Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-03-13
The Currency Campaign.

hO CuhiOh S"AAAPO-6
In the discussion of the currency
question, the New York Journal Of
Commerce says that 1.-The main point
to be kept in view, in guiding discus
sion, is that to the great mass OF our
people this is in effect and at bottom a
commercial question, and that their
verdict will be given upon business
considerations.
The commercial motive in the silver |
producing States is self-manifest. In
the agricultural South and West the
silver sentiment is very differently
conditioned. They have no direct
business interest in the mining or
treatment of the metal. Their inter
est centres solely in the fact that they
want freer access to the issues and the
issuers of money. The planter and
the farmer are suffering from excep
tionally low prices for their products.
They are told by the crafty leaders OF
the mining States that these low prices
are due to the suspension of silver
coinage; and, whether they believe the
willy explanation or not, they have a
deep conviction of the potency OF
money to stimulate prices, and eager
ly grasp at an offer of it from any
source. Herein lies the whole gist of
the question as it presents itself to a
group of States whose vote must ulti-
mately determine the national policy
on this question. The supreme work
of education must therefore be direct
ed towards such aspects of the ques
ton as affect this large group of con-
stituencies.
In dealing with this class, it will be
useless to argue that the supply OF
money is matter of secondary or ex
aggerated Importance to them. 10
men who so rarely see money and yet
prize it so much, such talk would be
equivalent to giving stone when
bread was asked. In all justice to the
West and the South, it must be con
ceded that they have good and legiti
mate case in demanding that the sup
ply of money be put within their east
er reach. But the thing they need to
be taught is that they have no reason
to believe that, if the issues of silver
were increased, the coin would come
any nearer to their pockets than it
does now. What they need is local
sources of issue: the improvement of
{1o; oainhl1orhood ha,lyc fn
notes against products, free from any
dependence upon help from banks of
other sections. This demand is based
upon no ignorant misconception; it
rests upon a real necessity, felt equal
ly by the agricultural, the trading and
the banking classes of the whole West
and South. 1t is because this has not
been acknowledged by legislation that
these same people are now clamoring
for silver; not that they prefer it to
other forms of money, but because it
seems to them the only kind they may
hope to get. whilst they have the in
fuential mining States to back them
in fighting for it.
The National banking system does
little to meet these requirements. The
State systems are prohibited from is
suing notes In these sections, there
are State banks having $3.50 100000 of
capital and surplus, which, under pro
per conditions of guarantee and fed
eral regulation, might be safely au-
thorized to issue close upon $500, 600, 900
Of circulating notes; but the 10 per cent
tax bars them out. This is the great
political grievance of the South and
West. They regard it as a selfish dis
elimination Of the banking and cap
italistic East against the debtor sec
tions. They are stung to bitter resent.
ment in every form against what they
deem great political injustice. Their
party leaders encourage them into a
demand for free coinage, not SO much
because they have any preference for
silver, but that they may utilize that
issue as club to compel the East to
concede to them the right to make
local issues of bank notes. Herein lies
the whole secret of the Southern and
Western sympathy with the mining
States in demanding free coinage.
Here centres the fatally weak point in
the pro-silver agitation. Here is the
point, possibly the sole point, at which
the supporters of sound money can
carry victory. Grant this. and the
country is financially safe; continue to
refuse it, and the issue, in our judg-
ment, is in a high degree doubtful"