The times. [volume] (Richmond, Va.) 1890-1903, 1896-05-22
TEE FINANCIAL CHRONICLE MISSES
THE POINI.

liability and, as an authority on all ques-
tions OF pure finance. 1t has no superior
"a this country. It is not 30 strong. how
ever, when It deals with tie problems
OF finance IN their relations TO political
conditions. We have q notable instance
OF this in its last issue. Discussing the
financial situation OF the country. II says:
II there IS one phase which seems 20 us
more lamentabIo than every other Of THIS
currency agitation. % IS the procession
OF Southern states soiemniy declaring
ono after another in conventions. made
Up we may presume OF the BEST mon III
the state. for free silver coinage. We
say this "a so lamcntaDlc because we are
unable TO 7athom me state Of MIND
which can prOfuce such result IN
section OF the country $50 long known
as Intelligent and especially mtelh6eht
ia discussing questions OF finance. we
have acycr been able 20 find way 10
explain the prevalence OF these views ln
any community except ON the basis oil
extreme ignorance. or OF dishonest III
tent. or OF personal interest. ln ihe
case OF a Colorado man, the influence
controlling MIN when he advocates the
same idea IS not matter Of doubt. Ire
has his silver mines, which Doe lhlihs
are 10 he benefited, ne IS mistaken, uul
be honestly believes the value or SILVER
VIII be enhanced. win the mnaDllanls
of a Southern state no such excuse can
be Given a man from one OF hose
states explained the position IN bus
neicnborhood this week boy saying that
the OBJECT his people sought thlou-n
free coinage was more money. ihcr
merchants and business men, De said'
could not get money even az their nanHs-
because the banks had none 20 loan. ana
enterprise was consequently at % stand
sum. such an explanation coming nom
such a source is depressing because 10
shows such remarkable ignorance. IhtIe
is not a sound bank IN the south when
could not to-day secure All the money 10
wanted from Our city banks by getting
any good paper II noids discounted our
banks are literally overlooking with capi-
tat aarer for investment. an the south
needs 10 do 10 secure the loan OF the
capital I'm its enterprises IS 10 estao-
ush a character FOR honesty ana fair
dealing. But instead Of trying 10 build
up such d reputation and furnish evil
dences OF its good faith so as 20 make the
world believe II can be trusted. the
people are getting together IN state con-
public way telling capitalists thdi u
| they send their gold money down there
the attempt VIII be made 70 cheat them
out Of one-half OF every dollar II possible.
Is II strange that there should be a
dearth Of capital seeking investment IN
communities where such views are pro
| fesscdt
There is mixture Of truth and error
i'm this and the failure Of the Chronicle
and of AN Northern men 10 distinguish
between what Is truth i'm it and what Is
erroneous. is the cause OF The state Of
public mind regarding finance this day
existing in the South.
The Southern man who told the Chron-
icle that the object sought 10y the people
| Of the Southern States was more money
eitaer did not fully comprehend the
case himself or he failed 10 make the
| Chronicle understand it. The complaint
in the South is not that Southern banks
cannot get an tDe money they want,
for IL is probably true that they can.
! The complaint is that the great body
Of the people are unable TO get any. The
| Southern States are inhabited by am asri-
| cultural population, and they are sparsely
| settled. The people have very little
nroportv oxccpt their farms. the stock
oo ,hom and their crops. They have no
ocorr,torais, ON which TO borrow money
AT bank. When they borrow. therefore
+. must no from bank officers who know
tbc- and who know their abinty and
tbeir disnoeirion To repay-that u.s. their
character for honesty. business integrity,
and thrift. No bank officers anywhere
will lend without collaterals unless they
know tbom. The provisions Of the ua-
.t,.,l-l,,rr law are Of a character that
mako II impossible for those banks TO
grow up I'm the farming communities Of
fine Soutb These are unable 20 control
the conditions necessary for establishing
them. such national banks as the South
has are confined 90 the commercial cen
,r.s and .be managers OF these nave
~, o,o,,,i,tauce with the country peop,a
o,d will NOT therefore grant them any
bo,t accommodations The result is
ro creqt lodv OF lie country people
I'm tho South are utterly with
o,,t banking facilities and means
FOR getting money or currency
with which TO conduct thclr affairs. IT
8. not thorefore that there is not money
....,,,.,,, 90, ,b. United states that the peo-
u...t ,,,f., o.,.,,,,i,i,,, thot,.-h