The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-01

on Saturday last ihe editor of this pa
per wrote TO the Hon. Joseph IT, Walker
Of Worcester. Mass. who is chairman of
the Committee on Banking ana Currency
OF the House of Representatives a letter
Of which the main part is given below.
Tho letter was not intended for
publication. but upon fits receipt MIR.
Walker sent tho following telegram:
Worcester Mass. Nov. 30, 1896.
Joseph Bryan Tho Times. Richmond
Va:
Fully concur in general statements Of
your letter. May / publish it in local
papers.
J. II. WALKER.
As Mr.. Walkers concurrence gives in
interest and value TO the statements. We
sive them for what they arc worth.
Richmond. Va. Nov. 2>, 1896.
Hon. Joseph il. Walker. Worcester
Mass:
Dear Sir
There was a genuine grievance at the
bottom ot the lrce-slivcr movement. and
that grievance has not been removed. and
until IL "a. We will have the same trouble
recurring IN different degrees. no my
mind ID is Indispensable that the National
Bank act be amended and enlarged so
as TO give greater banking privileges. 10
make banking more profitable, 10 enable
BANKS 10 issue currency upon assets not
necessarily government bonds. 20 allow
banks 90 have branches and TO extend
these rights 10 State banks that viii ace
ccpt the provision Of the National Bank
act thus amended. cannot cNaggcratc 10
you the intense feeling of the South
against q banking system which concen-
trates loanablc capital in the great nnan-
Cial centres. 10 is better for banks 10
run the risk Of failure. under provisions
OF greater liberty than TO have them tied
up as they now are. a. the expense Of
the welfare of the people. and certainly
mourning their hostility. The require
mcnt that reserves may be kept I'm GER
tain cities. where interest is paid. which
IS gotten from loans on call-tends 20
withdraw the capital from points whore
Il IS needed. and which could hc re-
tanned in our cities II tho practice OF
loaning money on call existed.
Taxation Of am kinds upon banking
capital should De removed ass stimulus
20 investment in SUCH busine s. The loss Of
the revenue 10 the National and State
governments would bo paid ten times
over 10 the public in the facilities IL
would give people TO earn money. The
present taxation is Ike taxing TO death
the tools OF q carpenter
From a political point OF view some
such action is of the greatest importance
Our country districts in the South are
practically donudod Of any system whore
by man. VINO ls entitled To- 10. can get
the credit witch i8 not only extended 20
the farmers OF Great Britain and the con-
tlnent, bat which S. eagerly pressed upon
them. From Richmond 10 Lynchhurg
Va. along James river, n distance Of one
hundred ana forty miles and ,hicalv
populated one Of tho most fertile valleys
I'm this country there ia not ono single
establishment for the receipt or loan OF
money. where under the State bank sys-
TEN OF ante bellum DAYS there We're pros
porous banks. II strong bank IN Rich
mond or Lvnchhurg was permitted 10
have a branch az some one OF the little
towns along in this valley the cause OF
complaint would b removed.
The rate OF interest throurhout tho
South. when money can be gotten at an
Is from 10 u per cent. and that. too.
when tho lender has taken ample security
for its payment. The South is prosper
Gus now. It's cotton. made at the lowest
possible cost. having brought good prices.
~ .store accounts and fertilizer bills