Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-02
Mr. Norwood's New Banking Scheme.

We gave yesterday q pretty full de-
scription Of the plan OF ex-senator
NogwooD. Of Georgia. to supply the peo-
pie Of this country with sufficient
amount Of currency 10 enable them TO do
oil their business without being pressed
for money at particular seasons OF the
wear. We coll il banking scheme, but
We know of no good reason why 1t might
not be STYLED a sub-Treasury scheme. All
echernes for drawing money from the
United States Government or out Of the
United States Treasury and turning that
money over TO individual persons may be
dubbed for convenience sake sub Urea
sury schemes.
We cannot saw that Mr.. NoRwooD's
scheme commends itself 70 our approba-
ton. though we have not yet studied 1t
thoroughly, having indeed had no time to
do SO. 1t Is intended by the distinguished
ex-senator to supersede the famous sub
Treasury scheme of the Alliances, which
scheme is named in the Ocala platform.
and was adopted here in Virginia by tho
State Convention of Alliance men recent
~ held in this city. No, not adopted, but
commended conditionally-th Is. en-
dorsed in tho absence Of " better" plan.
But the Ocala platform itself has been
adopted in many States.
We do not desire the United States
Government to 60 into the banking busi-
uess, if banking business 1t NAV he called.
We can go with the Alliance men for the
free coinage of silver. or for an income
tax. or for various Others Of their schemes;
but we have seen no plan of government
banking which we like. And il is rather
singular TO find the opponents of the
present national-banking system advo-
eating q scheme which would mako tho
Federal Government q banker indeed.
Mr.. NoBwoop's plan Of ascertaining the
needs Of the several States for currency IS
Objectionable. 1t does not seem to us
that any such scheme is desirable or prac-
ticable. II each State is TO be supplied
with national currency in proportion to
It's needs. or rather in proportion to the
amount Of banking capital which it has
not, why not supply each persons needs in
proportion TO tho amount of currency
which hs has not
There is no successful method of in
creasing the supply of currency amongst
the people except the old-fashiOned one OF
creating demand for the same. or having
something TO dispose Of which will CON-
mand currency. Money will just as Ger
tainly seek its level us water. When the
war between the States ended the whole
South was utterly destitute Of money
There was no currency in the most Of the Sc
ceded States except worthless Confederate
notes and q small supply Of the notes Of
the State banks. There was hardly Q
national bank within the limits Of the lat,
Confederscy. and no State bank entitled
TO DE recognized as bank. This city o.
Richmond was in q condition similar &
that Of each Of the Confederate States
poverty-stricken and without currency
Nay, more. Adetructive fire had burned e
ashes largo proportion Of her houses a.
veil a. her personal property. But some
how or other money found its way I,
Richmond. We may all bs sure that i
came hither in obedience to the laws 0
finance. the laws OF money. tho laws O
nature.
Mr.. koawooD's scheme seems 70 be regard
Cd by him as rather rival Of the existin
pational-bankin system. The people mus
Decide for themselves whether 1t is likel
70 prove TO DO better than q system unde
the operation Of which no note-holder ha
ever lost dollar. In fact, the presen
banking system IL 80 good that the peopl
would do we'll 10 ponder long before sui
stituting for it any new and untried expert
ment in finance.
Mr.. Norwood would have the sewers
States lend money upon cotton. tobacco
wheat, corn. &c. He would not entrus
this business 10 the national Government
We like the Alliance plan better than hi
scheme; or rather. VIC dislike the Alliance
plan less than We dislike AS. NoawooD's