The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-31
nun FINANCIAL EDITOR OF HE
NEW YORK sun.

AZ a ratherer and purveyor or news
presented in the most attractive ioi''
the New York Sun is not eXcelled by any
journal I'm the world. AS counseiior' au-
..tso- and commentator upon the ques-
,,ons Of the day, we are often oDiged
=, a,sso,t from and sometimes to protest
against its opinions. We say TINS al
though we cheerfully admit that most Oh
its editorial articles are witty and power
,ullx written. Charles A. Dana is credited
with being the editorial director of the
naner and. no doubt. he is. TINS TACT
will explain its brilliancy as well as us
other characteristics. once every week.
and sometimes oftener. letter appears
I'm the Sun signed Mathew Marshall. IL
Is always in loaded type giving 1T an
editorial appearance and. we are INFORM
ed Is written by a gentleman, hie-ioHS
resident Of New York city, who Is SAID 10
be one OF the owners of the sun. rms
letter is generally devoted to a discus
sion of the financial questions that are
uppermost in the public mind. and they
show that the writer has a great deal or
INFORMATION connected with the subject
Rut they equally show that on some ques-
lions of finance he is singularly wrong
and undemocratic. and the most eccentric
editorials that appear in the sun are
very likely the product OF Mathew Mar
shall.
Mathew MaIShalls last financial review
"a unite an elaborate discussion Of bank
ing and currency. He very satisfactorily
argues that the failures of national
banks. that the country has seen. prove
completely that the boosted Inspection
and examination OF national banks is ut
terly worthless. and that they are in no
wise more productive of satisfactory re-
suits than the old system Of examinations
under State authority. But. instead of
his discovery leading him 10 its natural
and appropriate conclusion, that we
should return TO the mandate Of the Con-
stitutlon and re-establish our State banks,
It leads him out into the wilderness
further than the advocates of the national
banks ever thought of going and to the
Populst conclusion that all the paper
currency that the people use should be
issued by the national Government itself
Neither Tiliman nor PETER. nor any
other crank whatever. is a more I'M
equivoca advocate OF paper money to
flow out of the national Government than
Mathew Marshall
We are not disposed to dwell on the
fact, potent TO every mind and conceded
by Mathew Marshal. that II the Gov
eminent puts out its currency notes II
must keep a stock OF gold on hand TO re-
deem each note any holder asks TO have
redeemed. Our experience OF the last
four years has taught us that II this
stock OF gold is considerably less than
the notes that It backs. they will keep II
keep the money markets In a continual
state OF semI-panic. Upon the other
hand, IL we are going 10 keep as much
gid as We have out notes, there is no
advantage In the notes: we had just as
well have the gold instead. We merely
refer TO this view OF the case TO show
the imposssbility % having Government
paper currency II we would h-ye more
Of Il than the gold reserve and iis at
surdity II We would havc G. vnder con-
Aitions that made It safe enough 10 use
Il. The real objection 20 a Government
currency b that it is founded upon the
Nsa that the Government has something
y - With the private bvxiasss Of ,ts