The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-09-09

leave no doubt OF the rue meaning OF
the constitution, and that foreign coins
were Intended to be forever current
within the United states.
Now. the only power the constitution
hal given to Congress over foreign coins
was n power to regulate the value Of
these coins and to protect them from
de6aSGnrant by counterfelters Now, Is
II not n Very strange construction or
that-auEilrrity, first, to underrate the
viiue OF these coins and, next, to pro-
hibit their circulation, and yet both
things were done. n Min went Into
operation In 1874. foreign coins were to
cease to be q legal tender in 1897, but at
the end of that time he contingencies
on which the Secretary calculated to
enable the country to do without foreign
coins had not occurred-the substitutes
had no appeared, he Mint had not sup
piled the adequate quantity of domestic
coin. rg- had the circulation OF bank
notes become sufficiently familiar to the
| people to supersede gold-and the law
for the exclusion OF foreign coins was
found TO be impractlcable, :lcnce q sus-
pension OF 1t for three years was en-
acted, and at the end Of this time the
evil was found to be 80 great as ever
and n further suspension OF three years
was made and at the expiration the
supply OF domestic coins vas still found
inadequate, and tho people continued to
he az avcrse as ever to the bank note
substitute. a fourth suspension OF the
law became necessary and In 1906 q
further suspension for three years was
made After that q nth and finally a
sixth suspension. each for the period OF
three years. II the nnal cessation of
the circulation Of foreign coin occurred
In November, 1919.
Then the great and delicate power thus
involving the sacred re:aticcls of debtor
and creditor and the actual rise or
fall In the value Of every mans property
cannot be delegated. 1t Is a trust from
the State governments TO the Federal
Government. Not a word Of this regu-
lat:ng power was heard of when the
ilrst bank was chartered in the year
1871. This Government then ceases 10
lie independent when the national cur
rcncy Is at the will Of n. company. The
temptation IS too great, h opportunity
too easy to put up II put Town prices
to max and break fortunes-to bring
the whole community upon It's knees to
the Nertunes who preside over the flux
and influx Of paper. All property Is at
their mcrcy-the price of real estate, of
every growing crop, OF every staple ar
ticle In the market. Is at their command.
The philosophic Noltu!rc more thar Il
century & from his retreat In Penney.
gave n lively description of this opera
tlon. by which he was made winner: 81
have a friend who is a director in the
Eank OF France. who writes to me when
they are going to maze money plenty
and cause stocks to rise. Then I give
orders to my broker to sell. and he writes
me when they are going to make money
scarce n max stocks fall. and then I
write to my broken to buy. and there at
n hundred lea III from Paris and with
out moving from my chair. I max
money" This Is the operation on stocks
to the present day. and It ccnnot he
safe that there SHOULD be n money power
great enough in this country to raise
and 'deprcss the prices of property al
pleasure. w.