Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-09
THE RICHMOND DIsPATCH-FRIDAY, MARCH 9. 1894

effort anyway: / believe we shall not
have another panic IL the plan Is adopt
ed"
John II. Montague. president Of the
Citizens Bank. Is an old-time banker.
at ,s n first rate idea" he said, "and
ought to have been effected hfteen years
ago. There Is no telling how much the
governments OF the world have gained
In the losses Of many people OF money
and bonds Every fire takes some small
portion away. This Is tic reason that the
French government has been so SUCCESS
full In amassing its present large surplus.
Aside from the Indirect results OF the
benefits to be derived to the govern
ment. such a law will be far reaching
In its effects on the population generally.
IL will interest all the plain. economical
people I'm the credit OF the government.
The bonds will be absorbed, IL placed in
accordance with the proposed law. by
this sort OF people. who would hold them.
Some Will. OF course, pass as a class OF
currency, and this will also help things
along"
President J. c. Stcger OF the Life In
surance Company Of Virginia, said: IF
the law Is passed and the bonds are
placed as the statute directs Il is possible
that the concentration noticeable In bonds
OF past issues in the money centre may
----S
be avoided
n. r. Savage. president of the Grain
and Cotton Exchange: Il regret to notice
the action Of the labor examinations I'm
opposing the action OF Secretary Car
Isle In his efforts to take proper care
OF the Treasury Department by an issue
OF bonds under the old Jaw. Perhaps
If there were such law as the Herald adj
vocates on the statute books this SORT of
opposition would be dore away with. I
have not looked far into the history OF
the French governments methods, but
they have certainly succeeded on the lines
laid down in this measure"
NICE THING TO HAVE.
William G. Miller president OF the To-
bacco Exchange, said: Il know all about
tobacco. but very little about matters
financial 1t seems TO me. though. that a
s2O-bond seems to be pretty good thing
to have about ones person As 10 the
other effects Of such law cannot say.
l do not see how any harm could result
from trying the experiment"
John -. Cary. leading insurance
broker. said: II for one would favor the
idea for such n law. Under the proposed
plan of distribution the concentration OF
the whole issue in the hands OF a few
persons will be avoided. The law would
be both healthful and educational"
Mayor j. Taylor Ellyson said: THE idea
In its general aspect Is certainly worthy
Of adoption. The interest created among
the masses would be healthy In its effects.
There are some features Of the plan which
may require mature reflection on the part
OF Congress, but they are not objection
able ones / have not given the matter
that serious thought 1t ought to have,
but | think the general idea is good
one"
Colonel Archer Anderson, president OF
the Tredegar Iron-Works. said: 1.-The
Treasurer ought to have this power to
supply any temporary deficiency of the
rational cash by the issue of such bonds
running a short time at a low rate OF
interest. Popular loans have been sue
ccssful abroad
Edward Il. Addison. who is very prom-
nent in financial circles. said: THE Herald
plan has assumed tangible shape, and
there is small doubt that the plan will
be as successful here as abroad. Cond-
tons may be slightly different here, but
| think it Is but reasonable TO say that
the people would subscribe FOR such bonds
at a small face value. | venture to pre-
dict that II the people here did not abb
serb all issued that foreign investors
would be glad TO take the balance"