The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-07

| ~ not rnost of the general propositions We
Law down in regard TO the currency prop
lem" and yet it continues its opposition 10
the blank in the platform OF tho Nauonal
Democratic party which demands repeal
Of thu act of Congress imposing tax upon
the ,ssue, of State Banks. Just how the
Di.rstcb can indorse our general PROPOSE
tionsu and continue to tight the nAtiohai
rlstform "a what Justice Miller very happily
taruad trick Of logical legerdemain
that We are unable 10 understand.
The Dispatch would put The TINES in the
position of an opponent of the National
Ranks. We are nothing of the sort. we
are entirely willing that the National Bank
law shall remain in force. and that any gen
tlemeu may take out charters under 1t who
wish 70 do 30. We call attention TO the TACT,
however. that as issues OF currency fhey
have had their day and are done for. Our
currency now consists OF $1,000, 900. 900, and
ofthis immense sum only about $3.50, OOO'OOo'
are the notes of National Banks. Either the
public does not want National Bank notes,
or it is not profitable TO the banks TO issue
them. The latter is really the case But
we are for freedom in everything, and IL
any people want National Banks, let
them have National Banks just as
they want State Banks, let them have state
Ranks Hands of is our platform for
Government in everything except the keep
ing Of the peace and securing eaeh man
from trespsss by his neighoor.
The Dispatch asks us why should not
every individual issue circulating notes.
We see no reason whatever why each indi-
vidual should not do so if be finds it to his
interest or profit TO do il. Every merchant
in Richmond is continually putting out his
negotiable notes, and they are continually
passing from hand TO hand, performing all
the functions of currency. And business
could not move peg if they we're stopped
from dong this. But State Banks, which
are nothing but inanimate citizens, are Tor
hidden 10 do for the convenience OF ther
business what each animate citizen Is allow
ed TO do in respect TO his business. We can
see no philosophy in this. A corporation Is
nothing but an aggregation OF citizens with
limited liabilities. Whatever it is wise ana
healthful for one man 10 do, 1t cannot DO
unwise and unheathIul for two men 10 90
in concert. The law allows the merchant
TO put out as many OF his negotiable notes,
payable to the bearer, as be chooses to put
ont. What we call State Bank notes are
nothing but the notes of dozen merchants
with limited liability acting together IN con-
cert. PAYABLE to the bearer If the one mer-
chant acting alone may put out such notes
with benefit TO society. why may not the
dozen merchants. when acting together. do
the Same thing with benefit to society! The
eyer-ready answer is that the Bank note IS
currency But it is no more currency than
the merchants note. This radical fact
must be kept before the mind. What we
call currency is not money. The only money
we have is coin and that war device, the
bastard legal tender note of Government.
The merchants note is q promise to pay
money on demand or at a certain day. The
State Banks note is exactly the same thing.
LISA promise to pay the bearer money on
demand. II differs in no sense whatever
from the merchants demand note. Those
take the merchants note who believe IN his
solvency. Those will take the State Banks
note who believe in its solyency and as be-
lief In its solvency extends, the credit and
circulations Of its notes will extend. When
one of them gets into a region where its
credit is unknown, it will fly back to the
bank on the wings of our swift messengers
of traffic for redemption, and knowledge of
this fact will keep the bank always pre-
pared 70 redeem.
The Dispatch asks us TO outline system
of banking which we think would answer
in place Of the present. But we have told
the Dispatch time and again that VIC want
to put no system in the place of the present
one. Let the present one 60 on as long as
it desires TO 90 on. All we ask is liberty to
build up a competing one. Az to the fea-
lures of that we say that its circulation can
be made as safe as the circulation of the
National Banks. Make its notes a first lien
on all its property; make stockholders, as in
National Banks. liable to double the amount
of their stock for the purpose of securing
circulation, and pass q national bankrupt
law that will put each Bank into involun-
tary bankruptcy the moment it refuses to
pay its note in legal tender money. These
are good and effective provisions for getting
the system on its feet but the true aud ulti
mate security will be in the character of
those who manage the banks, who will come
TO be the wise. conservative and honest citi.
zens of each community as the system grows
up and prospers.
SOCIAL CANNIBALISM.