The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-12-13

Apart from the free-coinage adyo-
Gates, we Still ina great diversity
of views with referees to the currency
plan proposed by Mr.. Carlisle. There s
are those who indorse it unreservediy'
and others who approve it with quail
ifications. Some fthe latter appear
to forget that Mr.. Carlisle's currency
scheme is only an outline, and that IT
may be filed up in such a way as to
obviate their objection entirely.
Waiving this, however, summarize
in general way the character Of the
objections that are made to the
scheme as whole, as follows:
1t is altogether too favorable to the
the banks.
II is so very unfavorable TO the banks
that none Of them would issue curren'
.cy under it.
1t. woula brig back upon us the
"wild cat" State BANKS of thirty OF
forty years ago.
1t attacks such hard impossible
conditions to the issue of currency BY
State banks that none wonld be lssu'
ed at all.
It would initiate the currency to an
unreasonable extent.
1t would not afford money enough
to transact the business of the coun-
try.
1t would not afford sufficient secur
ity for the redemption OF the notes o
the banks.
1t requires an unreasonable ane
wholly unnecessary security for tn
redemption of the notes. 1t not onl.
makes all the banks of the countr,
responsible for the redemption of tn
notes of each bank, and makes tn
stockholders Individually responsible
to the amount of their holdings, but /
also requires the deposit Of 80 per cent
of the circulation in greenbacks o
Treasury notes. This last, it is con
tended, is wholly unnecessary am
oppressive requirement. If it is desired
to get rid of the greenbacks. the,
ought to be paid off and cancelled.
1t does not provide sufficiently to
the circulation of silver dollars.
1t attempts to force silver dollar
upon the people whether they wisl
them or not.
It's a plan framed in the direct IN
terest of the money power, and espe
cially of Wall Street.
1t is scheme for which Wall Srtee
has no sort of respect or tolerance.
And so 1t goes around the circle
Is not the fact that almost every feat
ure of the scheme is attacked by mel
of Numerically opposite views tn
best possible evidence that it hal
avoided extremes on both sides.
The bankers at Baltimore formu
lated currency plan, and gave it al
almost unanimous Endorsement
Consciously or unconsciously, the.
made this plan peculiarly favorable
to themselves, and threw too heavy
responsibility upon the government
out of the banking business-il
which he follows the traditions OF tn
Democratic party-accepts so anuea
of this plan as seems TO him sound
and adds number of other provis
ions that he deems necessary for thu
proper protection of the government
and the people.
The proper presentation and de
tense of this currency plan are some
what difficult under our system. Ii
England and many other countries
the members of the cabinet have
seats IN the popular branches OF the
legislature. In fact, i'll Great Brit
ain the cabinet is described as Par
liamentary Committee, charged witt
executive duties. Our system il
very different. In general, there il
an attempt to maintain the complete
independence Of the legislative, exec
utive and judicial departments. This
is, however, subject to very impor'
tant exceptions. The vote gives the
President very important, though
indirect, share in the legislation. The
senate regularly holds executive ses'
sions, as they are correctly called
because it participates in the exer-
else of executive power. AS the
court for the trial of impeachments
it is judicial body also.-Coetr'er-
Journal.
TAE nPEGG