The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-11-25
The Banking Laws
Need Revision.
Edward Atkinson Speaks to
Southern Editors.

iRscHyoND, Nov. 18.-The Southern
Associated Press met in annual session
ae the Jefferson hotel. this city. this
morning, transacted considerable rou-
tine business and reelected the old off,
GERS Mr.. M. Glenoan of the Norfolk
Yirgioian was added to the executive
committee.
Mr.. Edward Atkinson Of Boston,
who vas 10 the city, addressed the
meeting at some length and among
other things said II need make no
excuse for being here. I came here for
rest, but when / fud myself before the
Southern Press association there is
word which must be said | have my
fDger on the centre of the nerve of the
southland whence the Influence may
come that may make or mar the
mighty future Of this nation. | know
not What all your views may have been;
with some of you I have held some
what bitter contest IN the late war
others have been with me-'let the
dead past bury les dead At the begin.
ming Of the 6oaecial reconstruction of
this nation on you falls stern respon-
sibilty
'.Several years since the president of
the largest bank. iu - came to my
Office. He put to me this question
What will be the end of the purchase
of silver bullion under the She: man
act?' to which I replied: a financial
panic such as shis country has never
seen and paralysis Of industry such
as We have oever Witnessed
'Wheo will that happen 2 To
which l replied No man can fix the
date when the doubt passes through
the land of the ability Of TIE treasury
of the United States to maintain the
payment of all its obligations of the
lawful unit Of value dollar made Of
gold" He noted this prophecy and
went away preparing like myself for the
future. That crisis has come and from
that paralysis we are now emerging
the verdict of the nation has been rem
dered impute 20 wrongful motives
to those OF your section who have sus-
taioed the acts which have brought on
this contest. 1t is ended !; let the
dead past bury its dead May we not
Join together baud to hand in the ef-
forts to restore conditions uoder which
all may make progress to prosperity
alike? Years ago I thought that | had
found in the restrictions upon banking
the cause of the dagger which we have
just surmouoted. In our section Of
the country we have more banking cap
ita| thas we can USE. In your section
aud in the far west it is lacking. Your
people are distrustful of banks and
bankers. not knowing or believing 10
the service which banks render to the
community, yet subject yourselves to
the worst aud most costly system. be-
cause you have no other. Your people
depend npop traders at the four corners,
taking advances from them at excessive
rates of interest. pus yourself upon OBJ
legation to sci! their products to them at
as much as they may fix and paying to
them. double price for all their supplies.
People cannot prosper uuder these con-
ditiops and the restrictions of the pres
ent bank act, suitable for the period of
war, aud, perhaps. justi6able. prevent
ing that mutual service which banks
and bankers might render to your COM
munity.
ut has been difficult for the men Of
the north and east to comprehend the
real grievance under which you have
suffered while they deplore your mistak-
en- effort 10 the recent election to bring
bad money not only upon yourselves.
but upon Us. money which required a
force bill or act Of legal tender to make
it circulate at all
1--WE now ask you to formulate your
needs, to state your case and to join
with us in such reconstruction of the
banking system of the country as shall
make this nation unit, knowing no
sectional wrong to prejudice. each serv
ing the other according to its ability
and its needs. There are many meth
DDS by which this can be done. The
adjustment is matter of detail. Are
, we such incapa5les that, possessing the
greatest resources of the world, We are
smoshered in our own grease because
we cannot organize system by which
we can serve each other?
..The Lawful unit Of vslae, surviving