The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-13
One.tions OF Finance.

Goshen. Va, Feb. > 1870
| Editor The Times: l have been a reSu'
! lar reader of your paper for several years,
| and an IN hearty sympathy with most OF
/ your views on questions of public pollcy
| Upon the question OF fair elections ana
pure political methods / am with you
J heart and soul.
In reply TO your article in sunday
issue MIR. j. T.. Jackson uses the follow
ing language: This fact that is, that
comparatively few of the banks OF Eng
land are banks Of issue, and that notes
Of these banks circulate purely To-
cally'D only goes. i'm my opinion, to more
strongly establish the position that what
is needed is not SO much currency DIS
banking facilities"
To this You seem TO tacitly agree. and
Just here / have TO differ with you. 1t
seems To- me that Mr.. Jackson falls TO see
the difference in the conditions OF the
two counties.
Great Britain and Ireland have popu-
Iation Of 100000 within territory OF only
10000 square miles. or 333 persons TO the
square mile: while the United States has
an area of 3,70o0c0 square miles, with a
population o. only g., 10000 Of IS persons
10 the square mile and Virginia, one Of
the first settled States Of the Union, has
only 1.7OonO population 10 $3.50 square
miles or 20 persons 10 the square mile.
In your article Of Sunday you say
speaking OF t.nglaNd). Every locality that
has business enough 20 support bank
has one and Mr.. Jackson says: THE
English banks have branches everywhere.
and these meet the needs of the people
Just so. because there is sufficient pOpu-
lation everywhere % sustain them. and
because these banks are in every com
munity. the necessity for large amount
OF circulating medium is obviated but
where the population is as sparce as In
our rural districts, even of Virginia,
much larger volume Of currency IS ne
cessary 20 supply the wants of the peO-
pie All the banking laws imaginable,
whether State or Federal might be
adopted, and yet these people would
have no bank nearer than they now
have. and would i'm no way be benefited
thereby, unless there is to be- ample cur
rency. Therefore. a like provision OF
banks here as in England will not meet
our needs. / believe the wants Of the
people Of the rural districts can only be
met by Increasing the volume OF cur
rency.
The question then naturally arises,
How Is this TO Doe done2
by the unlimited coinage Of silver at
the ratio of IL 10 dollars that when
coined are really worth but fifty cents?
/ say emphaucally, no. To do so IS 10
impose upon the creIulity Of the work
irg man. who, when he has done his cm-
rloyer an honest days work, has every
right 10 expect his wages TO be paid In
honest money.
Laying AN other reasons aside the
injury hat will accrue TO the commercial
and manufacturing interests. and 10 the
at large. I am persuaded tnat
the wrong that will thus be perpetratcd
against the Workinsman is sufficient 10
condemn it IN the eyes OF every thought
ful man.
/ am convinced that by such a measure
he will be the greatest sufferer, for the |
great volume OF business is done by |
credits, but the wOrkingman Is paid his |
wages in currency, and as deprecated |
Will always come 10 the 'front.' |
IL Is in this that he must receive his |
wages. He is, therefore, of all men most |
Interested i'm a sound and stable cur
rency.
How is the volume Of currency to be
Increased? | again ask
Not by the establishment of banks:
nat, like the banks of England, 10 which
Mr. Jackson refers us, issue no notes. for /
hey would bring no relief.
But State banks of ISSUE such issue TO
'e based upOn securities OF uudoubted
dfetyi United States bonds, Virginia
State bonds, or city bonds of the various
lilies Of the State TO be deposited with
he State Treasurer at their market
'aiue as guarantee for every dollar Of
ssue, and. further, to be governed by
uch state laws ass may seem best But.
eSardlesS Of what plan may be- adopted
~ the state. let Congress repeal the
per cent tax, and let us have State
anks Of issue. This will give the rural
istricts a currency that Will not be con
nually drifting towards the money
entries, and that is, AT the same time.
eriectly secure. Some one will ask, But
hat will the issue OF our State banks
Z Virginia be worth in New York; |
nsWer that by saying that the bust
esS with New York is not done with |
nrrency, but by the system Of credits.
hich you haze 50 often and forcibly
20 forth in your paper. that il would be
seless for ME 10 repeat il. | say then
I've us State banks of issue, and the
nancial blockade which has extended
ger the whole country, will be soon
fled. and the wheels Of fortune will
i'm more rapidly than they have done
'r many years.
Very respectfully,
J. :. CRAIG