The times. [volume] (Richmond, Va.) 1890-1903, 1894-05-17

known. one ought 10 be able to see That
this ls n very strong argument FOR allow
| ing banks wherever they wili spring up
| in the country.
Discussing the expected move to brinS
the bin before the House OF Representa-
! dives to repeal the ten per cent. tax on
| the issues OF state banks. the Boston
| Advertiser. which ought 90 know mucn
better. has the following to say:
There Is at least one satisfaction that
The opponents of the wildcat money BIZ
mus. feel at this time. II the measure
! had 20 be considered IL could not better
be taken up than at present wnei none
I H. such q drug upon Tie market anu
tLeie Is clearly 40 need foI any iuIthe'
addition to Tie paper currency Ia tHiD
country Dnieas the Democratic leaders
are perfectly blind TO any sensible fuie'
Of finance, they must see for tneinse''eo
that 20 repeal the ten per cent. LAY vi
State bank issues a. this time IS 70 @0'
uselessly - We'll as foOiishly
The notes ISSUED Dy the state pd"''
would De clther sound money CT "~''e''
Gus money, ana il dangerous no ,.'
gressmau should support aHy pIopoS' '1o''
20 remove the DrOhibitive Tax IL 'nt
money issued by the state pahNs sn"unu
be worth the iull face value II "ouId
not find its way into circuia ION because
IL could uol b. loaned save on SOUND Sc
cu,.t. as matter of fact any person
who offers satisfactory security viii not
have the slieatcst difficulty in securing
Inouey at tie loves, rates known for
wears. Clearinghouse loans are made ~
one per cent; Street call rates vary
from one and three-fourtb5 10 three per
cent. a large number being made at two
uer cent. and even bank call loans are
being made as low as three per cent.
and time loans are easy to get at four
per cent Even in the West the state
ment Is mace that rates were never be-
fore so low.
Clearly II a man has good security 20
offer he need not worry over any fears
OF tight money. and If he has not good
security the State banks are not likely
TO so TO the trouble Of issuing ''gilt-edge'
notes to loan him when national currency
is such a drug on the market The propo-
sition to repeal the ten per cent. tax
on State bank issues at this time. there
fore, Is plainly either useless or danger
Gus. and in either case OUGHT to be de-
feated by an Overwhelming majority.
How ignorant Of the real course and
nature Of business the writer of this is.
What he says amounts to the argument
Of the Mahomedan barbarian. who burnt
the Alexandria Library, saying: IF it
contains anything that is in the Koran it
is useless. If it contains anything that
is not in the Koran it ought to be burnt"
and contains about as much sense.
1t is all very well to tell farmer Of
Wythe county that the New York banks
are full of money. and that If he viii
carry them Government bonds he can get
all he wants. CT should be noted at this
point that during a great part Of the
past twelve months they would lend on
Government bonds even to favorites only.
The Wythe county farmer replies that he
has no Government bonds. lie adds that
he has 900 acres Of blue grass land and
800 head Of fat cattle, but, says he, the
New York banks will not lend me one
cent on them. Nor will they.
Now can it be- wise system Of gov
eminent that frames IT'S laws SO that
the New York banks shall have vaults
bursting with currency, which they viii
not lend to this farmer, and which make
it impossible for him and his neighbors
10 establish their OWE bank, whose notes
will be entirely for their own convenience,
that will let him have all the accommo-
dations he needs on his fertile lands and
fat cattle?
We do not hesitate to say that the
law which confines all the privileges OF
banking to the New York bankers and
their aids and associates in the larger
commercial cities. and which denies TO
this Wythe county farmer all participa-
ton i'm the privileges and advantages of
banking. is the curse of the American
people to-day.
Release credit from its letters and al
low all men to set up banks at their
pleasure, under such restrictions As
their States may impose, and then every
man will have a place at which he can
make his character and property count
when he needs accommodations, and all
men will have equal opportunities in
business