The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-04

their notes OF hand az they pleased.
| Thss was Democratic rU,.rins from ne
beginnirg OF the Government until Ire
war. asxer'ted time and again In all
! uubIle discussions of the subject. lying at
the very foundation Of President Jack
sons removal Of the Government depe sits
! from the United States bank 20 the State
banks. and clearly and plIinly laid down
| nv the tenth amendment. Acc, rdingly,
! before the Constitution was adopted,
| State banks OF issue were in operaucn N
various parts OF the Ud,on, aId ibey c. n
| tlnued TO be chartered all ever he Cbicn.
and to issue their notes, from the time the
| Constitution was adopted sLt.i ihs war
| came on. always under the aegis OF De-
mocraey's shield. The ri=ht WAS so
PLAIN, so elementary, indeed. that but one
attack wss made upon 1t. The l;e9ubh-
| cans Of that day. called Wings. Canned
| that the provision Of the Con stitn;ion t"r-
| bidding the States 10 issue 1.lls ~ credit
| equally forbade them TO authorize bafk
| to issue notes. They carried tha qbes-
| ton before the Supreme Court Of lie
| United States, in Briscoe VS.. The G'nE'
| 11fh Peters. 81. and that tribunal held
| that the constitutional inhibition did i"t
apply to the case. and that the states
! could authorize the banks to make tile
| issues.
| We submit, then, that We nave read
our tile clear and proved that the Cn'l@i
States Government has noting whatever
to do with the money Of the country. -
cept to coin the precious metals and that
/ I1pu1HprHfIC
doctrine that the States may charter
banks at their pleasure and authorize
| them TO issue notes.
Now, in conteIding for this principle,
| the Democratic party has never been con-
| tending for any right upon the part OF
| State to take any part whate5 IN de-
| termining, providing for, or regIati " lie
| money of the country. rhe Democratic
| party is a hard money party. 1t has nj
ways contended for what cann be de-
MED with any regard for truth and com
mon sense. that there Is nut one money
which is coin. IL has always admitted
| that you may make both gold ard sllve.
| coined money, but IL has insisted hat ;he
| metal in "a dollar Of gold mast be Jus; as
| the metal i'm a dollar Of silver, aid vice
/ versa All that 1t has coLteEded for
| i'm respect 10 State banks is that the
| people shall have the right to make use
| Of their property as a basis OF credit, ~
coming together and being incorporate
| by their States into banks, and then put
| ting out their banks notes promising TO
pay coin on demand. They have not asked
| that these notes shall be s,-eD any of
the qualities of money. Ihcy are to he
| promises TO pay money, and ro;hrS else,
and II coined money IS dcm'E:.d for
| ore OF them. ard its mixer fa'iS to give
coin for it, the Democratic party has
| always said that that bank sEpild lie
| closed up and put through a rrotess OF
liquidation. The public rrLi is ccn-
| fused about this, and fails to c0Tprerpd
| the position of those who strlVe fer St-:e
| banks. They are not seeking TO intfO-
| duce a new element into IN: .ao"ey If
! the country. They are the straightest
| laced hard money men. All they ask
! for is that natural liberty which the Con-
| stitution expressly reserved to the States
to provide ways by which the people can
make the best possible use Of their proper
| ty, by putting out promises to pay money
| backed by their property, which prom
| Uses must always, however, be performed
as made, whenever performance Is de-
| manded. Their contention Is i'm The IN
| terest Of liberty and freedom. ana not
connected in any way whatever w.th the
country's money, which must be coin. and
| cannot, in the nature OF things, be any
| thing else.
| so far as Mr. Blaine's opinion Is con-
| cerned, our correspondent must recoiiect
| that Mr.. Blaine belonged 10 that section
! of opinion i'm this country that has al
ways believed IN the Capitalization OF the
Government. 1t was as natural for Mr..
| Blaine to entertain that opinion as it
was for the Republican judges Of the Su-
preme Court Of the United States 10
| hold that Congress could make piece
| of green paper money. 1t was a propo-
| sltion, however, from which the only Dem
ocrats in the court (Messrs. Field and
clifford dissented, and it is a perfectly
! absurd proposition in itself.
| Upon the whole, then, we must say that
| our position is In strict accord with all
! the traditions of American Democracy,
and being Democratic. that means that
| it is sound as proposition in political
economy.