The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-16

\
lady who had river bottom cotton plan
tation. one Of the finest In Alabama VINO
had been utterly unable. in great stress
TO borrow 5000. Senator Morgan wanted
10 coin all the silver in the world into
cheap dollars. so that lady. as he thought
could thereafter borrow money when she
needed it. This lady's case is not cXcep-
tional. Everybody can easily recall SINH
lar cases. which may differ in degree but
not in kind
There IS ono picture, let us present an
othor. When the panic of 1873 came on
the country the Richmond Locomotive and
Machine Works had very large order for
railroad engines on hand. FOR their finish
ed product in which they were 10 re-
ccive more than $4,000. 1t required sew
cral months to complete This order. and
with the other work that they were TO 90
in the mean time. it wa, of course noces-
sary for them to nave the current use on
a great deal Of money from dag to day.
We all recoliect that the banks. by the
middle Of the summer OF 1893. just smut
right down upon granting accommoda-
lions 1T was useless 10 talk 10 a bank
about your gilt-edged securities. The
bank replied that We were IN shipwreck,
and that it must hold on 10 tho plank II
had. and you must find one as you best
could What did the Locomotive Works
do? They we're forced into the altcrna-
tive Of getting financial accommodation
somehow or Of throwing mp their com
tracts with a terrific loss. WHAT should
they do? they did that which every
man has a natural and inalicnabic right
to do. They rcsorted othcir natural
resources OF solf-defouce against impend-
ing injury. They had an abundance of
moneys worth. ana. remove the obstruc-
ton of foolish human laws from their
path, and they had no difficulty I'm making
that moneys worth do an the parts and
functions Of actual money. They coined
their credit They issued their promis-
sorry notes. payable. with Interest. sixty
days after Issue, and they made such
payments 30 their workmen. from time
to time as they were required 20 make
with their notes which the merchants of
Hichmo nd, knowing the soivency of the
company. gave the workmen groceries
ana clothes for, and thus they We're en-
abled 10 carry out every one of their
contracts with a profit TO themselves in-
stead of a destructive loss and nearly
one thousand workmen and their families
had a comfortable support during the
time when all would have been destitute
If the Republican act of Congress. that
forbids any person but the pctted ma
tonal banks to issue notes, had been
given the full operation that its trainers
designed it to have.
Now, it is impossible Tor any candid
man to consider these two cases and deny
that there is something ia our financial
system that is fearfully out of joint
There should be some supply of money Tor
the Alabama lady who had such resources
as she had 10 offer as security. II our
financial system shuts her Off frcm such
sources Of money as IL supplies. then IL
| is tyranny Of the most oppressive and
.
her natural right Of solf-dofcrce against
impending catastrophe-that right which
the action OF the Locomotive Works
demonstrated TO be a natural and an es-
scnual one and what is It that prevented
this lady from using her resources as she
wished? 1t IS the act of Congress which
forbiGs banks chartered by the States TO
issue their notes. The reason TINS lady
could borrow no money upon her re-
sources was that there was no national
bank near enough 10 her for the man-
ayers 10 know her. and know that she
would return the money they lent her,
or else. if near enough 90 know her. they
were forbidden TO lend money on real
estate. But II there had been no tax upon
the issues OF State banks there would
have been state bank near her man
aged hy her nciehbors. VINO knew her. and
she would have been able to- get the
accommodations that she needed.
And this lady and an n hcr situation
are denied resort 10 their local banks IN
order that the feathor-headed gentry OF
the land may make the American eagle
scream out on every hot fourth of July
that the United States has paper cur
rency, Of which every dollar viii circulate
all over every State of this glorious
Union.
And what is &c, pray, o. the Alabama
lady, whether every dollar of our cur
rency will circulate in every stale Oh
this Union. or whether it will not! what
she wanted was something that tho hands
who cultivated her cotton and the coun-
fry store-k keeper from whom shc bought
her supplies. would receive. II IT satisfied
Them il was not of the remotest consc-
oucncc To- her whether 81 would circulate
elsewhere or whether il would not.
! And that is the state and condition of
nine hundred and ninoty-nine persons out
OF every thousand in the United States.
/ If they have financial agency tcur-
roncy) that will perform the part OF
money in their local affairs, all their needs
for currency are satisfied
/ Yet. TO have this sham Of a benefit OF
note "as good in one State as It is in an
/ other" We throw away the substance Of
being able to use our resources as our
needs require. What folly, What i'm