The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-02
THE DAILY COMMERCIAL BULLETIN
ON THE NEEDS OF THEDAY.

In an editorial article In Mondays is
sue, that sound and conservative Jour-
nal, the New York Daily Commercial
Bulletin. has the following:
The truth in one word Is that. had
the world paid one-half the attention to
perfecting paper money issues that 1t has
TO hampering and restricting them, there
could never have been any serious ques-
ton about metallic moneys. II is the
needless uses to which we have artifcially
diverted gold and silver that we have to
thank for our silver crisis. With freer
bank note issues, we could have long
since wholly dispensed with silver in
Europe and the United States; and the
chief requirements for gold would have
been for the settlement of international
balances. and to provide certain mode
rate refund to insure the due redemption
of paper currencies. There can be no
question that this is the drift into which
monetary science is fast falling. The old
theories are too narrow to satisfy the
constantly expanding requirements OF
the worlds commerce. They heavily tax
commerce by compulsory devoting its
most costly products to non-productive
uses; and they forbid the realizing Of
vast monetary economy through giving
enlarged powers to bank credits. These
theories have lived their day; they are
largely responsible for the monetary
crisis that now aff1icts the commercial
nations, and il seems more than probable
that their results are destined to bring
about their early overthrow. In the light
OF such compensations. the possible COM
pete decentralization OF silver may prove
TO be very much mlder disaster than
che heated common imagination Is pic
turing II to be.
The whole science Of finance Is compre-
hended In the above. Registered letters
and quick delivery. quick express. rapid
transportation, the electric telegraph. have
almost done away with the necessity for
money in the business Of the world. Bust
ness is now transacted by balancing
credits The National Banks Of the United
States, with authority to issue an unlimit-
ed number of notes. have out only about
$50 900, 900. Why? They can find no profit
able use for them. The Banks are now
little more than repositories Of money.
lenders Of money and clearing houses
for their communities. Everything now
is done by checks. A Bank President re-
maj hNo ANNNHeiy W tHt NiiN'i iHdb Ht
constantly saw checks in his Bank now
for dollar. Twenty-Five years ago such
a thing was never heard Of The ex-
PLANTATION is simple. The mother OF the
family makes petty bills all about town.
These come In to the father. II is an
easy thing for him TO send servant
or one OF the children to the letter-box
within a square Of his house with a let
ter containing a check. and he would
much rather pay two cents TO get rid of
the bill in this way, than to walk to the
store to pay 1t.
The demand OF the day is freedom in
banking. We do not say that there should
be no restrictions on Banks. Whatever
our own opinion on this point may be
we are conscious that public sentiment is
too strong for certain restrictions for
them to be controverted now. But what
is wanted is that the tax Of ten per cent.
on the circulation of State Banks shall
be repealed; that Banks may be permitted
to start business wherever they are
wanted. under such restrictions as the
State Legislatures may see fit to impose
on them.