The times. [volume] (Richmond, Va.) 1890-1903, 1892-07-29

| sented our articles we han III support Vi lno
,,o.i,;or the Financial Chronicle OF New York.
tbs Nav York Evening Post and the New
York Journal of Commerce, the three leading
en.no;al nansrs Of the United States. Since
then the Democratic national platform has
odo,tad the proposition for one OF its planks
and u. therefore feel now greatly reinforced
hv authority in q position which reason
made very clear to us.
Aside from all questions relating TO the cur
renov. there is good reason for repeating
! this act from the fact that as in the pro-
nosed Auti-Option Law il is law which
aims at accomplishing one thing while no.
| minally enacted 10 accomplish another.
| This is vicious principle in itself and no
legislation is wise which is based on 1t. IL
is nomipally law passed to raise revenue
for the government. But the tax was de-
signedly placed at a point SO hign
as TO make it impossible for
state bank 10 issue currency 1t
vas therefore intended 10 be
an embargo on the issue of State currency
that the National Banks might have mo-
nopoly OF this privilege. But Congress has
no power under the Constitution 10 prohibit
tho State Banks from issuing currency.
Whether they may issue currency OF
whether they may not is a question reserved
by tho States TO themselves. Congress is,
therefore. abusing its power TO raise reye-
nue. and exerting IT 50 as TO acquire 10 Itself
power never intended TO be conferred
upon it and to deprive the States Of power
expressly reserved to them. This Is radi-
cally wrong and vicious in its tendencies.
The trainers Of our constitution were. IN
the aggregate, the wisest body of men that
ever assembled together 10 deliberate upon
theory Of government. The results OF
their labors were united into an instrument
that is the most perfect instrument Of gov
eminent ever devised by man. When its
spirit and it's letter are adhered TO we have
contentmeut and prosperity all over the
land. When its letter or spirit is departed
from. never mind how pressing may be the
apparent urgency, we have friction aud dis
content cropping up in all quarters.
The leading idea ths. guided these
men was TO confer upon the Congress as
the national legislature full and complete
domain over all subjects that are national
in their character and TO secure to each
community State being taken as the
unit of communities and complete
control over what is purely local in its char
acter. Experience had taught them that
money can be made from the precious
metals alone. and as uniform system of
money was necessary TO the nation,
and that could be produced from the
precious metals alone. they conferred
upon the Congress the supreme control
over the matter of coming money as
a function that WAS essentially national in
its character. But the paper issues Of State
banks promising to pay money are not
money They are no more in the nature Of
money than is Mr.. AS promissory note
which promises to pay money. They are
local and neighborhood conveniences. as
much as AS note is local convenience,
which most appropriately como for regula-
ton under the local legislature. and were
intended by the trainers of the Constitution
to be and remain under the regulation
of the local legislature as a
part of their great and uniform
purpose of giving to the Congress control of
all national matters. but reserving to each
community control over what pertained to
local interests and matters. The Congress
of the United States may with Just as much
propriety fix and determine the rules and
conditions upon which the merchants Of
Richmond city may issue their promissory
notes to their creditors as it may fix the
rules and conditions upon which the State
Bank Of Richmond shall issue its promis-
sorry notes to those who deposit money
with it, The merchants promissory note is
nothing but a promise to pay money.
The State Banks note is nothing but
promise to pay money. They are both es-
Sentially the same in nature. The merchant
is no more than an animate citizen Of Viz
ginia, the State Bank is as much as an IMAM
innate citizen of Virginia. There is no rea-
son that can be adduced to prove that the
Legislature of Virginia should control the
matter Of the merchants issuing his promis-
sorry notes that does not equally prove that
when regulation is applied TO the State Bank
it should come from the Legislature of Viz
ginia; there is no reason that condemns
Congress regulating the issue of promissory
notes by the merchant that does not equally
condemn its interfering with the State
Bank.
When this Congressional abuse of its
power received the sanction of the Supreme
Court of the United States the country
was Just emerging from the throes of our
terrific struggle, and the Judges of that tri-
bunal, as well us most other citizens. were
infected with the loose ideas of the Consti-
tuition which the war had introduced into
the land. There is much that they did in
that period which is infected by the infu-
ence of those turbulent times and is unlike
the calm and just ideas projected by the
trainers Of our Constitution. There is much
that they did then that waits TO be rejected
and overthrown. We cannot do better than
TO call halt IN Constitutional construction
at this point
ARE THE FARMERS FOR THE SINGLE
TAX"
The two great political narties Of tho