.
 
3. It has made the use of notes of small denomination14 familiar and popular, and has taught the people the distinction between bank notes as the representatives of credit, and the precious metals as the measures of value.
 
4. It has brought into active use the available savings25 and capital of the country.
 
5. It has afforded an opportunity for entering upon business to thousands of poor, but honest men, and enabled them to lay the foundation of a comfortable home, and in many cases of a fortune.
 
6. It has convinced the people so conclusively26 of the value and safety of the banking currency system that no serious panic has ever lasted beyond a few days, or has ever affected27 any of the banks, except those which were justly the subject of distrust.
 
Horace White, describing the Scotch system, says:
 
"Notes are issued in denominations of five dollars, or one pound, and upwards28. They are exchanged daily at the Edinburgh Clearing House, and settlements are made between banks by drafts on London. The notes remain in circulation on the average eighteen days after issue, the whole circulation being redeemed twenty times each year. Noteholders have a prior lien29 on the assets."
 
That is, if a bank should fail, the noteholders are paid first, and before anyone else gets anything.
 
Mr. Merchant: What is that? Did you say that the noteholder had a first lien on the assets of the Scotch[Pg 69] Bank: that is, that the noteholders are paid in full before anyone else gets anything?
 
Mr. Banker: Yes, sir, and for the very best reasons in the world.
 
Mr. Lawyer: Certainly, the noteholders should have a first lien upon the assets of the bank issuing them, because bank notes are a public convenience. Bank deposits, on the other hand, primarily are a private convenience. It is a matter of public importance that bank notes should flow through the channels of trade, pass from person to person and hand to hand unquestioned by any member of the public, and have ready as well as general acceptance. The man who selects his bank for the purpose of making deposits has time to investigate and decide deliberately30 which one he will choose. While a man in a transaction must accept the currency of the country offhand31. At all events, it is a matter of the greatest public importance that he should do so without hesitation32, and yet be protected, be absolutely safe in doing so.
 
Mr. Merchant: Come to think it over, I believe you are absolutely right. Our present bank notes are made a first lien upon the assets of the bank issuing them. We were talking about that the other day over at the bank, and while I had never thought of it before, the cashier of the bank explained the matter fully33 to me, and gave the same reason for making bank notes a first lien that Mr. Lawyer has. When I told him that I did not quite understand the thing as he did, he satisfied me completely by using his own bank as an illustration.
 
He said, you will remember that we were a State Bank until about a year ago, when we became a National Bank. Our capital of $100,000 is all invested in this bank building which we occupy. Our deposits were $500,000. We took $100,000 of our deposits and purchased $100,000 of Government Bonds, which we deposited with the United States Government, and received in return $100,000 bank notes which we have put out, or, as we say, put into circulation. Now, since we actually took $100,000 of our de[Pg 70]posits to buy the bonds with, and then placed the bonds up as collateral34, to guarantee the payment of $100,000 of notes, it is perfectly clear that the noteholders will get their money, in case of our failure whether anybody else gets anything or not.
 
I then asked him this question: Suppose, for the sake of the argument, that the $100,000 of the United States Government Bonds should not sell for $100,000? Say they sold for only $75,000, would the noteholders lose the other $25,000, and he replied as follows:
 
"No, if the bonds should sell for only $75,000, the remaining $25,000 due the noteholders would be taken out of our assets, before any depositor got a cent."
 
You see, therefore, gentlemen, that our National Bank Notes are a first lien upon the assets of the banks that issue them, and that they will always be paid in full, before the depositors get anything.
 
Mr. Manufacturer: I am very glad this point came up, and has been explained so completely and satisfactorily, because during the week when I was studying up this question of a credit currency, that matter came up, but I found no explanation or reasons given for making the notes a first lien. It seems to me to be a fundamental principle that they should be, and the reasons are the soundest for making them a first lien. The bank note is a tool or instrument of trade for the benefit of the public, and is of general importance, while the bank deposit is a tool or instrument for the benefit of the individuals composing that general public, and primarily of individual importance. The distinction between the two must be very clear to all of you as it is to me.
 
Mr. Laboringman: That is just as it should be. The working people should always have a currency as good as gold, something that will not turn to ashes during the night; that cannot deteriorate36 to the extent of a single cent; for we are all practically compelled to take whatever is in circulation, or comes along, in the way of currency. It should certainly be as good as gold. I don't care how[Pg 71] you fix it, but I do insist upon that. I say that it is one of the very first duties of the Government to the people; for, of all the ways of doing the laboring35 masses out of their earnings37, and cheating them, a depreciated38 currency is positively39 the worst. Make your currency redeemable40 in gold, and so safe that no toiler41 can lose by holding it any length of time.
 
Mr. Manufacturer: I am quite sure that we all agree that not only should the bank notes be currently redeemed in gold coin, but to make them doubly safe, safe beyond any peradventure, they ought also to be a first lien upon the assets of the bank issuing them.
 
During the week I read somewhere that the Scotch Banks had been in operation 217 years, and that they did not start the deposit and checking system until they had been in operation for 140 years. During all that time they simply exchanged their notes for the notes of the farmers, the shopkeepers, the manufacturers and anybody who was entitled to credit.
 
Mr. Banker: Now, if you will allow me, I will produce some further historical evidence.
 
The greatest financial genius that the United States has produced, and one of the greatest the world has produced, drew the charter of the first United States Bank upon which the second was modeled. Both of these banks were pure credit currency banks, and were founded upon the very soundest banking principles; but both of them were the victims of political strife42 and party feud43. No man who has ever lived more clearly comprehended the principle of credit than did Alexander Hamilton.
 
The highest note issue of the first United States Bank was $5,900,000, and deposits were $5,000,000.
 
The highest note issue of the second United States Bank was $23,000,000, and the deposits were $2,600,000.
 
In 1800, under the inspiration of Napoleon Bonaparte, undoubtedly44 as great an economist45 as soldier, the Bank of France was organized, and is the most striking single example in all history of the bank credit currency prin[Pg 72]ciple. It has to all intents and purposes always had the right of unlimited46 note issue, as the limit is always fixed47 far beyond the requirements of trade. The amount of the notes outstanding are usually ten times as large as the deposits. The notes now exceed $1,000,000,000, while the deposits are only about $100,000,000. In a single week there has been a conversion48 of $75,000,000 of deposits into notes, and a reconversion of a corresponding amount of notes into deposits.
 
As a result of the destruction of the second United States Bank by a veto of President Jackson, there were established in various states of the union banking institutions, largely modeled upon the work of Hamilton. These institutions showed remarkable strength and rendered most significant service to those sections of the country where located.
 
Probably the most noted49 of them all was the State Bank of Indiana, organized in 1834, which continued its almost matchless career until 1866. It was a pure credit currency bank, marvelously suited to serve the people of Indiana, under the conditions in which they lived. Its capital was $3,300,000; its maximum of note issue was $5,700,000, always currently redeemed in coin. In 1857, during the crisis when every bank in the State of Indiana, and all the banks in New York, except the Chemical, closed their doors, the State Bank of Indiana kept on redeeming50 its notes in coin. This Indiana State Bank had thirteen branches. The central office was at Indianapolis. Hugh McCullough, afterwards one of the wisest secretaries of the Treasury51 we have ever had, was President of the Fort Wayne Branch. He wrote this interesting paragraph:
 
"Fort Wayne was three good days' ride from Indianapolis, mostly through the woods. For fifteen years I made this journey on horseback, and alone, with thousands of dollars in my saddle bag, without the slightest fear of being robbed. I was well known upon the road, and it was well known that I had money with me, and a good deal of it; and yet, I rode unharmed through the woods, and[Pg 73] stopped for the night at the taverns52 and cabins on the way in perfect safety."
 
Another most signal success of the same credit currency principle was the Bank Act of Louisiana, which was passed in 1842. It was a model, not only for those times, but for these as well. All the banks had to settle their balances every Saturday night in coin. In 1860 Louisiana, as a result of this law, held more specie than any other state in the union except one. The very day that Gen. Butler took possession of New Orleans, the banks were redeeming their notes in coin.
 
I might, if it were profitable, describe in detail the Bank of the State of Ohio; the Banks of the State of Kentucky; the Banks of Virginia; the Bank of the State of Missouri; the Bank of the State of Iowa. Everyone of them were signal successes, and everyone of them models worthy53 of imitation, and all of them were established and operated successfully as credit currency banks.
 
But I want particularly to rivet54 your attention upon the Suffolk Bank System of New England, which was purely55 the product of experience, and I may say a perfect development of the law of evolution in banking.
 
Mr. Merchant: My recollection is that the Suffolk System covered all the six New England States, and that there were then over 500 banks in the system, with capital varying all the way from $25,000 to $700,000 each. Two other facts must be kept constantly in mind in this connection; they are these: 1st, the combined authorized56 note issue of these 500 banks was $131,000,000, absolutely unlimited to all intents and purposes; 2d, there was then no means of communication or transportation except the stage lines and horseback mail carriers. There were no telephones in those days, nor telegraph lines, nor even railroads.
 
Mr. Banker: I am more than pleased, Mr. Merchant, that you have brought out these points, before I proceeded to explain what actually happened in the course of the development of what I regard as the most marvel[Pg 74]ous exhibition the world has yet furnished us with, what in principle was practically a perfect banking system, and what was in practice as nearly perfect as any human institution could be under the circumstances.
 
Mr. Manufacturer: Well, Mr. Banker, that is unqualified, literally57 unmeasured praise. If we ever had so good a banking system actually in operation in this country, I don't see why we did not have sense enough to keep it. I hope you will be good enough to tell us why we lost it.
 
Mr. Banker: That is a very important and most pertinent58 question, and certainly most natural that you should ask it. I should have covered that point before, but it will do just as well now.
 
Uncle Sam, you will remember that when you passed the National Bank Act in order to get the advantage of all the bank note circulation and so increase the sale of United States Bonds, you put a tax of 10 per cent on all bank notes for the purpose of preventing any bank from issuing them, except National Banks. The result was that you killed the State Bank of Indiana and all the other banks to which I have referred, which were then issuing notes in the United States, including the 500 banks in the Suffolk System.
 
Mr. Manufacturer: I ought to say right here, before you go on, that the 10 per cent tax on Bank Note issues, while doing a world of harm, precisely as you say, did some good, too, because it prevented a lot of banks that were not properly organized, and were not compelled to redeem4 their notes in coin, from issuing a good deal of worthless paper, or comparatively worthless paper. It is usually known as "red dog," or "blue pup," or some other kind of dog paper.
 
There are two things that resulted from the National Bank Act that I think should not be overlooked, though the act may have proved an economic failure. It gave us a uniform currency throughout the country, and it was of equal value everywhere, passing without charge,[Pg 75] and at no time worth less than the credit of the Government, or the current value of the United States Note.
 
Therefore, if we are wise enough to take advantage of these two important results, our experience will not be wholly in vain. That is, we want a uniform currency throughout the country, in all the different states, passing in at every bank window, at face value, without charge, and unquestioned by anybody, because currently redeemed in gold coin everywhere.
 
Mr. Banker: These interruptions have been splendid and I thank you for them. You fellows have undoubtedly been studying up on this question, as we used to say at school, "You've been cramming59 up."
 
Now, returning to the Suffolk System, I want to assert there is not a question that can be asked by anyone, nor a point that can be made by anyone in favor of a banking system, that the Suffolk System does not answer and illustrate60 and exemplify.
 
Let me outline the situation:
 
1. It covered six different states.
 
2. It covered a large territory.
 
3. The facilities for communication were bad. Some parts of New England were as far from Boston then as San Francisco is now.
 
4. There were 500 individual, independent banks.
 
5. There was no branch banking.
 
6. The permissive note issue to all intents and purposes was unlimited. The possible amount of issue was $131,000,000, but the maximum amount of notes out at any time did not reach 50 per cent of this total, while the average amount did not exceed 33 per cent of it.
 
7. The Bank Notes of the Suffolk System were universally accepted at par1 throughout New England.
 
8. They were redeemed every day at Boston, in coin by the Suffolk Bank.
 
9. They were accepted in all commercial centers of the West, Buffalo61, Cincinnati, Chicago, Milwaukee and[Pg 76] St. Louis at a premium62 of from 1 to 5 per cent, because redeemed at Boston in coin.
 
The Suffolk Bank was the clearing house for all the bank notes of New England, and they were accepted at par, and redeemed in coin if demanded.
 
Horace White says:
 
"It was the underlying63 principle of the Suffolk Bank system that any bank issuing circulation should keep itself at all times in a condition to be able to redeem it; that it should measure the amount by its ability so to do; and that the exercise at any time of the right to demand specie of a bank for its bills was something of which the issuing bank had no right to complain....
 
"Under the Suffolk System of Bank Note redemption specie was seldom asked for, but it was always paid when demanded; the metallic64 reserve was the touchstone of the whole business."
 
The following is Mr. White's description of the operation of the bank:
 
"In 1824 two clerks could do all the work. In 1855 seventy were required, and the redemptions reached $400,000,000 per year. As the circulation of the New England banks at that time was about $40,000,000, the whole amount was redeemed ten times each year, or about once in five weeks.
 
"Any person engaged in a legitimate65 trade in any part of New England could exchange his promissory note, running 60 or 90 days, for the notes of a bank with which he could pay the wages of his employees, or buy the materials for his industry in any part of the United States or Canada. The notes would remain in circulation about five weeks, and then find their way to the Suffolk Bank, where they were offset66 by the notes of other banks which took their rise in the same way. The man whose promissory note the bank had discounted, and by means of which it had put its own notes in circulation, had meanwhile sold his products. If he had sold them in Boston, his draft on the Boston merchant would[Pg 77] pay his note at the local bank, and this would enable the latter to keep its balance good at the Suffolk. If he had sold them in New York or Chicago, he would get his pay in a draft on Boston, which would answer the same end. If he had sold them at home, and had received New England Bank Notes in exchange for them, the local bank could use these to keep its balance good at the Suffolk. New England trade was carried on by an endless chain of offsets67 and book balances at the Suffolk Bank. The security for the notes consisted of the bank's assets, and the banker's moral character and business sagacity. Both notes and deposits rested upon the same security that deposits rest upon now, and the volume of both was determined68 by the wants of trade."
 
The interplay of bank book credit and bank note credit under the Suffolk System in the panic of 1857 is nowhere equaled in the history of banking; and that demonstration69 of the perfect adaptability70 of bank credit to the most sensitive, and at the same time the most extreme situation that can possibly arise, leaves no question unanswered as to its fitness under all circumstances to meet the requirements of the people.
 
A year before the panic, the note issue stood at $50,000,000, and the deposits were $32,000,000. As a result of the panic, there was an exigent demand for currency, and the note issue rose from $50,000,000 to $56,000,000, and the deposits fell at the same time from $32,000,000 to $25,000,000, showing a conversion of about $6,000,000 of book credits into note credits, or of deposits into currency.
 
A year afterwards, when this exigent demand for currency had subsided71, and the reaction had set in, the notes fell from $56,000,000 to $35,000,000, and the deposits increased from $35,000,000 to $46,000,000. In other words, $21,000,000 of notes were deposited and took the form of deposits, subject to check.
 
I do not need to state the fact, except for the purpose of calling your attention to it, that this currency did not[Pg 78] cost the people of New England any more than deposits; for the two were constantly changing places with each other, strictly72 in accordance with the needs of trade.
 
Mr. Merchant: Mr. Banker, I think we are all under the very greatest obligation to you for this elaborate explanation. This splendid illustration, yes, absolute demonstration of the perfect adaptation of bank credit to our currency needs. I want to compliment you upon another thing, and that is, your position that it is the bank's business to make provision for coin redemption. What do we have our banks for except to furnish us credit in just the form we need it to carry on our business, and to keep that credit, in whatever form it takes, just as good as gold. That is the natural business of a bank. I never caught on to that fact before, and therefore could not appreciate it.
 
Mr. Manufacturer: Mr. Banker, I have been greatly interested. Now, if that plan worked so perfectly in New England, I cannot see for the life of me, why every other section of the country cannot work out the same system. If the New Englander could coin currency out of bank credit, based on codfish and cloth, why cannot the western man coin currency out of bank credit, based on cattle, cotton and corn?
 
The crux73 of the whole matter, the very heart of the thing, the vital part is, that the bank be ready to redeem its notes in gold. Why shouldn't it, that's the question?
 
Mr. Banker: Well, it should, that is the answer to your question, and the bankers around every natural financial center in the United States should get together, and form just what those 500 bankers had in New England before the war, a perfect banking system of their own.
 
Mr. Merchant: Mr. Manufacturer, that's sound and looks mighty74 good to me. Do you see any objection to it, any flaw in it?
 
Mr. Manufacturer: No, I do not, except to persuade the people, as Mr. Banker has persuaded and con[Pg 79]verted us. Of course we will be up against some legal difficulties, won't we, Mr. Lawyer?
 
Mr. Lawyer: I imagine that we shall have no serious difficulties about the legal questions involved, if we can persuade Congress. You see we are up against Congress and for about every thought the average Congressman75 has concerning a question of this kind, he has several about how he is going to get back into Congress at the next election; that's the real difficulty.
 
Uncle Sam: Well, we'll see about that when we get this worked out, and we'll put it up to them before election, and find out where they stand. They must study this question just as we have, and if they can't show us a better way, they will have to come over, or they won't get over, that is all there is about that.
 
Mr. Banker: Well, gentlemen, when it comes to putting up an argument to the Congressman, we will shove the Canadian currency system under his nose, and keep it there until he gives in.
 
Mr. Merchant: Are the Canadians using this credit currency system?
 
Mr. Banker: That's what they are. They started by copying the Massachusetts Bank Act, as it existed before the war, and have gone on making some changes from time to time since. The banks are authorized to issue regularly an amount of currency equal to their capital. The amount of capital has not been increased in proportion to their business, because there are only a few banks there now, 27 in all, with about 2,000 branches.
 
Here is a chart I had prepared to show you, because it illustrates76 so perfectly how the currency expands and contracts every Fall. You see that in the month of October every year they have an increase of about $3.80 per capita over the minimum amount, and that just as soon as the crops are disposed of, the currency again takes the form of a deposit.
 
[Pg 80]
 
pic
 
This diagram demonstrates that the Canadian bank notes adapt themselves every year, every month, every day, with unvarying precision, to the ever changing demands of trade.
 
[Pg 81]
 
Total circulation of the chartered banks of Canada for each month of 1912 to Nov. 30th.
January $88,065,521
February 88,920,598
March 95,918,404
April 95,145,371
May 93,819,333
June 102,011,848
July 95,827,534
August 101,501,270
September 104,334,287
October 110,696,877
November 115,473,098
Maximum issue 115,473,098
Minimum issue 88,065,521
—————
Amount of Expansion $27,407,577
Population of Canada 7,204,838
Per Capita Expansion $3.80
Same expansion in the United States would amount to $380,000,000
 
Under present conditions we do not have any note expansion whatever. Not one single dollar. Every "Fall" we have a tragedy, because we are compelled to use our reserve money to meet the increased demands for currency.
 
The above figures correspond in their expansion and contraction77 with the figures for many years previous, with one significant change in the date of maximum circulation, which has changed with the later farm demands due to the tremendous development in the great north-western territory. No stronger proof could be added to the marvelous way in which this bank credit currency automatically adjusts itself to any and every condition as it arises.
 
[Pg 82]
 
This currency goes to the Clearing House every day, precisely as the checks and drafts do, for redemption. And in those cities where there are no Clearing Houses, the banks present the notes they take in, to each other, and the notes are redeemed every day by the respective banks issuing them.
 
Mr. Merchant: Gentlemen, isn't it marvelous how that currency adapts itself to the demands of the Canadian crop moving period? Why, if we had such a system working here, you would have an increase of currency every Fall exactly equal to our demands, probably $300,000,000. I have heard the amount variously estimated from $200,000,000 to $300,000,000. At all events, this principle would give us exactly the amount needed to meet the demands of trade.
 
Mr. Banker: That is precisely what would happen, and there would be no shipping78 currency to and fro, backward and forward from New York to Chicago and St. Louis, and then from these cities to a thousand other points; and then when the crops had been moved the currency must be shipped from the thousand points to St. Louis and Chicago and then on again to New York. The banks in every locality would create their own currency according to their respective needs, and at a cost of about one-fifth of what it costs them today.
 
As the matter now stands, gentlemen, if I want $10,000 currency I bundle up $12,000 or $15,000 of my commercial paper, and take it to my correspondent, and get the currency by giving my bank's note, and leaving the $12,000 or $15,000 of paper as collateral. Now, if you should ask my correspondent upon what he had loaned me $10,000 he would say, "my bank's credit and the commercial paper I left with him." But, gentlemen, why could I not issue $10,000 of my bank notes against my bank credit, and keep the $12,000 or $15,000 of commercial paper? Certainly if my bank's credit and the commercial paper were good enough for my correspondent bank to let me have $10,000 upon, they ought to be[Pg 83] good enough to issue my own notes upon. The present situation is simply absurd and most troublesome, as well as most expensive.
 
Mr. Manufacturer: I agree with you, it certainly is. I was talking the other day with a Congressman about the Canadian Currency system, and he said, "yes, it works fine up there, but they have a branch banking system up there, and only 27 banks." Well, I said, it works just as well in France with one bank. It has been working in Scotland just as well with 12 banks for 217 years. It worked in Indiana with one bank and 17 branches. It was just as efficient and successful in Louisiana under a General Bank Act, where several banks were incorporated. And it worked in New England under the Suffolk system with 500 individual independent banks—why won't it work here? All he could say was, "Well, I don't know."
 
Uncle Sam: Pinhead. Didn't know the difference between a principle and a fact, and he didn't even know the fact.
 
Now, boys, I am completely satisfied and if any one here is not, let him speak up, or forever hold his peace. I believe you must all be satisfied.
 
You must all be on time next Wednesday night so that we will not have to wait as we did tonight.
 
Good Night.
 

点击收听单词发音收听单词发音  

1 par OK0xR     
n.标准,票面价值,平均数量;adj.票面的,平常的,标准的
参考例句:
  • Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
  • I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。
2 standing 2hCzgo     
n.持续,地位;adj.永久的,不动的,直立的,不流动的
参考例句:
  • After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
  • They're standing out against any change in the law.他们坚决反对对法律做任何修改。
3 redeemed redeemed     
adj. 可赎回的,可救赎的 动词redeem的过去式和过去分词形式
参考例句:
  • She has redeemed her pawned jewellery. 她赎回了当掉的珠宝。
  • He redeemed his watch from the pawnbroker's. 他从当铺赎回手表。
4 redeem zCbyH     
v.买回,赎回,挽回,恢复,履行(诺言等)
参考例句:
  • He had no way to redeem his furniture out of pawn.他无法赎回典当的家具。
  • The eyes redeem the face from ugliness.这双眼睛弥补了他其貌不扬之缺陷。
5 perfectly 8Mzxb     
adv.完美地,无可非议地,彻底地
参考例句:
  • The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
  • Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。
6 decided lvqzZd     
adj.决定了的,坚决的;明显的,明确的
参考例句:
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
7 peril l3Dz6     
n.(严重的)危险;危险的事物
参考例句:
  • The refugees were in peril of death from hunger.难民有饿死的危险。
  • The embankment is in great peril.河堤岌岌可危。
8 remarkable 8Vbx6     
adj.显著的,异常的,非凡的,值得注意的
参考例句:
  • She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
  • These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。
9 dubious Akqz1     
adj.怀疑的,无把握的;有问题的,靠不住的
参考例句:
  • What he said yesterday was dubious.他昨天说的话很含糊。
  • He uses some dubious shifts to get money.他用一些可疑的手段去赚钱。
10 stump hGbzY     
n.残株,烟蒂,讲演台;v.砍断,蹒跚而走
参考例句:
  • He went on the stump in his home state.他到故乡所在的州去发表演说。
  • He used the stump as a table.他把树桩用作桌子。
11 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
12 entirely entirely     
ad.全部地,完整地;完全地,彻底地
参考例句:
  • The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
  • His life was entirely given up to the educational work. 他的一生统统献给了教育工作。
13 denominations f2a750794effb127cad2d6b3b9598654     
n.宗派( denomination的名词复数 );教派;面额;名称
参考例句:
  • Christians of all denominations attended the conference. 基督教所有教派的人都出席了这次会议。
  • The service was attended by Christians of all denominations. 这次礼拜仪式各教派的基督徒都参加了。 来自《简明英汉词典》
14 denomination SwLxj     
n.命名,取名,(度量衡、货币等的)单位
参考例句:
  • The firm is still operating under another denomination.这家公司改用了名称仍在继续营业。
  • Litre is a metric denomination.升是公制单位。
15 payable EmdzUR     
adj.可付的,应付的,有利益的
参考例句:
  • This check is payable on demand.这是一张见票即付的支票。
  • No tax is payable on these earnings.这些收入不须交税。
16 peculiar cinyo     
adj.古怪的,异常的;特殊的,特有的
参考例句:
  • He walks in a peculiar fashion.他走路的样子很奇特。
  • He looked at me with a very peculiar expression.他用一种很奇怪的表情看着我。
17 precisely zlWzUb     
adv.恰好,正好,精确地,细致地
参考例句:
  • It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
  • The man adjusted very precisely.那个人调得很准。
18 contention oZ5yd     
n.争论,争辩,论战;论点,主张
参考例句:
  • The pay increase is the key point of contention. 加薪是争论的焦点。
  • The real bone of contention,as you know,is money.你知道,争论的真正焦点是钱的问题。
19 mere rC1xE     
adj.纯粹的;仅仅,只不过
参考例句:
  • That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
  • It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。
20 structurally b9ab462aabf667bfba00ea360ed6c929     
在结构上
参考例句:
  • The house roof was (structurally) unsound. 这屋顶(结构)不牢固。
  • Pinhole on shot-hole damage is never structurally significant. 针孔和蛀洞所造成的危害对结构的影响不大。
21 contemplates 53d303de2b68f50ff5360cd5a92df87d     
深思,细想,仔细考虑( contemplate的第三人称单数 ); 注视,凝视; 考虑接受(发生某事的可能性); 深思熟虑,沉思,苦思冥想
参考例句:
  • She contemplates leaving for the sake of the kids. 她考虑为了孩子而离开。
  • Beauty in things exists in the mind which contemplates them. 事物的美存在于细心观察它的人的头脑中。
22 scotch ZZ3x8     
n.伤口,刻痕;苏格兰威士忌酒;v.粉碎,消灭,阻止;adj.苏格兰(人)的
参考例句:
  • Facts will eventually scotch these rumours.这种谣言在事实面前将不攻自破。
  • Italy was full of fine views and virtually empty of Scotch whiskey.意大利多的是美景,真正缺的是苏格兰威士忌。
23 elastic Tjbzq     
n.橡皮圈,松紧带;adj.有弹性的;灵活的
参考例句:
  • Rubber is an elastic material.橡胶是一种弹性材料。
  • These regulations are elastic.这些规定是有弹性的。
24 economized 81381b644889a64b070beda63408465b     
v.节省,减少开支( economize的过去式和过去分词 )
参考例句:
  • He economized by using trams instead of taking a taxi every time he went to school. 他上学搭电车而不坐出租汽车,以节省钱。 来自《现代英汉综合大词典》
  • He economized by using buses instead of taking taxis. 他不坐出租车而改乘公共汽车以节省钱。 来自辞典例句
25 savings ZjbzGu     
n.存款,储蓄
参考例句:
  • I can't afford the vacation,for it would eat up my savings.我度不起假,那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时,他的存款已全部用完。
26 conclusively NvVzwY     
adv.令人信服地,确凿地
参考例句:
  • All this proves conclusively that she couldn't have known the truth. 这一切无可置疑地证明她不可能知道真相。 来自《简明英汉词典》
  • From the facts,he was able to determine conclusively that the death was not a suicide. 根据这些事实他断定这起死亡事件并非自杀。 来自《简明英汉词典》
27 affected TzUzg0     
adj.不自然的,假装的
参考例句:
  • She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
  • His manners are affected.他的态度不自然。
28 upwards lj5wR     
adv.向上,在更高处...以上
参考例句:
  • The trend of prices is still upwards.物价的趋向是仍在上涨。
  • The smoke rose straight upwards.烟一直向上升。
29 lien 91lxQ     
n.扣押权,留置权
参考例句:
  • A lien is a type of security over property.留置是一种财产担保。
  • The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。
30 deliberately Gulzvq     
adv.审慎地;蓄意地;故意地
参考例句:
  • The girl gave the show away deliberately.女孩故意泄露秘密。
  • They deliberately shifted off the argument.他们故意回避这个论点。
31 offhand IIUxa     
adj.临时,无准备的;随便,马虎的
参考例句:
  • I can't answer your request offhand.我不能随便答复你的要求。
  • I wouldn't want to say what I thought about it offhand.我不愿意随便说我关于这事的想法。
32 hesitation tdsz5     
n.犹豫,踌躇
参考例句:
  • After a long hesitation, he told the truth at last.踌躇了半天,他终于直说了。
  • There was a certain hesitation in her manner.她的态度有些犹豫不决。
33 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
34 collateral wqhzH     
adj.平行的;旁系的;n.担保品
参考例句:
  • Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
  • Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押,这里大部分人无法从银行贷款。
35 laboring 2749babc1b2a966d228f9122be56f4cb     
n.劳动,操劳v.努力争取(for)( labor的现在分词 );苦干;详细分析;(指引擎)缓慢而困难地运转
参考例句:
  • The young man who said laboring was beneath his dignity finally put his pride in his pocket and got a job as a kitchen porter. 那个说过干活儿有失其身份的年轻人最终只能忍辱,做了厨房搬运工的工作。 来自《简明英汉词典》
  • But this knowledge did not keep them from laboring to save him. 然而,这并不妨碍她们尽力挽救他。 来自飘(部分)
36 deteriorate Zm8zW     
v.变坏;恶化;退化
参考例句:
  • Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗?
  • He held that this would only cause the situation to deteriorate further.他认为,这只会使局势更加恶化。
37 earnings rrWxJ     
n.工资收人;利润,利益,所得
参考例句:
  • That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
  • Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
38 depreciated 053c238029b04d162051791be7db5dc4     
v.贬值,跌价,减价( depreciate的过去式和过去分词 );贬低,蔑视,轻视
参考例句:
  • Fixed assets are fully depreciated. 折旧足额。 来自《现代汉英综合大词典》
  • Shares in the company have depreciated. 该公司的股票已经贬值。 来自辞典例句
39 positively vPTxw     
adv.明确地,断然,坚决地;实在,确实
参考例句:
  • She was positively glowing with happiness.她满脸幸福。
  • The weather was positively poisonous.这天气着实讨厌。
40 redeemable 766aacb8653d78ff783bcd5db982be33     
可赎回的,可补救的
参考例句:
  • These vouchers are redeemable against any future purchase. 这些优惠券将来购物均可使用。
  • The bonds are redeemable by annual drawings. 公债每年抽签偿还。
41 toiler 4c0b40efb067121a406892aca7519fdf     
辛劳者,勤劳者
参考例句:
  • Says the soul of the toiler to itself, "I shall soon be free. ”那些辛劳一天的人们在对自己说:“总算可以歇口气了。”
  • What do you have in the way of toiler soap? 你们有哪些香皂?
42 strife NrdyZ     
n.争吵,冲突,倾轧,竞争
参考例句:
  • We do not intend to be drawn into the internal strife.我们不想卷入内乱之中。
  • Money is a major cause of strife in many marriages.金钱是造成很多婚姻不和的一个主要原因。
43 feud UgMzr     
n.长期不和;世仇;v.长期争斗;世代结仇
参考例句:
  • How did he start his feud with his neighbor?他是怎样和邻居开始争吵起来的?
  • The two tribes were long at feud with each other.这两个部族长期不和。
44 undoubtedly Mfjz6l     
adv.确实地,无疑地
参考例句:
  • It is undoubtedly she who has said that.这话明明是她说的。
  • He is undoubtedly the pride of China.毫无疑问他是中国的骄傲。
45 economist AuhzVs     
n.经济学家,经济专家,节俭的人
参考例句:
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
46 unlimited MKbzB     
adj.无限的,不受控制的,无条件的
参考例句:
  • They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
  • There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。
47 fixed JsKzzj     
adj.固定的,不变的,准备好的;(计算机)固定的
参考例句:
  • Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗?
  • Once the aim is fixed,we should not change it arbitrarily.目标一旦确定,我们就不应该随意改变。
48 conversion UZPyI     
n.转化,转换,转变
参考例句:
  • He underwent quite a conversion.他彻底变了。
  • Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。
49 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
50 redeeming bdb8226fe4b0eb3a1193031327061e52     
补偿的,弥补的
参考例句:
  • I found him thoroughly unpleasant, with no redeeming qualities whatsoever. 我觉得他一点也不讨人喜欢,没有任何可取之处。
  • The sole redeeming feature of this job is the salary. 这份工作唯其薪水尚可弥补一切之不足。
51 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
52 taverns 476fbbf2c55ee4859d46c568855378a8     
n.小旅馆,客栈,酒馆( tavern的名词复数 )
参考例句:
  • They ain't only two taverns. We can find out quick." 这儿只有两家客栈,会弄明白的。” 来自英汉文学 - 汤姆历险
  • Maybe ALL the Temperance Taverns have got a ha'nted room, hey, Huck?" 也许所有的禁酒客栈都有个闹鬼的房间,喂,哈克,你说是不是?” 来自英汉文学 - 汤姆历险
53 worthy vftwB     
adj.(of)值得的,配得上的;有价值的
参考例句:
  • I did not esteem him to be worthy of trust.我认为他不值得信赖。
  • There occurred nothing that was worthy to be mentioned.没有值得一提的事发生。
54 rivet TCazq     
n.铆钉;vt.铆接,铆牢;集中(目光或注意力)
参考例句:
  • They were taught how to bore rivet holes in the sides of ships.有人教他们如何在船的舷侧钻铆孔。
  • The rivet heads are in good condition and without abrasion.铆钉钉头状况良好,并无过度磨损。
55 purely 8Sqxf     
adv.纯粹地,完全地
参考例句:
  • I helped him purely and simply out of friendship.我帮他纯粹是出于友情。
  • This disproves the theory that children are purely imitative.这证明认为儿童只会单纯地模仿的理论是站不住脚的。
56 authorized jyLzgx     
a.委任的,许可的
参考例句:
  • An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。
57 literally 28Wzv     
adv.照字面意义,逐字地;确实
参考例句:
  • He translated the passage literally.他逐字逐句地翻译这段文字。
  • Sometimes she would not sit down till she was literally faint.有时候,她不走到真正要昏厥了,决不肯坐下来。
58 pertinent 53ozF     
adj.恰当的;贴切的;中肯的;有关的;相干的
参考例句:
  • The expert made some pertinent comments on the scheme.那专家对规划提出了一些中肯的意见。
  • These should guide him to pertinent questions for further study.这些将有助于他进一步研究有关问题。
59 cramming 72a5eb07f207b2ce280314cd162588b7     
n.塞满,填鸭式的用功v.塞入( cram的现在分词 );填塞;塞满;(为考试而)死记硬背功课
参考例句:
  • Being hungry for the whole morning, I couldn't help cramming myself. 我饿了一上午,禁不住狼吞虎咽了起来。 来自《简明英汉词典》
  • She's cramming for her history exam. 她考历史之前临时抱佛脚。 来自《简明英汉词典》
60 illustrate IaRxw     
v.举例说明,阐明;图解,加插图
参考例句:
  • The company's bank statements illustrate its success.这家公司的银行报表说明了它的成功。
  • This diagram will illustrate what I mean.这个图表可说明我的意思。
61 buffalo 1Sby4     
n.(北美)野牛;(亚洲)水牛
参考例句:
  • Asian buffalo isn't as wild as that of America's. 亚洲水牛比美洲水牛温顺些。
  • The boots are made of buffalo hide. 这双靴子是由水牛皮制成的。
62 premium EPSxX     
n.加付款;赠品;adj.高级的;售价高的
参考例句:
  • You have to pay a premium for express delivery.寄快递你得付额外费用。
  • Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后,清水便因稀而贵了。
63 underlying 5fyz8c     
adj.在下面的,含蓄的,潜在的
参考例句:
  • The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
  • This word has its underlying meaning.这个单词有它潜在的含义。
64 metallic LCuxO     
adj.金属的;金属制的;含金属的;产金属的;像金属的
参考例句:
  • A sharp metallic note coming from the outside frightened me.外面传来尖锐铿锵的声音吓了我一跳。
  • He picked up a metallic ring last night.昨夜他捡了一个金属戒指。
65 legitimate L9ZzJ     
adj.合法的,合理的,合乎逻辑的;v.使合法
参考例句:
  • Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
  • That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。
66 offset mIZx8     
n.分支,补偿;v.抵消,补偿
参考例句:
  • Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
  • He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。
67 offsets 831bd6d82461a6164f50e583f8749188     
n.开端( offset的名词复数 );出发v.抵消( offset的第三人称单数 );补偿;(为了比较的目的而)把…并列(或并置);为(管道等)装支管
参考例句:
  • The following paragraphs deal with intra-source offsets and the so-called \"bubble\" concept. 下面讨论污染源内部的补偿和所谓的“泡泡”概念。 来自英汉非文学 - 环境法 - 环境法
  • The preceding paragraphs were concerned with inter-source offsets. 前文牵涉到污染源之间的补偿。 来自英汉非文学 - 环境法 - 环境法
68 determined duszmP     
adj.坚定的;有决心的
参考例句:
  • I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
  • He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。
69 demonstration 9waxo     
n.表明,示范,论证,示威
参考例句:
  • His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
  • He gave a demonstration of the new technique then and there.他当场表演了这种新的操作方法。
70 adaptability 6J9yH     
n.适应性
参考例句:
  • It has a wide range of adaptability.它的应用性广。
71 subsided 1bda21cef31764468020a8c83598cc0d     
v.(土地)下陷(因在地下采矿)( subside的过去式和过去分词 );减弱;下降至较低或正常水平;一下子坐在椅子等上
参考例句:
  • After the heavy rains part of the road subsided. 大雨过后,部分公路塌陷了。 来自《简明英汉词典》
  • By evening the storm had subsided and all was quiet again. 傍晚, 暴风雨已经过去,四周开始沉寂下来。 来自《现代汉英综合大词典》
72 strictly GtNwe     
adv.严厉地,严格地;严密地
参考例句:
  • His doctor is dieting him strictly.他的医生严格规定他的饮食。
  • The guests were seated strictly in order of precedence.客人严格按照地位高低就座。
73 crux 8ydxw     
adj.十字形;难事,关键,最重要点
参考例句:
  • The crux of the matter is how to comprehensively treat this trend.问题的关键是如何全面地看待这种趋势。
  • The crux of the matter is that attitudes have changed.问题的要害是人们的态度转变了。
74 mighty YDWxl     
adj.强有力的;巨大的
参考例句:
  • A mighty force was about to break loose.一股巨大的力量即将迸发而出。
  • The mighty iceberg came into view.巨大的冰山出现在眼前。
75 Congressman TvMzt7     
n.(美)国会议员
参考例句:
  • He related several anecdotes about his first years as a congressman.他讲述自己初任议员那几年的几则轶事。
  • The congressman is meditating a reply to his critics.这位国会议员正在考虑给他的批评者一个答复。
76 illustrates a03402300df9f3e3716d9eb11aae5782     
给…加插图( illustrate的第三人称单数 ); 说明; 表明; (用示例、图画等)说明
参考例句:
  • This historical novel illustrates the breaking up of feudal society in microcosm. 这部历史小说是走向崩溃的封建社会的缩影。
  • Alfred Adler, a famous doctor, had an experience which illustrates this. 阿尔弗莱德 - 阿德勒是一位著名的医生,他有过可以说明这点的经历。 来自中级百科部分
77 contraction sn6yO     
n.缩略词,缩写式,害病
参考例句:
  • The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
  • The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。
78 shipping WESyg     
n.船运(发货,运输,乘船)
参考例句:
  • We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
  • There's a shipping charge of £5 added to the price.价格之外另加五英镑运输费。


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