The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-13

we said few 6ays back That 81 was IN
the power OF the American Iorkers AS
sociation 10 do something that might have
a tendency to produce legislation That
would benencauy affect the condition of
our currency laws. The Association as
an Association. does not seem 20 have
taken any action Chat amounts TO any
thing but Mr.. Cornwel, president of a
National Bank ut buffalo. New York
made one Of the SGT addresses TO the
body which will be published in the regu-
lac report Of its proceedings which may
have some influence i'm the right direc-
ton.
Mr.. Cornwen said the Fundamental
weakness I'm our system was uncertainty
regarding the stability Of tine standard
n value. The United States. said he s.
tedeeemlng it's obligations in gold, "but
the Secretary of the Treasury has ou-
thority T. redeem them I'm silver and he
has the silver 10 do it with. and the silver
dollar Is a dollar In law"
This is theoretically true, and the
anomaly OF the thing should be ended
by Congress at the earliest possible mo-
merit. Congress should. as soon as it
meets pass an act declaring that the
United states is on the sold standard
that it will always remain upon that
standard. and Il should deprive the silver
dollar $50 called Of all power 10 pay dol
lars due in gold coin. Silver should Doe
placed. where It belongs, upon operative
footing Of subsidiary coinage to be car
ried in the pocket Tor change, that The
government Will always redeem, dollar
Tor dollar I'm gold coin.
But the source OF our currency troubles
will not have been reached when This B.
done. While. what Mr.. Cornwell said is
theoretically true nobody is at this time
paying any attention to &c. Business is
now rushing along I'm such fun tide
throuch Dee channels of the gold stand
ard that no one is thinking much about
the possibility OF the Secretary Of the
Treasury turning fool and paying ohIi-
cations for dollars with silver half dol
lars.
Mr. Cornwen came nearer the mark
when ne added that the three measures
Of currency legislation Immediately me-
ccssary are to establish the gold standard
by law. TO cancel or impound the green
backs. and 10 retire bond-secured bank
notes and substitute properly safeguardcd
bank notes issued asainst the assets OF
the banks.
The last measure SIS the vital one We
can cet along without amy declaration for
the gold standard because we are actually
upon the sold standard and the com
mon scnsc of tho country is going TO keep
Us there We can cst along without im-
pounding the greonhacks. though they
should not only Doe impounded but de
siroycd and never heard of again.
But we cannot get along in peace and
harmony with "a national bank system
that requires bank notes TO Doe secured hy
national bonds That keeps the aericul-
iura communities destitute of ann cur.
roncy. and while that remains the case
there viii always be dangerous party
cismoring for frcc silver or something
even more destructive.
let banking De- rreo and let AN banks
issue Their notes upon their own assets
The safeguards win be that they must pay
their notes ON demand in gold coin or be
placed In ihc hands of "a receiver by the
Comptroller OF ihe Currency the notes
OF each state must be- of q different color.
the name of the State must Pc engraved
In large letters upon the back and face
OF the notes. and % must Doe made
felony 10 pass note Of one state On an.
other State.
All troubles VIII be ended when these
measures are adopted.