The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-02

place where they are consumed. All the
railways and the waterways are Gun
strucfed mainly 10 move these tnliSs
and those who deal In them.
A ton OF two thousand pounds OF food.
fuel, iiDrcs. or fabrics. emitting fuel, Is
moved every year for every man. wo-
man. and child In this country distance
OF over one thousand miles over ran
roads only at a cost to consumers OF Tess
than cent ton mile or Tess ,rl,h
ten dollars n year. Yet ignorant people
denounce railway corporations and would
burden the Government with the charge
OF this service. for which II is totally un-
~ and incapable.
rood. nbres. metals. and timber must
be produced IN their crude FORM con
yerted into -four. dressed meat, machin-
cry. furniture. and building mate ialS,
then separated into parcels ana at last
dealt out at retail for final consumption
Before the food fuel hbres, ana ldp-
rics reach the consumer there are -
cnases and sales each conducted III 'eriiiS
or money-not less than three on 'he
average-before each article IS ready TOT
final use. what then ia the Noiuihe UT
mount or trauey Let each one measure
Or himself what he can buy at retau
prices by spending fifty cents day loI
IoOd fuol. clothing. and shelter' ~ 49,,
seems but n small measure lol o."
necessities and comforts OF INV NV,
much does II come to- Ihere nave
three purchases and sales at ieas'' m
Guiding MS purchase at retal OF MS
groceries. meats. flour. clothing ana iuei'
and or the materials OF which his house
Is built AZ the rate OF fifty cents a day
per lnnSte. That measures trade or
a mi I.nNF H
son VINO consumes cirV hrty cents
worth. We now number over seventy-two
million people O20W0O, II we multiply
tnat number by q dollar and half tl.oO
then the trade OF a day. that Is the pur-
chascs ana sales OF elcn and every day
must come 20 one hundred and eight mil
lion dollars GioSCorD and for the sup
p'v or ail or wants In : year ABOUT
forty billion dollars C.9f1oo00oQW
IN order that these materials on which
ire depends may be moved from produc-
ers 10 consumers. y thousand miles or
more the services OF banks and bankers
arc as necessary as me service or the
railways, steamboats, wagons. and wheel
barrows. Yet more. the monty in which
this trade IS conducted must be good
money, the unit or standard OF value
must he that kind Of money wnich every
one can trust. rnerc Is hut one KIND
,of,od money made of gold which con-
tains IN IT'S own substance the elements
OF us own valuation. Coin made of gold
VIII buy anything that men want any
wnere Coin made Of gold needs no force
or law or legal tender. It's value IN bars
or bullion IS the same as its value In CON.
II IS the worlds money Coin made OF siI-
yer at the weight OF sixteen POUNDS OF
silver 10 one Of gold IS not good money. IL
Is had rnoner. 70 will not buy anything
anywhere I'm equal ruantitide with eoid
coin. No one will take II unless forced 10
by law. ..
But this trade IS not carried on except
IN very small part by passing coin or
notes from hand 10 hand. Nine-tenths OF
moro or each DAVIS trade OF over hum
cred million dollars is worked by checks,
rilfs af oycnan-a. and transfers OF book
account IN terms Of money. II is only In
a part OF the retail trade and in payment
or part of the wages that coin and
bills or notes are passed from ono 10
another Who're the trade IS the largest
the credit the best. and the banks the
safest. The coin f. Kept IN reserve. aud
me icasf amonnt or wndt people common
y CAL money IS required or used.
The function OF banks and
bankers f. TO be trusted or
credited by those who do not want to
use their money Tor a time and to trust
or grant credit 10 those who want H..
In doing this work their losses by bad
debts do not amount 10 n quarter OF
one per cent. or twenty-five cents on
hundred dollars. on the credits which
they grant and the discounts which they
make. Their security rests on the food.
fuel Gbres. and fabrics which their de-
nosifors and their debtors are moving
from the producer 20 the consumer. The
uavmont OF the debts due 10 them and or
The denoeits owed by them rests upon
these general assets. and their losses are
but n mere fraction on their transactions.
THE Government attempts no supersis-
ion over this part Of the business. even
Of the national banks. constituting 20
10 o. nor cent OF the transactions neces-
cary 10 supply food. fuel. hbres. and fab
RIGS on a trade OF over a hundred NIL
Hon dollars day.
But under the national-hank ACT IL -
held that the officers of these banks can
not be trusted 10 Issue bank-notes which
are only the checks Of their cashiers on
their assets Congress must regulate
that matter. us members know what IS
.sra and suitable better than the bank
nffITNfr
ground the nrohibitory war tax Of ten
per cent. on bank-notes has been kept in
force. Great sections of the country nave
been derived Of the services OF banks.
and they have sought, almost In despera-
ton. for any kind OF money. bad or good.
even Decent dollars. in order TO get re-
lief.
Their grievance exists but their pro
posed remedy IS worse than the evil
which they seek to remove.
After tho present contest is ended, and
tie present unit OF value has been sus-
tanned the first duty Of the business
mems party. which is now being called
into existence. through the partial fall
ure OF both the old parties. will be TO
repeal the tax on bank-notcs. and TO enter
on what will then he the simple problem
of adjusting our banking system to the
conditions OF peace. order and industry
EDWARD ATKINSON.
The Gold Standard
Editor OF The Times:
.f- ttrbcro ora NJ Going What Is going