The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-07
wh,cb take place between all parts Of these
xaAiona III cnrrencY aafyA all

countries makes nhtioDhi cuticncJ oei'o -"
rho purposes Of the people But II Is otto
gather different here. We consist OF great
nr,rhsr of .eparated circles conprehcLded
..;,h,r oca srest circle and all movements
,,ooaod;,o from tho centre meet with oD-
s,.o,. of,o, obstacle in the border OF each
circle a. they reach 10 It, Inc laws OF trsu'
inevitably carry our national currency TO tno
e,onc;,l cantre and while II Is there Tue
oa;cbhorhood il left destitute. and remains
aas,;,p,e until the currency overcomes the
ohs,ocres !. encounters at the border Of each
circle aud gets back to the place whence
star,ed. Not only so. but natioDa'
currencv has an invincible repugnance 20
peighborhood associations. IL 10 Imperial III
IL tendencies. seeking company amongst the
fashionable and rich. and turning UP its posa
at tho plain. supplemented clod-hopper'
4 national currency wants nothing whatever
70 do with neighborhood connections ana
moor relations. This fguratye language IS
If course. intended only to describe the idea
TINT a national currency is, from its nature.
necessarily central in It's characteristics. Win
NJ sort If svupathy for neighborhood needs.
The operation Of the financial law which
sends A national currency TO the financial
centre. which. in this country, Is New loTA,
may DO seen by considering one state OF
facts. The goods which the country
merchants distribute oil over the land
amonest the people are bought IN
New York. The couatry merchants sell
them generally OH credit. at given time all
this money is collected in by them and re-
mitted at about the same season by all 10
New York TO pay for the goods. There II re-
mains banked up until by one movement and
another it finds its way back into common
circulation amongst the people. But during
its absence the neighborhoods were almost
entirely without money.
The Desideratum then Is neighborhood
currency that will first have none Of tho
preiudices Of national currency, but will
really circulate freely amongst the home peo-
pie; and second, will stay in the neighbour
hood and not wander on like fashionable
spendthrift 20 air itself amongst rich and
hnely- dressed strangers.
q
no farther than to suggest State Banas OF
issue held rigidly down by proper sanctions
as institutions that will furnish this currency.
II there we're a State Bank Of issue in Wythe
county the cattle Grazers referred TO would
have had no difficulty q borrowing the si2.-
600 they needed The managers Of the Bank
would have known the value Of their property
and the reliability Of the men. But when
they came two hundred miles from home to
borrow the money tie Bank officers knew
nothing Of either And so. tho cur
rencv issued By the Wythe County
Bank would have stayed in Wythe
county ali the time for the use Of the
citizens Of Wytbe Wythe would never have
been denuded Of currency through remit
tsnces 10 New York. The New y ork mer-
chants would not want Wythe county Bank
notes and Wythe county merchants would
not remit these TO them. When payments
were TO be made in New York the Wythe mer-
chant would get grsenbacks or coin certin-
Gates national curTency-to remit And
therein lies the fact which causes this 70 be
time very different from forty years back for
the issue of State Bank notes. Forty
years ago there was no paper cur
rency except the State Bank issues,
consequently. man going from Texas to
New York was compelled to carry Texas bank
notes if he did not carry coins and 10 suffer the
loss that arose from their depreciation in New
York. Now. however. we have developed
the system Of greenbscks and coin certificates
which furnish an abundant national currency
fornational purposes. and when the Texan goes
10 New York now. be would leave behind him
all the Texas Bank notes and take with him
nothing but greenbacks and coin certificates.
We should not be understood as fayorng
continuation of the issue Of greenbacks. IL
il system of fat money and should be
wholly abandoned. But coin certificates
will furnish all the national money needed
for national purposes
A local currency. then. for local purposes
which the farmer can secure upon the pledge
Of bis property by reason Of the fact that the
Bank managers are his neighbors who know
him, is what the Southern people want and
the odum which the old State Bank notes
brought on themselves is no proper argument
in reply to their demand, because conditions
have changed and there is now al abundance
Of national currency for national purposes so
that the local currency would never DO called
on TO perform national functures.
1t will not do pooh pooh this proposition.
Such financial authorities as the Financial
Chronicle and the New York Evening Post
are contending for State Banks of issue.
SONS OF THEIR FATHERS.