The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-20
WEDNESDAY, DECEMBER 20. 1899.
AN OBJECT LESSON.

our wrctched currency system was
never 50 mcrcilossly exposed as during
the past several days. With the greatest
prosperity that the country has ever
known. with the enormous expansion Of
trade. both at home ana abroad. with our
manufacturing industries running at fun
speed and giving profitable employment
10 an who desire To work with unpre-
cedented railroad earnings. with the smile
of benign providence upon u.s. there was
a money squeeze which threw Wall street
into Mysteries and shocked the financial
world Indeed a point ives reached whore
the country was compelled so turn in its
distress to the government and ask re-
lief from the national treasury. The
business Of the country was at the mercy
of the government and the administration
had it in IT'S power to bankrupt thous-
ands BY Withholding relief.
Surely this Is an anomalous not 20 say
an alarming. condition In "a republican
government Surely it ought TO bring
The people 10 reflection. There has been
much talk Of late about imperialism and
all that. but when it comes 90 pass in
this country that the government must
be appealed 20 to avert financial panic
when Il comes 90 pass that the prosperity
Of the country depends upon the arbi-
trary action Of the party ina power. it Is
high time for Americans to pause and
ask themselves if our home policy is not
worse than foreign policy. Patcrnaiism
IS a more dangerous thing even than i'm
perialism
But what o. Of relief can the govern
ment oncr in crisis like this? II has
vast sum of money piled mp in its
treasury for which there has been no use.
and it has been absorbing money from
the taxpayers of the country at the
rate of million a day. The only zee
lief that IL can give o. 90 anticipate the
payment of bonds principal or interest.
or deposit the money which il is col
lecting for taxes In designated banks
But even in this case the banks must de-
post with the government Unned States
bonds as against the money which the
government deposits with the banks.
The paper currency Of the country con-
sIsts Of fixed amount Of greenbacks
and silver and gold certificates and Of
small amount Of national bank notes
which the national banks could increase
but will not Their reason is that they
must have government bonds at the back
OF their notes These bonds are far above
par. II they buy them at the high pre-
miums they may be lower when tho
pressure for money Is over and they
may be losers by the operation. So it is
then that as our laws stand our paper
currency is Of hxed amount which win
not Increase whatever the demand foI
more
our present banking system allows no
relief II our State banks were
permitted to issue their notes the trouble
would end In twensy-lour hours ava
bus mess would be unfeitcfed and allJ~sd
&c go on.
There never was such a time 10 carry
before the Supreme Court Of the United
States the case to test the constitution
atty az the act OF Congress that lorhids
the banks Of the States to Issue their
notes Every good citizen should pray
that the committee Of Richmond busi-
ness men who have undertaken 10 carry
case there msy he successful In secur-
ing the means for II.