The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-09
ANOTHER CURIOUS FREE corNER

Senator Teller, OF Colorado, is another
OF the leading free coners who IS
curiosity and a study. lie has the ropu-
tatlon OF being a man Of great erudition.
vet we base. never read one Of his
speeches. that he attempted TO ornament
with hls,oty bat what he got his history
involved Ia q way that made 81 evident
he had never learned the philosophy Of
tho incident that he cited. A student,
familiar with the periods that he calls
upon. sees perfectly well that instead OF
gaining the knowledge that he has by
patient investigation Of complete re-
cord. he has picked up an incident from
u newspaper here, and from a magazine
article there. His mind 50 far as by
gone ages are concerned IS a mosaic
with fragments Of red at one point sur
rounded Nv pieces OF blue, yellow and
white. without connecting links any
where.
But when he comes to political econo-
nv and finance one is puzzled TO guess
where lie got his notions about them
He has seecntfy gobo back to Colorado
wheie he aqgounees that he Will stay
until tho sgnate demands his important
sef9lgez @ making this announcement
l,e-dd1ei he,TaHowing'
''iti IS 10 iSgpose; hndoubtedly, Of this
admin.s's sfiSn ote retire the greenbacks
ana Treas eft- NETS. and perfect a system
by which the na99nal banks VIII be au-
thorlzeagto isyl- 81 paper money. Their
next move. VIII he 10 retire silver and
then bank rgteA viii not be legal tender
What VIII he. Hie result? The admins
tration wiz hove succeeded in making
gold the only money by which debts can
De paid. Al debts will have 10 be paid
in the yellow metal"
We wish Mr.. Teller could prove he
was authentic in saying it is the pur-
pose Of this administration TO retire the
grcenbacks and Treasury notes We
don't want 10 see the national banks as
now organized clothed with the sole pow
or OF issuing currency, but If only they
are allowed 10 issue it without the re-
quirement Of any sort Of security for
their notes. and II they are allowed 20
have branches and 20 issue as many
notes as their directors choose to put out,
We should thank Heaven for having in
spired Mr. Mckinley with the idea and
for comforting upon him power to put 1t
into effect. Heaven send il that Teller
has correctly diagnosed the purpose OF
the administration with this amendment
added.
Teller is perfectly right in saying that
under a plan OF this sort bank notes
would not be a legal tender OF course
they would not be. They never have
been are not now. and, we pray, never
viii be. There can be only one dollar
which, under present conditions must be
a gold dollar We can have silver dol
lars performing Ehe fanctions Of gold
dollars by keeping them limited in num-
Der and by redceming all Of them at all
times in gold dollars. But there can be
only one dollar, which is the gold dollar
When men promise to pay dollars they
promise to pay gold dollars and they
cannot perform their promise by pro
ducine anything but gold dollars unless
the creditor is willing TO accept some
thing else. As business IS done, I'm prac-
dee they do. actually. accept substi-
tute for the gold dollar which is check
or a draft payable in the gold dollars.
But nothing can be scientifically made a
legal tender save and except these gold
dollars that the parties promised TO de-
liver and to receive.
We want just as much bank currency
as the directors Of the banks choose 10
issue. But it is not TO be legal tender
for debt. 1t is TO be redccmable I'm gold
coin whenever the holder Of it calls for
the gold coin and all men are TO be az
liberty to receive it I'm performance Of
contracts. or to refuse It, as they please.
Teller informs us also that the admin
istration intends TO retire the silver that
is in our financial system. We do not
believe this. There is so much ignorance
and bigotry connected with this matter
that it would be almost miracle for
Mckinley and his administration 10
measure up to- the proportions necessary
for recommending this wise step. We
ought TO take up al its face value every
silver dollar that has ever been coined
and we ought to melt an Of them and sell
them as bullion for whatever they will
bring We should have no silver money
al an. any more than leather money, OK
cept for halves. quarters and dimes Of
which we should have great abund-
ance. But Mckinley is not going 10 re-
commend this radical but sensible meas
ure.
1t is not going TO be as Teller thinks,
it is going 10 be. and as IL should be,
that We shall have only gold money with
which TO pay debts. We should have the
greatest abundance. if that were the
case. for we should pay none of our
debts with gold dollars, but with checks
for gold dollars that would in turn be
paid by other checks for gold dollars.
That would be the ideal condition.
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THE sUN IN DARKNESS
The Richmond Times an opponent OF
| Organism. says the Virginia anti-Bryan-
/ Ste democrats will not vote for the BIV-