The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-14
WE MUST ALLOW STATE BANKS OF
ISSUE.

The human mind is finite. Its creations
are, without exception, imperfect. That,
in life, which is valuable, has been
evolved through the lessons OF expe-
rience. Consequently, just as men are
left free, to adapt their conduct to what
ever may be the exigencies of situa-
ton. we see their actions ripening into
perfect fruit.
Patient observers have discovered In
nature phenomena of deep meaning
worked out by the laws Of evolution and
adaptations. The whale and the porpoise,
though they dwell in the sea. are not
fish. They are mammals, as much 50 as
the dog-they suckle their young at the
breast--they must constantly rise to the
surface for air. and the whales front fin
U.s. in every bone. muscle and nerve,
mammals forearm modified by exercise
to suit the occasions OF swimming. 1t Is
as certain as anything not visible to the
eye can be, that both whale and porpoise
were once land animals. which cane to
be surrounded by water, and were forced
to adapt their lives to an aquatic exist
ence. Left free to adapt themselves to
the circumstances in which they were
placed, they developed existences per-
fectIy suited to life in the water.
That principle which these patient OBJ
servers have found governing all situa-
lions In nature. has an equal place in the
economy of mans affairs. When law-mak-
| ers leave men alone to govern their conduct
and contracts between themselves by the
rules that they determine best for each
| situation, liberty Is secure and pros
perity prevails. Confusion results as soon
as the law-maker intervenes seeking to
compel all transactions to come within
lines which his finite and bleared vision
has projected. II is not the least valua-
BILE remark of a great philosopher that
| the most important work which the law
maker has performed is undoing what
preceding Lawmakers have done
These general principles. which consti
| tute the foundation on which all The
! Times philosophy is built, are what con-
strain 1t to demand a repeal Of the act
| Of Congress imposing tax on the issues
! Of State banks. The Times does not pro-
pose to interfere with the existing issue
of S3i60OO.0OO Of greeabacks by the Gov
| ernment, nor does it propose to interfere
in any way whatever with the National
Bank act. All persons who desire to do
so will be left at liberty to open National
| Banks and TO issue just as many Of
| their notes as they please. That which
| The Times asks is that all others who
wish to issue other kinds OF notes shall
| have the same liberty as those who wish
| 10 issue National Bank notes. Let those
| who wish to issue the former do so IL
| they please. and let those who wish to
receive them do so If they please. and
give the new note the same opportunity
to adapt itself to what is needed in a
paper currency, as the whale had 90
adapt himself to an aquatic life. We find
that the whale ucceedqd. and The Times
belieyes-The Times knows-the new note
viii succeed. II II does II will bring a
great blessing 10 mankind. II II does not,
then 1t is not suited to the needs of
paper currency. and will perish from off
the face OF the earth. But men will have
been given an opportunity to add this
messen niger OF commerce TO their store
house Of valuable implements, to bring
them untold good IL well adapted to It,
to do but passing harm II 1t fails.
In the speech which ax-Secretary Fair