The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-22

Tariff Commission Of the United States.
| and pass a law that revision Of the
| tariff should not axe place oftener than
once in ten years. A final settlement OF
the currency question would take place
II Congress would pass law establish
ing some safe and well-guardcd system
OF National Bank note circulation broad
or and moro elastic than the eXpediency or
| make-shift currency which we now have
| / would suggest that tho labor question
I troubles could be satisfactorily settled
by "A national tribunal or commission ap-
pointed by the President OF the United
States with tho advice and consent or
tho Senate. TO whom all labor disputes
should be referred. With the settlement
Of these three questions revival OF in
dustry Is near the future Is fun Of hope,
and thcre is nothing in the way OF max
ing this the grandest. the most powerful
and tho richest nation Of the world. Let
MS hope that the honesty and patriotism
OF the American people. the purihcauon
~ politics and the blessing Of God VIII
hasten tho return OF prosperity 10 us"
Now what has MIR. Grislyn told us?
He has told us that our disordered
finances have brought us 10 very bad
state. and that we ought to renovate
them and put them upon a sound basis.
But what does he suggest as measure for
accomplishing this end? lie has nothing
more practical 10 suggest than that we
should send better men 10 Congress. This
IS most excellent suggestion, and we
should be delighted to see what he re-
commends done. But what are we going
to DO while we are educating the people
I'D TO the idea that they ought 10 i'm
prove the chracter Of their representa-
t!ves? Essays to public meetings upon
the vicious character OF our politics and
upon the demagogue nature of our repre-
aentation in Congress are not going 70
secsse discount at bank for man who
las an enterprise on hand that impera-
lively needs financial assistance, nor will
they stop the clamor for O media Of ex-
change. which the farmers OF the coun-
try, who have absolutely none, are per-
sstenty making for one.
Utterly useless, however as Mr.. Girls
lyn's suggestions are, they are as val
liable s any other that we have heard
Everybody recognizes the difficulty, yet
nobody offers a remedy that commands
any attention? Why IS this?
It is because the public has never yet
come 10 analyze the case and perceive
Just where the difficulties rest and just
what they are. Our troubles all originate
with the country people. There IS no
complaint Of imperfect finances IN tho CT
ties and towns. All OF them pave an
abundance Of banks and all tho people
deposit their credits there. and use
checks for their transactions. These
checks are the money Of the towns, and
they swell out to whatever proportions
the needs Of the town call for But the
country people have no banks to check
upon. and the money Of the country IS
national one that leaves them and goes
to the cities They therefore, have no
media Of exchange and they make the
whole clamor about money, and will
continue to make it until they are given
a financial system that will furnish them
the money they need.
The Constitution Of the United States
provided a banking system that supplied
them with an abundance of currency
while it was allowed to operate. 1t was
only when the operation Of the Con-
stiution was suspended that they came
TO know what deficient circulation was.
Tho Constitution provided that each
neighborhood should have the right to
have its bank to issue notes upon the
credit Of that bank alone, and, IS the
value Of those notes was unknown away
from their place of issue, they staid
there for the use of the people around
about. This gave every neighborhood an
abundance Of the soundest currency, for
It was all payable at demand in coin, and
we never had the slightest trouble about
currency while the Constitution was al
lowed to be IN force When we return TO
the Constitution and allow the States
to charter banks Of issue again, our trcu-
bles viii end, but never until then.