The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-15

! OF Commerce is. n,terlng such twaGdie az
THO following. We lose all patience. That
paper says.
while. upon every ground OF Jnstlce
| and political equality, II must De l'iu
| that the privilege OF Issuing shop'u nc
| conceded 10 the State banks, as wen as
| the national. yet the most lH'f'lati'.
| considerations OF public policy uti'"ii'
/ that no bank currency shal ne ~" ~
| within the national realm except SUI" %
/ conforms 10 conditions prcsciiDeo ~. ~.
/ national Legislature. ia prlhclpl'. '"-,
( position IS identical with that i""oMrn
/ bv the trainers Of the Constitutions w.
| they reserved to Congress the cN'Iu9'.'
! authority 20 regulate the coihafc "Nu ~.
/ confer upOn money the force OF 't"'
/ tender The purpose OF that clause IN the
/ Constitution was TO secure for the p'o-
pie a currency uniformly SCUM ~, 'inn
everywhere equally current. In lhv liz
OF this Interpretation. Congress mas "
| paramount power and porcmplolS "utS
| "a power TO declare that bank-notes
may Doe admitted 10 use as par oi Wv
monetary instruments Of the nauo", H.r
"A dufv 10 see TO IL that no sufh I't'S
qhaU be circulated unless they CONFORM
Q) to conditions of guaranty ~ 20 l'' il-
fations on issue. %. 10 Arrangements i"i
redemption. and 90. 10 requirements az
10 report and official supervision SUN,
respectively. as may be PROVIDED by "0'
Of C0ngTt rs.
The man who could write that para
rraph has no more knowledge Of our
Constitutional law than Of the literature
Of the inhabitants OF Mars and 2 subject
OF the King OF Dahomey is just as wen
verscd tn the true principles OF finance as
he.
our Constitution confcrs upon Con-
crcss the power % coin money and resu-
lato the value thereof. and OF foreign
coins. and IL confers upon Congress alb
soiutciy no other power Of any sort what
over in respect to money. The man VINO
can say that power 10 coin money III
ciudcs n power to prescribe rules Tor
and conditions on which the people arc 70
issue ;hcir promissory notes and pass
them about amongst each other, Is capa-
bic Of Interpreting language IN any case
so that # shall mean just the reverse OF
wha, fl does mean. and argument with
such a man is time wasted. This seems
TO ice an extreme statement. but IL is not
so. Il is entirely justified hy tho case.
But this writer is as ignorant OF true
financial principles az he is Of our con-
sututional law. The government Is not
10 be confined. IN its relation to money
TO coming tho precious metals merely
because the Constitution confines II there,
>, is to be confined 70 that function be-
cause tho nature OF the case demands H.
There is 10 money except CON- ana
n ere can be none other. Paper promises
tc nav money are not money. AMI they
cannot be made money When a man &C.
cepts a negotiable note or a check from
another man, there is no difference what
ever between that case and case ID
which ne accepts what We cali bank
note. There is no more reason
why the government should busy itsct
with the latter transaction than WIN inc
former. The two transactions are eN-
actlv the same i'm nature and ID primer
plc. and II the government Is 10 concern
itself with the case Of the bank note IL
ought also to concern itself with lHe
case of the negotiable note and the cAeck.
What an intolerable tyranny it would
be if we always had a government Of
nocr at hand TO tell us we night accept
this mans check. but We must positive
~ refuse that ones And yet. II there
is any ground upon which the govern
meni may properly concern ltseh Win
tho notes that banks issue. then shat
same ground will Justify the government
inspecting every transaction between Two
merchants. and preventing this one While
il allows that. 1Nc whole business is
form Of socialistic and paternal govern
ment at war with every idea Of manly
free. and independent action amongst
men.
The idea Of money Is the precious met
ais divided into small pieces with the
Governments stamp on each piece. ceIu-
flying that the piece contains certain
weight OF a certain hneness. This gives
assurance TO whoever accepts one OF
these pieces that he gets a certain guam
tity OF the metal When the government
has put that stamp upon the piece, il
has ended its connection with finance.
Every citizen is thereafter to be free TO
make his promises 10 deliver some OF
those pieces and every other citizen is 20
be equally free to accept those promises
when and as he p!eases. and 10 is an in
tolerahle interference with private right
for the government TO NEEDLE with the
matter and 10 say 10 the citizen this one
may issue promises but that one shah
not and ;his promise may be accepted,
but that one shall not. II is socialism
pure and simple. and of the most injuri-
Gus and detestable form.