The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-05
HOW To SECURE SOUND FINANCES
SIXTH ARTICLE.

HOW To sEtt SOUND tiNANtIN-
SIXTH ARTICLE.
We explained yesterday how Gen. Ham
,lton's monarchical tendencies wrench
ed this government around from the true
financial theory upon which II had com
mcnccd its existence OF no Government
money but coin. and all paper currency
10 rest upon private resources under pri-
vaie management. to the beginning Of
what was to cfiioresce into a complet,
system OF paper currency, and so-called
money. resting upon Government credit
and under political management
Tho Bank Of the United states was or
ganizcd and operated until the expiration
OF It's charter i'm 1911. soon after that
the war with Great Britain produced ter
riblc disorder in our finances. and the
charter OF the bank was renewed In 1916
10 last until 1896. with a capital nearly
four times as great. and with all the
principal features OF the first bank thus
vastly increasing it's power 10 switch us
away from the true theory of finance
and 10 re-establish the prccarious one Of
a government currency managed 10y poll
ticians During the next twenty years II
developed most materially into a prodi-
gious money monopoly that threatened
all decent and orderly government. 10
was attacked by President Jackson. who
rallied the whole Democratic party 10 a
contest with IL in its effort TO secure
a renewal of its charter when 1t should
expire. In 1886. and after one OF the most
memorable political contests that ever
occurred. its efforts 10 secure a recharter
were finally defeated. and the Government,
IN 1897. was at last embarked upon the
scheme of the Constitution. under which
the only money known to the people was
10 be coin. and they were TO have, as sup
elementary to II. whatever and as much
local currency as each State dare to au-
thorize but which was TO be always re-
doemable In coin on demand. and in
nothing else
In its efforts 10 secure a rccharter this
second Bank Of the United States with
its immense resources. had corrupted the
politics of the whole Uuion and had
deliberately contrived and brought on
the terrible panic of 1897. But as soon
as the country was relieved of its baneful
influences and began TO have that sort of
freedom which arises from the real idea
OF our Constitution. which IS to let every
individual make as much use OF his ere
dit IN his business transactions as he Is
able TO make. the country began 10 grow
and expand. Banks sprang up all over
the land, furnishing the people with all
the currency redecmahe on demand in
coin that they required. the country
prcspered and grow from that time until
lSoD as no country ever grew before; there
were no very rich men. but prosperity
was diffused amongst all the people. and
all were well to do. and that may fairly
be considered the halcyon period Of our
national life
The war came on The Government.
confronted with the necessities of the
situation. set the Constitution aside. and
restored 10 whatever means seemed TO
promise the most enectual resources for
prosecuting the war: the old and discard
ed ideas Of paper money and paper cur
rency based upon the public credit were
adopted anew. and we have been ever
since struggling along with a system
that Is founded upon false principles
and that must bring us. while We adhere
10 II. a nevcr-endIng succession Of dis
ssters on disasters.
The most melancholy feature OF the |
whole business is the prostitution that |
was made OF the Supreme Court of the /
United States. the guardian OF the Con-
fiituiion. TO make these violations Of he |
Constitution cfecual. When the war
was over the acts OF Congress that have |
attempted TO make paper promises to pay /
money actual money itself. were called |
in question before the Supreme Court OF
the United States. by decision of four
Justices 10 three the cour, held that Con-
grcss had no power under our Consitu-
ton 20 do any such thing. Thereupon
tho revolutionary Congress then in EXIST
new Justices. and General Grant appoint
Cd two new justices who were known
10 hold opinions favorable TO the power OF
Congress 10 do this impossible thing.
and the court. thus packed. overruled
rs former decision. 1t placed it's new
upon tho ground that Congress
had the power expressly conferred upon
\ 10 make war. and a power TO put out
paper money must be held