The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-05

TEMPORARY EXPEDIENT AT BEST
Our Washington correspondent told W
Yesterday that the Republicans VINO are
willing 10 discuss the financial views
nut forward by the President in MS mes
sage. at all. admit reluctantly that he
offers the only solution of the currency
problem TO afford permanent results.
And vet the President offers no soiu-
ton at ALL What he offers is nothing
but temporary and shifting expedient'
When he spoke Of the old State banks
being near to the people In all sectiohS
of the country. and readily furnishing
them with banking facilities ana accom-
modations, the President showed that no
had thought over the idea that The Times
had been so persstently putting for
ward until he has learned where the shoe
pinches the people. But when he came
to suggest a remedy for the disease Tic
showed that he had got glimpse OF the
subject merely, and was as far as all
the others from understanding 1t In It's
full. broad, rounded, and blessed char
acter Recognizing that the difficulty
was that the people were denied by pres
ent legislation the opportunity to os-
tablsh their local banks upon the credlt
of their local assets, no has nothing bet
ter to offer as "a relief from the difficulty
but an extension Of the present rnea-
sures. which rest upon the false idea that
banking flows out Of government, in
stead OF being one of those methods OF
commerce that each locality provides Ter
itself according to its needs. Whilst tpe
Presidents mind is obfuscated with TINS
false idea, he cannot be a safe guide in
establishing a satisfactory and lasting
currency system. Mind, we have no
criticism to make of his views upon
money. He understands that SIDE OF
finance perfectly. lie knows there can
be but one money, which must be coin,
that here can be but one standard OF
value, which must be the best, ana ne
knows that paper currency must be al
ways redeemable on demand in that rest
standard of value. But though he has
the principles and nature Of paper cur
rency, as his reference TO neighborhood
banks shows he has not yet been able
to divest his mind of the common error
that the Government of the United
States has some sort of rightful rela-
ton to the paper currency that the coun-
try should have. We have treated this
subject very frequently in The Times,
but we intend to commence tomorrow a
series of articles for each day, that will
completely cover the subject. snd ex-
plain the true foundation principles Of it,
and If the President would read end
ponder on each one OF these articles as II
appears, the dawning which the case las
commenced to make on his mind would
spread out into a full noon Of knowledge
| that woud light his steps always here
| after, where he now walks in darkness.
What does the Presidents recommended
| ton amount TO at last? lie recommends
that the grsnbacks shall be taken in
and Understanding bonds substituted
| for them, and in this recommendation
he is perfectly right. These bonds, he
says, will become the basis Of a cur
rency to be issued by national banks UNI
der more liberal provisions that will en-
able them to establish branches in small
neghborhoods. But we cannot always
continue TO owe a debt II we propose
TO manage our affairs as prudent men
manage theirs. There can be no question
| that a national debt Is national curse.
and If we act wisely we will so ON paying
OFF our debt until it is all paid. What
| will the President do then for a cur
| rency? True craftsmanship will have
compelled him TO destroy the basis Of
his currency system. ana how can that
currency system be a wise one which
rests upon a basis that true statesman
| ship requires him TO destroy?
| If The Times readers will patiently fol-
| low the series Of articles which we shall
begin tomorrow. they VIM learn the alb
surdity OF the whole business.