The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-09-12

THE Governments Currency Bills All
Que 10 the Credit Basis In the Use
Of Bonds lnsteai of Money Met
ais Basis Of Currency System
! nv Associated Prcss,)

resolution, asking the United States
Congress- to pass a law for the estAbllsh-s
ment Of a de partment Of mines and min
Ing, With O. representative In the Prcsi-
dents Cabinet, and the reading Of a let
ter from Senator Morgan Of Alabama, In
response to an Invitation from Secretary
Malone to attend and address the Con-
gress, were tho principal features OF to-
days proceedings OF the American Min
Ing Congress.
B. Senator Morgan, In his letter, said IN
part: 81
mo nation has openly attempted to de-s
2stroy the precious Quality OF either sold
or silver, and mono will ever do SO Eff
fcctually. They wilt outlve all opposition
and defy destruction, while they Will
scorn the neglect Of nations. 1t seems to
be a heresy against the order OF nature
TO attempt to deprive either gold or Sill
Yer OF It's precious duality as money
natal. II is equally dIsparaging to the
law or equal personal rights and prlvi-
5iepcs accorded to all men. the right to
exist. and the right to the pursuit OF
hanniness that we should so leg1slate1
and so discriminate as to make SILVER
the cheaper money OF labor ana golu
the money OF those who live on the "a oor
OF others, instead Of living BY the laoor
OF their own hands, s :,
This Is done when the coinage laWs/anu
#+ha leool tender laws discriminate against
5silvar AZ 4 money metal, oroa lesal
sender. fory p.a BITS. NJ Our laws make these
.stscr,n,,n atoms by REFUSING equal privi-
e,ano1 10 silver In the coinage OF money.
and by limiting the legal tender po"e.
~ silver coins. Whatever prlViles ', ~.
coinage are given to one metai s, .,o,I to
e,iven IA the other; and the rule snouia pe
- ~, nd not different as 10 the lcSal
3tnndar mower OF gold and silver CONS COINS
VIZ GiNsT1TuTIONAIi: 4AUIHOhlI1 = q
~ -. t,,e constitutional right OF Con
y ..a.., :, nrovde for the coinage OF money
. "a 10 regulate Its; value as pet"es.'
these metals--butit IS not WITHIN the eon,
stitutlonal authority to destro ,sli'e 80 -
of5either by legislation
4 Congress can fix the relative Va ,, ~ =.
,he coins OF either metal. ACCORDING ,to
wairht and f1neness, but when the CONS
are struck Congress cannot chanse ,he
vnlneYof a gold dollarSor silver ooliar
~, discriminating between them as "
their purchasing power or dept-paylhs
,,nuar ! or byI legal tender laws that lessen
either coin below the value asta fpeu o''
Its face. ", X =. -, 81 1,up
We make these determinations aga'nst
s,,var both In our coinage regula tons ana
III our legal tender laws and we thereby
djscrimina te against5 silver and destroy lis
precious quality as a4money me a1... ~ !, !.
+ We|do by indircction what mo nation
dares to do by open and ,represslve neg
iislation at the peril Of the sa re ~ OF us us
government. tg,
The laws should be cnangeo a,' -, .Ns
ace and friendship between gold ana
silver should be restored to the condition
that existed during the first half century
OF our national life.
The losses and disadvantages that are
imposed upon the poorer classes pS our
In Wa that discriminate "a gainst silver al
to coinage and as legal tender power
appear in almost every transa ct1on IN IN
which they enga &C. II
we cannot change BY our laws the mon
ey system OF foreign countries. and while
We, could do much In that direction to
give strength to silyer-the American
metal-we have no higher duties than to
take care OF our people In their home
work by securing to them all the benefits
OF the silver and gold that are SO richly
stored In DUN mines 45,ls
TO do this We must change the basis
of our present system OF finance and ma
2tional banking so that our. capital shall
consist OF gold and silver actually accu-
INFLATED instead Of resting 1t solely upon
our national credit based on the power
OF taxation with pledges OF national faith
to provide the gold, or the gold and sill.
yer, to redeem our obligations on demand
or when they shall fall due.
MUST COME TO A SPECIE BASIS.
We must change our currency system
from a credit basis to specie basis OF
rauonal banking, II we would make It
lust to all classes and independent of the
power OF monopolistic combines.
l Our system OF banking Is constitutional,
and 1t IL convenient and secure In that
1t provides for a reliable currency. but
Its foundation Is not money, nor bullion.
but credit. wherein It Is greatly defective.
This credit depends upon our power tc
redeem our promises In coin, to be here
after borrowed or collected under laws
OF taxation. This system Is false and I'M
lust to the living, and is still more unjust
to our posterlty
WE tDIsCRED1T4 BOTH METALS.
our laws discredit both gold and Sill
yer as the basis Of all banking. by pro-
hibiting issues of pal per- money by private
and state banks and by refusing charters
to tiona banks on any basis except
that OF national onds.fThisii Is a. revolu-
ton and new departure in finance that
no other nation has ventured upon No
other great nations mas seemed willing to
inflict almost universal bankruptcy on
their people, II the exIgencles to which
thew are exposed should cause their credit
to sink below par. a M ~
A TEMPTING FALLAcY5 OF BANKING.
This tempting fallacy OF banking on
the basis OF credit lnsteadgof gold and
silver in the bank vaults drives others
OF the n,onopollstic classiinto ''asset bank.
inn, which opens the doorSto tho wildcat
nro,ects that have ever found prac'-
cal and disastrous Illustration in tho
frauds bankruptcies and ruin lnflicteA
upon the people by the licentious abuse
Of their confidence, and the grind of their
IN the 2ods ssSe 9f the ! wa
OR system Of national banking based
excl,,sively on the national credit, being
nnsound dangerous and oppressive to tax
naSars'u; ne Simple and effective remedy is
nH; In IN payment Of the national debt
ana via Substitution Of gold and silver, III
mace i ,' Of that debt as the basis OF national
banking, mn ~, o,oy,>,n,,,
The true wealth OF our country, MS 1t Is
~ al countries depends upon the thrift
ana the prosperity OF our industries. &C.
COW cnn, mn, Med with the permanent stores OF
Ia nrecIous metals sufficient to prevent
t MI ions depresslons In trade through