The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-28

THEY ARE NOT WANTED.

The letter which we published yestor-
cav from correspondent in Marquet
Michigan. remarking upon one OF our ar-
ticles In the issue Of the 18th. argues that
IT would be possible to make the notes
of state banks circulate all over the
United States by following the Canadian
plan. and having a deposit Of per cent.
Of their face with the Treasury OF the
United States together with inspections
Of the banks by United States examin-
ers.
The point We want to press is
that r. is not desirable TO have
the notes Of bank "as good in
one state as in another" We don't want
them 10 be so. We want their circulation
confined to the neiehborhood where they
were issued Fifty years ago remit
tances were made from one part OF the
country to another in bank notes. ana IN
conveniences Undoubtedly arose then
from the notes being at a discount away
from their homes. But remittances are
not now made with bank notes. BANKING
has spread its network over a great
part Of our territory and it would spread
that network over every foot of IT If our
State banks were given freedom. ke-
rnittances are now made by bank checKs
and drafts. Transfers of credits do al
of the work Of business now. There Is
no need. therefore. for bank notes as
good in one State as they are IN an
other" Pursuing this ignis fatuus. then
reaching out always for bank notes that
there is no need for. We deprive ourselves
of the inestimable advantage OF having
bank in each neighborhood whose man
ayers know the people of that neighOOr-
hood and know exactly what credit each
one is entitled to- and who therefore
grant each citizen all the bank accommo-
dations that he needs at the moment OF
time when he needs the accommodations.
The result is that nobody can borrow
money unless he is known to the presi-
dent Of a national bank at a CONNER
cial centre, and it is then given him as a
favor. and the great bulk of the rural
population that is entitled TO have mon
ey always to its credit is starving Tor
everything not raised on the farm.
There is no good any longer in the
note "as good in one State as 1t Is IN
another" There is great good in the
note being confined to the neighboi hood
that issues it by the distrust OF neighbor-
hoods that do not know it. 1t stays there
10 furnish the people of that neishbor-
hood with the currency that they nee1
ard the distrust of it away from nome
sends il back TO its issuer as soon as IL
stravs away from home TO be redeem
ed in gold and thus keeps the issuer al
ways alarmed. and held down. there
fore. to issuing no more notes than ne
can he prepared to redeem at al TINES
in coin.
As to the bank examiner. 10 which
our correspondent refers, In our opin-
ion our government has no more olten-
sive appenGage at all. and none That is
more absolutely worthless The bank
examiner IS part of that nasty. sociaiis-
tic. republican idea, that government
must protect the citizen in all ms
affairs. II is at war with every true
idea of rational liberty, and it dehes our
An~lo-Saxcn instinct that.every man mas
the right 10 manage his own affairs TO
suit himself so long as he trespasses
upon the rights of no other man. Every
element of the Saxon character rebels
against this notion of espionage and ser
VIGILANCE of the citizens private affairs.
That our people have submitted TO the
impairment inspections of the bank oN-
aminers as they have is one of the most
remarkable tributes to their conservative
and law-abiding character.
And the bank examiner is as useless as
he is offensive. Usually the creature OF
politics. he is generally ignorant Of ac-
counts. and his pretended examinations
are the most perfunctory and useless
formularies that it is possible to go
through with.