Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1894-04-13
r. RAYNER ON STATE
BANKS.

Representatives, that we looked for
many good things from him. But
Fir. Rayner is young man who has
grown up since the war with the
i'aslow Of great aud interfering
government always hanging over his
mental horizon, aud while he has
learned that money must be sound
lie has learned nothing whatever of
he distinction, rs broad ny the con
tinent, between money and paper cur
leDcy. Reared and educated with
he sp' ctucle always before his MUD
Ct an overpowering government com
pelllnS It's citizens TO accept and
treat its paper PROMISES to pay money
las being the same thing as money,
his mind has become obfuscuted, like
that of millions of other men, and he
has fallen into the error OF thinking
that paper currency aud money are
one and the same. Discussing the
possibility Of Il repeal of the 10 per
cent. lax on the issue of State banks,
lie said day or SO back:
''No caucus has right to bind me
to vote against my convictions to
bankrupt the country. We are get
ting from bad to worse here. This
proposition is worse than the iifty
cent silver dollar business. because
the silver dollar is at lcust legal ten
der, while State bank notes cannot be
made such. This heresy of creating
State banks with Federal powers is
another move in the direction of
swapping the party. do not know
what will become OF us if this bust
hess continues. We are gradually
wasting the most splendid opportuni
ties that almost any party ever had
it all comes from this determination
to force upon the people worthless
currency. 1t is not more money-it
is bad money they are after. L heard
a distinguished Senator say the other
Gay there ought to be an unlimited
right to issue money. One of the
Jeaders in the House has boldly de
cisred that the debtors of the coun
try have right to select the money
with which they will pay their debts.
Ih;s cheap mos.ey mnnla has got pos.
session OF our party and it is the rock
upon which we will split if the craze
continues The President has done
all IN his power to stem the tide, but
about two thirds OF the Democrats
here are opposed to him aud his pol
ICY. We could not muster co. Dor
ais guard of Democrats 10 sustnip
The Presidents veto of the seignior.
age bill. Fortunately the Speaker of
the House, though he is in fuvor of
silver coinage and of State bank
notes, is conservative and eminently
fair Had he accepted the senator
ship we would have been in bad
way. AS it is, there are about fifty
Democrats i'll the House who will not
finch on this issue and viii not com.
promise or caucus away the hard
earned savings of the people"
Now, If MIR. Rayner understood
the fundamental distinction between
paper currency and money, he would
know that there is no sort of relation
between the fifty cent silver dollar
and State bank notes. The PROPOSE.
ton to coin fifty cent silver dollars is
proposition naked and simple to
debase the money of tho land from n
particular standard TO one lust half
as valuable. Without stopping to
give any consideration whatever to
the motives that may lie at the buck
OF the movement the movement is
paiipably one to accomplish that re-
suit. unless free coinage would have
the effect of raising silver Just double
In value, and we do not believe that
any man, however visionary, believes
that free coinage would accomplish
mat. The free coinage proposition
Is therefore naked proposition to
cut down the standard of value. and
thereby to call horse, now said to
be worth one hundred dollars. worth
nearer two hundred dollnrs, and to
cause man who now receives an in.
come OF $500 to receive what will
huy about one half the -four and ba
can that the $500 he now receives
will buy.
W. Pi'PoHitlon 10 allow State
banks to issue notes has nothing
whatever i'll common with this idea
That proposition contemplates that
when the bank issues it's notes it
must hold itself always ready to re
deem every one it issues, whenever
redemption is demanded in coin. and
now practically gold coin, and, if it
does rot, that it must at once go out
OF business and distribute its assets
among its creditors. The mind that
can confuse these propositions so as
TO believe there is something in com.
mon between them ignores the fund
amental distinction between money
and paper currency. He seems not
to know that money is nothing but
the standard. by referring to which
we tell what is the exchangeable
value OF pile of wheat as compared
with pile Of cotton. while paper
ntt 70,