The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-11
THE NEEDED FINANCIAL MEASURES

The Times has received the following
letter
TO the Editor OF The Times:
Sr,-A great diversity OF opinion pre-
walls among the people as TO the best
solution Of the vexatious currency qucs-
ton. II seems TO be conceded Oh all
sides that the present situation rs un-
satisfactory and In the very nature Of
things but temporary.
On the one hand, the free-silvcr men
are frankly and solely for the free COIN
age Of silver at the ratio or 10 10 ], and
claim that II their views are carried out
that VIC viii have "a safe and sound cur
rency. and that general and permanent
prosperity win follow ~ It's wake. Dn
the other hand those who oppose free
silver are not agreed on any particular
plan for the alienation or the present
currency troubles but are unalterably
opposed to free silver. and maintain that
IL such a policy Is adopted, We VIII be
but sowing the Dragons teeth ana
Sowing 90 the wind and reaping the
whiriWind"
We all want light on this subject and
we would thank you 10 show In what
respect the changes minated are dan
gerous. and wherein lies the fallacy Of
the reasoning by which they are attempt
cd 10 be supported.
First. Repeal the present prohibitory
tax Of 10 per cent. on State banks. If
Virginia is allowed to charter railroad
companies OF al description, what is
there so sacred about a bank note that
the Commonwealth cannot charter banks
and allow them TO issue their nOtesY Not
being a lega! tender. 80 one could be
compelled TO take them, any more than at
present 20 accept the check Of any cti-
zen. The check Of n man well known
10 the community 10 be perfectly sci
vent, will pass from hand 10 hand with
out being cashed. So IL would &c with
the solvent bank. II would afford local
currency, so much 10 De desired. ani
make he communities Independent Of the
U4Fa fffg % fu "a
renty for moving crops, etc, ~ concern
ed
second Amend the National Bank act
by allowing them 90 issue notes for the
par value Of the United States bonds held
by them. but compelling, ard not merely
allowing them. TO issue .he proportion Of
notes now permitted by law.
When that great statesman Chase, pro-
posed the law, one Of the strongest argu-
nents I'm its favor WaS that IL would
afford local currency, which W0uli
grow with the growth Of the country,
and expand naturally so as 70 meet tne
needs Of tho r-ople everywhere.
Instead Of this hWpy result tie M
tional Banks have been Wi'hiraWing
their Calculations and that currency has
been relatively a contracting instead OF
an expanding one.
They arc willing to accept the suppos-
ed safeguards thrown about thcm by
the Government. because the people are
more likely TO pafrOnzc them on lnat
account. but because Of the tax OF per
cent. on circulation and the high price of
the bends they refuse 10 issue the amount
Of currency allowed them by the present
law.
Third. Pass a free silver coinage act
with tho proviso that when the silver
coins shalt reach the figure or one thcus-
and million that free coinage shall cease
Without discussing any other reason,
why can France coin I'm the last one
hundred wears five thousand million
francs, at ratio Of 70 i-2 TO J. and We
be- unable 20 coin an equivalent amount
in dollars at a ratio of &c TO IL We cX-
coed France I'm population by TWO 10
one and are infinitely superior TO her IN
natural resources. in advantages OF loca-
ton, and, in fact, in all material consid-
In brief. If France can float the equiva-
lent of one thousand million dollars IN
silver currency and maintain her high
credit and tho parity of gold ana silver
why can't we do the same?
when this point is reached, if the
people then desire free coinage of sii-
yer without any limit. they can instruct
their representatives to pass the neces-
sary laws. and i'm tho meantime the
question of free coinage, on which men
OF equal ability. character. and financial
worth differ will have been forever sell
tlci ,.,,~.,,-,,>-
our correspondent Is perfectly right
about permitting State banks to issue all
the notes they want TO Issue. but he IS
an of about coinage of silver. about
Frances relation TO the subject, and
about compelling National Banks to is
sue notes. If our correspondent will DO
Ms the honor to read the series of ar
ticlcs which we shall commence to-mor-
row morning, as spoken of elsewhere
this morning. we think he will come TO
see the errors that now cloud his mind.
Contrary 10 expectation. Champion
James j. Corbctt was not at the ring
side TO second his friend and sparring
PARTNER stove ODonnea. in his encoun-
ter with Kiiran Monday evening. Yes
tcrday Corbet, stated ne remained away
because lac was afraid Sullivan would
bo present and would make a scene. \
modest prize-nghter. surely the days
OF impossibilities have passed.
Saws the Baltimore Herald. 1.-THE peo-
pie of Richmond are deeply exercised
over the annexation of Manchester. and
In creating a greater city about the
capital of the Old Dominion. 1t is not
much of a city these days that is not
reaching out after outlying territory"
There's nothing the matter with Rich
mond's reach.
The fact that Roscbcry wore a wor-
ried look when he attempted to speak
in London Wednesday evening brings out
the suggestion that he mas been trihng
with some dangerous drug. Drug is
at least charitable, but what do the
Tories call Il?
The newspapers say that tho question
whether football is to be played at Har-
ward has been settled by the overseers.
The decision Of the oyerseers has never
been in doubt 1t remains with the
team whether they play ball" or not.
The Delaware deadlock has adjourned
sine die. The assininty which charac-
ter.zed the members did not fail them
ia the finale. The Speakers action. in
elecung Dupont to the senatorship. will
be attended to.
one who knows says: "Whcn the
bank deposits in New York increase
si0Ss7N0 in week. there cannot be a
scarcity OF money, or a demand for ii
to put into manufacturing or business
enterprises"
Syengali has been arrested in New
York Cor maltreating another fellow
rsho mama of tho vvo,,op On ,ho cos4, g.