St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-28
QUIT MoNkEYING

We have received a communication
from a prominent Democrat discussing
the financial situation, the length of
which precludes us from printing 1t, out
which illustrates afreSh how infected
our Democrats have become with false
and undemocratic conceptions of what
government is and what its uses are.
Briefly stated, he would have the gov
eminent issue its notes to be used as
currency. In order to get them into cir
culatiOn-the ordinary way by paying
for services and purchases being insult
ticient-he would have the notes issued
as loans on the pledge OF state. county
and municipal bonds as collateral secur-
Ity, charging low rate of interest. This
he thinks would give sufficient supply
of money, and the interconvertiblity of
the bonds and money would give flex-
Utility.
1t will be a difficult matter for our
friend to say why the government
should issue bills and lend them to men
who have invested in bonds which they
wish to convert again into money, and
not lend money to farmers on the Sc
curlty of their imperiShable products or
to any one on real estate security.
There is difference, of course, in the
form, but none whatever in principle.
If the government is to go into the
business of lending its credit, it should
know no distinction between its citizens,
and lend to all alike who could furnish
any security which governmental agents
might be persuaded was solvent.
When this idea of governmental use
is presented in its logical form, as it is
i'll the demands of the Populists. there
is general dissent from it. The Re.
publican, shamed by the presidents
set by his party, can only say tits
going too far. The Democrat, if he has
the true Democratic concept of govern
ment, says it is no function of govern
ment to do this. The only remedy he
can see is to retrace as rapidly as pos
sible the steps which have led us into
this quagmire, and get back on the solid
democratic ground where the govern
ment contents itself with its function of
keeping men from injuring their neigu
bors, and, as long as they do this, letting
them do what else they will.
AS long as the government issues its
paper promises to pay, and as long as it
lends its credit to banks, just so long
| will we have this agitation which seeks
to make il go logically farther and issue
more paper, 'enough to transact the bus
mess ofthe country" as the Greenbaek-
| ers demanded, and lend it on grain and
land, as the PopuIists demand, or make
their bullion worth S1.29 all ounce, as
the silver miners demand.
The fireman who left fire only par
TALLY subdued would be no more neg
lgent and dangerous than will be the
adoption of any compromising, halfway
measures now. You can no more COM
| promise with financial fanaticism than
| you can with fire. You must either let
it have its way until it ends in the ruin
of the French assignats aud the Argen-
| tine cedulaS, or it must be stamped out
root and branch. AS long as there is
anything left of it. it will sprout again
and spread like Canada thistles. The
Democratic party has the opportunity
now for the first time in thirty-two
years to put the government back on
Democratic ground, and 1t will be rec
reant to its trust and to itself if it does
| not do it.