The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-28
ANDREW CARNEGIE On TUE CUR
RESCS

interview with Andrew Carnegie, the man
who has grown enormously rich through
law made 10 benefit him and other pro-
tected manufactures at the expense OF the
great body Of the American people, III
which air. Carnegie deprecates MT. CleFe-
lands making any recommendation 10
Congress for change in our currency
laws. Mr. Carnegie is OF opinion that
the best nSssible currency system is that
which we Nave. which opinion, 1t is not
surprising that Mr.. Carnegie should en-
tertain, because he is an Immensely
wealthy man and our system is exactly
suited to the needs of the very wealthy
while utterly destructive 10 all the rest
OF the people.
We devoted a good deal Of space yes
terday to showing that when our Con-
stituticn was adopted it was intended by
its trainers ar by the people who adopt
ed II that this should be a hard money
country The States had suffered from
the curses of paper money until every
body was disguised with it, and they
all intended 10 have currency of gold
and silver alone. They intended to say
that the Government of the United States
money. and that the governments Of
the States should have no power to put
out paper money. 1t was recognized,
however, that paper substitutes FOR
money, what we call currency, may be
of the very greatest aid and assistance
TO business and they accordingly left
the door open for the only kind of paper
substitutes which can be usefully or safe
ly resorted 10 by people, notes of
banks chartered by the States or by the
general Government. But the sine qua
non for both was that they should be
always redeemable I'm coin upon demand
FOR this was to be hard-money coun-
ny. in which the only money-the only
lsgal tender-was 20 be coin. This was
the essential idea of our Constitution
makers and it had this great underlying
principle to rest on. viz: Coin is the
only true money.
II paper promises to pay money-what
we call currency-are put out by either
the United States or the State govern
men IS. the maker OF the promise cannot
be compelled TO perform it. because
government cannot be sued without its
own consent In such case, then, We
might have the Government, State or
National, putting out their promises and
failing TO redeem them on demand, with
no process of law to compel their redemp-
ton. whereupon coin would disappear;
they would become the only circulating
medium. and the country would be the
victim OF an irredeemable paper cur
rency.
But bank corporations chartered by
the States or by the United States can
be sued and compelled to perform their
contracts. If they refuse 10 pay their
notes on demand they can be compelled
to pay them by stopping their business
and winding them up. In this way We
should have preserved 10 the country
the only true money-coin-and il would
also have all the benefits which can
legitimately Low from a paper currency.
These men were wise men who under
stood truly and deeply the economic CON
ditions necessary TO a sound financia,
state. and they provided those condi-
tons for this country Jackdaws. upon
whom the robes OF these great men have
descended. have violated the great chart
OF principles laid down by them. and
the consequence is the financial disturb
ances which keep this country always
asitated, With It's business and prosper
lily under perpetual brake.
The curse of the day is the false idea
that our conditions require us 10 have
note that will circulate without impedi.
msnt from Bangor, Me, TO san Fran
cisco. Cal. Now. whilst we admit that
there are many conveniences that attend
such note II can only be had upon the
condition OF making the general Cover
ment ruler and controller Of the paper
currency, and that cannot be done with
out bringing on the country our present
condition. which is the very worst one
possible.
But such note is by no means neces-
sary 10 our business. The methods OF
quick communica ton have so improved
that business between distant points is
almost entirely done by checks and
drafts. We do not send currency notes
to San Francisco TO make payments
there. We buy draft on New York
bank and send 1t. because New York ex-
change is wanted In every part Of the
country. When this demand for a note
good Ia all parts Of the country is looked
into II will be found that IL is almost
wholly confined so those who travel.
But this is an Insignificant part OF the
population. ana there is no sort OF trou-
BILE In them carrying coin In their peck.
cts or a letter OF credit. as those who
travel abroad do. or bank checks on the
banks Of the places they are going to.
rAs paopie 70 be aided by IL are q mara