The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19
THE TIMFS-RICHMOND VA. THURSDAY. AUGUST 10. 1877

OF the government exceed Its necessaTs
expenditures no further trouble will fol-
low, and the argument based upon FORM
er conditions under plethora OF money
in the Treasury is advanced In support
OF the contention. 1t Is forgotten. how
ever. how greatly the burden placed upon
the Treasury has been increased through
silver PURCHASES and issues, and how.
under existing conditions OF to-day. the
Treasury has no gold income from the
ordinary channels of receipts. The diff
Guilty is a more far reaching one than
mere lack OF revenue. II touches the
vital point in trenching upon the conf
dence Of those dealing with us In our
ability and continuing determination to
maintain gold payments. Complete con-
fidence cannot be restored by increasing
the governmental income. but even IL It
could there would be no guarantee
against future impairment of ii through
the same cause. That danger can only
bo eliminated by rendering 1t impossible
TO have the Treasury the one source Of
gold supply for the people of every ma
ton. IL is not sufficient TO have our cur
rency good to-day. but an earnest must
he given that IT will be good tomorrow
and throughout the future That promise
cannot be accepted unless legislative ac-
ton once for all establish beyond the
peradventure OF doubt that ours is a
gold standard country with laws estab-
hshlng the fact so plain that he who
runs may read and with a Treasury so
equipped and resOurceful as to be un
moved. no matter how strongly assault
Ell. IL will not be fully credited as long
as IL Is but the policy OF an executive Off
Ger ana not the uncontradicted expression
OF statutory Jaw.
[ am aware tho. al .bfa ooprot ba
brought about without a struggle 1t rests
WIN nations law-making powers TO
say whether the people shall be freed from
TINS body OF death" or whether they
shal stu continue 10 carry It. The peo-
pie at the polls declared. after a cam
paign which knew no other issue, for
complete emancipation. But from those
who stand within the inner circle or
legislative action the announcame comes
that nothing can be done unless conccs-
sions are made 10 interests, the harmful
results of which no man can foretelL. II
such be the truth, the duty is placed upon
every citizen who has his country's good
at heart and would put an end to the loss
es so long entailed upon his fellows 10
raise his voice in protest against their
inaction or concession and thus
make the country's declaration at the
polls more than a barren victory With
the American people the most potent force
for good is the might Of public opinion
Against the power of 1t when once
aroused no legislator has ever yet been
able to stand. no matter how loud his
hoastful threats or arrogant his demean-
or. Enforced by 1t the repeal of a statute
that was defended for weeks by those
who proclaimed that there never could ne
with them either compromise or surrend-
tile legislators II did erase the Sherman
silver purchasing act. II will accomplish
no less to-day for the welfare or the citi-
zen if IL is again as earnestly appealed
to-
l. myself have never in tho past waY-
cred in the belief. nor do I now, that in
the end we will be possessed OF a bank
ing and currency system so strong as 10
make impregnab BILE the countrys credit
Its coming may be long delayed and only
be attained after a tremendous loss 10
capital and injury 10 labor. II was the
misery and distress entailed by the as
slgnats and mandates Of the French Re
volution that placed France upon the sohd
rock OF sound finance. II took the
threatened starvation Of the peasantry
OF a great nation TO wipe out the corn
laws Of England. but the victory when OBJ
fornitv with the course Of history II IL
possible that before the nations financial
structure rests upon foundation firm
as the eternal hills" the American people
will be called upon TO pass through the
avf,il experience and loss which would
folloy I'm the wake OF unchecked paper
and silver fiatism. But at last. no mat
ter how prolonged the struggle or great
the suffering with the acquiescence OF
all. the monetary principles which accord
wrh the worlds business experience, az
eranc,oi research. and every dictate of
common honesty. will here prevail In
complete and enduring triumph.
Interesting discussions OF practical Dai'K-
ing questions followed.
John II. feathers. Of Louisville read an
interesting paper.
Mr.. John p. Branch OF the Merchants
National Bank. Richmond. Va, spoke on
the question. What Legislation Is Need
ed in Respect to the Currency