The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-16
WEDNESDAY. FEBRUARY l6, 1sos.



The organization established by the In
dianapolis Monetary Commission, to push
along the results Of its deliberations, is
working intollisently and with a prospect
of accomplishing much good. The or
ganization is spreading itself out amongst
the people so as to bring the salient
points Of the plan for currency reform
home 20 the individual voter, and that
IS the way TO proceed in a great public
movement. and II such q movement is
founded in common sense that plan will
undoubtedly produce practical results.
We have no doubt that the effect Of its
work will be seen at no distant day in
Congress As the people who are be-
hind the members Of Congress become af-
fected 10y the arguments that are ad-
dressed 10 them. they will make those
members Of Congress feel the influence
that the arguments produce upon them,
and as the members Of Congress see
that the people are moved so they become
moved also. a Congressman's reason is
controlled by the arithmetic of the bal
lot box.
Up to this time the present Congress
has shown a naughty disdain Of all sug-
gestion Of reforming our currency sys-
tenn. This may not continue, however.
II the people. moved by the informa-
ton that is now being circulated AMONGST
them show indications that currency re-
form will ne popular we may see the
mood Of Congress change ia short order.
and q bill may yet be perfected and
passed before the session ends.
A bin Of six lines would do the whole
work. An that is needed IS an act to re-
peal the present act that imposes a tax
OF 10 per cent upon the issues OF State
banks. and all Of our currency us would
Immediately come TO an end. Each To-
cality would then establish banks and
issue the notes that locality needed and
these would give the people all the media
OF exchange that they required, and the
troubles Of the people would be over.
We have no hope however. OF seeing
this. The public mind has become per-
verted upon the subject, and filled with
unreasoning prejudices against State
banks OF issue TO an extent that pre-
cludes all hope OF our ever getting back
TO the true financial system from which
the war warped US
Perhaps we state It too strongly when
I'VE say all hope is procluded. Continued
discussion may onlighten the people after
awhile and bring us back 70 g normal
condition that allows every man to make
the best possible use OF what he has.
but at present the masses Of the people
are bent upon keeping themselves in
chains and restraining themselves from
prospering. They have been deluded with
talk OF State banks having been wild
cat banks, and the necessity for a note
that will pass In every part OF tho Union
until they are as absolutely befogged
about that as they are about the ability
OF the Government to stamp its seal upon
nifty cents worth OF silver and turn Il into
a dollars worth. Not one Of them in q
thousand knows that the old and long
settled Atlantic states had bank. cur
reney prior to 1861 that served the needs
OF the people in absolute perfection, and
that gave every person all the money he
needed at all times. Not one in a thou
sand asks himself what concern Il IS of
his whether a Virginia baak note will
pass at par In Indiana Not one In a
thousand pausos 20 reflect that he never
goes out Of Virginia, and that note
which will circulate all over Virginia
viii answer every need he has for money
All 80 on blindly in opposition 10 a plan
that would supply every man with what
ever money he needed. and could give
security for. because they have heard
State banks called wild cat banks" and
because they have an idea that II We
had state banks their notes would not
pass at par outside Of the States in
which they might be issued.
As we have more than once said, the
plan OF the Monetary Commission is not
all we would ask. because Il does not re-
COMMEND the repeal OF the 10 per cent. tax
Ard stop there But It goes in the right