“it appears to me, ’ was the way he
begun, "that what is called ’the money
power’ should not. lie lodged solely with the
general governineut to the exclusion of tlte
stttflCs. The ’.states enjoy- some
thing of that moueyed influence without
the present prohibitory tax, and so democ
racy has declared. If the federal govern
ment has the monopoly the result will be
the destruction of state sovereignty, lhe
’money power’ is inclined to be despotic,
whether in the hands of individuals or gov
ernments. We have nothing to dread
more than the ability of men 'to corner
monev under the forms ol law. 'I herelore,
it would be wise to distribute this power
so as to create many centers under our
control and to our advantage, instead of
suffering by the dangerous use of the one
center . Flu*
reformation of the national banking system
is properly a matter for future considera
tion. Aide democratic financiers may re
adjust the system so as to HiaUitaiu a na
tional currency without retaining the ob
jectionable features id the present act.
