The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-28
THE DIFFERENCE BETWEEN THE
TWO.

| metricaily opposed 10 e"e" '''''
tho minds of the Dispatch and The
Times In matters that pertain to money
and currency
In the opinion OF The Times there Is
ana can be but one money. which is
coin. and, though The Times. In defer
euce TO the opinions OF many for whom
It has the highest respect, has been wall
ing TO have coinage OF both gold ana
silver II a dollars worth OF silver be
nut into the silver dollar. yet II Is con-
strained to admit that a double standard
is impossible in practice. The Times
therefore. thinks there VIII be at last
but one money-gold coin-except that
silver may be benefcially used as token
coinage for change. This is the bed rock
| on which all the opinions OF The Times
are founded.
When we come TO paper currency the
| matter is a very different one Paper
currency is not and cannot be money. IL
is a substitute for money just as
check or draft is a substitute for money.
| Paper currency consists of promises TO
pay money. There is no sort OF diner
ence In principle between the note when
n merchant gives to the other merchant
from whom he buys, and the note issued
by a bank. TO which they apply the word
| currency" 1t is true that when the
merchant delivers his note. the idea be-
tween the parties is that the one VINO
receives II will hold 1t until II is due,
while the bank note is intended to pass
from hand TO hand. But, in its nature
after being indorsed, the merchants note
is just as capable Of passing from hand
to hand as the bank note is. and, In
point Of fact. many such notes do IN
practice pass from hand to hand. effect
ing payments at each transfer Just as
the bank notes do The Times insists
then that when we talk OF the notes Of
merchants and the notes Of banks. we are
talking OF exactly the same things. and
that we have established no sort OF dis
tincuon between the two when we arbi-
trarily affix to the latter the name OF
currency" II then they are the same
I'm principle and In nature, there can be
no sort Of sense in having one law for
the one and another law for the other
Now for the opinions of the Dispatch
The Dispatch believes that both gold and
silver should be coined by the Govern
ment for money And. when 1t is pointed
out that, on account OF variation In the
supply of the two metals. the gold dollar
and the silver dollar part company In
market value. it believes the silver dollar
can be kept up to the value Of the gold
dollar by the Governments ipse dixit
that II shall be so. Further, II believes
that what we call a paper currency"
instead of being simply and only promises
TO deliver money. has in itself the quail
ties of money. and is. therefore, money.
II further believes that as the function
OF coming metal into money belongs only
TO the Government. which charges the
Government with the duty Of looking
after its coined money and preventing its
being either clipped or cOuntcrfeited so
the Government should also look after
paper money Chat impossible thing and
see that it does not diminish in value In
the hands of those who hold 1t. Quoting
yesterday from financial plan put out
by Mr.. G. 2. DeSaussure. OF Atlanta. the
DISPATCH says OF his suggestions;-. .-.-
"rhe first, and one Of the best is the
first. which reads, all currency should
be controlled by the Federal Govern
ment.'
Now The Times says there is no more
reason for the Federal Government ex-
ercising a control over those paper prom
Uses to pay money which banks put out
than there is for its exercising control
over those paper promises which me--
chants put out, and suggestion Of the
latter would shock the common sense
OF all men. How then can any man say
that the paper promises 20 pay money
which a bank issues should be controlled
by regulations made at Washington?
Now the fundamental objections to 'he
| Government having anything whatever
| to do with establishing regulations for
controlling commercial paper (call 1t Cur
rency" or what you wild, is that permit
| ting It to do so is establishing that state
OF affairs which we call Socialism" The
| Socialist believes that all the property
| in the world should be owned by the Gov
| ernment each individual citizen TO be
allowed by the Government so much as
is necessary to meet his wants and re-
qulrements and that all the avenues in
which men may be employed should
| equally be controlled by the Govern
ment, the citizens to be hired by 1t in
each of those employments Those who
differ with the Socialists think this would
end all individual energy and enterprise
and convert the whole population into
| lazy. idle worthless set the Government
itself to be more corrupt than even
| Tweeds. Now, say they II you concede
| that the Government may prescribe regu-
Iations for the country's commercial
paper, which Is the same thing as say
ing it may intervene and arrange any
| contract entered into between John and
Lou, have you not conceded the entire
| case TO the Socialist. and how will you
! say that the Government should not
| equally take possession of all the railroads
and hotels? To admit the principle is to
| sanction Socialism and introduce the be-
| ginning Of the end
For that reason, IL there must be Inter
| ference by public authority at all, mini
mize the interference as much as posi-
bic. Let 1t be upon the sound Democratic