Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-01-21

banks to borrow currency for nothing
on a deposit of bonds. which they still
enjoy. to the full as an interest bearing
investment. Then there is the restora-
ton to silver of its constitutional equal
ity with gold, and the restoration to the
people of the privilege (Which they still
hold as barren right as to gold) Of the
free and unlimited coinage of silver
This would largely meet all needed re-
form, as Its monetization would repair
the evils OF demonstration. now calling
FOR reform How does that strike the
sage from Chicago? Or another dispen-
sation of Greenbncks might bring again
the wonderful prosperity that attended
them before. and out of and by which
the present gold-bug plutocracy grew to
wealth and astidiousness.-disda
silver and everything else but gold and
oank-notes free Ito them and their
banks) as common vulgar law.
THE VIRGINIAN-PILOT has also
suggested some elastic provisions that
do not require national banks and
credit money" (the gold-briclS system)
to make them work we'll: as an issue of
small bonds, bearing no interest, but
legal-tender and receivable for all dues
and redeemable in current money OF
the United States at the pleasure Of the
government These would serve admir-
ably to exc out deficient revenue in
stead OF issuing interest-bearin bonds
TO increase the standing national debt
1.-THE Standing National Debt is far bet
ter than 10 call it the Outstanding Ma
tional Debt, as there might be some
prospect of getting rid of an Outstand-
ing Debt. whereas a Standing Debt, in
creasing like ours. in time OF peace, is
likely to stand as long as the govern
ment itse9fl Then there might be an
issue of Revenue Bills. !egal-tender for
nothing but Federal dues. re6eema BILE
only In paying such dues. and exclu-
sively receivable for such dues, with
the necessary provisions to Introduce
them among the people. provide them In
exchange for other money and curren-
cy. &c. The main features OF this and
other suggestions were set forth in
these columns some time ago. and are
stll open to amendment.
But the honorable Secretary and
many other gentlemen nightly mlsap
prehend this matter OF currency elias
ITCHY. 1t is Of precious little conse-
quence TO the government and people
how great the amount of money in cir
culation, so there be enough at and for
all times. unless they have to borrow Il
from the banks and pay interest OF It.
People and government being one in in
,erest, of course. they VIII want as
small currency as possible always. If
they have to pay 100000 a year for every
100000 OF It, $4,000, 600 a year FOR every
500 c,ooo ard sl2o.ooo.ooO year for
$4,000 600, 600. But IL government ard
people supply their own currency. ordi-
nary times will require neither expan-
sion nor contraction. as the people are
not likely to complain OF having too
much. X 1t Is enough when most need
ed. The experience of the people, too,
has taught them that 1t IS precisely
when they need money most that they
find 1t difficult to obtain 1, from those
patriotic institutions. the tender-heart-
ed banks.
~|NS'NSS' WY iOl ltpedl tne ten per
cent tax now held in terrrorem over the
issues OF State Banks? Has Mr. Cage
no sympathy with these kindred con-
Germs? The tax yields no revenue and
deprves the people OF currency they
cannot get from the so-cailed national
banks-Congress in repeating this tax,
might make some wise provisions that
might better these State money mills.
However. in any case. the tax repealed.
the State banks would render much Of
Mr.. Cages reform uncalled for and
unnecessary. and would certainly low
err. in some degree. the high port OF the
national banks. and perhaps render
them more elastic.
Gold and silver Greenhacks and other
Treasury notes dent directly to the
people. Il need be). the tax on State
bank Issues repealed. and other re-
sources OF government Estate and Fed
eraD and oe the people. would enable us
at least, to set along without accepting
The heavy yoke OF the National Bank
Trust.
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