The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-21
thing that could. by any possibility, make
his bin one OF the slightest value



given for them are worth reporting.
Mr.. A said there was and could be hut
ono money which was coin, and that UNI
der modern conditions that coin must pe
confined TO gold. except that silver could
be uscfuny employed for subsidiary
coins-half dollars. quarters, &C. that
currency was not money. but only paper
promises TO deliver money and that II
was the natural right OF every man 10
write one OF these promises whenever ne
pleased. and TO deliver it to any other
man willing 20 take it. and that it was
,,orofore a niece of unjustGahle tyranny
in Government to intervene and abridge
the right OF any citizen TO write his prom
Use when he pleased and deliver il TO any
person willing TO take IL. a. thought
therefore. that sound principle required
| that banking should DE absolutely free,
and that each individual must rely upon
| his own knowledge and judgment 90 pro-
| tcct him from worthless currency notes,
| and not upon his government lie adj
mitted that in the commencement OF such
currency system individuals would he
imposed on and be made sufferers. But.
said he 81 is like all other things that
| provide rules and safeguards for them
selves when left 10 natural laws. II the
Government would keep it's hands off,
trade and commerce would soon weed out
all the notes OF banks not entitled 20
! credit. and there would soon be cur
| rency just as voluminous as business re-
| quired, and just as safe as the present
bank checks and certified checks of in
| dividuals that go from one end of the
| Union to the other lie referred 10 the
| notes Of the state banks I'm the old States
! along the Atlantic coast in 1861. They
were all at par with specie in their own
states. and at only small discount out
side of them, and what were called
wildcat" banks were confined to the
new western States. and existed there
because. and only because, they were
new communities.
b. raised the usual objection that
Virginian travelling would find himself
in Boston or Portland, ore, with his
rockets fun Of Virginia 0ank notes that
he could not use.
/ A. replied to this that not one Nir-
ginian in one hundred ever went outside
Of Virginia II his State bank notes an
swered an the purposes Of bis business
I'm Virginia IL was cruelty 20 deprive
nnety-nine Virginians of those notes re-
cause one sometimes suffered inconvCni-
enoe i'm travelling. especially i'm view 81
the fact that the national bank systems
wholly fails to provide the ninety-nne
with the currency that their business inn
perativoly requires. while the State banks
would furnish them with all the cur
rency that they need. He thought that
in such O case the one Nirginian who
travels should be required TO provide
| himself with gold or with bank checks
on the place he was going to. These can
De had for a mere nominal charge.
b. thought. though. that the fact that
Virginia bank-note was at discount
even though small, in New York would
be serious impeachment IN the way of
business between New York and Rich
mond.
But A. replied that settlements between
| New York and Richmond are not now
made with coin or currency, and would
not then De. that the business between
New York and Richmond IS neither more
nor less than exchanges of commodities
effected by paper transfers OF the value
Of those commodities. A Richmond to-
bacco merchant sells tobacco in New
York. A Richmond dry-soods merchant
| buys dry goods IN New York The dry
goods merchant gets from the tobacco
| merchant the credit which the tobacco
/ has given him i'm New York, and pays
him for it with his dry goods and
| customers note that Dc has, lie sends
| this credit 60 the New York dry-goods
merchant. and the New York purchaser
| Of tobacco satisfies the New York dry
GOODS merchant with some local wares
! that that dry-goods merchant wants.
The whole thing is done by swapping
| commodities. and not by payment of debt
with coin or currency
! b. then raised the point that as the
Virginia state bank notes were at dis
/ count in Ncw York they would Doe
cheaper form Of money. and would there
fore. under the operation Of Grcshams
law, drive coin away.
But A. replied that these notes would
be always payable on demand in Virginia
/ in gold. and chat they therefore would not
ne a cheaper money In Virginia. They
would have no tendency 10 drive gold out
oil Virginia. but would circulate here Oh
par with gold But. that being at
discount outside Of Virginia they would
always come rushing back here TO Doe zee
deemed i'm gold. and that would always
keep our banks sound and the people Of
Virginia always supplied with am album
dance of currency.
These comprise the chief arguments
ordinarily advanced IN "a discussion Of
this subject. and We think A. has far the
| best OF 10.
I
Good Ioaa- and Prosperity
II is Of utmost Importance that the Leg
/ islaure pass some law that viii meet the
requirements of our present situation.
f..f.r d 3D.