The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-16

| a
suits their own dealings they inevitaoiy
take the ground that that condition Is the
!. best possible one for the whole country
| These seem cynical remarks. but thty
| are Thoroughly justified by the past anu
| present position OF the New YORK imam
| cicrs. Three or four years ago none Oh
/ them would hear Of any sort OF 'haIs'
| IN the finances OF this country. Inc ma
| tional bank currency and the greehDaeN
| issues OF the Government were Bo'u
| enough for them. and. therefore, 'h's
reasoned. they should be good enous"
| for all the rest Of the country. bAl t',V
| Sherman silver law came along anu "''
ed 80 millions OF paper TO the "' ''. -'
lions OF grceubacks. making ABOUT
millions 10 be maintained al par ~
small reserve Of 100 millions OF b''.
| Then these nnanciers began TO open
eyes They began 10 see that '"0 ~
eminent was running very close ~ ',
ger0us shoals. but. more lnlp"i ,'"'
they saw what an easy matter IL 49,
the principle that the Government Vac ~
be the banker OF the people "''0
mitted AZ au. for its paper 10 pour 'u'
in such quantities as "ould uI'Fe il -
-. 81 ann, tfroc. and overthrow ana
p~osfrate the most prosperous era Oh
-, ,rbte which the thinking po-
lItlcal economist always knew, II TOOK me
object lesson furnished by our actual
condition OF eighteen months back to
,oach mon who trade in money But the
iroportant ching IS that they have been
taugbt. and the New York Journal or
Commerce is authority for the statement
that the Sew York bankers are no"
unanimous in declaring that we can nave
10 sound and safe currency until all gov
eminent notes are wholly Withdrawn from
circulation and retired. The journal
states. further. that the opinion Of these
people IS also settling upon the PROPOSE
ton that the currency Of the future is 70
be a bank currency, FOR the security vi
which no deposit vi bonds Is 70 De re-
Quired, but which is 70 be hIst "'"
upon the entire assets Of the DaAH' anu
the stockholders of the bank are 10 be- IA-
bic for a sum equal 10 the shares they
hold.
II The Times were rooster II would ne
entirely justified in flying ~ on Iel'e
to flap its wings and crow When more
than two wears aye. The Times was earn
ostly advocating all this, the Ne" 1oIN
bankers. who did us the honor To SPEAK
Of us at all. unanimously pronounced "7
Il lunatic. The relative positions Of the
parties reminds as Of the following case.
young lawyer rose % address a judge.
lie was embarrassed. and his manner was
awkward The judge muttered below DIS
breath. what fool The young man
went on: his embarrassment was wearing
away. and ne began 10 show that ne ln-
derstood his subject The judge muiterei,
Not so much of a fool as / thought
The Young man continued. his emb4r-
rassment al left him. and he made
superb argument. The judge muttcred'
1T was ! that was the fool Every
reader may make his own application
The Times is delighted beyond expires
sion that New York city, the citafel or
this fortress Of Government money. has
heon carried There money has been ac-
cumulatcd in vast heaps. and money all
ways looks with a longing eye 70 strong
government for Its pIeseINaloH ana IL
the BoOl olH i''44i"'I '''iN "a