Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-03-13

A ,are~ number OF the bankers and
other expert fihanc,ers OF the country
undoubtedly desire to see the present
monetary or currency system Oh 'ne
country done away with, and new
system substituted. They lay 1t down as
an indisputable proposition that inc
General Government should not en-
gage in the business OF banking. ana
having this proposition as founda'ion'
they proceed to build upon that iouhoa
ton and invite the cooperation OF q"
nsrsons bankers and others, who agree
with them In their leading premise. NO
bodv seems to doubt that the Generai
Government ought, II possible. to be OIL
yorced from the banks. and yet "ne"
II is proposed to substitute new pam
ing system for the present one, ana thus
do away with the existing law proViuihe
for the security OF note-holders ana con-
tanning other features connecting 'no
new system with the National GOVERN
ment. doubts begin to arise In the preas's
of the advocates of any new system
and they desert each man his own pant
ling.
OR. suppose It Is proposed by the
strenuous advocates OF the scneme ior
divorclne the National Government from
the banking system that the old ante
belium banking system shall be restored
What follows? The people OF the pre-
sent generation have never experienced
the benefits nor the evils OF that sys-
TEN. and are naturally afraid to ADOPT
II. The old Independent banks Oh VIZ
ginia were allowed to issue circulating
notes upon very much the same sort
of security as the present national
banks furnish, only the bonds deposited
were State bonds instead Of national
bonds. But the independent banks did'
before and up to 1851. but a small part OF
the banking business. The State-pank
system proper allowed circulating notes
to be issued upon three times the amount
of specie In the vaults of the banks.
That is to say, the banks might. upon
one hundred thousand dollars OF specie
issue and draw interest upon three
OF four hundred thousand dollars OF
circulating notes. The men who now
object TO the existing national banks
that they draw interest upon their ma
tional bonds and also upon the circu-
lating notes based upon those ponus'
WILL of course. oppose any new banking
system having that feature.
Again: When 1t Is suggested tnat inc
outstanding greenbacks might be retired'
and the banks and the government 50
far divorced our timid law-making bank
ers or bank-making lawyers dare not
come ND even to the starting point
Think of II, that Republican House OF
Representatives has been in session In
Washington for more than three months
and financial reform is az far OF as ever,
Though Chairman Walker, OF the House
Banking Committee. has a bill which 1t
Is possible, but by no means certain, that
he will try to press to its passage. Seve-
raj schemes are advocated In the House
Of REPRESENTATIVES. One is to permit the
increase of the circulation OF the ma
tionai banks to the par value Of their
deposited bonds.
1t is said that the Republican leaders
I'm the House are not I'm favor OF MI.
Walkers bill. 1t Is a merItorious bill
and ought to become law, unless, in
deed. our Republican House of Repre-
seutatiyes intend to substitute a new
banking system for the present one.
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