The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-18


t0t ives. tnH. while claiming 10 be-
ier. We fu.isrt ourselves 10 more re-
H.'uona upon banking. trade, railroads,
eymm,rec, ard industry. than would be
tolerated b.. any other sO-calicd civilized
..y... That D. miscalicl patcrnalism.
bees The dictionary contain name That
would Atig express out lack OF indi'id-
t.l capacity 10 80 olaer our own affairs
gr go Doe able 60 enjoy cur huse ahund-
alcc taat bass almost become q curse
io tg?
MASSACHUSETTS AND VIRGINIA.
Again. We huyr s5agpo people In Mas
saCnusci's. tcu have 500 Virginia popu-
igtloI OF i.Nra,0. We have no natural
resources. ne could not bread ourselves
a week rom our OWE corn. You have
l.c1.t9 people m Virginia holding do
mmico over territory whose Dotcn-
TALLY ga agriculture. timber and min
erals Ga uncxccucd. We have a savings
bank system. 81 trust in The true sense,
crCat organized system Of about three
hundred savings banks. managed by UNI
paid trustees. and by paid officers. Nearly
every other man. woman. and child 10
Tho Commonv has "a deposit IN
some savings lank. averaging more than
$50 each. Tho total deposits and profits
exceed SDO0.o9. II is but largely on
small mortgages 10 the end that the
people themselves may own their own
dwellings. u is lent ON certain classes
a. railroad bonds. only Of dividend pay
inr roads in the State. lt is lent ON
town and city securities. 10 is lent in
large amounts to managers Of factories
and workshops 10 gclve AS capital in
the conduct Of their undertakings, IN
which the operatives are among the
most numerous delositors. Under this
system. the interests of an. rich and
poor. are identified. and the people know
g.. When the loeal-tender act was pass
al and gold cost two paper dollars Tor
one part OF Tho debt of Massachusetts
m1tlrcd. Tho state Treasurer. support
cd hy the whole community. paid the
premium and met the debt in good
money in true money in money that
required no leeal-tender act or force-hill
behind IT, And ON THAT basis, on that
standard. uuon that unit cf value. the
credit Of the Commonwealth Of Massa-
chusctts has since rested. The verdict
OF the people in the late election has
been recorded to the end that tho credit
of fhc nation shall Do maintained in the
same manner.
"Nhgt have YOU in Virginia Ike 10
our banking system rhe money of our
people is not in their pockets. 10 Is .n
their savings banks. and when it was
proposed 90 deiraud them with bad
money Of fun legal tencer. they voted
n % body against The fraud. When YOU
have eulh Cd system or saving money
tile people o. Virginia both black and
white. viii defend their banks defend
their credit. ana defend the state against
a'l The forces Of disorder and discredit
that can hc brought against her.
81 may add That the vital element I'm
banking and ir the conduct Of savings
banks is that the people Of each little
community know whom 10 trust. and
therefore. trust each other The effort Of
every one il 20 pay every debt when u
if enc not 10 nut of or defer payment.
The losses I'm fifty years of the saving
bank system have not been onc-tcnth of
J per cent. of Tho whole sum Of two
billions that hls been deposited in The
nfs wears. Those people Of the South and
the distant West who look upon bankers
as men Who are trying 20 profit AT their
loss. and not 10y rendering service 10
them. viii alw1rs Doe poor and will never
hive money enough 10 met their roccs-
s9ry wants. oven ~ bad money We're is-
sued TO the full extent Of their de-
mands.'
STATE BANKS
Nlr. Atkinson was pressed 10 give his
idea as 20 what should Doe done 10y Con-
gross % relieve the distress Of which
DE speaks. and De was specially inter-
rogated AS 10 his idea of banks Of issue
But DE declined 20 go into details. saving
thnt he would speak of that hereafter
TIE did, however finally sum mp ass fol-
lows:
'Aiv conclusion is that when the people
or your section and of tho far distant
West shall formulate YOUR case. consult
with each other and with Northern and
Eastern men who fully comprehend tho
subject 70 will be very easy 10 secure
legislation under which c1ch neilhbor-
hood may either supply itself or he SIND.
Piled with adequate banking system.
That may require "a combination Of State
and National action There arc many
plans. each presenting points Of merit.
which "a competent commission could
bring into consistent form of law.
When that has been accomplished the
war tax of 30 per cent ON state bank
notes. passed as restriction. not for
the purpose OF gctting n revenue. must
Toe repealed lts purpo.e was TO make
forced loan of the capital 90 the banks
for war purposes n has served st. nur-
pose and has led tho way from tho old
sO-cailod il-Cat system Of uttoring
bank notes toward ono which may be
absolutely safe and suitable 10 meet tee
present demands az peace. order. and
Industry"