The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-21
SATURDAY. AUGUST. 81 1881.
IT'S SOURCE AND CAUSE.

gentleman named Herbert +. Glenn
of California, was in Washington DAY
or so back and, to reporter he maze
the following remarks:
..rbe question of free silver may never
again cut the figure II did IN 1870 pu' tne
six and a half million voters VINO raiIieu
around Bryan are very apt 10 coIhDihe
on some other issues Thousands OF men
voted the Democratic ticket last year SIN ,l
ulv 10 register protest against existing
conditions. l don't think that devotion 20
silver was by any means the controIllhs
factor with large per cent. OF the Bry-
an voters. 1 cared nothing about the
money question in particular. although
strong believer in both metals.
Il have talked with hundreds OF we'll
Informed. lcvel-headed citizens, and found
my own case similar TO most with whom
/ conversed. 1t IS some thing that mat
tiers cannot always exist as they are going
on in the United States. There IS gong
TO be such demand for new deal ana
fair play ere many years that the cry
will have to be needed IL Will involve a
hundred things besides the currency'
Mr.. Glenn is perfectly right in all ne
says except in suggesting that causes
other than the currency contribute to
the popular discomfort. There is, undoubt-
edly restlessness because Of the great
fortunes that some men make and at the
operation of industrial combinations, but
such restlessness as these causes pro-
duce Is confined TO comparatively few.
ana it would never be heard Of at all if
we had "A currency system that allowed
all men full and free opportunity to
make use Of their talents. energies and
resources as occasion offered
Mr.. T.. +. Walker. general manager OF
the Canadian Bank of Commerce. has
recently contributed a most timely and
interesting paper to tho current financial
discussions in which he compares the
Canadian system OF finance and banking
with that of the United States. In the
course OF 1t he says
In conclusion. / wish TO emphasize the
following points.
a. Tho agitation In the United States in
favor OF the unlimited coinage of silver is
simply tho form in which the discomfort
with existing conditions is expressed by
those wh9 do not understand currency and
banking problems. They see that some
thing Is wrong. and accept the suggested
remedy largely because nothing else is
proposed. The general fall in prices and
the decentralization of silver have been
used is arguments for the unlimited coin
age of silver. but had the suggested rem
cdy been unlimited fiat paper money quite
as valid arguments would doubtless have
been urged.
b. Existing conditions regarding cur
ut in ID
are wrong mainly because in the past
politicians have generally regarded pop
ular or unframed opinion. Had the leg
islatoIs Of the United States followed the
old maxim, hold fast that which is
good. and as time passed endeavored 10
make the good they possessed better they
would now have had a system Of banking
and currency not essentially different
from those of England. France. Germany.
Scotland. ana Canada But the violent
policy o. jackson led TO the Treasury sys-
TEN. the ruin OF branch banking, and
tho survival only OF the weak State
banks; and these conditions have caused
the issue during the war of non-interest-
bearing notes Tor use as money, which
was followed by an agitation for fiat
PAPER money. and later by an agitation
lasting FOR twenty years for The free
coinage OF silver
This gentleman is perfectly right. too
except in his implied censure OF Genera
Jackson for his war upon the Bank o
the United States. That had grown TO b,
giant money monopoly that threatened
by the use OF money In our elections. 4
corrupt and debauch every branch OF th'
public service. our experience with tina
institutions cannot live in conjunction
with a great central bank backed by anC
associated with the Government. Tn,
genius OF our institutions demands tha
our currency system shall partake o
their own essential characteristics an,
be local In It's hue. Everything in thi
country that is healthy and strong Il
centrifugal Ia its nature. The genera
government exists 10 collect and use IN,
whole power OF all against common
foe. TO keep the peace between the States
10 secure perfect freedom OF intercours,
between al parts Of our great country
and 10 furnish uniform standard o
weights. measure and value for the whole
country. and pretty much everything els
that concerns US is 70 be left 10 eacl
locality. one locality has one method o
transfsr,ng real estate. end another pre-