The times. [volume] (Richmond, Va.) 1890-1903, 1894-10-11

o the people OF the Argentine
yantede9afion would not be to-day pIess
~, 10 You SO strong In the wheat marke.
Of ENGLAND; they e, sUSm Y from nmefica.
Ia receiving from us In exchange los
a sha, wool such products as we MAKE
and they need. Because we taheu 'n ear
wool at least 80 and more tran % per
cent because we shut her out OF these
MARKETS. because we preferred TO MAKE
our people pay double price lor .ne rs
shoddy, we have driven her from being
good customer Of ours to being danger
Gus competitor OF ours.
This Is interesting and valuable as n
discussion OF the proposition which Is as
sound as the multiplication table, that IL
a country would sell its products to an
other country It must open its ports to
the free sale of that country's products
TO its own people.
But we wish to remark particularly upon
two other points in the above.
England's entire money is only little
more than seven hundred millions OF
dollars in our money, which Is consider
ably less than half the money the Uni'eo
States have. Yet England Is enormously
rich, and conducts a commerce In every
quarter OF the habitable globe greater
than any enthusiast ever dreamed, ht'y
years ago, to be possible. In view Oh
these facts, what becomes OF the eternal
clatter that we hear In this country OF
necessity for great increases In our sup
ply Of money?
We have no need for any more money
we have an abundance of money. What
we need is the repeal OF the tyranical
and arbitrary provision OF the national
bank law, which denies all persons but
those having charters under It, the right
to make use Of their credit.
This is powerfully illustrated in the
next point made by Mr. Wilson. upon
which we wish to comment. He tells US,
what is fact, that all about the Bank
Of England, In London, there are the
branch banks of the banks OF India,
South America, Australia. Africa and
Canada. When England pays us for that
two or three hundred millions worth OF
our wheat and cotton that is above what
she sells TO us, she does not pay us In
money. We buy tea from China. China
owes her for manufactures of cloth ard
cotton. She gives us n check on one of
the London branch banks that have Chi
nese connections, and our account with
China is balanced against her account
with China. We buy coffee from Brazil.
and she does the same thing in that case.
Wherever, in any part of the world we
buy anything, We find the people owing
England money for what they have
bought from her. and she pays us wheat
she owes us with drafts on those
people which are offset against what we
owe them, and the clearances are all
made at the London branches OF the
banks Of the country, In respect TO
which the transaction has taken place.
These London branch banks correspond
to what our State banks would be If we
were not denied our natural right to
have them. They are the clearing houses
for the localities that they represent, and
they furnish absolutely all the clearing
house facilities that their localities re-
quire. Our State banks. IL we were
allowed to have them freely, would be
the clearing houses for all the localities
Of our vast territory which are now with
out any clearing house facilities for want
Of them.