The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-04
HOW TO SECURE SOUND FINANCES
FIFTH ARTICLE.

We are aware OF the popular indisposl-
,,on N read disquisitions upon con-
stitutional law, but It is not possible 10
discuss the true principles Of what our
financial system should be without con-
annually recurring 20 the purpose IN the
minds of the trainers Of our Constitu-
lion at the time it was made for us.
Those trainers understood the true prin-
ciples Of finance perfectly and they de-
signed a system for this nation which
was absolutely perfect, and which would
have secured all the people perfect peace
and contentment IL 1t had been adhered
10 literally as they devised 1t. The
great leading idea upon which the Gov
eminent was formed was that the Cen
eral Government should have control
over those matters in which all the peo-
pie OF the United States had an equal
and a common interest. such as the regu-
lation OF commerce. the transportation
of the mails. the coming Of money peace
and war. and few other cognate sub
iects. but that outside of those specified
subjects IL should have no existence and
authority whatever. and that the ordinary
affair. Of everyday life were to be con-
trolled by the separated governments of
small localities.
What we call socialism" was not much
talked of then. but the idea involved in
IT was perfectly well known. Our great
grandfathers spoke Of it as "oontraliza-
ton" hut they were really lighting $50
cialism" in combating Capitalization"
Their idea was and II is a perfectly
sound one that when the institutions of
"a country are republican, depending upon
the suffrage of the individual voters. in
proportion as the voters upon any ques-
ton are increased. the opportunities to
corrupt the voters are multiplied. Rot
ten and corrupt politics are the inevita-
bic result OF vast numbers Of voters cast
ing their ballots all together at the same
time upon the same question. But when
the constituency Is small. the opportuni-
ties TO watch politics and battle the cor
rupter are infinitely increased. They
wished. therefore. To limit the questions
upon which all should vote as common
questions TO the smallest possible number.
and to extend as much as they could the
field OF local questions. in determining
which each locahsv should speak and
act for itself.
The idea which they incorporated into
the Constitution respecting money and
currency was direct expression Of this
foundation principle. The coin-the
money OF the couniry-was a thing in
which all had an equal interest since It
was 10 20 out amongst all. and be the
standard OF value Tor all. But the paper
currency of the country was to be what
each locality found 1t most to its inter
ests to have. They recognized the great
starting and foundation point that COM
merce is al bottom nothing more than
exchanges OF commodities. and not pur-
chases for money. as SO large body
OF the people enormously suppose. They
knew that very small percentage Of
transactions are operated through de-
livery OF money. They knew that the
great bulk OF them are effected by trans
fcrs OF credit upon the books OF mer-
chants and bankers by notes. checks. and
drafts. These constitute the great body
OF the paper currency OF country. and
they are essentially local In their ma
ture. The trainers OF the Constitution
recognized that such additions as We're
made to this bulk OF paper currency by
bank-notes should partake OF the nature
OF this great body OF the currency, and
be local likewise. In putting the matter
into that shape. they were only giving
still further effect to their great leading
idea OF limiting the General Government
TO as few subjects as possible and com
milling as many as possible to the do
main OF local. home rule.
When we think OF this broad and deep
rooted foundation for our financial sys-
TEN, laid out for US by our ancestors, II
is most exaspera,ing to see how their
whole purpose has been nullned. and
Aew We have bean swung back to that