The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-20
THE DISPATCH STILL MIsUNDER-
STANDS THE TIMES.

|
national bank notes and 1t does not Intend
| TO state the objections of other persons
to either Our neighbor will please stick
pin right there. This is the doctrine
OF The Times, to wit: That any per-
sons shall be allowed 10 have national
who desire them. and that any person
shall have the right TO contract Tor ana
receive national bank notes who wishes
to receive them. The Times desires tha'
there shall be perfect freedom in respect
TO this matter amongst all classes ot
people Does the Dispatch now see that
The Times makes no objection to nauonai
banks or to national bank notes?
The Times next points out the TACT
that the national banks, from their
nature. can never supply country people
with the currency which is absolutely
necessary TO them. They start In COM
mercial centres, with national charters
based on national bonds They are
managed and controlled by gentlemen
who have perhaps little personal acquaint-
| ance and less business transactions with
( the farmers and who will. therefore,
make them no loans. The Dispatch says
they will lend TO a farmer II he gets an
indorser. Yes, a city indorser which
the farmer can no more get than he can
get the loan.
What the farmer wants is neighoor-
hood bank, managed by his neighbors'
! who know him, his means, and his char-
| acter for honesty and who will there
fore lend to him upon those. Now the
farmer wants an opportunity to establish
hanks of this sort. Like The Times, ne
has no objection to the Dispatch having
its national banks. But he says that the
Dispatch should make no objection In
turn to his having his State lank.
Does not the Dispatch now see that
The Times is making objection 10 no
banks? 1t is advocating freedom. IL
says, let those who want national banks
and their notes have them, and let those
who wish State banks and their notes
have them. 1t is only asking that all
men shall have their national liberties
without interference from the intruding
and restraining hand of Government
The Dispatch seems to think The Times
wants a force pump employed TO drive
State bank notes abroad through the
lard. 1t wants nothing of the sort. 1t
wants n dozen citizens who nave agSre-
gated themselves for business under
charter from the State of Virginia, left
the same liberty TO deliver TO their credi-
tors their promissory notes, If those credi-
tors are willing TO receive them. that
each individual had before he Joined the
aggregation.
A leading business man Of Richmond.
who is a director in a national bank, re-
marked in the writer's hearing few
days back that II he had 5000 tons OF
old rails in his possession and wanted an
accommodation on them of $4,000 from
Richmond bank he would be unable to
get 1t.
II the State Bank OF Richmond were
not most unjustly forbidden by an un-
constitutional act Of Congress to issue
it's promssory notes, 1t would gladly ad-
vance the merchant the $4,000 on the
security suggested! If it had no green.
backs or national bank notes in Its
vaults, ii would create its own notes
in an hours time and lend those. 1t
could do this with absolute safety and
great profit. It could telegraph TO New
York and, for a small premium, have
$40, 900 coin dollars here the next morning,
which il knows would be ample to meet
the $4,000 of its notes, as 1t knows many
of them would be comparatively slow
in returning to 1t for redemption. The
merchant would thus get an accommoda-
ton absolutely necessary to him and the
bank would make good profit.
Another large operator in Richmond
told us recently that his business required
$50. 900 Immediately. He offered first-class
collateral to the Richmond banks, but
was unable to get the money because they
did not have 1t. He had TO go TO New
York for it, where he got 1t from trust
company. If the State Bank of Virginia
were not unjustly denied its natural
riBnt, II WOulu nave dSSOiAibON"@NN NHiS
gentleman.
We know OF another case where gen.
tleman who was. in 1884, one OF the
wealthiest men In Virginia, was unable,
In the tight money market Of that year,
TO borrow In the Richmond banks $4,000
Of cash, although he could have put up
one hundred thousand dollars in first
class collateral to secure 1t If that would
have brought the money. If the Dispatch
doubts these statements we will ask per-
mission to give it personally the names
of the parties referred to.
Now State banks, with no restrictions
on their right to issue notes, but COM
PEELED to redeem them in coin when pre-
scented, or TO go into bankruptcy, would
have supplied currency in each one Of
these cases. They would always expand
and contract their currency as the bust
ness of the community needed more or
less of 1t. They would be blessing to
the commercial centres by adding their
notes TO those Of the national banks, and
be doing in substance what the national
banks of New York city have done in
all pinches when they issued their clear
ing house certificates to supply want
Of currency they would supply the
farmers with what the farmers simply
cannot get in any other way.