Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-22
demand for the precious metals o.
which money h composed.
~ OPINION.

M VII sO<$s
A most napsral question arises, II
the silver dollar and It's paper equiva-
lent (silver certidcates) become our cur
rent money, what will bs the premium
on goldy
SO long 81 European exchanges are in
| our favor, and 50 long as our exports
and imports run about equal, gold will
be At but . Rominal premium but
should our foreign trade run DISASTROUS
~ against us, involving large shipments
Of gold, the premium will be equal to
the difference between gold and silver
in the London bullion market.
l have been financial :" lunstic J"
on several historic occasions--to wit,
on national banking. on the greenback
currency, on gold and silver certificates,
and on panics, that now am not badly
cast down on being called "silrer
lmnafic." Ny extreme modesty for
bids me calling anybodya mono gold
mono maniac" but ! do assert that
neither precious metal can be thrown
into mere merchandise without causing
stagnation, depression, and finally .
monetary revolution-a doubling OF
the purchasing power Of the monetized
metal, and corresponding cheapening
Of the price of all property.
The laborer is appealed to to help re-
pudiate silver. Iwould like to see the
laborer who has discovered that gold
dollar buys more bread and butter than
q silver or paper dollar. lie wants
prosperity and employment that he may
get the dollar.
will now change the subject and say
few words in behalf Of national bank
ing.
SUGGESTIONS FOR PERPETUATING
AND PERFECTIEG THE NATIONAL
BANK SYSTEM.
Engraft on the national-bank law,
with all its restrictions and ramifica-
tons. the privilege to banks Of obtain
ing from the Comptroller OF the Cur
rency, without security or deposits OF
bonds, notes to the amount of so per
cent. of their capital.
In case of failure, the currency to be
preferred before any other liability.
One per cent. per annum on this cur
rency to be paid into the Treasury as q
guarantee fund for the redemption Of
the notes of any broken bank whose
assets may be inadequate to redeem its
circulating notes.
BY strictly enforcing the require
ments of the national-ba laws. and
by applying the best ciyil-service rules
to bank examiners, this suggested cur
rency, | believe. would be sound in
principle and as uniform in value in
every part of the country as our present
issue of national-bank notes.
There are three alternatives to this
currency question
First. A return to State-bank issues,
with all the uncertainties. derange-
ments, and discounts Of former years.
Second. A drifting still deeper into
greenbacks.
Third. The issue Of silver certificates
of small denominations.
The idea of compelling the people to
carry a metallic currency is absolutely
exploded, except the effort be backed
by wars, revolution, or anarchy. The
effort now being made to deprive the
people of small notes and force coin
into circulation is political suicide on
the part of the Administration.
The perfection Of our paper money
for twenty years has crowded the me-
tallic into the vaults of the banks and
the Treasury--there to stay.
The proposed new issue of national
bank currency need in no way interfere
with the banks as now organized and
managed.
The departure can be effected by
short and simple amendments to the
laws.