Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-17
Good Advice.

/ saw. Il can easier .ell ten men what IT
were best to do than be one OF the ten to
follow mine own teaching" At such a
time as this. who is it that has not some
( cheap advice TO give? Who is it that can
keep a head perfectly level and not allow
himself to be a spinner of street yarns
Who is It that would not have to retrace
his steps now if he were called upon to do
what he to-day considers the one thing
demanded ny the circumstances OF the
case? Unfortunately. our expert finan-
ciers pay for keeps. 'and however plainly
! they may afterwards see where they have
erred and strayed away from the right
path. they have no power to remedy the
wrong. Looking backwards. 1t may seem
clear that il the Bland bill had provided
for the free coinage OF silver all the trou-
bles which have come upon the country
since 1873 would have been avoided, and
free coinage would have come upon the
country as a great blessing and would not
have unsettled business any more than II
was unsettled by the Bland bill itself. We
say that this picture may be what is pre-
wards: but there is no way in which 10
convince the public of to-day that such re-
suits would have followed if we had
seventeen years ago tried the experiment
of free coinage. We made a similar eX-
pertinent when we repealed the Sherman
law; but nobody seems at present dis
posed to regard that law as worthy Of
any notice whatever.
SO when we read the teachings Of the
most learned of the financial doctors, we
cannot but look back at the winding road
which we have travelled hitherto. and
wonder when We are TO see clearly how
TO manage our financial affairs as they
ought to be managed. VIII Daniel, of
Virginia. and Carlisle. of Kentucky. ever
agree upon a measure Of relief? win
Eckels. Of Illinois, and Voorhees,.
Of Indiana, ever join hands in the cause
OF financial reform?
And this reminds us Of the speech which
Comptroller Eckels made in New York
last week before the Metropolitan Club.
\ select crowd Of New York bankers and
other financial experts heard his speech
anu SEE Iltu ~ ADllNhl III i4i9 N4'NHs W nav
said he? We quote one paragraph:
''The government ought at once TO
cease issuing credit currency and have as
speedily as possible it's Treasury Depart
ment return to its legitimate function of
collecting revenues and disbursing the
same These credit issues, evidences of
the governments indebtedness. ought TO
be paid because they are now and have
been under existing circumstances, more
extensive to maintain than the payment
OF interest on bonds for their funding
could possibly be-
That is plain enough. 1t means that the
government ought to retire the green
hacks. But we are inclined to think that
the ,greenbacks are too strongly en-
trenched i'm the favor of the people TO be
disposed of in that way. Mr.. Eckels
means. too. that there ought TO be- no
"credit issues"-that is. there ought TO be
no paper currency furnished by the gov
eminent. He doubtless favors the propo-
sition 10 abolish the tax upon the circu-
lating notes Of State banks. and leave the
Issue of currency entirely to the banks and
bankers. He says that the cancellation
of the ereenbacks would read 10 40 con-
traction Of the currency. But This if
proposition which we will not here as
cnss His good advice may be no better
than that of the thousands Of would-be
,oochers Of finance who make the very
air resound with their schemes.