Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-08-09
Cheap Money.

Financial problems are TO be left for
4belr solution not TO the unlearned in
financial science, but to the student of
THAT science. General Legs brother,
CnARLxs CARrKR LIVE, used to tell an
amusing story of how the indignation of
an old negro of Norfolk was excited by
Che presumption OF another negro who
had presumed TO "'spute law points with
LI1Trxrox WALLER TzEwELL's niger"
That great lawyers office-servant
Thought that be had imbibed wisdom from
dis master.
Some OF the frequenters OF Wall street
eeem disposed 10 come TO the conclusion
that the ofhce-clerks and foor-sweepers
Of that locality are the men who should
DO entrusted with the task of finding
D substitute for the existing national-bank
system. But Congress will hardly abdi-
cate ITS functions in behalf of "LrTrLE-
uos WALLER TAzxwELL's niger" That
body will feel that IL is its duty to solve
oil tho national financial problems that
may be presented for the consideration of
the peoples lawmakers. Whether Wall
street will bear or viii forbear, only such
financial measures must be resorted to as
wall leave the people as free from care as
they now are in regard TO the circulating
notes Of the banks. II will not do 20
establish q system of semi-wild-cat banks,
and then tell the note-holders to look out
For themselves. This would indeed be
Wronging the people unspeaksbly.
Let not the masses be deluded with the
notion that cheap money" is a desira-
Ole thing. The banks which issue cheap
money are engaged in the work of re-
ducing the purchasing power Of the cur
Sency and the wages of the workIngmen,
pnd increasing the profits Of the money
bandlers. Every capitalist who has one
Or two hundred thousand dollars or more
of currency which does not yield him a
good return would like TO be allowed to
issue several hundred thousand dollars Of
circulating notes based upon credit. as
was the custom of the so-called independ-
ent banks of -bellum DAYS. The ideal
bank. in the opinion of these spectators
in the peoples necessities, is the bank
which makes money cheap by putting out
circulating notes based not upon specie
but upon the debts of the bank bank
that has 100000 in gold and silver NAV
Issue $500, 900 OF notes, all redeemable in
coin, but the bank will shut down on its
pote-holders whenever it chooses and
snake money cheap" That is TO say, as
soon as the bank suspends specie payments,
St lends out ITS currency freely; for its
currency is based upon credit, not upon
silver OF gold or United States bonds.
Where is the congressman who is in favor
of following the country to be flooded
with a currency based upon the debts of
Che banks issuing it9
Let us say here that it is misuse of
terms to call the currency issued under
She independent State-bank system
"cheap money" II is not real money at
oil. II is a promise TO pay money. Silver
and gold are the real money of the world.
Bank notes which circulate at home only
are not money. Irredeemable greenbacks
Gre not zeal money and cannot be made
real money by any words that can be i'm
pressed upon them. Gold is real money.
it will stand the test OF fire or transporta-
fion. Silver is under cloud at present;
brt we look to the international bime-
falhc conference to do something towards
buNcf W ptOptI plhCo III luo
currency systems of the world. 1t is surpri-
sing to find men who know that a law pro-
xiding for the free coinage of silver might
destroy the purchasing power even OF that
metal-we say 1t is surprising to find such
men advocating State banks OF issue on
the ground that they will make money
cheap" Yes, they would make money
cheap with q vengeance. They would cut
down the purchasing power of the nay of
oil workingmen, ali clerks, preachers, and
bther rsonsreceiving salaries. and would
ht the same time compel them to pay %
per cent. more for their sugar, coffee. tea,
tice. and oil other imported articles. not
30 say all articles. A blacksmith once said
that he could hammer out q better char
hcter on an anvil than he could get by |
suing his defamer for damages. So the
people of this country can hammer out a
better currency on the national anvil than
they could secure by flooding the land
with irredeemable independent bank |
hotes. Such notes are not money at oil.