St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-27
FREE TRADE IN BANKING.
The Financial Question Discussed
in Another Bearing.

in Another Bearing.
The following communication from
w. w. Woodruff is published because
the GLOBE is willing that the very in
teresting subject of the finances should
be laid before the people in all Its as
poets. and the more the views of the
"Jinkerers" are brought to light the
less weight they will have on the public
mind. Mr.. Woodruff cannot, in these
days, when the whole country is in a
panic from the over-issue of silver, make
1t believe that the remedy is in an over
issue of paper. In admitting this article,
the GLOBE does not consent to publish
any more articles of the same tenure.
To the Editor of the Globe:
Having read the editorial in your
issue OF June "a, entitled Financial
Tinkering." I cannot refrain from ex-
pressing myself on such an unwarrant-
able and unjustifiable attack. That
man holding the exalted position that
Judge Flandrau does, who. if am not
mistaken, is the writer of said editorial,
should be guilty of so gross Injustice.
l had f1attered myself that lived in
city where the leading citizens had the
good sense to abstain from public utter
anceS until they were informed and
could express themselves intelligentlY;
but alas! the Judge has ventured into
deep water and will find it difficult to
extricate himself.
The Judge says:
I'VE recently presented our views on
the memorable character of all economic
laws, and proved that they cannot be
tempered with without retaliation; and
we would now suggest to Mr.. WeStrup,
and all others who have quack remedies
for financial diseases, that all the forces
of government, even including the alb
solute powers of dictator, cannot give
value to currency that is not founded
on the only security recognized by the
commercial worid-gold."
Here we have suicidal statement. 1t
is this memorable economic law that is
being violated by the 'goId basis"
delusion. in that it denies the individ-
ual the right to credit and thus invades
the right to property.
The pamphlets which Mr.. Flandrau
critictses are plea for liberty and a
philosophical treatise of the method we
must perSue to attain it.
Why does he insinuate that the author
of s'CitiZens' Money" is governmental
lst by reminding him that even the most
deSpotie government cannot give value
to money? when the subtitle to that
pamphlet is "a Critical Analysis i'll the
Light of Free Trade in Banking"-an
argument against any interference ON
the part of the state; that the best sys-
tenn Of money will furnish paper cir
cuIating medium that will circulate on
its merits, and that when money needs
to be made legal tender to help it pay
debt and buy commodities it is evidence
of inferiorTty, ana that competition,
when there is no government hindrance,
will produce superior.
What kind of financial expert is
this to presume to guide public senti-
ment. when Ire attributes 10 others the
very ideas they are combating?
The fact is, the judge must be badly
confused to contradict himself so ef-
fectually as he does in the following
quotation:
"'There is very little to fear from eff
forts such as those OF Mr.. Westrup, be-
cause OF the transparent absurdltY of
the whole scheme; we may
well fear that MIR. Westrup may find
followers and converts to his doctrines.
Here is another evidence of how the
Judge gets things mixed. in associating
decapitation for refusing to take paper
money, which was a Chinese decree,
with the French assignats.
Again, Iquote from the editorial:
1T is curious commentary OH the in
telligence of the nineteenth century
that such Ideas should be seriously prs-
serted TO the consideration OF the p1o-
Hc7
1t is a serious commentary on the
judges intelligence that he should at
tempt to dispose OF SO itnportant qnes-
tioi. in 50 light and tiippant 4 manner,
and throw dust i'll the eyes OF the pe0-
pie.
If he is SO sure OF his position L would
recommend that he accept Mr.. West
rups' challenge to a public debate and
thus afford competent critics an oppor-
tunity to decide for themselves as to the
merits of free trade III banking.
". w. WounRUEE.