The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-08
a NEW AND SENSIBLE MEAsURE.

Representative Clark, Of Iowa. mas in
troduced a bill in the House Of Represen-
tatiyes which makes the gold dollar the
sole unit O. value, directing every national
bank to redeem its notes I'm such dollars.
restricting the denominations of Treasury
and national bank notes 10 so. or multi
pies thereof. those outstanding being call
ed in and reissued in such denominations.
and calling in all silver certificates and
issuing the standard silver dollar in eX-
change for them and destroying the GER
tifcates when so called in.
Barring the increasing danger OF coun-
terfeiting silver dollars this is the sort
Of legislation that IS wanted. Mr.. Clark
understands the situation exactly as it is,
ana he goes directly at the point Of diff
Guilty without shilly-shallyings or evasions
of any sort whatever.
His bin would not take from the silver
dollar it's legal tender quality. II only
requires the national banks 20 redeem
their notes i'm gold coin, but it leaves the
man who wants TO pay his debt with
silver dollars full liberty to do so at his
pleasure. And the silver dollar being
good tender for all taxes due the Gov
eminent. with no provision Tor ;he in
crease beyond the present number, they
would thereby De kept always AT par With
the gold dollars. ana the people VINO
clamor so loudly for the dollar of their
daddies" would have just as many of
them as they chose to furnish Transport
tation Tor. We know of nothing that
would furnish so good an object lesson
i'm silver finance DIS this proposition TO
end all paper currency under the sum OF
ten dollars. and force the people TO carry
silver in their pockets for the change that
is necessary IN the every day affairs OF
life. Every RAN who carries money IN
his pocket then would have himself loaded
with from five TO ten silver dollars ana
the man who mgs ten silver dollars
around in his pocket all Of a hot summer
dav Will be disillusionod. however, me
may heretofore have thought that in this
day Of steam. electricity, banking, and
universal credit facilities, great bulks OF
metal are appropriate 10 the transaction
of business. We shall have TO suffer very
great inconvenience along with the rest Of
our fenow-citzcns from the necessity Of
having 10 furnish transportation for
these oyer-yalued coins. But we will sub
init to il cheorfully TO give our dissentient
fellow citizens a good, large dose Of their
own medicine. So We say 10 all gold
bugs" Democratic or Republican, pass
Mr.. Clarks bill, for Heavens sake. Just
as soon as possible and let our free coin
age friends have a taste OF the repast
they so long for. DO not stop with allow
ing them 10 have pockets full of silver
dollars. Force them TO have the coins,
and Jet them see, by actual experience,
what II is to have a country's whole money
a bulky metal that business has long
ago turned its back on.
Mr.. Clark's bill provides also that ma
tional banks may be chartered with
capital of only $4,000. that may issue
notes to the full face value Of Govern
mcnt securities TO be deposited by them.
This is one OF the provisions of the None
tary Commissions plan, but it shows an
entire want OF appreciation OF the real
needs of the situation. The idea is based
upon the notion that such a measure
would furnish banks in small communi-
ties. But it does not at all touch the
difficulty. What the small community
wants is not only bank but notes is
| sued by that bank which Will stay in
that community. Though a bank is To-
| Gated In tire mountains of Southwest Vir-
| ginia. in o little hamlet never heard OF,
with capital OF only $4,000, yet If its
notes are secured by the bonds of the
United States. they will be just as ac-
| ceptable in New York and Boston, as the
notes of the wealthiest bank in the Union.
| The notes OF these small banks would go.
| therefore. to the commercial CEN
tres. just as the notes Of ma
ticnsl circulation now go there.
| and the small community would get no
benent from them whatever. The measure