The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-08
KEEP MEN AT WORK.
~ nrxwoxr SAYS PAR IN SCRIP
III CURRENCY is SCARCE.
No Cause Tor Alarm ~ TO the co"n''Ss
con6ssion--Hs sagges's to mAn"'so'
turers a Plan for Paying Employees

August Belmont was asked SATURDAY
nv a renortcr for the New York Times
10 make an expression Of his views Tor
publication upon the present financial
conditions.
with hts habitaai reticence. Mr., Bel
,,ont bcrecd 10 be excused from talking
TO the public through newspaper out
It vas re5rcscntcd TO him that state
msnt of personal opinion from the Senior
mariner OF the firm bearing his narre
and the only accredited representative
in hm.rica OF the Rcichschlds' the
greatest bankers in the world, wouid
80 ercaf weight and would be read
wtfb keon interest no; only by bankers,
but bv men in every different kihu OF
commercial business throughout the
country. ,,, 49,,
Sir. Belmont was asked; Have you
any doubt that the sherman law VIII DC
repealed"
fNope whatever. I believe the pres
s,,rs upon Congress VIII be 80 great from
All parts Of the cJuntry-and, really, very
much more from points outside OF New
York than from here-that the repeal
VIII be effected very promptly. NOT
however. as some persons believe, by
rushing Il through. II is my opinion
10 the House will organize in dignihed
and thorough manner IN about a Tort
night. with dispatch, but without UNIQUE
haste. and that the repeal will pass both
houses.
"Rui between now and that time the
people can and must do much more lot
themselves than it is in the power OF
Congress or any government 10 90 LOT
them. and that IS TO cease mistrusuhs
each other and 10 have confidence IN me
stability and future Of their country ana
their great business and commercial IN
terests from one end Of the United
States TO the other
1.-THE country Is not in an unsound con-
ditiop. There has been no great public
calamity. or failure OF crops, In America.
business and commerce have been con-
Quoted on conservative lines. and. al
though n few local speculative concerns
have collapsed there have been no large
investments--as compared with the total
business of the country-in unproductive
properties.
1T Is the duty Of every man, high and
low, TO do all he can to allay fear and
10 increase as much as possible the me-
thods OF adjusting transaction by credit.
Merchants should endeavor 10 clear their
recelvables among themselves as much as
they can. and the banks should accept
new recelvables for maturties when they
can instead Of simply extending paper or
forcing payment.
'The present boarding and draining out
Of deposits. especially OF currency from
the banks and from all repositories by
which a premium upon currency OF all
kinds Is now created. has much 20 do
with the closing down Of a great many
factories Sound concerns, with plenty
OF raw material on hand, in view of the
difficulties OF obtaining the money for
their pay-rols. are closing down, and
the Iaborers are forced 20 draw from
the savings banks fer their needs. This, |
In my opinion. need really not be.
II observe that in some localities they |
are adopting n system of credit for pay |
Ing of their hands, paying them in small |
demand checks, which are circulating |
through the stores IN the towns in which |
their holders live. In fact. this system |
Is in vogue among some large concerns |
even ia good times. But ! believe that |
the present juncture requires much more
thar that. Many factories could be kept
open If the employees were paid ny sys-
tenn OF pay warrants.
ITO give you an illustration large
concern could actually assist in easing up
this feature OF the present situation by
putting in circulation a very fair local
circulating medium for its own locality.
As you know our statutes give the en-
ploye a first lien, in case Of an assignment
OF the establishment for which he is
working. for his wages or salary. A note
could be Issued I'm a form, roughly sketch
ed as follows: