The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-10
CURRENCY PLAN

not be supposed the President and Secre-
tary OF the Treasury are out Of sympathy
with the movements OF the indianapolis
Monetary Commission now sitting in
Washington. because Mr.. Gage has anti
cipated it's action by submitting to the
Cabinet and publishing TO the world his
own plan OF currency reform. This cor
respondent says the Secretary is in
thorough accord with the Commission,
but he gives no satisfactory reason why
the Secretary boltcd his plan upon the
public lust as the Commission according
10 ali accounts. was about TO bring us
olon out. We see no reason 20 change
the opinions expressed at the time the
secretary's plan was published that ne
was in a hurry TO reap honors that 'ne
Commission might have gathered II ne
had delayed any longer.
The Secretary is welcome 10 all the
honors his plan will bring him. II mas
absolutely nothing in IL 10 commend II 10
men who have any appreciation Of the
real troubles Of the country and II mas
fallen as fat and still born, as any free
coiner fearful that an amendment OF
the currency system might destroy his
fetch. could have wished that 1t would.
Mr.. Covant says that Mr.. Cages
friends represent that he would like TO
have recommended a much more liberal
plan of currency reform, but that he did
not believe a more liberal one could be
passed through Congress and that ne
limited himself therefore TO measure
that he thought might pass. In this
connection the correspondent adds that
Mr. Gage is sincerely favorable to
bank currency founded upon scientific
principles and that he would prove him.
self so If any opportunity offered for
his making his preferences effective.
This word scientific" in connection
with our paper currency has come TO be
so hackneyed that one hears the boys on
the streets talk now about a scientific
currency. But what do people mean
when they talk to us about a scientific"
currency?
The constitution OF the United States
provides that the government Of the
United States shall coin the precious met
ais ana regulate the value thereof, that
the government Of the United States shall
not issue any paper money and that The
states of the Union shall issue no paper
money and after that. it says not one
word more about money or currency.
The plain meaning Of this is that the
money Of the country is TO be coin and
that each State is to charter banking
corporations with power to issue prom
issory notes that will circulate as cur
rency If it pleases to do so. That was
perfectly understood 20 be the meaning
| Of the constitution from the foundation
| OF the government until our civil war.
All OF the people acted upon it, the gov
eminent coined and issued the precious
metals, il issued no currency notes, the
States issued none but each State char
tered banks which issued all the notes it
wished TO nut out under such restrictions
as the State charterng the bank chose
TO impose. and. under that just opera
ton of the constitution, the newly de-
velopng States chartered wild cat
banks which issued their notes in great
abundance with no adequate resources
behind them for redeeming them as all
new societies will DO But the old and
conservative States along the Atlantic
coast had a banking system that had
grown up from their foundation as colo
mics and these banks issued an abundance
of as good notes as any country ever had
and the people of these Atlantic States
had at all times all Of the currency they
wished, so that. while there were no
rich men, a general prosperity was
spread all over the face OF the country
and the people were contented. That is
the currency system of common sense
and it is the currency system Of the
constitution. That. then, is the ideal
scientific" currency and the only pos
sble "sc,entihc" currency.
Why is it then that we hear all this
jargon about scientific" currency. but
never a word about the currency of
common sense and of the constitution?
Is our constitution a dead letter, or does
it contain the gospel of our Union? We
frankly confess that in all the jangle and
war of words that we hear constantly GO
ing on over this subject, what surprises
us most is the way In which our organic
law is ignored. 1t is the wisest and
most perfect instrument that ever came
from the hands of uninspired men and its
wisdom consists in the fact that II is
nothing but the record and embodiment
of the simple, plain and elementary prin-
ciples that ages had shown to be es-
sential to men dwelling together in a
State OF society. Let us hear more abouf
the constitution when we are discussing
a currency system and less OF the smat-
tering of learning TO which men give the
name scientific"
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PHILADELPHIA GAs-w0RKs LEASE.