The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-09
town and thus furnish to each locality

all the currency needed in that locality.
| The natural right OF all citizens TO issue
such due bills and the natural rig-s OF all
| other citizens to take them II they please
are so obvious that discussion would be
1 simply wasted II that view OF the matter
| were taken UP. The immense convent
| ence and service OF such due bills 10 n
| community are also so plain that II Is
amazing we should End any community
without them. Employees can certainly be
| induced TO take them in payment of their
wages. and the local stores. where those
| who Issue them are well known. would
certainly receive them from the employees,
and each neighborhood could thus easily
supply itself with all the currency neces-
sary IN the present stringency TO accom-
modate its business.
We can imagine but one reason that
has prevented notes OF this sort being
heretofore issued. The popular mind has
come 10 be saturated with the idea that
our paternal Government in looking after
the welfare of its children has made IL
unlawful for those children TO issue such
notes. II Is not certain however that
this is true The United States statute
imposes a tax OF one-twelfth of one per
cent. each month upon the average cir
culation" issued by any person "calcu-
lated or intended TO circulate or to be
used as money" The other provisions
OF the statute which is supposed TO bear
on the subject, would plainly not forbid
the issue of such due bills. That I'M
poses on every national banking asso-
citation. State bank or State banking as
sociation" a tax OF ten per cent on the
amount OF notes OF any person. or OF
any State bank or State banking associa-
ton used for circulation and PAID out by
them" II imposes the same tax on the
same notes Of any town city or municipal
corporation paid out by them This is
the dreaded and outrageous statute I'M
posing a ten per cent. tax on circulation.
But observe, & does not make the issue
Of the notes unlawful, nor does II i'm
pose the tax on the person who issues
them or receives them 1t imposes the
tax on any national bank or state bank
that pays them out as circulation. The
employer Of labor can issue them, the
Iaborer can receive them and the store
keeper can take them from the laborer.
But II the bank takes them from the
storekeeper on deposit 1t must pay
ten per cent. tax II it pays them out as
money.
1t is most questionable whether the first
mentioned provision of the statute would
apply to the case, but If IT did. 1t only
imposes a tax of one per cent. per annum
on the amount OF notes issued. aa1 that
is a mere trine compared with the bless
ings that would follow.
Mr. Belmont has done a great public
service in calling the attention of the
people of the United States TO the bless
rs which they suffer war legislation TO
deprive them Of by dazzling their eyes
with the ignis fatuus Of currency
"as good in one State as II is IN another"
What does the great body Of the people
OF Virginia care whether the notes with
which they transact tnelr OusleSs
amongst themselves will pass current in
Chicago and New York or whether they
will not? II they pass current amongst
themselves and at the country store and
at the towns where they make their pur-
chases, they serve all the uses that the
people of Virginia have for money There
is not one Virginian in one thousand that
has the slightest occasion TO Use money
outside the limits Of Virginia once in a
year. II the Virglnian has money that
passes in Virginia he has all that he
wants. He therefore allows this war
legislation to confscate his credit and
paraiyze his ability to use his own re-
sources in order that the currency Of
the country may be such as will pass in
quarters that he never sees and knows
nothing of but what he learns from the
newspapers. What madness. what sui
eide.