The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19

| iekal ihtio OF such ratlO 40 i,'~' - -
vided by law" The declaration - maze
and then to proclaim the shan' anu pro
tense OF II the Secretary Oh the treasury
is denied the full and adequate powers
! necessary to enable him under any and
all circumstances to enforce that policy
10 the credit OF the nation and win the
least expense TO the citizen.
In the contemplation Of series or con-
| tradictions and inconsistencies SO neon
! gruous the bushes men or the nation
may decry currency laws so Irrational
! and demand speedy remedylhg Oh mem
| at the hands OF the enactlng power. no
stronger evidence could be had that the
whole system is radically wrong ana
weakening to our financial world than the
fact that here and everywhere as 1t now
stands. 1t IS the one great subject OF DIS
! cussion and DEBATE. No one Is decrylng
| our form OF government, because al rec
| ognize the inherent correctness or the
/ principles upon which 1t rests. our sys-
tenn OF Jurisprudence Is beyond question
/ and neither in legislative hall nor in the
columns OF the press Is It assailed. But
| the private citizen in business the ma
| tional legislator and executive officers or
/ the government are all confessing by
| their daily acts and conversation that
| this one first essential TO a peoples pros
perity, 30 far from being sound. IS abb
solutely weak and dangerous. II would
| be foolish to undertake to conceal that
the source OF our difficulties which has
| blighted the past cOnfrOnts the present
| ana threatens the future, lies in the fear
| that the United States cannot in the face
| or existing laws maintain unswervingly
/ the gold standard as its unit Of value.
| The faintest suspicion that IL will not be
/ able now or In the future 10 meet its
/ Obligations
sense OF financial integrity which has
! heretofore been observed would again
/ give the business world such a shock as
10 cause deadening OF reviving industry
and destroy returning prosperity. There
| IS no relief from this situation in the
great individual wealth Of the individual
| citizen nor in his Individual desire to
maintain his credit. The unlimited re-
| sources or the country and the unbOunded
| energies OF The people are equally un-
avaiiing in giving aid and comfort The
fault lies IN the governments financial
| system and not IN the rule of conduct
which guides the individual as an indi-
| viduaL Until the national fault is era
! dicated the citizen must continue 10 suf-
| fer FOR his countrys folly, both in purse
] and in reputation. The boastful plea of
the sustaining power OF patriotism as APP
| piled TO the cOuntTys currency issues. i'm
! time Of Il financial stress is Of no avail.
a great governments fiscal operations
/ cannot be conducted simply upon patri-
| otism, nor can they be based upon senti-
| ment. The government lacks in dignity
| when " puts itself IN q position where il
| IS either mendicant asking aid from
| private citizens or a woakiing at their
mercy. IL possibly may be d bad thing
from the patriots standpoint 10 present
| for redemption the currency demand obli-
| cations which the Treasury under the
/ mandate OF the law sends forth at A
time when the government is financially
! embarrassed, but the act is a business
| one and is governed by business
| reasons. The Treasury Department
should be in such a condition that it
/ would not find IL necessary for its protec-
| ton 10 have the citizen eliminate all the
! elements Of human selhshness wien deal
ing with IL. In order TO inspire confidence
it must stand upon the same footing as
any other business establishment. ready
and willing 10 pay the governments
| debts without asking leniency from its
creditors. and at no time having larger
| liability outstanding than 1t is able TO
/ liquidate. II certainly ought not to insist
on voluntarily furnishing the means for
| its own destruction. and then complain
| IL those means are employed and danger
| threatened.
! THE CLOUD UPON THE HORIZON.
The citizen who notes the trend of
events must see that the cloud upon the
! beautiful horizon. which we count as al
ready ours, is the ambiguity In govern
mental contracts introduced by the legal
tender issues. These issues are condemn
ed by the student OF finance familiar
| with the worlds monetary history, and
/ Il oct. f.s ff # Of
! fairs trained i'm the school Of business.
! In their operation they constitute the
| strongest hope OF the advocates Of the
| free coinage OF silver. thus working a
/ double hindrance 10 the return OF com
! plete and lasting prosperity. The adyo-
cate OF the free coinage Of silver believes
| that through them a silver basis must
| ultimately be reached. and because Of
! this resists their payment and cancella-
! tion, unless silver dollars al a ratio Of
| Is TO ! be substituted in their stead. He
| protests with equal yehcmence against
| their conversion into absolute gold certih-
! Gates In explicit terms. In their present
| position and treatment they compel the
interests of trade ard the cause Of la
Dor the undertakings Of the manufac-
| turer. all TO give hostages TO fortune"
| Those who now asset that they are a
| patriotic emblem OF che war and UNI
! changed must rcmrin "the peoples
money" should study The history OF their
creation and their effect upon the coun-
| try's welfare. They are demand obliga-
lions never retired yielding TO no ord-
nary rules Of trade neces stiles in eXpan-
sion or contraction bon volume. In the
very terms OF the contract which Is borne
| upon their face are uncertainty and
! doubt, causing from their inception loss
and expense TO the people. They at once
| enhanced the cost of the civil war and
| prematurely drove The country from a
| specie basis 10 one. for many years, OF
| irredeemable paper At the time they
were first sent forth their most ardent
| advocate apOlOgized Tor their issue and
| promised quick pay nent and cancella-
! ton. AS an earnest OF the then formed
and announced intention they were Tor
a time made convertible into an interest
! bearing bond Had IL not been Tor the
| untoward Circumstances surrounding the
| government not a dozen votes could nave
! been obtained in eitler the Senate or the
| House for the legal tender principle which
! they embodied. Secretary Chase was
| dragooned through what he mistakaby
| believed to be dire necessity into giving
official sanction 10 Them He natiy de
| clined to advocate their issue I'm his re-
! port TO Congress. and in his capacity OF
J Chief Justice of the supreme Court OF
| the United States repudiated as unconsti-
| tutional the legal tender quality attach
| ing TO them. IL was stated and uncontra-
| dicted at the time that prior 10 the act
of 1852 not only was such law never
| passed, but such law was never voted