The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-25
THE JEFF CHANDLER PATENT FOR
ENDING fANICS AND HARD
TIMES"


TIMES"
So IT appears the Dispatch did not in
tend 10 lay a tax on the circulation and
capital Of the national banks sufficient
to raise a sum equal to all the deposits
in those banks. 1t would only lay a tax
upon the circulation and capital OF all.
sufficient TO raise a sort Of insurance
fund against the failure Of some. this
fund to be devoted to paying depositors
In broken banks what they would other
! wise lose by the failure Of their banks.
1t seems that this brilliant idea originated
with Mr.. JEFF Chandler and that it has
caught the Dispatch because Mr.. Chandler
! guarantees that it will "end panics and
hard times and the Dispatch is so anxi-
Gus to see this blessed condition Of things
arise that it promptly accepted the guar
antee, wholly emitting to look INTO the
| question Of just how much Mr.. Chambers
| guarantee is worth
If The Times had not seen so much or
the public running away with crazy ard
one might be left to the certainly of sui
eide. But the public readiness 10 swallow
whatever gilded bait is offered to 1t is
now too well known to The Tires for
it to allow single one to rass. Foolish
as this one is, The Times proposes to show
its folly instantly and at once. Spurious
coin of this sort shall never pass our eye
again without being instantly seized and
nailed TO the counter as counterfeit coin.
The Banks of Richmond are perfectly
sound, they are managed by sensible and
conservative men, and, so far as human
foresight is worth anything. they do not
run the slightest risk OF ever being I'm
any other condition. They therefore want
no guarantee fund collected by the Gov
eminent and held by It as an insurance
against folly or crime in their manage
ment Not only is it true that they do
not want it. but they protest with all
emphasis against any such reflection being
cast upon them as this fund would i'm
ply. Further, the depositors in the Rich |
mond banks want no such fund These |
depositors are the borrowers from the |
Richmcnd banks. II the Richmond banks |
are required to pay a certain sum into |
the Government Treasury as a contrbu-
ton to this fund, these depositors know /
perfectly well that the banks must charge |
it to them In the loans they get and that
these depositors must therefore pay in
I'm the form of increased interest rates.
They will therefore be paying a tax TO
create an insurance fund which they do
not want. Their insurance is the credit
and condition Of these banks.
For whose benefit then would they con-
tribute their quota to this fund? For the
benefit OF the wild and reckless specula-
by their gambling ventures at the time
they are seeking to ruin us by under
mining our credit with their spurious
dollars
This then is the whole Of what the
proposition amounts to- Where banking
is sound the proffered insurance fund is
scorned But those who attend to their
own business and secure prosperity In
life, are mulcted 20 pay the losses Of
improvident spectators and gamblers.
We could easily run this article out to
great length in showing how this is the
way in which all the schemes for pa
ternal Government taking care OF its
end in blight and ruin. But we
think mis- will do for the present. simply
to the Dispatch that The Times
can not attack all the evils Of paternalism
At once. When it reaches the usury laws
Il will be just as emphatic In exposing
their absurdity as it is in exposing the
folly Of al other efforts Of the Govern
ncnt TO take care Of family Of children.