The Montgomery advertiser., 1903-09-15
Tie Financial System.

Edltor The Advertiser:
 While the money and credit of the Uni ted states are equal to those of Great Brtaln and superior to those of any oth- CT nation in the world, our system of finance is inelastic, unscentific and nm equal. and hence unjust in it's operation. Mining Congress may be criticised In some respects by the single gold stand ara and National bank people. But prop erly understood his letter is a grand con ception of a financial system which would solve all the financial difficulties growing out Of the present system. The probable piethora of silver presents the most for midable objection which the capitalists would raise to the Senator's scheme out lined in his letter. He proposes the free coinage of silver and to prevent plethora or depreciation to make the silver certifi- cates representing the silver in the treas ury redeemable in gold. But as to wheth- CT that could be made practicable admits or doubt. A financial system or system or banking, based upon what the govern ment owes is of modern invention, born or necessity and cannot be expected to withstand the mutations of time. Its Foundation cannot be maintained contin- uously except upon the false idea that a national debt is a national blessing to the people. It is no more so than to owe debt and pa% the interest on 1t every year. Is blessing to an individual To pay off the national debt with the gold in the treasury. as it can be spared, as it acCumuldtes in excess of the legal re- serve. would be wise thing to do. As the bonds are paid and retired upon which the national banks base their existence, the number of those banks would diminish and would correspondingly make that cir culatlon less in volume which would most certainly provoke complaint of scarcity of currency, This being foreseen must be met when the government begins to re- lire the bonds. Senator Morgan says that as theIr bonds are surrendered the banks should he required to deposit the gold and silver realized for their bonds to secure the redemption of thelr clrculation That Is all very well if it could be done, but before silver could cut much figure in the the redemption of bank circulation. it would have to be remonetized and per hapS admitted to free coinage at the hints. Judging by the results of the cleo tions in 1896 ind 1900. 1t would be like shaking q red flag in the face of bull to propose it. In those elections had Mir. Bryan and the Democratic party present. ed the question of reform of the financial system as Senator Morgan puts it in his recent letter with the free coinage of silver as a necessary incident or that system they would have stood better chance of success than they did. I was Tn 1898 very confident that the Democrats haV!ng forced the silver coinage issue. that It would cause the Republicans If they succeeded to adopt the single gold standard l preferred to see the law re- main aS 1t then was, both coined gold and silver a legal tender in payment of debts and the number of silver dollars to be coined left as it was in the discretion or Congress. The result was just as ap- prehended. One extreme In governments .
 If senator Morgan could induce Con gress t0 redeem with gold the bonds or the national banks and put them on the .old Democratic basis of securing their