Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-18
RELIEF MEASURES.
HOW TO GIVE SUFFICIENT MONEY TO
THE PEOPLE.
dies Suggested to Con-
gress.
JANUARY IA, 1891.

JANUARY IA, 1901.
To he Editor Of ne Dispatch:
Mr. W. L. Royal is very ably discussing
the currency question in your paper. In
many of his positions l fully agree with
him. He says: ITO make it subserye its
purpose our paper currency must be back
ed by the credit of the General Govern
nent." This / believe. and in addition
would say such currency should be legal
tender for oil debts, public and private,
for customs duties and taxes. Further on
he asks, How shall this paper currency
be put out-by the Government directly
or by the national benks2" He answers
emphatically, . 1t should be put out by
the banks" Now, If he means by the pres
ent system and law, made for the benefit
of the loyal capitalists in time OF war, tax
ing the people to pay interest on bonds,
nine tenths of the amount having been
paid in effect to the holders in legal-tender
guaranteed currency, then tho agrlcul-
turists and the laborers of the country
and many of the ablest Democratic lead
ers, beginning with Judge Thurman, have
emphatically pronounced against it.
Banking is q private business and the
banker is entitled to the legal interest on
his money, and nothing more on loans. He
may buy paper and make what he can, and
he is given the benefit of using his own notes
as money and gets the benefit of their loss
or destruction. Banks should not be taxed
by the General Government and should be
only subjected to the laws that apply to
other business. If banking can only be
done ON United States bonds. then the
country must forever remain paying
interest, high or low. on large
debt, and the more prosperous the
country. the greater its production of
gold and silver, the higher will the
bonds run above par, and when the
bonds mature If this is the best and most
satisfactory currency the country will have
voluntarily to go in debt to secure 1t. Is
there not better way TO carry out MIR.
Royals system of permanent banking
system for the country? VIII he permit
me, with modesty, to suggest or rather,
ask him to consider, few suggestionsg
First. Is it o fact that there is and will be
o sufficient quantity of gold and silver pro-
duced by our mines TO answer the specie
demands of our country! l believe
there is. but | do not look for q
second Solomon to arise and make 1t
like stones in the streets. 1t seems TO me
the free coinage of silver and gold unlocks
this difficulty if half the gold men-mono-
metallistS--say ls true.
the United States bonds deposited by
them and deposit the full amount OF their
notes in silver or gold, and for any silver or
gold deposited in stamped bullion or cur
rent com let the Treasurer counterslgn
the amount in national bank-notes. Let
the bank-tax be abolished, as well the pro-
vision for reserve fund. This - honest.
The people would be relieved of the tax to
pay interest on the bonds in the banks, and
we should not have the spectacle OF the
Government paying 1922 for 500 AZ per
cent. bonds not due, either to dispose OF
an improper surplus or to relieve the dis
tress of gambling spectators IN Wall
street. II the banks could not get
the specie TO withdraw their bonds the
Government should and could furnish
the silver or gold. withdraw and cancel the
bonds. or If above par in specie the banks
could sell them in the markets. Govern
ment bonds should stand at par, for either
much above or below is unnatural If
the Government Is safe and solvent. Reduce
the ammount collected from the people by
the Government. and whenever the manlp-
ulators OF finance cause scarcity of cir
culation q contraction affecting trade and
business furnish safety-valve by pro
viding that the Government may pay OF
! any or all appropriations for any year with
an issue of new legal-tender treasury notes.
| Unless something is done 80 to increase the
circulating medium as TO leave agriculture
and labor free from the first and direct eff
| fects of every scarcity OF money. every
stringency, there will be q rash to injurious
| and wild schemes. THOMAS WHITEHEAD.