The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-19
A MOST PERTINENT ILLUSTRATION.

In his letter to Yesterdays Times Mr..
l.. G. Younger put his finger exactly upon
the raw spot when he said that there was
IN abundance Of money i'm the com
mercial centres but that he had never
known money so scarce In the interior
or collections, for that reason. so diff
cult.
That is what is the matter. All the
money is at the commercial centres. and
there is none in the country. Every man
who has any knowledge Of our condition
knows that what Mr.. Younger says is
the exact truth? Why is this? The rea-
son is as plain and as obvious as the nose
on a mans face. The conditions for
banking prescribed by the National Bank
ing act are such that IT is not possible. in
the nature of things. for them TO be
generally established throughout the
country. Those conditions make the
commercial centres their homes. The
result is that the commercial centres are
given a monopoly OF all the banking
facilities, and, the act practically for
bidding the establishment of State banks
all the rest Of the country is denied all
banking facilities. That is why the
commercial centres have an abundance
OF money while the interior has none.
The following case happened to come
under our personal knowledge: Some
ten years ago the treasurer OF Wythe
county Virginia. got into arrears TO the
State in a large sum OF money. amount
ing TO something like $4,000. His sureties
were called on 10 make good the defcien-
cy. At the time the great contest be
4,
her obligations to accept her coupons for
all debts due 10 her was at its height.
These sureties came to Richmond and
consulted the counsel for the States
creditors. TO know whether they could
pay their liability in coupons. which
could be bought for less than fifty cents
I'm the dollar. The lawyer advised them
that in his opinion they could. wheTe-
upon they undertook to raise some $4,000.
with which to buy the coupons. These
sureties owned a great body OF the
splendid blue grass Wythe county land,
and they were large cattle srazters.
Their joint unencumbered property was
worth considerably more than 100000.
They could not get $4,000 In Wythe coun-
~, because the money was not there TO
be loaned. The lawyer made every effort
TO borrow the money for them from the
banks in Richmond. but he was told at
each that that bank had no money to
lend. He pressed on each banker the
great amount of splendid properly that
the applicants owned, but it made no
impression. and the money could not be
raised.
This case tells the whole tale. Bankers
will not lend money, except on collate-
rails. to persons whom they are not per-
sonally acquainted with. No one Of the
bankers In this case said so. but each
one reasoned, "how do know that these
men have not got in their pockets now
deeds OF trust on their farms. that they
Will put on record as soon as they get
my money!" 1t is that line Of argument
that makes bankers refuse 10 lend money
TO persons with whom they are not per
sonally acquainted.
Now we submit that any condition of
law that could make any such case as
We have recited arise, Is tyranny OF the
most outrageous and grinding character.
II could not have occurred IL the ma
tional bank law did not forbid the peo-
pie TO set up their own local banks, and
II IL did not conflne banking TO the rich
men OF the commercial centres. II
banking were free as the people have
right TO demand rich community like
Wythe county would have had its local
bank that could have loaned these gen
tlemen $4,000 or much more money, and.
knowing them. and having the right 10
take deeds Of trust on their property, Il
would have loaned them the money. Ii
IL our deliberate opinion that the greatest
economical curse with which any people
ever was afflicted Is the National Bank
act. which confines banking to the COM
mercial centres. and practically confis-
Gates the credit OF the entire interior OF
the country. II the people were only al
lowed TO exercise their natural right OF
establishing their banks whenever there
Is business enough to justify them we
should never hear any more talk of de-
basing our money with fifty cent silver
dollars. But the popular move for free
silver 10 really the public aspiration for
means for conducting business now de-
MED to them. and that means is their
natural right TO make free and unre-