The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-12
SUNDAY. DECEMBER IL. 1897.
THE CAUSE PROsPERs.

until 1861 its finances were conducted
upon the basis determined upon by the
trainers of our Constitution and very
plainly set out in that instrument. Ihat
WAS not an intricate mesh of any sort
at all. IL was like the whist that gen.
tleman said he played when asked the
character of his game: simply the plain
old English game" That was the IMAM
cial plan of the trainers OF our Constitu-
tion-the plain old plan OF common sense
and human experience. Their plan was
that there should be no money In thls
country but coin. Their experience WIN
naner money during the Revolutionary
war had given them surfeit OF tha''
They provided. therefore. that the ohiy
money in this country should be metallic
money. But, with that understood they
left the people free TO have any sort OF
paper currency for their convenience That
they liked, and as much of any sort as
they liked, but II was all TO be redeem
able in coined money whenever any one
cbose IN demand such redemption. we
9lyed upon that plan of the Constitution
most happily and prosperously untiI the
war came Oh. Then the supposed necessl-
Ties of the war caused the government
20 cast the Constitution to one side and
10 usurp whatever authority 1t chose 10
declare was important to 1t. Then we
abandoned the plain old common sense
principles of finance and adopted the new
tangled notions OF Smart Alecks who
knew the way TO make something out OF
nothing, and we have been in hot water
and trouble ever since The present gen.
Grafton have been raised up with the
spectacle always before their eyes of a
good central government that would
watch over their affairs and graciously
supply them with a paper currency lar
better than anything they could supply
themselves until they have been induced
10 believe that the government is the
real source out OF which the paper cur
rency that they want for their affairs
should fow They have totally forgotten
that as they must supply themselves with
the harness and oxen and planes and
chiseis with which they do their work.
so must they also supply themselves with
the paper currency with which they trans
act their affairs.
Ten years ago It was as hopeless 10
attack the universal error that occupied
the minds OF men upon this subject as II
would be to attempt TO drink up the
ocean. They were welded to-their fetish
as absolutely as the wise men before
Gallileos time were welded 10 the idea
that the sun moved around the earth.
But a few men who really understood
,ns matter have been discussing It very
copiously for several years past, and
sound notions have begun TO spread
amongst the people. We know no fact
more encouraging in this connection
than the change which mas taken place
IN the opinion OF Mr.. hin, OF Connect
cut a member OF the Banking and Cur
rency Committee OF the House OF Repre-
sentatiyes. A year ago when that com
mittee was hearing those who had sug-
restions to make respecting the needed
changes In our currency laws. there was
no member OF that committee more
welded TO the idea that the national gov
ernrncnt should be responsible for all the
currency that the people use. and that II
should all be based upon the governments
bonds. II any one WIN glance over the
hearings and arguments made before that
committee and published by II. he will see
that Mr. HIN participated actively In all
the discussions and always as an ex-
treme advocate OF the idea OF currency
that would pass in all parts OF the Union
because Of the governments endorsement
of II.
But Mr.. Hill has now wholly abandoned
mat idea. The Washington correspondent
Of the New York Journal Of Commerce
says In . dispsteh to tns, pspsr:, REP.
rsssn,stivs Hill. OF Connecticut. VINO has
heretofore been distrustful OF any circu-
iasion not based upon pledged securities.
10 now openly In favor of note issues
based upon business assets and the least
uuossfbla decree q interference BY the