Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-16
Coinage and Currency Not Natural Right
but . Usurpatioa of Government.

bank system. NJ a. Z.
Coinage and Currency Not Nstsrai Right
| but . Usurpatioa of Government.
| To ne Editor ofthe Disnatca:
AS It not emphaticaliy the duty OF Congress
! 20 DO these three tninFs-to coin, TO resuiat.
value OF cains, TO regulate value OK foreign
| coins. r-Dspdteh on "Stdnda'd " 'd.ue,
| June II, 1875.
| Mo- Emphaticaly no. is replied. IL by
| duty is meant natural. equitable, necessary
duty. and ii BY coinage IS meant IN ad1i;
prove. because, unlike the proponents OK
| governmental ceinsge and control OF
money, will not beg the question: Ac-
cepting no mans tpse diru. am Wiling 10
prove all things.
First, there is no natural subordipatlon
| of money to government substituting
money for coinage, because coinage Is
really mere incident of money.
Both money aud government are natural
outgrowths of the social state Money 10
euteceient 10 stable, probably 10 all gov.
ernment. Money is not the creature OF
government, but government-certainl
| civilized goyernmsnt-is the creature OF
money. Without money government per-
| ishes; without government money sur
wives. II. therefore. government is de-
| pendent upon money and money inde-
| pendent Of government. 1t should rather
| seem If there is duty anywhere tbaV III IS
| the duty Of money TO control government
| than OF government TO control money.
But neither owes duty TO the other each
| Is independent, and the only natural CON
! neotiOn rs that government may equltaoly
| require of citizens enough money 10 enn-
bic il to protect life, liberty, aud estate
| and TO preserve Its own integrity. ana may
formulate into law what custom has a.
ready crystaiZed into fact not, however,
10 control stipulation. but TO provide ior
| absence of stipulation. All else Is not
natural duty. but usurpation.
Again: Man creates government. not
| government man. Is 1t therefore natural
| for the thing formed to be wiser than the
| thing that formed it? To be as wise is all
naturally 70 be expected: therefore, for
| the creature TO think to control the Gre
| ator il not natural. Man makes the
money: government can only spend IL. is
| il therefore natural for the spender TO
control the maker and say TO him IN
monetary matters Do this, don't do that
Were We BOT blinded by custom and au-
thority, and did We not therefore depose our
reason, there could DO but one answer:
Government is o usurper; away with
government; Will manage coinage ana
currency ourselves"
Ii will, however, be replied, we grant
government has no natural right 70 con-
troll monetary affairs. but we JUSTIFY lts
control because government can manage
better than the public. If this is so. my
case is lost | will show, however; tnat
government cannot manage as well De-
cause of incapacity and dishonesty.
MONETARY BUSINESS.
Successful management of ordinary
business requires more than average CO.
paclty; of business of national proper
tons, requires extraordinary capacity.
vi long
training. Now, the monetary business OF
a country Is an extraordinary business,
affecting intimately the welfare of every
citizen and demanding the highest skill
and closest application OF eblest minds.
But who manages this extraordinary busi-
nessy Government. And what IS govern
ment? Congress. And what is Con-
eressY Congress is body of men
of about the average capacity. IL can
not remain above that average capacity,
because If II did 1t would not represent
an1 would be superseded by Congress
that did represent that average capacity.
Here, then, is the situation. Ordinary
business requires above average capacity,
but here is q body OF average capacity set
to manage a most extraordinary business.
and we are stoid enough 70 expect sue
cessfIl management from II. For such
body TO achieve success the age OF mira
Giles, when men are cast into fiery furnaces
and not scorcbed, or into lions dens and
not devoured or swallowed by great fishes
| and live to tell the tale must return, and
miracle must perpetuslly interfere to pre-
vent ii wrecking that vast and compli-
Gated machine, monetary AFFAIRS.
But granting capacity, where the neces
sary training and experience as necessary
as capacity? Not in body constantly
changing III membership and frequently
in politics. But granting capacity, train
tpn
permanence of management, also neces-
sary for success of large business? Not IN
a body always controlled by party or sec
ton, and constantly swayed by the pass
ing passions and prejudices ofconstltuents.
And granting all these, where the direct
personal interest, either as proprietor or
receiver of salary. always essential for sue
cess. Not in body whose members have
only the indirect interest OF everybody
else, and whose direct interest in salary is
too small and of too uncertain continuance
to induce mastery OF subject Hence, for
these and other reasons 1T is impossible 20
expect of Congress wisdom or capacity ade
ouate to its usurped task, and hence it ia
only natural that the necessary incapacity
OF Congress has confronted US with tinan-
cial disaster, with little prospect of early
escape.
CONSCIOUSNESS GOVERNMENTS.
Government cannot manage success
fully because of dishonesty. Government
dishonest! Absurd. Possibly, but when
one recalls that governments have always
been debasers of their own coinage the
charge is not absurd. but the belief in
governments honesty Is absurd. Under
temptation governments rarely, II ever,
shrink from debasing Its coinage. For
centuries debasement was so common
that between the years 1900 and 1000 gov
eminent debased the English shilling
more than two thirds. and in 1889 govern
ment had debased the French llvre to ono
seventy eighth of its weight in the time of
Charlemagne. But passing over older exam
pies. what of the last hundred years. when
governments are supposed the sole qua
rantors of honest money! Thus what
really are continental and Confederate
money and greenbacks but debasementy
What Suspension Of gold payments and
irredeemable currency but debasement.
and what the silver dollar but debase-
ment? Because governments are corpora
tions, and necessarily constituencies, they
have always been notorious for dishonesty,
and from present indications will long
continue to be.
Government can be no moro honest than
the average honesty of its citizens. If
more honest it misreprssents, and those
who represent the average honesty, gam
control. Thus what means the silver dol
esty is not above 65 per cent. What means
the Sherman law 1t means that honesty
had to compromise with dishonesty at IS
per cent lest public dishonesty perpetrate
free coinage, and how much less than 65
per cent that meant, nobody knew or
could guess. And why the difficulty of re-
peal! Because average public honesty
finds IS per cent. of honesty enough.
THE PRESENT cLAMoR.
Now, successful management requires
more than average honesty. The nearer
10 unity OF management the sursr honest
management, and the further from unity
of management the surer dishonest man
agement, because the greater the numbers
the less the sense of responsibility. In |
large bodies like Congress this feeling Is
so slight and often so entirely lost that |
members. personally honest, pass at |
command OF caucus or constituents |
laws confessedly designed to bene- |
at one interest or section at expense of |
another, or corporation or even individual |
at expense OF community. In the conten- |
tons about silver pril ciple or honesty has |
been little regarded. Men clamor for re- |
peal of the Sherman law not because re- |
pugnant TO honesty. but simply be- |
Il.