The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-15
TbE CAuSE OF 1T ALL.

THE GAINE Ot II Abis
The Times has never had the slightest
doubt that all Of the social disorders that
80 disturb the peace Of the United States
grew directly or Indirectly out Of the fatal
step taken by the Congress Of the United
states during the war, when IT made
promise to pay money actual money it.
self. II the Supreme Court Of the United
states had not been packed by General
Grant TO decide that Congress had power
10 do this impossible thing. It's first de-
clsion that Congress had no such power
would have become the guiding star OF
our financial system. Coin would have
been understood to be the only possible
money. and We should have long ago
evolved a system Of paper currency, re-
doemable always on demand in coin. that
would have given satisfaction and con-
tentment 10 the people. But with the
fatal canker eating into the heart OF the
nation, that paper promises 10 pay money
were actual money, our whole financial
system has been resting upon an impos-
sibility and an absurdity, and the sys-
tenn has Of course manifested in dam
cerous outgivings. portion OF the poison
that lay at its root.
The most fatal offshoot from this
paper money stock was its accom-
panying measure that broke up our old
and most admirable system Of state
banks. and forbade them 20 issue their
notes any more. when our Government
was formed, the wise men who framed
our Constitution laid the foundations Of
our future financial system upon the
broadcast lines Of wisdom and sound sense.
They perfectly understood that there
could be no money but coined metallic
money, and that when a man promised
10 pay one thousand dollars he must de-
liver one thousand coined metallic dollars
If his creditors insisted upon them. They
also understood. though, that in actual
business men never exacted their ultimate
rights but. I'm practice, that they accepted
substitutes for actual coined dollars, ana
they understood that n those substitutes
were payable always on demand in coined
dollars that they subseryed the purposes
Of business better. even, than the coined
dollars themselves. They planted them
selves. therefore, upon these two propo-
sitions:
(aJ That the sole money Of this country
should be coined metallic money and
Os) That all men should be absolutely
freess to put out their promises to pay
thess coined dollars to any person willing
to ,tzlke them.
I&4lose two cardinal propositions.
whSs5 jie at the root Of all provisions OF
ouo I3msuution, relative to finances, are
too Rol{ound all the law and gospel Of
rruEENnerican finance.
S1dNng in 1853 with that as the pole
stag. h our destiny. we worked through
maav trials and tribulations to the per-
fec+3S0 of the only true financial system.
thG$ q one Ii which the metallic dollar
woN,Se unit0of value. but with freedom
to 5lFNnen to put out their promises TO pay
thacz dollar. Developing the idea upon
pr.958al ices. the actual issues Of paper
prcF~ees came to be made by local banks
onlEyIpon the credit Of those local banks,
andOas that credit was not known far
away from the domicile of the bank,
though perfectly sound in fact, the notes
that it issued would not stray FAR away
from its doors. The result was the local
had any use for and their discredit away
from home kept them at home to serve
the use Of the people Of that locality.
Through the process OF a natural eyo-
luton we developed this idea until it
furnished the people Of the United States
the most perfect and the happest currency
system that any people ever had. Every
neghborhood had an abundance OF good
sound currency. and every man could
always get all the money he needed to
develop any enterprise that held out any
promise Of success. We had the most
contented population the world ever saw,
and. while there were no very rich men,
the whole body Of the people were well-to-
do
The exigencies Of the war caused the
Government to destroy this perfect sys-
TEN. that it might grasp into its own
hands control Of all the resources Of the
country, and, for this scheme of a local
currency so suited TO the idea Of local
self-government IL substituted the
scheme of a national currency endorsed
by the nation. This makes every dollar
Of It good all over the nation at its face
and so all Of it runs to the commercial
centres. leaving the great face Of the
country bare Of any medium Of exchange.
The result is we have. upon the one
hand. Goulds and Vanderbilts and Astors
growing up all the time IN the CONNER
cial centres and, upon the other the
great body Of the people denied all media
Of exchange and struggling for want of
breath with an abundance Of the health
lest atmosphere all around. was there
ever such folly?
ALESSON FROM CHARLESTON.
The recuperative powers Of the city Of