The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-30

lie Replies io AN Editorial in The Times
on the Financial Question.
PENRITTE, Va. CUMBERLAND CO..


To the Editor of Tn. Times:
Sir.-By your courtesy. may ! be allow
90 short reply to your editorial in Sun
days Times, entitled THAT Endless
Chain"2 / believe The Times is that
honest that 1t will not only accept but
practice the dictum. THAT error is harm
less when truth is left free 10 combat
it." With this object solely. TO con lat
error I make the above request.
You say that Congress should pro-
vide for retiring the Governments rom
issory notes. This is a duty so obvious
that all thinking men VINO understand
the facts concur in the proposition most
heartily. Populists ana free-coiners OBJ
iect to il. but none others than them
selves include them amongst thinking
men"
As a Populst, I aspire TO follow no
higher teaching than mat OF Ihomds
Jefferson. VIII you be good enough 10
tell me what MI jefferson meant when
he said. "Banl paper must be suppress
cd and the circulating medium must pe
restored 10 the nation 10 whom II be-
longs. II il the only fund Oh which they
can RELY for loans. II Is the only recourse
which can never fail them, and IL Is an
abundant one for every niece ssary pur-
pose Treasury bills. bottomcd en- taxes
hearing or not bearing interest, as may
be found necessary. TIN own into circula-
ton will take the place OF so much solc
and silver. which last. when crowded,
Will find an efiiux into other countries,
and thus keep the quaint I'm OF medium
at its statutory level. Let the banks con
tiniie. If they please, hut let them discount
for cash alone or for Treasury notes.
(See Jefferson's Works, Vol. 8. page 1870.
Possibly YOU class jefferson among those
who are not thinking men, but surely h'
was one of the founders OF our Govern
ufnt and YOU call them real inanciers.
But coming 10 a later day. and TO our
own time. can you explain what MT
carlisle meant in his speech on the floor
of Congress in 1873. when he aaid. lt.
an ample currency. an indu 'ulous ana
frugal people will speedily eDuAu 'Hti
works OF internal Improvement and repair
losses Of proper ~, but no amount OF iH-
dustrv or economy on the part OF IN
people can create money. WI eh ui'
Government creates 10 or authorizes d
the citizen may acquire it, but he can
do nothing more. tSee CoHsI ea'iO''"'
Record. 18th Cong, second session. page
Al. appendix ...,
Now a word as to your proposed
remedy. That there may be no misun-
derstarding, | accept your proposiuoh
and quote il verbatim;
"Nithdraw the National Government
from all Connection with the finances o,
the country. Take in ard destroy an OF
it's notes. and disperse It's gold Iesti w.
Rcneal the tax on the isst - OF stat
hanks whose notes shall lie AWAY
navahle on demand i'm gold. and we shall
al orce have for every locality an th-
motley and the paper currency lNdl 'h"'
Locality can nnd a Use icr
Fo, the sake of argument let MS sup
pose that all this has been done cN"c'l9
f.a.F. NH.aH 40
as set forth above. Now the ia hheI %
broker who wishes TO get gold 'oi
shipment 10 Europe, no longer W. no
The United States Treasury, for TINS Bolu
reserve has been dispersed. He wants
two millions in gold to ship reXt Week
how does he get IL? 8y the very simple
process YOU have provided. ne ''i.''r'
saw. 10 Richmond whore You nav nan
a dozen State banks of Issue. lie Sc
cures two million dollars Of the notes o,
these banks, goes into the banks an"
demands the gold. The next week ne -
pcats the operation, and the next Neeh
a,,ain. ana 80 on. Instead OF orn'hlHS
,te United states Treasury Of sold he
drains the banks. These banks cannot
reissue their notes. as there IS no gold
In the vault 10 redeem them, so that IN q
few, weeks they are all closed by having
had their gold withdrawn through the
agency Of tnat very currency that you
claim will give us relief.
can suggest much better and moro
effective remedy. and il is simply strict
obedience 10 the law. The law says thal
all the obligations Of this Government
are pa,able in coin. and coin Eeans
silver as well as gold But the cry Is
raised YOU will destroy the parity l say
in reply. which had better be destroyed
the parity o. the people? Is money made
for man and 20 subserve his use, or was
man made for money? is money the
creation Of man. his creature or IS II
always to be his master. and man an OBJ
iect slave of its power?
Take care of the people first. and
the pa-itv will only suffer in the imael-
nations of those who grow rich by THIS
false cry.
Respectfully yours.
EDMNUD r. COOKE.