The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1896-02-08
THE noNEY QUESTION.

To a large extent the clamor
for free coinage has been an ex-
preston Of dissatisfaction with
our present currency system, and
recognition of the fact that ex-
tensive reforms are needed. Un-
fortunately the silverites' idea of
currency reforms was the reverse
OF the true one, and aid I'd by the
silver mine owners they succeeded
for time in making the issue one
between the silver and gold stand
ards. The results of a widespread
and thorough discussion having
been to clearly establish the supe-
riority of gold, there will now be
an opportunity for careful consid-
Grafton of the defects of our bank
ing and currency systems, and the
best method of bringing about
necessary improvements.
Our present currency, consist
ing of mixture of Government
paper money, National bank
notes, silver certificates and gold
and silver coins, is the result cf
many years experience and re-
presents various conflicting opin-
ions as to the nature of sound
and stable currency. The green
backs, although issued in time
OF emergency by statesmen who
did not believe in a fiat money,
embody the populist belief that
Government promises to pay are
really wealth. The silver certif-
Gates represent a vain attempt to
increase the value of q certain
metal by storing large quantities
of it in the Treasury vaults. The
gold and silver coins are by law
made legal tender in payment of
all debts, and are recognized 80
forms of wealth, the value of
which is certified by the Govern
ment. The National bank notes
represent property owned by the
banks, or secured to them, and
are guaranteed by deposits of
bonds with the United States
Treasury.
The principal objection to this
mixed currency is that it is prac-
tically xedquantity, and there
fore unsuited to the demands of
business, which need a widely
varying volume of money in diff
erent years. and at different sea-
sons of the year. The issue of
greenbacks is generally condemn
ed as entirely opposed to all sound
financial principles, in that it in
wolves the assumption by Govern
ment of functions which proper
ly belong to private individuals
or companies. The strong public
sentiment in favor of retiring the
greenbacks already in existence,
and the admitted injury and loss
annually caused by them, is suff-
cient reply to the populist propo-
sition to meet the need of an elas-
tic currency by issuing more Gov
ernment fiat money.
No less conclusive is the atti-
tude of the country toward fur
ther issues of siyler certificates,
or the increased use of silver coin
which must be maintained on a
parity with gold. The great ma
iority of the people are opposed
to further attempts to float an un-
safe silver currency which is not
needed.
The task of reorganIzing our
present complicated State and
National banking system, so as
to make it possible for greater
number Of banks to furnish cur
rency which shall be based on
gold and be absolutely stable, and
at the same time be capable of adj
justin ent SO all the demands of
trade is one which should not be
longer delayed. Its successful
carrying out will put an end to
free silver, fat money and other
financial heresies and relieve the
great agricultural, mining, manu-
factnring, commercial and other
business interests from the inju-
rious effects of curreucy system
which is now to great extent the
football of partisan politics.
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