The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-25
MIR. w. J. BRYAN on THE CARLISLE
BILL.

rency OF the country should be founded
on the credit Of the Government. where
as Mr.. Carlisle's bill POUNDS it upon the
credit Of banks which issue it. That is
the same idea that was presented by
that distinguished free-silver advocate.
Hon. A. j. Warner, in the statement
which he made to the Banking and cur
rency Committee the preceding week
1t is entertained by nearly all the free
silver advocates and whenever present
ed. If the person presenting II Is cate
chised. he viii turn out at bottom, TO
be a fiat money mana man who be
licves that government can create money
even as God said let there be light and
there was light
There is no use in arguing with men
of this sort about systems Of banking
There is no difference to them between
the Carlisle plan and the Baltimore
plan. or any other plan except in de-
grees Of badness There is no plane on
which there can be any discuss on with
them until they wholly eradicate from
their minds the notion that any part
Of moneys power 10 perform its functions
emanates from government When they
learn that money depends for its power
20 do the work Of money upon its own
Intrinsic value. which can be neither
diminished nor increased by the action Of
government: when they learn that a man
gives d horse for one hundred gold dol
lars because he knows those one hundred
solid dollars possess in Themselves a
value that is the equivalent Of the value
Of three COWS, and that they can, there
fore be exchanged for three COWS. When
they learn this foundation fact they VIII
have attained 10 a state Of knowledge
that qualities them TO discuss systems Of
banking. But for them. in the present
state of darkness that overclouis their
minds. to attempt to discuss systems of
banking with men whose minds have
opened to knowledge of the great
foundation fact that money most de
ponds upon itself for its value, is the
same as for a blind man TO attempt 10
discuss the splendors of a May morning
with one who has the faculty Of sight.
Messrs. Bryan and Warner however,
claim to be Democrats, and, If they
cannot perceive the truth themselves, it
would be well if they would be content
to follow blindly TO our well settled
Democratic ideas, and We shall tlcre-
fore point out some Of these TO them.
SO far as money and, indeed, all ost
everything else is concerned, the Con-
stitution of the United States IS pre-
eminently a Democratic document and
so far as money is concerned IT Is the
perfection of common sense. IT intends
that there shall be no money but gold
and silver, Of which Congress is to "re%u-
late the value" that is, TO determine how
much weight of gold shall be certified
by the Government to the people 10 be Of
the market value of a certain weight of
silver The Constitution. with its perfec-
tion of wisdom, intends that the Govern
ment's connection with money shall cid
at that point and that any individual
who desires to make his promise to pay
money may do so at his pleasure and
pass il off to any other individuals who
may be willing to take il. 1t intends, fur
Their. to allow the States to charter as
many banks as they choose, with what
ever privileges regarding the issues Of
their promises those states choose to
give.
This is the whole money theory Of our
Government and. simple As it is. it is
the perfection of wisdom and common
sense.
But. say Mr. Bryan and Mr.. Warner a
time of panic might come when all these
State banks might suspend specie pay
mcnts. That may be true and yet no
harm might result We saw all The hanks
all kinds eighteen months ago, and yet
no harm of any sort resulted from it,
There was period of panic when men
lost their heads and made scnscless
run on the banks. For the first time in
our history the banks had The sense 10
stand together and disregard the tenor of
what was no more than a name. 10y re-
fusng payments which were only demand
ed by the dictates of a senseless fear.
and the banks and the country suffered
no sort of harm from If.
We say. then and defy successful con-
tra6iction. that sound banks nay sus-
pend specie payments in periods Of panic
and cause no sort Ct evil result 10 Them
selves or the public thereby. The science
Of banking has advanced therefore to a
point where sound banks may defy paul,
if the Government Will only keep its
hands off and leave the banks to manage
the case according to its difficulties and
their means for Ealing with them.
We cannot. within the limits of this
article, treat this theme as it deserves.
We leave it. therefore. with these brief
suggestions. and one other, in reference
TO the second bugaboo that stands so
sturdily in the way of people having the
right TO make such use Of their credit
as they desire and need to.
The Bryans and the Warmers and 9th
ers tell us they want uniform cur
rency that will suffer no discount. We
are not sure We do. IL tends TO central
izing government and making enormously
wealthy people at the expense of the
masses. A local currency tends TO pre-
serving the institutions OF local govern
ment. and the characteristics and individ-
ualtios of the neighborhood. The dis
counts on IL are trihing compared with
the fact that IL gives the neig hboIh ool
means for trading The discounts are
allowed for when Richmond merchant
sells TO a North Carolina store-keeper.
Return us TO the Constitution Of the
United States. We lived under II from
1897 TO 1860. and. were the happiest and
nest prosperous people the world ever