Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-11-16
WEDNESDAY. NOVEMBER ls. 1892
The Currency OF the Future.

Congress will meet on the first Monday
In next month, but it will convene none
too soon for the currency-tinkers who adj
vocate the Standardization and deoase.
ment of the currency with which TINS
country is now blessed. 1t would be in
credible if we did not know it to be true
that there are many men willing to run the
risk of the establishment of independent
State banks and the total destruction OF
the national currency. which has proved
itself to be tho best the people OF the
United States ever had.
The excuse given is that the govern
ment bonds now constitute but q small
portion Of the millions of bonds which 1t
is necessary for the government to have
outstanding il the present nationsl-bank
system Is to continue in successful opera
ton.
Theoretically the government ought 70
be divorced from the banks. In old times
in General JAcKsoN's day, say-the pro-
posal to establish even one national bank
served to keep the people IN turmoil Tor
years upon years. In 1S41 the Wings were
so fearful of having the odium OF bad
name cast upon them that, though they
were advocates OF national bank, they
did not propose 10 establish one so styled
but favored a law creating fiscal agent"
Tor the National Government. But this
fiscal agent was TO be very different from
the existing national-bnnk system. which,
II must not be forgotten, IS not govern
ment agency for the transaction OF It's
financial business, but law under which
the government undertakes TO save note
holders of the national banks from any
loss TO be incurred by the failure of o bank.
The government. too. exercises national
supervision" over all the banks, but taxes
them and holds them of at respectful
and proper distance from the financial de-
partment of the government itself.
Theoretically, we repeat, the govern
ment ought to be divorced from the
banks: but practically the government
ont TO take care that the peoples cur
rency shall not be superseded by cur
rency which stays at home. The poorest
States would, in the absence of govern
ment supervision, undertake to furnish
the largest per capita OF note circulation.
II would. too, be waste of time to try to
induce the people of the rest of the Union
20 believe that bank notes issued without
government supervision In the States OF
Wyoming. Montana. North Dakota, South
Dakota. and Washington were as good as
those issued in New York or Boston
or Chicago. Indeed. note issued by a
North Carolina bank would not be
considered here as good as note issued
by Virginia bank. GRKsHAN's law would
come into full operation, aud every man
would pay out the most suspicious cur
rency in his possession. Good currency
would hide. Bad currency would fill the
channels Of trade, OF, if not currency
actually bad. it would be under suspicion.
1t would be impossible to convince the
people that Florida note was as good as
n New York note. The prices of every.
thing would be advanced to Offset the loss
occasioned by the use OF a currency de-
based and denationalized.
How the difficulties of the situation are
TO be avoided or overcome does not yet
appear. We intend soon to let our read
ers know what is the plan proposed by Mr..
HALTER, of Ohio. The last word has not
yet been spoken on this currency question.
There are possibilities which have not yet
bean brought to the attention of the pub
lie. We are for the best scheme that rs
practicable.