The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-26


The Democratic Convention Of the state
pf New York has included in its plat
form a demand for "the Improvement
of state banks" This is a great step
in the right direction. but it Is not what
the case calls for. The Constitution of our
government provides that the United
States government shall coin the pre-
clous metals II does not authorize 1t
10 do any other single thing that re-
1ates to money or currency, and 1t eN-
pressly forbids IL to do anything That II
IS not in terms authorized TO do. our con-
stitution of government therefore, con-
templates that such banks as the States
nay choose to charter. may issue an
such notes as the States authorize, ana
Il intends that the United States gov
eminent shall not NEEDLE in any way
whatever with such notes as the states
choose TO authorize their banks 10 is
sue. This is our constitutional law that
we have a right to insist We shall live
under. and it is not only cur constitu-
tional law. but 1t is the ideal scheme
OF finance. We are entitled to it, there
fore. both because IL is guaranteed 10
us by the Constitution and be-
cause 1t is the natural and just
system that allows every individual
10 use such resources as be has 10 their
very best advantage. and 1T is an afro
cious and tyrannical exercise of auto
cratic power for the United States 10 de
prlve the people of this their natural and
their guaranteed right.
The great body of the people row in the
United States has grown mp since the
year 1860. They DO not know that the
country lived from the beginning OF our
government up to the war und II exactly
this state OF affairs which was perfectly
understood by all the people to be the
state and condition which the country
had adopted as its constitutional sys-
TEN. Yet that is the absolute fact. Unil
the war care on. 10 one eyer thought
OF the United States government having
Anything whatever 10 DO with the mon.
ely or the currency of the country, except
10 coin the precious metals That were
carried TO the mint. and the states cnar-
tered all the banks that their people
needed. and authorized them to issue all
the currency notes that their people could
use Under that system the whole coun-
Try grew and prospered as If some sort
Of magic was at work IN IT, 1t IS true
some people were annoyed with having 10
submit TO discounts upon the notes or
State banks. but what was that trihing
inconvenience and loss compared 10 the
fact that every individual. wherever he
lived. could get banking accommodations
and borrow money. whenever he wanted
It, according TO his means? We repeat
no ffss
grew and prospered as If by magic; there
were no very wealthy men, but pros
yerity was difrused all through the BODY
of the people. and every neighborhood
had its well-to-dO citizens
But the war founded itself upon the
idea OF powerful. central government
and it wooed and won the people from
their old and simple ideas TO the no
lions OF a splendid parental, and so
cialistic government Under this idea
the government marched out TO guard
and protect the people IN their dealings
with each other 10 see that one did not
cheat another, and our present monstrous
system of government. issuing the cred
its for daily use. which cannot be use
fully employed unless the people them
selves issue them, got thoroughly es-
tablished in the public mind as the true
theory of france. Under that idea the
wealthy commercial centres have monop-
olized all the facilities and functions OF
banking which are the true life blood OF
q people. We have rich men after rich
men growing up there ali the time
while the great body Of the people. liv-
ing away from these commercial cen
trS banks are simply starving for want
OF banking Accommodations. and this
inroad upon and departure from our orig
inai, simple. and benencent theory OF
government has brought upon the coun-