The Monticellonian., 1894-11-30
Wanted A Financial System

ic administration has. been driven to borrow little money to Day its dcbts, and to seize an opPortuo- ity far II in the brief interval be- tween the sittings of a Democratic Congress. k a withcring eommea- tary on The lack of dependence and confidence the administration has in Congress.
 The entire country, racked with financial distress and confusion by many years ot persistence in the reckless and cxtravaeaut policy of successive Republican adminis- trations, looked Co the Democratic party for substantial and potenti nl relief It was expected that the Fifly-third Congress would adopt an entirely new system of finance, which would embrace the with drawal of treasury notes of all sorts, aud provide for issues of paper money by other agencies, but under q proper guarantee from the Government. The platform upon which th' Democratic party came into power expressly pre- vidts that tho pfohibitery tax on State bank notes shall he repealed and such notes, upon q basis of substantial reliability. shall he ia corporated into the fnabeial sys- tenn of the couGtry.
 But no sooner was the Demo- cratic party iatrnsted with the reius ot Government control than il seemed 10 forget allits pledges. and embal ked in chaes of wild theories and impractieabIe vasa- ries on the subject of money and revenue. Each sell styled states man had hs financial hobby, and each man rodc his own without regard to the necessities of the eouGtrN. until lhe national treasuz " was so near banIlrnpt that 1t ha 10 turn out to borrow money. Or course, Congress cid nothing Ut all Tor the general relief, aud now, few weeks after the ad. iournment ot a long sesion of Con gress, the treasury is drlveu 10 the haud-to-month resource of boz rowing more money.
 What is above all aeeded k that the treasury of the United States should % out oi lhe banking bust ness, and cnnliHe itself to the ob- vious duties of u treasury, which are simply to collect the revenue ami pay the expenses of the Gov eromert These are the proper functions ot the financial depart- mcut ot this Government, of every Government. But they have gone  far beyond the mere matters of collecting and paying out; the treasury is in the banking busi- ness, too. IL has issued several sorts of paper money, of which the original "greebacks, D gold certificates. silver certificates and treasury notes of 1890 are the chief The Government has got to keep itself in condition to re deem all these various sorts of money in gold, and il is, in addi- ton, burdened with the duty of keeping the silver dollars at par in gold.
 The Government ought not to make any money but gold and siI- ger coin, anj eneht to leave te other parties the 'uneton of issu- ing paper money, and only taking precautions that the notes, by whamsoeYer issaed, should be sol vent and reliable. and to this end the States should be allowed to provide for a paper currency ap proved by the Government ana secured by deposits of State or other frst-class bonds.
 The treasury, mp to the evil war, was only q treasury, and it did hot embark in a banking busi- ness before the eXigencies of vast interneeine conflict made the issue ot paper promises to pay a sort of desperate resort until loans of money could be negotiated Ever since then the Government has been lu banking business. II was put there by the RrpubIi. .an party. and will be kel there !