The times. [volume] (Richmond, Va.) 1890-1903, 1899-01-27
FRIDAY. JANUARY r. 1899.
CURRENCY LEGISLATION.

The information from Washington Is
that the Banking and Currnecy Coinhii'-
zoe Of the House Of Representatives VIII
report two bills dealing with the cur
rencv. one will deal with the standard
az value and the greenbacks' and the
other with the future issues OF currency.
II is moi matter OF the smallest moment
whether the subject is dealt with III
Two nils or in one 50 that II be dealt
with properly and effectively IL may %
more logical that it should he treated
IN two rather than in one BILL as the
subiect is logically divisible into two
entirely different heads.
The bin of Mr. Ini, OF Connecticut, has
features In &c that We hope Will be em-
bodied in whatever measure IS brought
forward. lie proposes, for instance that
when s,reenbacks come into the Treasury
they shall be lmpounded there, and never
be allowed TO go out again, unless in eN-
change for gold coin. That IS She next
sast thing 10 destroying them, which, OF
course. should be done, but as the sub
limated patriots and cross-eyed iopuiisls
Will never allow the 'blood-stained green
backs" 10 go entirely out OF existence we
shall have TO humor them with formal
itv. even though there IS no substance.
II IL dangerous formality though as
when the country is not on the watch
the Populists may get grip ON power
that will enable them TO put the green
backs out into active circulation again.
and If they do. that fact alone viii give
such a shock to confidence that the end
less chain movement vin Doe again set up
ana we may see the SCENES OF lssi-5 re-
enacted.
This feature Of Mr.. IIirs bil4 or some
thing that is equivalent 10 10, must 10y
an means. be incorporated in whatever
measure is brought forward There
must also be an emphatic and positive
statement that the gold dollar OF twenty
i've and oight-tenths grains. nine-tenths
fine. is the standard OF value I'm these
United states. will always be, and who
ever makes contracts for dollars TO be
fulfilled in the United States of America
may feel perfectly assured that the con-
tracts Will be fuhned by the delivery Of
those dollars or their equivalent in value.
This is the all-ossentid thing In our
legislation. though, indeed thc practice
IL the country Tor seventy years has been
based upon that proposition, and it is
no more possible 10 change the fact than
IL Is to make water run uphill The
Popullsts and the ereenbackers and the
free-coirers may an combine together
and give us another terrible alarm like
mat they gave us ina the cam of lss5. but
the conservatism and common sense Of
the country will always rouse up and
nrsert Itself as % did then. and overthrow
shc combination as Sc did then. This
mighty country. with its mighty interests
Developed ard devoloping 81 never going
90 allow the perpetual motion cranks 20
embark st. upon "a voyage that aims at
overthrowing the laws of nature. 1t has
attained its preEent unparalleled state OF
wealth. contentment and development by
paying strict regard 90 natural laws. and
u NNfn nor ifhFtr' tf attHW NtAA~fNfA
empirscs 10 peril SIS future by engaging
% IN their visionary experiments.
The principal features OF the currency
bnl 90 De reported. as the press states
,hem. f. thst banks VIII De allowed 10
issue currency 10 the face value Of the
bonds they deposit. and small banks with
only $500 OF capital may be established
IN small towns. This is move IN the
right direction. but IL win fan utterly
short q what the country requires. So
icng as the law remains in force that
taxes the issues Of State banks so heavily
AZ 80 mako s., impossible Tor the State
banks 90 issue their notes. so long will
the agncultunsts be without media OF
exchange and therefore. restless and dis
oontented. Some Of these times the coun-
try viii wake up 10 shis fact