The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-06-08
The Monetary Problem.
sseeeeeeseeeeeeeseesessee seeseeseeeeeaeeeees
"CURREHcY Reform. I"
Bask Notes We. Goverament He,rs-
The Reform ciab's iaea al Plat
Ista Pancsarcd.

The New York Journal has plans for
reforming the currency which inay not
appeal 10 everyone, and which certain.
~ win not appeal 10 those who believe
Ia manopnlica conducted for private
profit, Hut In commenting on SONS Of
the criticisms Of those who do not be-
licyc In It's scheme, the Journal asks a
question which all the gold organs put
together cannot answer Ia q WY 10
satisfy reason, logic aud common sense
without committing themselves to
policy which they dcnounoc 90 hcrrsy.
The Journal snys' ''rhc national
banks issue notes, which are not legal
tender. These notes are accepted every
where at par, because they are payable
In lawful money OF the United States,
which may be- either gold, silver, Shcr.
man notes ar grtrnhacks, aud because
the treasury holds United States bonda
with whose proceeds they may be re-
deemed n the issurrs default. Now, II
bank notes, payable In government pa
per, secured 10y United States bonds,
and not legal tender, are accepted az
ii=:, s*hs; - {" iin,i,r inr acceptance
" the government paper Itself, when II
Is made legal tender, payable in coiu,
and cNchnngvahle for bonds az the
pleasure Of the holder? Where Is Tho
'.95i:sju' OT creating uui OF nothing IN
thatY" The answer Is very simple.
There ia no more "iiudsm" or Great.
ing something out If nothing" Ia such
a decree than there Is IN the decree 10y
which the government imuarts Ia n
piece OF metal, otherwise dead, the
power Of money. Fintism higgins and
ends when the government cuufcr- ,he
potcriialiiy % legal tender money on
any article, whether metal or paper.
liut when gold organ talks about
fiat" money or "hatism" he nnclls zap
and feels that be has arrived safely az
the pinnaulr of financial knowledge.
He couldn't tell you how he got there,
but he feels that he is there. There IL
the Reform club, which IL now in favor
81 n credit currency based ON the com.
mcrcinl assets at bank. That ur.
ganzatiun has swcllcd some over Fiat.
ism" bat individually aud collectively
" will never be able 20 explain how or
why currency notes based ON com.
mcrcial assets are more convenient or
better than notes issued aud garau.
tecd 10y the government. The Eriurm
club Is IN favor Of retiring the green.
backs and Issuing these credit uutr- ms
a substitute. Ia view Of such prupn.
sition, the talk about "flatism" bcrumrs
ridiculous, and all the argument about
sound" money and q "currrncy re.
dccmablc In gold" falls 20 the ground
and eNploIes like boys bubble The
only reform the republicans are
likely 10 bring about will be- bounded
and limited by the scheme to hold the
grccnbachs IN the treasury until they
are exchanged for gold. Under this
scheme the international banks ram
easily retire two-thirds 81 the green.
backs 10y paying them into the treasury
in exchange for gold. Further than
this, the republicans will not SO, aud
the whole financial question. n well nE
some other questions that are not tinun-
cial, will have to be- fought out nest
year.--Atlanta Constitution.