The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-16
somE GaoD ADVICE 40 DLMoCRA1s'

The statement goes out from Washlhg-
ton so persisteuuy that the PresluehI VIII
recommend to Congress in his iorthcom-
ing message a general plan LOT ne"
currency system for the country thaI
we feel quite confident he VIII do so. In
this connection we want TO offer word
Of advice to the Democratic party IL
IS lust now In very bad repu,e with the
country. but If il will discard its old
beresies that have so disguised the peo-
ple il has now an opportunity to besih
that reformation Of itself which will
ensure IL a triumph in 1896. Let the
Senate. as soon as it meets, adopt
rule Of procedure that viii enable the
majority OF that body TO bring DEBATE
to an end when that majority sees lhdl
useful debate is concluded. All the he-
publican senators Will probably vote
against such rule, to prevent the Dem
ocrats doing anything at the coming ses-
sion that will tend to restore the couh-
try's confidence to them, and German
will no doubt DO all in his power 10 ala
his Republican allies in their effort bul
let the measure be made party meas
ure in caucus and then give Mr.. German
the choice between coming out III MS
true character of a Republican or sup
porting the Democratic party measure
Let the Democratic senators turn their
whole time and attention then TO per-
fecting d new banking law. 1t should
start in the Senate, because, although
a cloture rule is adopted by it there is
no probability Of one of such strinsehcy
as that Of the House. 1t Will take more
time therefore to pass 1t through the
Senate than the House. Let 1t, then, De
put through the House in time to become
law. certainly at this session. II
the Democratic Congress does TINS
at this session, and provides al
so for building the Nicaragua
canal, and utter not one word about
silver and cheap money, it will com
mence that restoration of itself IN pup
lie confidence which belongs to it, and
which will certainly enable it to rule
this country indefinitely whilst II adj
heres to true Democratic principles
The indications are that Mr.. Cleveland
will recommend something in the line OF
the Baltimore plan There are many OBJ
iections to that plan which we have
already pointed out. 1t preserves to the
Government the position Of censor Of
the currency, when the Government
should have absolutely no connection
whatever with it, and. in permitting an
ISSUE Of only fifty per cent of paid-up
capital, it unnecessarily restricts the
ability of banks to issue their notes. 1t
also ties up ten per cent. of bank
issue of notes as a guarantee and re-
demption fund, when banks should have
complete control of every dollar of their
assets to meet their liabilities in their
own way.
Whatever bill is passed will probably
make banks notes a first lien upon
all of its assets, and the stockholders
will probably be made liable for a second
sum equal to the face value of their
subscriptions to the stock. With a pro-
vision Of this sort the banks can put
out seventy-fve per cent of their paid
up capital and the notes will all be per-
fectly secure.
If we have as much as OOOoo,o0O en-
gagged as banking capital, the fifty per
cent mint VIII Offfy bf"fftt itf @t''tP"'f"'t
Of notes, which is Iamentahly short of
public requirement, and even this will
ueutralize $35 100000 to be locked up in
the guarantee and redemption fund,
The true idea is to repeal the I'M
constitutional ten per cent. tax and leave
the chartering of banks TO the State
Legislatures We do not expect 50 great
a step forward however, at this time,
and 50 we must content ourselves with
what we can get, But pass some act,
gentlemen, at once and raise the limit
of issue of notes to at least seventy-five
per cent. of paid-up capital, leaving notes
to be redeemed at the counter Of the
bank that issues them on demand, and
dropping the scheme for guarantee and
redemption fund You Will regain the
country's confidence if you do this and
say nothing about silver