The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1896-01-03
AFTERTHEFEEE SILVER QUESTION.

NEUTRALITY-SUSPICIOUS. QUESTION.
Currency Reform Wilt Prevent the
Revival of the Free Coinage
Craze.
To large extent the clamor fol
free coinage has been IN expression Of
dissatisfaction with our present cur
rency system, and recognition Of
the fact that extensive reforms are
needed. Unfortunately the sllverites'
idea of currency reforms was the re-
verse of the true one, and aided by
the silver mine owners they succeeded
for time in making the issue one be-
tween the silver and gold standards.
The results of q widespread and
thorough discussion having been tc
clearly establish the superiority Of
gold, there will now be an opportun.
ity for careful consideration OF the de.
fects of our banking and currency
systems. and the best methods OF
bringing about necessary improve
ments.
Our present currency, consisting of
mixture of Government paper
money, National bank notes, silver
certificates and gold aud silver coins,
is the result of many years experience
and represents various conflicting
opinions as to the nature of a sound
and stable currency. The greenbacks,
although issued in a time of emer-
gency by statesmen who did not be-
lieve in fiat money, embody the Popu-
list belief that Government promises
to pay are really wealth. The silver
certificates represent vain attempt
to increase the value of certain metal
by storing large quantities of it in the
Treasury vaults. The gold aud silver
COINS are by law made legal tender in
payment of all debts, and are recog-
nized as forms of wealth, the value of
which is certified by the Government.
The National bank notes represent
property owned by the banks, or se-
cured 10 them, and are guaranteed by
deposits of bonds with the United
States Treasury.
The principal objection to this
mixed currency is that it is practically
a fixed quantity, and therefore I'M
suited to the demands of business,
which need widely varying volume
of money in different years, and q,
different seasons of the year. The is.
sue of greenbacks is generally con.
demned as entirely opposed to all
sound financial principles, in that ii
involves the assumption by Govern
ment of functions which properly be-
long to private individuals or COM
panies. The strong public sentiment
in favor of retiring the greenbacka
already in existence, and the admitted
injury and loss annually caused by
them, is sufficient reply to the Popu'
list proposition to meet the need of an
elastic currency by issuing more Gov.
eminent fiat money.
No less conclusive is the attitude OF
the country toward further issues oil
silver certificates, or the increased use
ofsilver coin which must be maintained
on parity with gold. The great ma.
jority of the people are opposed to
further attempts to float On unsafe
silver currency which is not needed.
While National bank notes are q
perfectly sound form of money, the
method under which they are issued
is one which allows of too little elias
ITCHY in the supply of additional notes
when they are most in demand. No
system in which bank currency is re-
stricted to notes secured by Govern
ment bonds can meet the requirements
of the business interests of the coun-
try for an elastic currency.
The task of recognizing our present
complicated State and National BANK
ing system, SO as to make it possible
for o greater number of banks to fur.
nish currency which shall be based on
gold and be absolutely stable. and at
the same time be capable of adjustment
to all tho demands of trade, is one
which should not be longer delayed.
Its successful carrying out will put an
end to the free silver, fat money and
other financial heresies and relieve the
great agricultural, mining. manufac-
turing, commercial and other business
interests from the injurious effects OF
currency system which is now to q
great extent the football of partisan
politics.