Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-11
ruEspAy DECEMBER II, 1894
-r,a Virginia Members

Tho Currency-The Virginia mei"pei o
o,,r Washington correspondent reports
,ba, there is division amongst tne
,.,o,, members of the House OF hepre-
soptatives on the proposed plan OF o'''
tarv Carlisle TO inaugurate new IMAM
ola, system. They are, therefore, "'
adds averse TO expressing at inns ''n'e
for publication any opinions when f'ils"'
,,,,barrass them as the subject becomes
hotter understood and the hnahciai AT
,rosphere begins TO clear UP as coiiSe-
o,ence Of exhaustive discussion III ''"'
"a, ~ the multiform currency ques-
tion. .,o
,oreful indication so far as the
x,t,oinia members of the House % ~
nresentatives are concerned that 'heS u'
not claim 10 "llnow 1t all" Their minus
will be in a desirable condition Oh
centivitv" &c they forbear to become par
,,sors NJ any scheme before they are
..,.;seod that Il IS such a scheme as the
country needs. Hide-bound wouiu-0e
Alexander Hamiltons are not the r's"'
sort Of men to solve financial prop'ei''S'
IJere LET us say once more that our
Iaw-makers have not the power so ~
s,oot IN nerpetuate the existing method
80 srnn,vine currency to the people. The
bonds upon which the circulating ho'c9
of the national banks are based VIII
soon mature-that Is, in the course Vi
few years-and therefore 1t Is none too
econ n begin 10 study the financial prop
,ern and 10 project plans for p0ssins
from the old to the new system "i'"o"'
disturbing the Observation-Disclosures oil 'he
country.
PM ot the very threshold the ques-
,ion arises whether or not the govern
ment shall or shall not be totally Ill
vorced from the banking business. 1t
must be admitted THAT the Democratic
Marty of the olden time favored such
divorce. and desired the banking business
n no az free from Federal control as any
otber business. But the times have so
wonderfully changed. and men nave SO
GREATLY modified their opinions to make
them accord with the new order OF
things. that we may be said TO nave
come under circumstances totally unilhe
those which surrounded our fathers In
General JackSon's day.
r,,,orvbodv agrees that whatever new
svstem may be resorted to must have
safety and elasticity. For safety 'he
nresent national banking system cannot
be improved upon, so far as the note
holders are concerned. If now somebody
yould devise a scheme for rendering the
aenositors safe, there would thereafter be
no more panics-certainly none causeu ny
n run" upon the banks.
Rut safety Is one thing, and elasticity
is another. Ask the first banker you
meet TO define the meaning of the word
elasticity as he uses it. and you will
learn that even the ablest financiers are
not of one opinionTas to what the WORD
elasticity means or may be made TO
moan in the vocabulary Of the men who
have it "trippingly upon the tongue"
II seems TO us that one meaning Of 'elas-
tlcity" may be credit. Certainly bank
which could increase its circulation SO
as 10 accommodate all its patrons at
all times would have an "elastic" circu-
lation.
Ono of the Virginia members thinks
that IL the present Congress falls to
legislate on the finances at the current
session the President will convene that
body In extra session soon after the
9Th of March next-the time when the
term of the House OF Representatives
elected last month will begin. MIR. Cleve-
land will not convene Congress merely
10 secure legislation unless there is some
prospect that that body will coincide
with his views as to what sort of legis-
lation is needed. A Democratic Con-
gress is rather an;u nruly thing for
Democratic President TO manage, but
Republican Congress would be totally I'M
manageable by Democrat. IL Mr..
Cleveland could get rid of Congress as
easily as he can call 1t in extra session,
he might convene it and take the risk.
but to expect him to surround himself
with enemies of whose presence he can
not relieve himself is 10 expect him to
do what we do not think he will ever do.