The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-12

Danville Va. June 6. 1880
Editor Journal of Commerce anu ~o''
mercial BULLETIN:
As one of the plain people to whom par
ticularlv the question of money Is q.
vital value / ask permission 10 PlcSeH'
the following. Personally, ana spcAAilo
Tor thousands who stand in doubt a.
-. u,hot is the right way, / believe III
sound currency. be It gold or be II SILVER
ono ar both. but let il be stable the worlc
o,er GOOD and above all current, so ina
IL cannot congest in any centre put now
freeIv as does the lifes blood through
out the entire body polite.
find i'm the South that very many Nor
are turning TO the silver craze not "V
cause they want deprecated cuIIencs
for they deplOre such a possibility, but
because our financial policy at present is
euch as 10 cause the money TO congest
in certain centres. and deprive localities
at critical times Of the means OF local
exchange. and it is the apprehension
of such congestion hereafter that makes
them seek safety by getting plethora
of money.
IN my opinion the evil from the latter
will far outstrip the possible mischief OF
the former, should IL occur. Therefore
The repeal of the tax upon state bank is
sues. which tax | cannot but consider
unconstitutional, giving to every commu-
nifty the coveted opportunity in any strin-
gency Of supplying "A local demand foi
currency by a local currency. would re-
ueye the apprehension aforesaid and do
more to stifle at the start this spreading
silver craze than any other eXpedient. y
practical Illustration of this may not be
out Of place.
In 1898 when in this city of Danville
Va, our tobacco was coming TO market
the money was wanting and not to be
had for local purposes In the teeth OF
the law our banks banded together and
issued scrip I'm denominations Of from 81
to SO for a limited period and the farm
ers took it for their produce. the mer-
chants for their wares. the wOrkmen
for their wages. whereby a panic was
averted. the crops were marketed. and
all branches Of business benefited When
a man went abroad he converted his
scrip into bank notes or coin without
charge and thus had the money he want.
ed to use elsewhere.
Therefore IL seems 10 me that the sound
currency agencies should adopt as par
of their policy the PRONUNCIATION of such
change in our currency laws as to enable
any community. when its needs demand
TO supplement the money of the whole
land by a substitute for such money
within its own limits without fear of pro.
secut.on.
Any restraint upon the currency is I'M
democratic and vicious nor need we fear
in these enlightened days that wildcat
banks can float valueless issues of notes
upon a gullible public. The national
Government should not do banking
business. but. keeping its standard of
value high. good as gold from one end OF
the earth to the other. il should not ham.
per any section with the least restraint
Of its right 10 provide for itself and its
people the fullest and freest medium OF
exchange. elastic enough TO rise and fal'
as the day demands. and measured at
last by its worth In the standard OF valu,
Of the nation.
OF course this opens up a chance for
money changers. whose iniquitous traffic
provoked from the Nazarene his out
break in the temple at Jerusalem. but fan
less evil will come TO the individuals
who suffer from their folly at the hands
OF such rascals than 10 have the nation
afford 10 certain centres OF capital by ar
iniQuitous system Of finance the power
10 oppress whole sections by congosting
the money when most needed.
Finally, | believe In a sound and stable
standard OF value but | believe that
every man should have the right TO take
his paysin what he peases and every
other man TO pay for what he wants as
can be agreed, and II local bank note
IN one locality buys q dollars worth.