The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-05-09


prior to 1902"
No. How many were there?
i can remember the number from 1856
to 1860. If there We're any before then
1861 do not recall them. But, during
those twentyfour years there were but four
bank failures in Georgia-the Bank OF
Darien, the Manufacturers bank at Column
bus, the Bank Of Ringgold at Dalton and
the old Monroe Railroad bank. That ought
to settle this talk about wild cat banks
in Georgia--for that is wild cat talk
Under the General Law.
How would would reallzeds3S:
How would you plan for the organiza-
ton of such state banks!
which they could be chartered, as we now
charter other tiduciary institutions or
equal Importance, and put the banks under
a system of regulation, reports inspections
and other protective rules that would guar
antee their safety and solyency to the gen
eral public"
could the creditors, in your Judgment,
be as well protected, in the event OF a
failure, as they now are under the national
"Befter, I think. The state could so
establish the system as to take charge, by
her proper officers, of the assets and stop
all scramblng litigation over them, giving
time to save all moneys from being INT
tered away, absorbed in fees for attorneys
and receiverships, and give protection ana
payment to all creditors alike. The national
banking law only protects the bill holders;
and all others must take pot luck as me
assets may be realized. am sure we couid
get q better system than that here in Gcor,
gia. 1t is silly to talk of all the financial
brains in the country being in the hetds OF
John Sherman and his crowd. Their brains
are busy with finances for their own Pur-
poses and the sooner we get rid or them
and their schemes, the better 1t VIII De Ior
the people of the country"
We Have Ample Assets.
But do you think there are free as
sets enough in Georgia ready to go lhto
banking to give us the needed volume OF
local currency?'
Il know there are more than ample
free assets for the purpose. The banking
system under the general government Is
based on the wrong idea-that Is, upon the
sole idea of the integrity of the government
itself. The basis of the banks is the
government bond, but United States gov
eminent bond cannot be sued upon, because
the United States government IS a sover-
eighty Hence, the only security beneath
the system is the pure honor of the party
in charge of the government 1t Is the
same, practically, with the bonds OF the
state of Georgia. But, on the other hand,
suppose the basis We're, in part, here in
this city, bond Of the city Of Atlanta. l
contend that is one of the best securites
possible, for you can sue the city, upon II
and every house, store, rail and shlngle III
That is valuable security as long; as the
city stands, and especially so In the case
of Atlanta where you cannot run deht
beyond per cent of the taxable property
valuation. | only give you that sugseS-
ton as pointer showing that there re are are
country, for all banking needs in every
locality, if the intelligence of the people
could get together and formulate proper
bill. Our home bonds are as good,
think, to issue money on here at home
as they are to borrow other peoples money
on in New York, Boston and Europe. Be
sides, such use of them would make
home market for our securities and We
would not be dependent on Wall street
and have a heavy financial balance always
against u.s."
He Favors Free Coinage.
What do think about the free coinage Of
silver?"
Il am in favor of it. Silver has been
money metal from the patriarchal times
and most of the dealings of mankind have
been in that metal as Il measure of ex-
changes. Even Judas did not sell Christ
for thirty pieces of gold-his pay was. In
silver. We must get rid of the idea thar
commercial values must determine tae
money values between gold and silver altis-
gether. 1t is the purchasing power and
circulating value per consequence OF either
that must determine their relations. The
constitution of the United States recognizes
silver and gold as coinage money metals
and their purchasing power under free
conditions should alone detrmne their rt-
ito of coinage IN great and independent
country like this. We are a. silver pro-
ducing nation, but if we permit gold own
ing countries to determine the money value
of our silver product we shall always be
financial serfs to them and rank as Il sec
ond rate and dependent financial power,
Such Il position for country of our vast
resources and 70,000,0O0 of people is the
political absurdity of the age
no silver Deiuge Possible.
You do not fear, then, that free coin
age of silver would flood us with the silver
OF the world and cause us to be at The
mercy of the gold standard countries?'
The glarng absurdity of that argument
is apparent when we remember that we pro-
duce 10 per cent of the silver of the earth;
that Europe's only silver is her silver mon
ey and that We put 11.34 more grains of
silver into a dollar than that required by
the European standard, and hence Europe 5
silver money circulating at home at 100
cents would recon III our free mint at less
than II cents. The worlds annual product
of gold is about $100,O00,000, but SO much is
used in the arts and dentistry as to leave
probably less than $2O0OO000 available for
the worlds supply of money. The world $
annual supply of silver is about III 100000
ounces, With 4 billion people of the earth
anxious to use it. 1t is IL fact that If we
tire annual product of the silver mines of
the world it would require ten years, with
our increasing population, TO increase our
per capita to $50 the equal of Frances.
the strongest financial country on the globe.
/ have here some statistics. Listen to them.
OF the worlds entire population 100. 500
600 have the single gold standard. Coun-
tries having a population of S31 900
have the single silver standard, and coun-
tries having a population of pa DO, 900
have the double standard of gold and silver.
This shows that one billion, seventy-five
million, nine hundred odd thousand of the
worlds population have either the single
silver standard OF money or the double
standard of gold and silver In the face OF
these figures are the enemies Of silver able
to maintain their assertions that gold is
the money of commerce? When there is an
unlimited use Of silver az a money metal,
then it's commercial value becomes its coin
value of necessity"
Then you stand for the full and free BIZ
metallic basis as it stood before silver was
degraded?'
81 am in favor of the broader basis of BIZ
metallism as defined and fixed In the con-
stituton Of the country The democratic
party is pledged to it, and if she does not
enact it. I am afraid she will smell brinier'
in the next appeal to the people"
The Chicago Platform.
Just there, since you have said something
abOut the democratic Dlatform. what do