The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-22

~, he loans had been mducln The BANK =
notes. The farmers took the notes and
carried them in their pockets out into
the country. instead OF making deposits
they paid them out 20 their neishbois.
and the notes circulated around there
just as well as the best gold dollars that
could be coined.
The panic Of 1867 found the banks Of
tho state Of Virginia even more extended
than they were i'm 1850. but. though they
suspended specie payments for "a whAe.
they tidcd over their diniculucs ana
came out an right. The Legislature
passed an act in lNN requiring them 10
resume specie payments ON the Jst DAY ot
May. 1858. and they resumed, and con-
tinucd TO pay specie until the war came
ON.
VIRGINIA OF THE PRESENT.
7 have told yoG good deal Of the Viz
rinia o. The past. Let me now tell YOU
something Of 'hc virginia Of the pres
emf. We have az Richmond magnii-
cont. up-tO-datc railroad locomotive plant
capable Of turning out three hundred en-
zines year and Of giving steady en-
pioymont 10 more than one thousand men.
When tho panic or ls3 came on. TINS plant
had on hand an order for more than Sixty
locomotives and 10 was WORKING more
than ecvcu hundred men. The banks
shut down and this concern. though back
cd hy the most ample capital and col
iotctSle fo.rc5 II would bc unable 10 per-
f,,,n H.. CONTRACT because 10 could hOr-
,,.,,. ma ,,onnv 'rlcv took the bull by the
horns and ISSUED their own notes WITH
which 10 pay their men. The notes were
al a small discount. but tho merchants
soon began to receive them freely Inc
comrany kent this up for some SIX
months. they completed thcir contract
and driiv.r,I tho curince Now IF there
had lao, no tax in the way. why could
,ot our city hanks have issued those
rot.g and why should they be denied
th. RIGHT ~ do 10
We nav. FORTY odd millions worth of
nronorfv n Richmond every dollars
worth OF which is capable of being turn
ga into banking capital and an IF which
,-orld Io turned into banking capital
thai the necessities Of amy case required.
- ttore were no obstacle in The WAY yet
r. ,,. of orr large concerns gets large
o~dlr e. hae - rum 20 Now York or Bos-
,o, ia got tho money with which 10 exc
onto H. why should we not ho M liberty
to ii.e onr own resources for them?
n H. lo asked WHY do not tie national
hanks of Richmond now issue the notes
necessary to handle such contracts As a
pi,rnord Manufacturer may get. the an
eu.c~ cor,oe thaf the demand for money
is an accidental one. The national bank
reasons that much red tape and national
bonds ave necessary for note issue and
when tho immediate need for tho notes
i- over 90 it wants 20 get ITS capital out
of tho bonds they may have fallen in
value and IL will sustain loss state
IanR with no restraints upon 1t. however.
would issue notes as and when theN Were
needed and retire them temporarily
whenever the need had ended.
II one Of our farmers offers 10 sell an
othor n horse for one hundred dollars
Tho answer comes. II will give YOU some
wheat or some tobacco for your horse.
but have no money There Is ahso-
lrfolv no money on other medium or OK
change amongst our farmers.
I'm Giving the review ] have made o.
Nircinia's present condition. u.s. OF
course only fair 20 say that she now n',
state banks. and their resources ~ NV. Nv
included i'm the figures nave Pno,eI ~
1895. But. upon the olNeI h.tn"' "' -
only quoted the figures Tor lN'' ~ a"o" n
by her banks of circuatlon. Hn1 ."u
many banks then tnht hhu no 'l'
and we know nothing oil thelf ieSoU' '.',s.
as they made no reports. i'' on ''l w
can he seen ln v 60 l>,' i-' pos,
and $40. There were also H""E I''
banks and bankers VINO addeo 10 ui-
general bank resources. no lnJu, .i'o -
done. therefore ny com l"s U,o 'i
tional banks win me 0'"'e pa"NS ~ 'ii
culaiion inc lhJus'l'e' " 'N'''S' -
the other way
Nlrslnla now mus o. m"5,O'l'' I'm,
ln i>''' lne SIN -, ~, g., a.h,t ,s ,,o,,
Nn'e p'ol'D VII" - H. h,,,5rcJ
H5'i'" nav
"@l'N9' ... -. s..-o..o,, ,ho+ tho IN -
az. oo1 s.,,,... - t'.,,tl ,,otos that our
.,. a,,. g., ,eco hoinc st "a SLIGHT
,i,..,,,,', o,,,eido Of VIRGINIA fhov were
So a discount ~ only ono-ouartor Of one
nor cent I'm New York; an stayed in the
state. They circulated 40 par all over
the state. the farmers refusing 10 make
hank deposits carried them out into the
counfrv i'm their pockets. they furnish -
am abundant currency FOR an the people
and there was universal prosperity and
contortment although there We're no very
rich men. cannot consume the time OF
The committee i'm analyzing the condition
Of the other Southern states as nave
analyZcd that Of Virginia. but 'AelI
condition Is examined il VIII ue loun"
that state or aIlalIS 9'ilil'"i "
einia's existed WIN ~. MN, I'M, c,cr
iii-''''- W IN 10, an in
'''. =, ,rc,.os. nov 10
"'s '"7'''oi ,,o hts,l,v and mill
"'N' Ia IN 1oiro- maj il
,p',H vi ,'''' ..,..,.., g. nro,,o-
wiz .. ,,'. ,,,,.,,lo nj tbo United
~. ..,.l.5 - ,orfectlv free
,'.. ,....,.. ,.r;,,,iral OF tiuo finance.
%" ,N''r '' .,.. l,,,i,i.l "a IL
ANU s''''' '""' 80 -. H.. am, ,,,o,
,N.'n' - ,'-,,lt,lae ~
it py then $40 ~. I,.',.l1 So,
I'D, o'' '''.'',' w. ~, ~, ..,dort ~,
nave "''' '''.i' 'i''''- va