Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-13
SATURDAY d.. DECEMBER 10. 1890.
ma Financial Situation.

Mems minds are at present troubled
because rather Of apprchonded financial
troubles than Of anything that has yet oc-
Cured. Day after day our telegraphic
columns testify as they testified yesterday
10 the uneasiness which prevails through
out the land on subjects directly and indi-
rectly connected with the supply of cur
rency. There are IN abundance currency
thinkers and quack-doctors Of finance, but
we fear-and if they arc thoughtful men
they fe8r-that the remedies they propose
may aegrayate rather than cure the
disease.
The bankers and fnanciers Of the coun-
Try are apt 10 have too little respect for
the opinions Of the other classes Of the
community. They hold. with the old law
maxim, that experts ought to be consulted
IN every department Of business. or, to
phrase ii otherwise, that every man is to
be believed when he speaks of matters be-
longing TO his own art or calling. But
there is sometimes much 90 be learned by
us from men who are engaged in other oc-
equations than our own. Let us hear all
that Is TO be said on every side Of every
question, and then we shall be better
qualified 10 form an opinion Of our own.
One set Of mon propose that the Federal
Government shall issue money directly to
the people How is this to be done? No
body would expect the Government 10 give
away greenbacks. OF course, then, the
currency must be paid out. 1t would re-
quire several hundreds Of millions Of dol
lars to defray the expenses of the Govern
ment for one year. But we should be CON-
PEELED 10 cease collecting revenue if We
were TO print greenbacks and use them to
pay all the expenses of the Government.
In word. the whole financial system of the
country would be deranged Theadyocates
of the proposition TO issue currency directly
TO the people evidently have in mind the
present banking system under which the
national banks are required TO base their
issues Of notes upon Government bonds.
The banks draw the interest upon those
bonds, but .he Government loses nothing
in consequence Of this requirement. The
interest must be paid 20 somebody If not
to banks and to keep our notes good. This
Law is what makes the notes of our national
banks as good as gold from Maine 10 Cali
fornia. Indeed, it has been said that the
notes OF a broken bank are as good as those
of sound bank. At any rate, nobody ever
examines q bank note 10 ascertain whether
IT Is that of broken bank or not.
The National Silver Committee. az their
recommendations appeared in yesterdays
Dispatch, seem 10 understand that silver
money is real money, and that nothing
less than real money will ever restore
perfect state Of confidence to the fnan-
cial world. They deprecate the attempt
to base the commercial world upon the
marrow basis OF gold" and demand the
free coinage of silver. They have no faith
in large volume of credit currency" or
IN multiplying credit expedients." We
have often explained that the silver pro-
blem was yet TO be solved. and that 1t was
not certain that law providing for the
free coinage of silver-the law of only
one country-wOuld solve IT, But we
are willing 10 see the experiment tried.
1t is the best and most promising scheme
that is before the country. We are sure. how
ever, that If England, France and Germany
would JON the United States in this
scheme, those countries and the whole
world would soon have the best possible
currency, and there would never be any
more trouble on account of bimetallism
or recommendation. At any rate, we can
do our part. A little healthy imitation of
the currency, or rather an increase of the
volume of real money, might do great
deal of good" 1t might, too, throw so
much light upon the general subject as to
demonstrate TO the satisfaction Of all
either the expediency or inexpedieacy-
the wisdom or unwisdom--of endeavoring
to improve our currency. 1t would seem
that something must be done, or the farm
ers aud workingmen viii demand Ito
know the reason why" Why not try the
best scheneT