Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-08-05
FRIDAY. AUGUST 8. 1892.
Our Financial Troubles.

80 desperate have the monotnetalllsts De-
como that many Of them are now willing
TO re-establish the old New York indie
pendent-bank system in order TO get nd
Of the SHERMAN law providing for the
purchase and coinage Of so many millions
Of dollars OF silver annually. What can
they plead III justification of their at
tempt thus to destroy the present bank
ing system Of the country, take away all
our national-bank currency. and leave the
masses to the tender mcrcios Of the specu-
lators in bonds and stocks Nothing ex-
cept the fear of an overissue of silver
certifcates. Silver sits at the kings gate
aud threatens eve would say promises) to
become so popular that q law will be
passed before long providing that il shall
be coined upon the same terms ss gold
that is to say. free of cost to the owner Of
the bullion. We should not do injustice to
the spectators in money il we were 10 say
that their schemes are as dangerous as
those of the sub-treasury men. The sub
treasuryites advocate the issue of suffi-
cient amount In greenbacks to do the bust
ness Of the country. These Treasury notes
or greenbacks are to be issued until they
amount TO fifty dollars for each man, wo-
man. and child IN the land. They are also
TO be full legal tender that is to say,
they are not to be redeemable anywhere
but are 10 be treated and accepted as real
money. Their milk-tickets will read, This
is q pint Of milk" instead of reading,
This is good for a pint of milk"
II the issue of these Treasury notes
were continued until they amounted
to thousand dollars to each inhabitant
the penniless man would remain penni-
less and the moneyed men would continue
TO control all the money Of the country.
There never was q greater delusion than
the one which governs the action of the
sub-treasuryites and greenbaokers in this
matter No mortal man can reasonably pre-
tend TO know that q thousand millions Of
dollars OF currency Is rot enough for the
whole United States. IL We use thou
sand millions twice day it becomes two
thousand millions.
But this is of the question. The Su-
pYeme Court of the United States has de-
cided question which the monometallists
propose TO open because they are afraid of
silver. Good Democrats ought not TO set
20 bad an example. We have often stated
that we favor the free coinage of silver
only as an experiment. We own that we
fear the consequences OF that measure,
though we are willing to try it. But what
shall we say OF the currency lunatics who
would destroy tho existing banking sys-
tenn. burn all their circulating notes, and
substitute banking system like the one
which obtained in this country prior to
the war between the States Instead of
notes issued by the banks upon govern
ment bonds worth their face in gold we
should have independent" banks, each
issuing circulating notes at home" and
each flooding the country with currency
that could not be recommended to travel
lers or to the country at large. but only to
home folks and neighborhood traders.
Mr.. HALTER, of Ohio. is ono of the
champions Of the independent banking
system. He declares:
sThe best money is not that made OF gold or
silver, that issued dollar for dollar upon the
deposit OF bullion. On the contrary, from this
time on 10 the end OF human history the highest
and best form of money intended for general
circulation will be paper promises OF banks
promptly redeemable IN gold, or its equivalent,
and secured amply by the deposit of interest
bearing bonds OF recognized valuo and OF the
highest grade"
greenback lunatio cannot be greater
lunatic than the man who pronounces the
notes of an independent" bank better
than gold or silver. 1t is the very mad
ness of the moon. But hr. HAgTKR goes
further. He does not desire TO have money
issued dollar for dollar upon the deposit
of bullion, but would have banks issuing
three dollars OF paper for every dollar of
gold or silver in their vaults.
The people will not take up with any of
these wild. not TO say wildcat. schemes.
They firmly believe that the best money is
gold and silver. They firmly believe that
notes issued dollar for dollar upon gold
and silver are the best notes. In word,
they believe that real money is better than
0 promlse-to-pay money.
We have hopes, at any rate. that some
compromise may be agreed upon by the
international bimetallie conference which
will relieve us Of all these difficulties.
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