The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-31
CONVERTS.

gard to a reformation Of our currency
system upon the principles OF common
sense and the Constitution. The genera
ton that has grown up since the war
knows nothing of the subject historically,
and as little OF the Constitution, and,
having grown up with the spectacle al
ways before its eyes Of a currency sys-
tenn founded upon government credit, it
has come to think that the essential
idea Of a true currency system. There is
no ignorance so nearly invincible as ig-
norance Of a character like that, so that
attacks upon it produce slow results when
they produce any at all. But we are
sometimes encouraged by CLEAN OF hope,
and the most encouraging circumstance
we have seen at all is the change Of base
by our neighbor. The Dispatch. When The
Times commenced this agitation some five
years ago there was no language the
Dispatch could see that sufficiently ex-
pressed its scorn and contempt for the
base suggestion of a return to the old
constitutional system of State banks.
1t seemed to be deeply impressed with the
idea that "the note good all over the
country" was the only note worth having,
and, to judge by it's assertions and
protestations, nothing could ever occur
that would make 1t modify its opinions
upon that point But the Dispatch has
been reading The Times articles and it
has also found out that many other peo-
pie have been reading them and have
had their minds enlightened by them, and
the Dispatch is very nearly ready to for
swear the national bank law expressions
, and join with The Times in its effort TO
recapture for the people their natural right
TO have currency notes issued upon the
credit of such property as they have.
In an article on Thursday last upon the
Monetary Commission, now holding its
sessions in Washington city, the Dispatch
quotes from New England paper the
following-to-wit.:
"The great mass Of the American peo-
nile has no desire to change from a cur
rency system resting on government Gre
dit to one resting on bank credit Such
change would arouse both their fears ana
their resentment. They know that for
nearly twenty years the greenbacks have
been maintained at par with gold In every
corner of the United States. They know
that when this country had currency
system resting on bank credits there was
a very different story to tell"
This was exactly the tune the Dis
patch sung few years back in regard
to national bank notes. But what does
II say now? After quoting the above 1t
saws for itself: I'VE are not so sure that
the feeling against change Of the basis
Of currency credit is as great among the
masses as our contemporary thinks
There now. II there is not hope for the
Dispatch after that, then all signs fail.
II the people are going to change then
the Dispatch is going to change, for the
Dispatch is one of the people. and a
change of the people, of course. carries
with 1t a change OF the Dispatch.
But while the Dispatch is in its chrysals
state we want to warn 1t against an error
that we clearly foresee it is in danger
OF falling into. II goes on in the same
article TO say:
1.-The strength Of the present currency
system lies In the fact that the holder OF
a note. whether that note be a greenDack,
"a Treasury note. or a national bank note,
knows he is secure, and In the exaggera-
tion of the evils of the old State bank
system.
..But although the evils of this latter
system are often grossly misrepresented,
and this Misrepresentation is generally
inspired by the national banking and
speculative interests in the great imam
cial centres, with few exceptions, the
most ardent advocates of state banks of
issue would not return to the old State
bank system OF currency credit
This very clearly indicates the change
Of base that the Dispatch is preparing for,
but we want to caution our neighbor
that when making the change 1t must
prepare itself for complete one. 1t is
totally mistaken in supposing that the
advocates OF state banks want to stop
short OF the old state bank system That
was the system Of common sense, and It
was the system Of our Constitution. and
those who are seeking TO reform our cur
rency will never cease their efforts at re-
form until they get back 10 the identical
system which we had in 1861. Under that
system each locality issued currency
notes. redeemable always on demand, in
coin. upon the security OF such property
as that locality had. These notes perform
the functions OF money perfectly In the
locality where they are issued. and they
may be issued In any quantity that the
locality needs. But the value of the prop
erty which backs them Is not known at
a distance. and they are consequently not
wanted at a distance. This sends them
home. as soon as they stray away. for
the uses Of ,he people where they are
issued. For twenty years before the war
virginia's banks had out all the time
about ten millions of dollars OF these
notes. which supplied every neighhofhood
In Virginia with all the currency II need
ed, and It MAS such good currency that