The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-24
SUNDAY. OCTOBER p, 1884,

The Peoria Journal says

Inc Peoria JOuludi says.
There Is ample reason for believing that
the Mckinley administration has yet us
greatest crisis 10 face, and that the prob
lens II has TO solve have not yet been
brought 10 where an immediate solution
ia necessary. The administration has yet
TO face the question of money, and no
amount Of clap-trap commission work viii
serve the purpose Of keeping the people
from demanding a settlement Of the right
sort
This is absolutely true. Our currency
conditions are at the bottom Of all OF our
troubles. they have got to be dealt with
upon sound principles before we can have
peace and order. and there is but one
basis which will be accepted as those
sound principles, and that basis is that the
United states Government shall withdraw
from all connection OF all sort with money
or currency, except to assay the precious
metals and coin them. stamping upon each
coin the weight OF precious metal that 1t
contains That is the plan which COM
mon sense and human experience have de-
clared to be the only possible plan for
the finance Of a country, that is the plan
which the trainers of our Constitution
provided for these United States, and
that is the plan under which this coun-
try conducted its affairs until the war
came on; and we can never have peace
and order in this country until the whole
vicious system Of finance imposed upon
the country by the war is abandoned, and
until we return to that good old plan of
common sense and the Constitution of the
United States.
When our lPw-makers learn that money
is one thing. and paper currency another
and when they learn that all of govern
ments connection with the subject is to
coin the precious metals. while the cur
rency Of the country is to be provided by
private enterprise. just as boots and hats
are provided, we shall have laws enacted
that will restore a good currency system
to us. These laws will simply be statutes
that repeal all existing statutes upon the
subject. and that leave to each state in
in the Union its constitutional right to
charter banking corporations upon such
terms as suit Il. The Legislature Of each
State will then charter banks with the
privilege Of issuing currency notes upon
terms that the Legislatures prescribes.
These terms will be so stringent that the
people Of the State will run about as little
risk of loss as the holders OF bank notes
now do. so far as human laws can guard
that subject, but they will be liberal
enough TO allow each locality to establish
its bank and 10 issue its notes upon the
credit OF such property as that communi-
~ has. These notes will not circulate far
away from that locality. though perfectly
safe in fact. because people at some dis
tsnce from the locality will not know the
value OF the property upon which the
notes are issued. But they will circulate
in that locality just as well as gold dol
lars. and. under that plan. each locality
viii have all the media Of exchange that
It needs. as each locality had. prior to the
war. and it will not be as now. when New
York and other commercial centres have
far more media Of exchange than they
can make any use Of. while fifty dollars of
II can hardly be found In the interior of
any county In Virginia and many other
States.
Great things are expected from the
Monetary Commission now sitting in
Washington. But we have repeatedly
said that We expect nothing material from
Il. and we see no reason yet 10 change
our opinion II had It's origin in a con-
vention that did not contain a single
farmer All the troums cones from the
farmers and yet they had not particle
OF voice In creating the commission. II is
representative of the commercial in
terests Of the country. which are perfectly
satisfied with present currency conditions,
because they do their business with
checks and don't care II even the paper
currency that we have was abolished. We
have felt satisfied from the beginning that
there was going 10 be the labor OF a noun
tain ana the birth Of mouse.
On Thursday last Mr.. J. Haisen Rhoads.
who was chairman OF the New York
deiexztion to the Indianapolis Monetary