The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-15
NEEDED CHANGES.
TO GIVE AMERICA CONNIE RclAL AND
FINANCIAL SUPREMACY.

FINANCIAL SUPREMACY.
az Retire Our Grennbachs and Stop Gov
crn,pent lenIinEi Na) Put u 0uIotus on
tho silver Crare-M. I.c4oy- BeauIieu's
Pow.rrui Argument ON These Two dues
lions.
Paul Leroy Bcaulieu hes an article in
the December Forum entitled '"Coadi-
tIcns For American Commercial aud III
nancial Supremacy" This great writer
and authority on economic subjects says
that but two things are necessary to in
sure American commercial and financial
supremacy-(D the withdrawal of the
government from the banking business
and (3) u firm declaration in favor of Il
gold standard aud against bimetallism-
that is, against further special fayors to
silver. Ills discussion OH both of these
points ia clear and convincing. Taking
up point one, he finds that while other
grent countric.; hayo issued or causad 70
be issued considerable amounts Of puper
money during critical periods ours is
tho FIRST To refuse TO tuko up and cancel
its notes as soon rs possible. This was
great ana vital error which We did not
repair entirGly whom wo resumed :rccio
payments i'll 1879. "a government,
ho says, "is i'll fitted AID i'll equipped
To maintain paper money i'll circulation.
even If tho paper is redee:aubl0 i'll sre-
Gle. Iiia redemption done is in itsclt q
great trouble and Il continual cmharrnss-
ment' Fla thinks that the fuDct ion
ar'c9 OF government who mu&t act by
hScd aud Always identical rules, can-
not nlake heXlbie and sale currency
ont OF government paper. The greatest
inconvenience and dG1igof from IT Is III
regard 10 ire specie reserve winch every
governments must Keep Gu hand either
III public or private bnnka.
II tie government wero out of the
banking business and private banks
Mefo ielt tn deal win tho eSportatlon
CT gold problem they would, when
harmful e~portation begins, rHise tho
ia'o OF discount UNI such cSportat'on IS
checEeu. inns is what European banks
10 IN similar emergencies. When tho
Eod movement IL controlled Ill this
way III Producea cniy "a hight and
MoEiehtafy eniDarin@Ameni, not to he
compared WIN Inc shock ana tho dis
crouit rcsHhiHE from an ontGo OF gold
tlic en-" W WHEN cannot he calculated. :
continuing Oh TINS point NJ. Leroy
bcanhen says:
III most countries the
BANKS, either pnohc or private, main
tam inc specie reserve. Obliged to pay
thoir notes III specie OH demand. it is
thelr permanent interest That The specie
reserve shall not To exhausted, Moro
over thcy haVs very oitectuai means for
pioteotlnR IL. Gold must always 10 fur
hlthea ior export, other|.ao business
with olher countries VIII DO restricted
ana at tmes rendered impossible, and
tho credit OF Tic country VIII DO i'm
pared. But when soNd exports become
roo extensive ana particularly when
'heS seem caused by speculative move
hent' ana lllfeateA inc metallic reserve
Vi me country inc hahks havo an excel
lcilt means Oh obviatinG AND removing
Iic cVil--nl advance III inc ratio OF DIS
count.
All advance IN the money ratio III
oraer 10 arrest tho ou!go OF specie, PAR
tic"larly So!a, Is sure 10 succeed IL the
governments Gees not disturb the natural
COURSE q oPoFations ny nf'ihciai meas
u'eo' s"c'' '',' 'oN"hce cheehs mo I'M
poI'.' Va ii'oiai'''''1'ae' ana, Oh me other
i'''hI, stimulates exports. II draws cap