Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-11

forth tho imperfections of the nuthOr' L
exuected different things Of tho DISPATCH;
certainly more "cour .esy TO an opponent.
However. so few persons are ike Macau-
low in any respect. must consider the
comparison q compliment and must tbahA
the DrsPATcH for likening me IN any man
ner to so great an author and so admirable
a mar. ~
universal application. rot practices nor
what the fathers thought. ana aiileu 10
prove the imro-sibility, and therefore tne
absurdity, OF standard OF yaipe ~ usual
ly understood, or a standard OF cduS
either, for the difference IS only of tw@e-
dloduni and twredlcdee: to prove that
standard OF value. coupled with arbitrary
legal-tender aud compulsory ratio. are inc
root OF all our monetary troubles ana OF
the worse probably impending, aud 10
prove that the only permanent settiement
of these troubles IS complete dissertation
OF government from coinage ana currency
as Il is already ASSOCIATED from CHECKS,
drafts. bills OF exchange. &c. the vastly
creator part Of peoples money.
10 this you reply Managing money
is not his own affair; 1t Is the pubic
This IS mere begging the question or as
sum.ng the very point IN dispute. Tor why.
pray, ~ a mans money so much more I'M
portant or difficult than bis food or Ms
raiment. that II ceases TO DO his afalr aad
becomes tho AFFAIR OF other people or the
public? though money IS important
food and clothes are more lmpor-
tant. though many never see money;
aud many only occasionally, aud
few IN reality need money, yet All
need and use TODD and raiment
daily. Nobody denies that people can
manage better tnan government thelr
major and indispensable affairs, but when
Il u suggested that PEOPLE manage without
government control their MINOR money at
fairs. why then the people are so utterly
imbecila they would he placed entirely
at the mercy Of the unprincipled masses
of the community Now. TINS truly Is
strong argument. Hul rating the good peo-
pie very highly at the same time out ar
gument of TINS kiud never makes me
certain" of anything. much loss, IKE
my prototype MGcauIcy, OF everything.
Nor DO | rate tn. people 20 low, De-
cause, though ever treated IN Their none
tary aGalr- like infants. hey are not quite
50 simple as thu, sJ-cGlled argument Wouli
make them. They would hold their own
against the uuprnciplsd masses IN
their monetary affairs a. they now do IN
their food and clothing affairs. Or II not,
why nos: Your simple pse d.Lh Justly
goes long way. but va need not De a
"politico-economIc ee-thinker TO WISH
n little proof sometimes. especially where
the point = II dispute.
But while IN one place you say
that the people would be placed
az tho mercy Of the unprncipled
masses in another plscs YOU deny TINS.
For YOU say. NOBODY would have JOnes's
ltEe unprInciplel classes) notes nor
Joncs's the unprinclpled classes money
of ans sort How then gould the
people be At tha mercy Of the I'M
priuclpled classes They would not be,
and they would manage their money affairs
not only a well lut better than govern
ment. And I'll tell You why. The people
are necessarily more keenly interested IN
Their affairs, even their monetary affairs,
than government l., aud where ones IN
terest lies there the heart -, and where
the heart - there success - likely TO perch.
II IS little 10 the public If one or many
break, but II Is everything 70 the indl-
yldual. THIS is one reason.
Another reason - the people know their
affairs, oven their monetary affairs, oetter
than government; are IN closer touch
with them: know sooner when anything
Is wrong, aud correct the wrong sooner
than government. Granting the abs urd
proposition that government knows rs
well and - as amply Interested: Is Gu
tlrely free from party, po.itlc1. or mefce-
nary bias 20 apply ia knowledge, vet gov
eminent cannot act promptly. because It
must proceed according TO law. Govern
ment must execute iaws-goOi or bad ; but
laws, however bad. cannot be repealed at
Oucet aud frequently not tor Il very long
tune or until their repeal IS compelled
bv Gis1str1Gs consequences, because par
ties may lie honestly divided, or because
one party OF even a few are c0rruptly
proftiug br the lad law or BY tho neces-
sary and inevitable delay of legislatures.
Aud for similar reasons good avs ara de-
layed. Thu. how many years before the
French sDO!latiCn bill was passed, before
diroct-tax refund, and how many years has
BANKRUPT bill been Ysyerlng III Con-
sress, dc.
But the individual sees and feels the
evil quickly. Promptly communicating
with associative board or chamber the
matter - Investigated and the remedy soon
applied. Thus - &c naturally aud without
governmental initiation or control stock
exchanges, boards of trade, chambers of
commerce. 'earlng-houses, and assocla-
tIOus Of all kind. aud affairs monetary ~
well As all others. are managed with per-
feet satisfaction or ore Qulokly amended
tn they do act perfectly. Governments
not only 10 not initiate these labor time
and money-savIug institutions. but for a
long time they hold alOOl. II they do not
oppose. Thus II is only very few years
since the government Joined the New York
Clearing House Association, though It had
been IL existence for mauy years.
How soon. FOR example. would the gov
eminent have established the New York
Stock Clearing House, On institution
which the people felt the need OF. AID
which their monetary representatives
quietly established about two years ago,
4 hoo lir-
short existence already saved Us from
frIghtfu monetary commissions. Before
the reform every member must give certl-
fed check for each purchase. But the
banks had 10 certify, money or no
money. aud trust 20 members 10 make
good afterwards. In times of excitement
certified checks with nothing but honor
behind them. multiplied into enormous
millions, and the certifying banks were
placed IN Imminent peril. At one time. 1t
ia said. one bank had out thirty millions
OF such certified checks. and certified
checks sold at discount Of 8 per cent. tor
currency. Such evils were. however,
cured BY private no, governmental ac-
ton by forming the Stock-Exchange clear
ing house. And this - one OF its fruits
New York Herald May 23d): Shares
cleared. both sides. 1.23l 600; total value.
both sides. $50, 600 coo; share balances,
one size, llbsotU: value OF snare bhlaICcs,
one side. Sj,00J,OOO; cash balauce. one
side. Sll3,00J.
Under old style A selling sl,0O0,oO0 and
buying $4,000 the same day, would re-
qure certified cheeks for Sl.g00.00J. I'm
der new style 100000 does the work. and
go transactions Of S69G00,000 were settled
apparently by the paltry sum Of -ll3.g00.
II reliance had been plGced on govern
mental control the old style would have
been in vogue now. and either stock trans
actions would have been enormously cur
tailed. vastly 20 public injury, or II not
the requirement of $1,000, 900 addi-
tI0nal bank accom- mOdatiOns IN a day
would have shattered the financial fabric
during me prevailing stringency and DIS
trust. EnOugh-perhaps too mucE-tor to-
day. Another dav. with your permission.
| will show further WHY people do not
need government 10 manage their none
tary affairs.
While by no means certain OF the
truth Of your ipse f1t. or argument, If
more courteous" that the people will
be placed entirely al the mercy Of the I'M
principle1 classes" if government does
not manage their monetary affairs. L am
. certain" as you say IN another editorial,
that money cannot be put into the peck
cts of those who need It By putting II into
the pockets Of those who do not need it."
LEWIS III. BLAIR.