Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-11-29
TUESDAY. NOVEMBER 90. 1892
What the Comptroller of the Currency
Recommends,

Written "a 4, was at n time when questions OF
currency fIlea the minds OF oil intelligent
men. the report Of Mr.. HEPBURN, the Comp
troller of the Currency, possesses unusual inter-
cst He seems not to have desired 70 make his
arguments liable 10 the charge Of being partisan
in their nature By the way, our telegram made
him say In substance-or made him seem to soy,
that he was in favor OF the repeal Of the tax on
state-bank notes On the contrary, he evidently
expects that tax TO continue, and recommends
,he repeal of all taxes on national-ba circula-
tion 80 ss not to handicap them tust ne new
party, demanding local currency has entered
the field as the sworn enemies Of the national
banks. Here let us note that the Comptroller
makes O good point when he nnds likeness DO
tween tho Iocal-currency advocated nowadays
ana the store-orders issued by many mine-own-
ers. manufacturers, and large employers OF Ia
bor 70 control the trade OF their employees and
mate an extra profit. Who has not seen these
ordersY store-orier lisa kind OF promissory
note which We do not wish to see paid out to work.
,ngmen. who. wherever such orders are Issued,
accept them for fear Of losing their employment
Go great has this abuse OF the right TO issue
local currency become that many states nave
enacted laws compelling corporations 70 pay
their employees az iobuA"'
money.
Again. The Comptroller says that the wealthy
elass could protect themselves from local
currency issued by weak banks or, II they iouna
,benselye. possessed Of any. would proceed to
work Il OF upon their less fortunate neighpors'
GRgsHAN's law would have fun play, Tor every
man would keep the best currency and pay OUT
the worst 70 tho men least able 70 sustain the
consequent ioes.
TIE Comptroller says that the national banks
have furnished currency adequate 70 tue
wants OF the public, and adds rather dogha'ic-
Ally that this form Of currency should be con-
finned as the money OF the future" s'ate-os AK
bills when issued add Just 30 much to the hapiii'
ties or debts OF the State banks Ana this a.
though the Constitution Of the United states pro-
b,bits the States from coming money or making
anything but gold and silver mot gold or siiver)
n legal tender for debts. "No state shail com
money" says the Constitution Why not7 BE-
cause we should have forty-four different kinds
of c)ins The Constitution empowers congress
20 coin money and regulate the value thereof
and OF foreign coins
The Comptroller does not favor the policy oil
allowing the Federal Government TO Tissue
money gratuitously." lie thinks that 1t ought
10 be furnished by the national banks lie pro-
poses that the government shall issue bonds
having twenty, thirty, and forty years to run
tnot two three, and four years. and TX the In
terest at a very low rate-say per cent-and
thus retire the per cent. bonds.
We don't know how the Greenbackers and the
friends OF full-legal-tender national cur
rency will look upon Mr.. HEPBURs's recon-
mendations We suppose, however. that that
party is not very dangerous just a, the present
snoment.
President HARRISON will no doubt concur II
the Recommendations and the reasoning OF hi
Comptroller. As he has no future he viii DOUBT
hes DO bold in his financial utterances.
We have noticed only few OF Mr. HEPBURSi
Recommendations.