The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-16
minority member has been consultt~
said the Senator with considerable feel
c11RRENcY AGAINsr. ASSETS. b

+. Z. 4 . . = " )
cURRENCT AGAINST ASSETS.
would you favor at the next session
the financial Legislation proposed at the
bill?" n
III you refer" he replied, ito the Aid
rich bill as It stood at the last session. l
shall say, that I was extremely doubtful
OF It's efficiency or necessity when 1t was
first presented. My reflections have not
inclined my opinion toward the Aldrich
measure. ! would suppose that a sub
committee sitting in vacation would not
; be content with so slender measure as
the Aldrich bill, which, at best,-is noth-'
ing but a makeshift There is q power
4 full element OF Republicans and a power
ful element among the great operators IN
finance and also among the bankers who
are In favor Of what they call IN gem
eral terms an elastic currency. Many
favor Issuing currency against assets,
which would have to be supported by
additional taxa ton as an assurance fund
for its redemption. They wish to issue
this currency. but would make the gov
ernment It's sponsor and redeemer. They
consider that a tax on this currency
would lll the double function of check
Ing Its loose issue and at the same time
provide fund for It's redemption. The
subject Is too great ono for conclu-
sion to be reached without the closest
study and the greatest enlightenment
possible.
TO PROP UP SAGGING VALUES. iaE,s
II am Of the opinion, however, that this
question will be the leading issue IN the
next presidential campaign, and thas =, II
will create alliances and divisions. The
holders Of trust stocks are likely to favor
1t, for values arcs inflated BY trust or
ganlzation and the; interest is SO widely
dIffused that 1t has generated a desire to
Initiate the currency In order to prop UP
the saggipg trust values. This marks a
curious evolution In the financial sent-
ment OF the country. for only rev
years ago the claim was made that we
had enough money. and that argument
was used successfully to destroy silver.
II silver is ever restored to its old-time
constitutional money relations we VIII
come through all right after what fear
will be a sad experience.
SUGGESTS "A SIMPLER PLAN.
"If the general features Of the Aldrch
bill are adopted 1t Is to be apprehended
that the hundreds of millions OF surplus
in the treasury thus disbursed among the
banks would be loaned and embarked IN
trade. This would afford the depositarles
a powerful incentive to prevent the re-
duction of taxation and they would con-
ment at a cheap rate and lenders to the
people at a profitable rate. To no condl-
non more than to this does the Just doc
trine apply that unnecessary taxation is
unjust taxation. While such a measure
! might pass II the public attention IS not
aroused, Its evil consequences soon Wou!o
be disclosed and revulslon Woula oo'
cur. II the object of the advocates OF the
Aldrich plan is to get tho money out OF
the treasury into trade and commerce, a
much simpler and moro constitutional
method would be to leave the money With
the 'tax.payers, and tho high prices the
neonle now have to pay for everything
thev buy would cease, The most Ordinary
mind can we'll understand that ~ 10 pet
ter to keep your own money N your own
pocket than to pay u out ~ .aaos ~ 70
used as loans by one SCI OF 'haHcteFs
against another set.
III the Republicans can't 40 any petter
than this the Democratic nominee Tor
President will be elected IN 1904.
"RppUBLIcANs ARD AtUDD14ING."
"While wages have increased IN the last
faw years" Senator Daniel went on to
saw "and employment has been general,
the wage Garner cannot be an Indifferent
ohaarver az the fact that the prices OF
household commodities have gone up IN
preater rates than his wages, so that he
+. not actually as much OF a galner as
the figures of his wages would lndlcate.
'lAnd now" Senator Daniel adaea after
pause, what 7 have said 70 you ex,
raasas nv Arm conviction on this great
s fnaueial "a question that the Republican,
ara ana ,n,,ddiing. T believe have uttered
atre ths tr,,a Democratic faith on the subject;
at M least I knew it is the faith Of the fa-
thers, AS q Democrat ! coua not 40
t,a p,ttaar "eyv end ali forms Of financial leglsla-
t,on prnnosed by both the Fowler bill Ii,
he Heuse ana the Aldrich bill in the
Senate, IT believe these measures give
he democrats In Congress an opportunity
- 10 show The country that their party and
not nc the The Republican party Is the one that
should be lntrusted with the government
No greater opportunity than this could
come to us for 1904