The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-07
SILVER AND STATE BANKS or ISSUE.

In the elaborate speech on silver delivered
recently in the Senate Of the United States by
Mr.. Sherman he adverted pontedly to the fact
that the demand for free coinage comes
chiefly from the FIVE silyer-producing States
and the South. No remark need be made
upon the reason why the silver producing
States call for free coinage, but there Is occa-
sion for much thought in the demand for it
made by the Southern States
Doubtless many persons in these are at
tracted to tho proposition by the hope that
under il they may pay dollar of debt with
seventy cents But there are thousands
of voters in the South who are advocates Of
free coinage TO whom all thought Of repudia-
ton of debt is simply abhorrent. These men
find themselves possessed Of large property
resources and are yet wholly unable TO obtain
money when money is needed. They believe
Enormously. II is true. but none the less
they believe that free coinage Of silver
Will make money much more abundant
whereby they will be able TO obtain il upon
the security of their property when their oc-
casions call for it, and this is the bottom OF
the strength OF the free coinage idea ia the
Southern States. II is demanded by those
who believe it will cause more abundant
circulation of money It is in effect, then.
demand Tor a recast Of our financial system
by men with plethora of capital who
are yet starving for want OF money.
In his speech day or so before Mr.. Sher-
mans, Mr.. Morgan told Of widow lady in
Alabama owning 200 acres Of as fine bottom
land as there is in the United States who was
unable to borrow $4,000 on it. In practicing
law the writer met with similar case in this
State The owners Give or SIX in number of
q quarter OF million dollars worth of the
superb blue grass grazing land Of Wythe
county needed about sl2 900 for transaction,
aad though the writer made every onort 10
borrow it for them in Richmond they were
unable to borrow il on their land.
Mr. Sherman thought that the silver agita-
ton prevented the Alabama lady from Dor
rowing the money. He thought capitalists
were afraid TO lend her lest she would pay
them back with seventy cent dollars, aud he
would no doubt dismiss the Wythe county
case as falling under the same head. But that
has nothing whatever to do with the case
The Alabama lady and the Wythe county
farmers would have been Just as unable to
borrow the money before the silver agitation
commenced, and would be Just as unable TO
borrow it if there were no silver agitation at
all Their difficulty arises from the fact that
there is no currency store at hand from which
they may borrow. and we propose 10 consider
this phase of the case from very broad point
Of view
So far as a financial system is concerned
the United States present phenomena to
which the history of the world has 80 far pre-
sented no parallel. We have here great
number of separate nations, as il were. united
a one people under one central government
ana covering an immense area of territory
with huge population broken up with
great many tribes so to speak partially gov
erned by their own separate laws, notwith-
standing the common government for some
purpose over ALL
European countries consist and have always
consisted of comparatively small areas OF ter
rltory with one central government whence
all the laws proceed, 10 operate uniformly
upon all The centres are 80 near TO. and in
such direct communication with. the circum-
ference that what is felt at the centre vbra.es
at once upon the farthest border. The i'm
mediate and uninterrupted communications