The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-16

,
ornmcnt--such system would make our
money current in commercial circles In
every land and CLINE, better than the
best tha. now exists In Europe better
than that OF Great Britain, which now
holds the purse-string OF the world.
There" says our friend. Tie says
he wants free national banks. and. hav-
ing admitted that their notes may be
secured by something besides united
States bonds. II that something only Sc
cures them beyond doubt. he has given
his whole case away. and he VIII be
forced 10 yield 10 our demand, and let
us have our state banks. with their notes
secured by whatever we have to put
behind them"
We tell our friend that he puts an in
terpretation upon Senator Sherman's re-
marks that the senator never had in his
mind. Mr.. sherman is an apostle OF
tho idea that the paper currency used
by the people must be of such a charac-
Ter that. wherever issued, II must be
backed by the Government. and 1t will
pass at par i'm any part OF the Union.
people Of Russell county, Virginia, can
transact their affairs satisfactorily with
Russell County Bank-notcs, they ought
10 be permitted 10 have them, even
though the people Of the adjoining coun-
ties SHOULD refuse 10 make use Of them,
and should send them back to The Rus
sell County Bank. in demand for gold
whenever they stray outside the boun-
daries OF Russell county. Such a prlVl-
lege TO the people of Russell county
would be a boon of incalculable value to
them. but Senator Sherman is deaf to
an appeals in behalf of it. In his opin-
ion, paper currency must he vicious
in its effects and nature unless every
note issued anywhere is good at its face
everywhere in the Union. And II our
friend should push him for eHplana-
lions. he would find the free national
banks" and the security that was DE
vopd doubt" would efectually bar out
everything which We in the South have
10 bank on. because those things are not
known in Maine and New York, snd
sherman demands that what we put be-
hind our notes shall be of "A quality that
will make those notes pass in Maine and
New York.
We believe the opinion for State banks
is growing. but we do not believe that
Senator sherman is relenuns in the
slightest degree.
Another friend has sent MS within the
mast day or so newspaper containing
a latter written by Mr.. ID. V. Rieger'
president Of the Missouri National BANK
of Kansas City. Mo, 20 a citizen OF
Atlanta. arguing with him that the SCUM
should abandon its call for State bahks'
hecause the North has associated the
national banks with the preservation OF
the Union. and. conversely, associates inc
state-bank idea With the State-rights
idea. and consequently the North De
comes distrustfui OF the loyalty OF the
South 10 the Union when it sees The
South pressing for State banks so
earnestly. He urges the South, there
fore. to discontinue this call for their |
state banks that the North may go on
in that happy tendency 10 believe the
South is once more becoming truly
loval" that It Is now yielding 10. Isn't
that case that justifies one in saying
ne has found specimen that Mr.. Van
derbilt might have classified with MS
brother-in-law, the late Colonel Elliott
y shepherd. for whose wisdom he ex-
more
kinds Of a fool than any man he had
ever known? Nevertheless, I'm spite OF
Senator Sherman, President Reger. and
all other Shepherds, people are learn
inc more and more every day that there
can be but one standard Of value. which,
since modern conditions have olsen. Is
gold. and that true freedom and true
finance require that all men shall be
al liberty to make their promise TO pay
that money as they please and to pass
them off to any person willing to take
them. That was our state and condition
from 1887 to 1861, and no people ever
prospered as we did then. There were
no very rich men, but we had a very
rich country. The wealth, instead OF
being accumulated in a few hands, was
spread out through the community, and
everybody was wel-off. That came
from the fact that every neighborhood
could have its bank of issue. whose
managers knew the people, ana let them
have accommodations as they needed
then, and according TO their deserts.