The times. [volume] (Richmond, Va.) 1890-1903, 1894-05-13
q CENTRALIZED CURRENCY.

a CENTRALIZED CURRENCY
Tho disnatch Of yesterday, discussing
General Gordon's wise and statesman
nronositions for dealing with our econo-
mic difficulties, has this to say:
General Gordons remedy for hard
fines as stated in the United states
senate on Thursday last, squints at oppo.
sition on his part to the same SUI VI
.naternalism" which the enemies Oh d
government system Of telegraph ma III
This measure The General ana CoAey
do not agree in their remedies LOT nt"u
times. Mr. Coxey would have the NdtioIi-
al Government begin at once the WORK
&c roat,ing fine county, or State or
National roads. and thus inaugurate q
system of ''paternalism," or. in other
words would have Capitalization 10 90
its perfect work. He proposes centraliza-
ton as a remedy for the evils Tor whlch
General Gordon proposes decentrailIa-
ton. 1t would puzzle Philade phld raw
yer to forecast the manner III VIII.
General Gordon's remedy wouiu aiieC'
the patient. for, as stated IN yesterday
telegram from Washington, MS propose
ton is OF the vaguest nature. we quo'e'
"The remedies which he (GeneraI Cor
DOM suggested for the present conditloh
n
the General Government as much as pos
sihle and empower the States to deal
with Il. and second, 10 decentralize the
currency. repeal the l0-per-cent. tax on
state banks and enable the states 10
have n currency supplied by their own
| citizens" ...o,,,a .vo
General Gordon seems to coniouhu two
very different things when he speaks Oh
| decentralizing the General Government
| and decentralizing the currency. Centfa-
| rzation ia the policy of placing In the
hands Of the General Government powers
| which ought to be reserved TO the states.
| Thls General Government has its seat In
| Washington. But the currency cannot
| he decentralized in that respect, seeing
that the currency is not centralized IN
| Washington.
The Dispatch is "case-hardened," and
we do not. Of course, expect TO get II
| ont Of anv Of its radical errors. But 1t
here sows the seeds of dangerous doc
trines and it is our duty to kill them
as far as possible whenever 1t seatters
J them.
General Gordon is perfectly right 10
sneak of our system Of paper currency
as one that is centralized even thoush
g does not flow In bulk TO Washington
cttv II is a. centralized currency for the
rooeon that all the statute laws that
,,o,arn q are made at Washington, and
| oil Of II Is either issued by the central
| Government or issued under restrictions
| and provisions which that central Gov
arnment establishes. 1t is essentially
centralized currency, when, in its nature.
q paper currency must be the very OPP
nosite of a centralized currency II a
| people are 10 get any valuable service
from it; If, indeed. they are not positive
w injured by it. Currency is not money.
Coin alone is money Currency is only
n convenient paper substitute for money.
II Is Just as much a matter of private
business to furnish the paper substitutes
for money that people need as II Is
10 furnish the banks at which they do
business. There is no sort OF difference
in principle between the paper subst-
tutes for money which we call bank
notes, and the certified checks. which
every bank issues, and the bank should
have the same freedom in issuing its
notes as in issuing its checks. For the
Government to NEEDLE with the matter
in any way whatever is for 1t TO perform
the functions Of parental Government,
watching over and guarding the welfare
and contracts OF its children. The Gov
eminent has properly nothing to do with
the currency. and it converts it into a
centralized" currency just as soon as
it lays hands upon it; whereas 1T should
be left absolutely and entirely within
the domain of private business.