The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-05-24

| every legal impeachment and every dictate
ot conscience involved. viewing II as /,
mere peeuniary cSpcdicnt, 1t seems too
precarious aud uncompromisinS 10 de-
| serve the slightest confidence. do no,
| believe that YOU can leSislatc up the value
~ anythinH any more than believe you
I'm make sencrals heroes by legislation.
rue coht.aental congrcss tried leg,siating
values UP by resort to penalties. but the
lneAorahlc laws OF trade. as independent,
rs the law of aravi,f;,on kept them duw,f.
uc pehcVe tia, you can icglslatc value
uuw'i anu that yo, can do II by attempts
NIX to lcgislate 1t up"
u goes without further argumcnt thu,
" legal tender can make SO cents worth
or silver as valuable In the marko, as n
INJURED cents worth of gold, 1, can work
the same change In 10 cents worth Of sill
yer or n cents worth OF pewter Tho
great question about our currency system,
around which cluster all our other cur
rvncN problems. is whether or not the
United States treasury shalt continue to
issue paper money az n legal tender our
history nnd experience under the piy,ctlcu
shows that II was horn In unrcason and
that II has cost us dear ana plagued us
sorcly. sivlng aid to every fiat money
schrmc which has threatened and shaken
Cur standard of value
kcgarding the legal tender LEGISLATION OF
lMs, chief Justice Chasc wrote these words
In thu supreme court decision in the case
OF Hepburn vs., Eriswold;
The legal tender quality was only val
uahlc Tor the purpose ct dishonesty. Every
better without II"
little thought aud Investigation mus,
convince everybody of this truth, that In
utt'r 10 hc good currency Mates must
hive such qualifications and he ISSUED nm
der such a system ny viii insure thc,r
frequent. prompt and easy redemption,
which can he accomplished by banks La
suing currency. a very sood reason for
THIS Is that II the notes arc frequently
sent back far redemption to the banks that
tssn"d them. the issuing banks must al.
4 a
onN as many nj thu nntos can he out
standing ms the demands OF business keep
pulling on, again from the banks hencr
such notes viii ncvrr cause u SERIOUS To-
dundnncr, and at the .amr tlmr will pos.
srss tho feature OF elasticity Facilities
tor protecting "A metallic rcserv" ARE IA
completely lNcls'ng IN Tia State as they
are abundant IN tho NaulSs quito ont
~ the daily currcn, OF affairs. mud incnph
he Of exercising any direct niiroucc upon
them governments are destitute of any
msnns &c ehet''ing rNcesslv" exports ~
gold Therefore tho government OF the
f'rltcfi States ahmll crnsr ~ Issue and
6lstrihutc hducihrv money, 1t should re-
nit this task to the ha,ilSs. either on my
NJ good or batter The transition would
he easy In the present state ~ American
crcdu Experience elsewhere shows this
TO ho entirely fpnsihe and who'll, satlsfac-
tory. With the nairl advantage over our
present system of lcluE tho cheapest
method that can hc devised, i'H ndmlnis-
tration should of course b. un'ar strict
government inspection and control Such
a currency would NJ elastic. expanding
when sXpanA'uw trade requires II, mud
contracting whrn trade con,rac,s ma It's
balances have been scttlh thus avoiding
the evils of redundant c,iIronry, GuHi
i'v not possessed by our Ere"nhneks an1
Sherman treasury noivN 1t was MI Car
tl who snid IN the congress of thr
l'nlird Stn,os In 1870 81 fear thsre Will
never bc any permanent safety to business,
% lnnf. n,, ihsttp s IA lreruin,k IN circula-
ton"
II the facts presented rosscss aurhi 81
significance In themselves. they wonl'i
scom io o,nphasizc and lllusiratr beyond
rreumrnt tho tremendous Importance of n
separation Il thu gcvornmeni from thu
Monoy mntk.t "a lemnnd mistakenly that |
Tho heavy md unstcady hand af the l'oa |
ornl cunnrnHs Hhnli l-c withdrawn from lis
unqualified and absolute con'rol 81 the cur |
roucy ana domestic commerce and bust |
moss
In line with the ,dcns md plan advanced |
in MI Grocc's paper respectfully sub |
milf ,boun .t.Wu