The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-18


TO the Editor Of The Timos:
sir take the Seml-Weekly Times, ana
have been much interested IN your 49,.
clos on State banks bat as 40 ROY ip'ly
we're once ORGANIZED and may b. organ
tied again, / Will be glad. proV'atd YOU
can do so. II you VIII so m9le luiy 1i'o
the plan and its details, IN the sel n,i.
weekly issue. for the benefit a our
friends In this section. nc point most
frequently made against state banks ~
that they Will not furHlsh currency
that viii pass without trc.lle oil ever
tho United states, We VIII be slad II
You viii specially note that point.
Very respectfully.
INQUIRER.
our correspondent. and. indeed, every
other person. ought 20 take the Daily
Times he misses some Of our articles
hy taking the somi-weekly only. md no
enc. of course. car afford TO do that.
our correspondent IS undoubtedly right.
TIC point oftenest made agar 81 state
hanks IS that their notes Will not pass
all over tho United States. II - an
ether proof. like the popular idea that
the Government can convert nfty cents
worth of silver INTO a coin az valuable
MS gold dollar. how liable the great
body OF the people are 10 fall under the
dominion OF an error, but only for
,imc-when the people have the facts
fairly presented their judgment IS as
nearly infall'ble as human Judgment can
be. II is thus and thus only that The
proyerb Is true. "vox populi. vox DOL
What the people now need in the matter
Of State banks Is more Information.
II IS not OF thu smallest importance
that bank notes should circulate In all
parts OF the country. Forty or fifty
wears ago their failure 10 circulate with
out discount I'm all parts Of the country
caused considerable inconvenience, be-
cause our system Of banking was very
imperfect then and banking conveniences
were very limited IN vast areas OF the
territory But banking has now spread
out its qualifications in all directions. ana
It would completely cover the entire race
OF the country with a network II the
national bank law did not put such cruel
and destructive restrictions upon II.
Forty or fifty years ago because OF
tho limited facilities Of banks. many re-
r7ittances were pado from one part Of
the country 10 another with bank notes,
and great inconvenience arose from the
u
other where they were at a discount.
But much of that IS all done away
with now. Remit'anccs are made
mainly now by checks and drafts.
All business Is now done by transference
Of credits at banks. and It would be many
times more than It Is II the national
liking law ala not prevent the peo-
pie having their local banks whore the
individuals Of each ncighhorhood could
get all the credit that their character
and property entitled them to.
This IS the great and fundamental fact
that IS overlooked. There is no sort Of
need now for notes that will circulate
away from the place OF their issue, be-
cause banking facilities have so increased
that remittances can be made in all d.
rections by bank checks, and that is the
method universally adopted. The soil
tary people that would find inconven-
iences from a local currency would be
the travellers who were foolish enough
10 80 from homo with local currency I'm
their pockets when they could Just as
easily carry with them gold coin or
bank check on the place they were going.
To-.
But. on the other hand. what untold
injury does the pursuit Of this ignis
fatuus Of a currency "as good in one
State as Il is I'm another" DO tho great
body Of the people? The present bank
ing system confines all the banks TO the
commercial centres. The managers Of
them DO not know the farmers ard the
country merchants. and they win there
fore grant them no accommodations. The
great body Of the people are therefore
deprived * all means OF using their
property as basis Of credit, and they
therefore find all the channels Of barter
and exchange wholly closed TO them.
The national banking law Furnishes the
great body of the people "a no tyrant
ever scourged his subjects II confis-
tates their resources ana forces men who
ought 70 have good bank accounts TO live
IN the direst poverty outside of the meat
and bread which they raise on their
farms.
We have no plan FOR state banks 10
offer our correspondent Repeal the tax
OF ten per cent. on tho issue of their
notes and keep the hand Of Government
wholly away. and the subject will ~
once take care OF itself. our CORES
pendent would at once see a state bank
al every place that had business enough
20 support one. and all the people In that
neigliborhood would at once have all the
/ io,iy Recommendations md n onpy that