The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-23

Everybody sees tho country at this mo
fysrvbouy sees the country at tnis mo
ment In a state Of semi-panic, anu Ieauy
for tho worst stages or II IL tne psy,s
pect of Mr. Bryans election grows. lho
renaider Of his speech il, therefore, given
with the part relative 70 the pa'"e WIN
ted. and he con- nued thus;
STATE BANKS THE REMEDY fOh
OUR ILLS.
And now, fellow citizens, havlns saiu
so much in opposition TO what tne Trey
coiners propose. Il seems fitting that
should indicate what think me trvss
financial system that the country snoei'
have.
II IS obvious 10 every one that the cow
boys upon the plains need very diner
ent system from that which suits tne
trader in New Cork city. The la'le,
lives in tbs center OF commerce where az,
OF its agencies are directly at hanu, sIlu
he transacts all Of his business by trans
ferring credits withous ever seeing 1oi.
lar OF money or currency, except "nae
he needs for his petty affairs. But the
cowboy is hundreds of miles from oanAi
he never hears OF a credit agency anu
he must have ether coin or paper cur
rencv Ia his pocket 10 operate those trans
actions that he has. This Illustration
contains, in an extreme form. the two
principles that must underhe any npA
cisl system suitable TO our people. Inose
VINO live I'm a state OF highly organized
society have all their wants met WIN n
fixed and iDviolable standard or value. II
they have this. they want the neIes.
piitance OF actual money. Ihey cohlIS.
their affairs by transferring the creoit
values OF commodities upon the BOOKS OF
merchants and banks. But vas 10Y
OF the population live remote from o1Nhs
and mercantile houses, and they must
have the actual cash that they can caify
around in their pockets. II neel NOT ne
coin. II NAV lust az well be the notes
OF banks redeem8hls IL com upoh "
mand our national banks VIII not meet
The reouirements OF these country peo-
pie In sparsely-setted communities fo'
reasons not necessary 10 20 over mere,
tho home Of the national banks ~ ~
commercial centres. Their IlAheA ~ w
not know the country people, ana tney
Will rot grant them bank accummoua-
,fOns The system imposes a tax upoi, tno
issues OF notes 10y state banks WhlCn
makes il impossible fOr them 10 put Vue
these notes. and unless they ran put e.l ~
ont the profits OF banking are NOT SUM
Client 10 Induce the organization or o-tt2
banks anywhere except IN the commereldii
centres. so that tho country peop.s. a. a.
over he south anu over go, -, -. "
the West are vat oily wtthoIt banking %C-
A. ms potnt the Pop list steps up and
savs me- argument I make Is sound, ana
that tho governments ought tc Issue VIZ" ls..o
ever number OF notes IL necessary 20 80
tbe country peCpie all the cash they neeu-
The answer to the Populist Is maiy
headed but first ! say that piper ~
rencv that is not redesmaDle III soaa
upon demand IS ono OF the worst cur So'
ma. can befail a people. That IL not 70
10 thought Of. We have had an eN-
perionce for the past 'nree years u 81
| eminent paper currency redeemaeIo Oh -
mand I'm coin and We have seen II KEEP
the country I'm a staEe OF epileptic hts ri
that time to the utter ruin and OBSTRUCTION
OF a great part OF tho business OF w
country In the second place, uls
government issue all the paper currency
tho Populist asks for. the amount W ouau
he SO great II would be simply impoasi
bie FOR r. 10 keep IN its treasury AZ "a
times enough coin TO make IL al" -
decmable and We should mus -, Oa,7
Uable at all times to the disasters OF 20
ing upon the basis OF an lIreuee"'A''1"
pauer currency q,
l7uf the GREAT objection TO II IS that * ~
a form OF tho paternaI and socl4Ast~
government. That Is the gIea,tsI M srta
| fortuna fh..- can Ovcrtake a people. 10
| eveforn causes al business 10 be run ~
officers who depend upon votes TOT ,nelr
| offices. That being so. they swap eoI'.4,H
mental benefits for votes, ana mus 1l.sNO
no whole ministry Of business corrupt.
| r.ba managers OF business under such
| s,steut become lOafers bent upon olhWAli.
| my and leading an easy life lnsteau yl
| being tho sharp merchant or q. NJ ~. -.
ness man. prompted by seli-ln'etes. "
banking IS 4 priva'e business, III no
| sense dinerent from any other private
| business IL is To be- run oy PRIV 9eo !"
! divhluals for the profit there Is ia H. nm.
! the government has no more Ieai IleNt
| "a la connected in any way Win tt tndn
| with tho business Of keeping hotels.
| would like 70 enlarge furtner upon Vie
| theme but | have not time. nut con-
| clude that the great body or the p'oPlc
| nod +Iatr local banks whose maudetts
| inf paff
| them bank accommodations. ana tntF
| are unable 10 have them unless the banks
| can issue their noafs. III.
| [ know that some or the Siate jim
| wa had prior 10 the war disguised many
| roODle with them But | say anu ll
| slst upon fixed attention TO the iact tha'
| there never was anywhere uot0gl ~
| rency system than existed nero III Wy
| Old and settled states. Rhode lSlahq .
bank notes were a. premium IN i'o l..t.h
| lana. because the two states traueu 49, ~
| each other. and the discount on Hlth'i'l'
| bank notes I'm New York was ouiy ol'S
quarter ~ one per cent. ~. ne w, yveet
| state banks grew mp IN me new 49,
| that We we're settling ana buieIH6 ~,
| and they were he incidents OF i'. ~
| ana boom society. But there Is 10 81. ~ :,
| society here now. All our states are o'u
| AMI settled with q settled banking syr
| ts,1 ono ~ the old banks 10 when the
| noto OF a new and wild cat bank was
| presented would throw IL out, anu ln@t
| hank would come 10 au rHN' ,. $500.
| We had the best possible banking sys
| tom I'm the Atlantic states III le9l, anu II
| wa the best possible because no Hial
| had created Il. but 10 had neeh tEolEsu 4.
| the p.ople through natural processes am
| IA obedience 70 the shifting demand OF
| their growth To understand ahl applo-
! cfate it We must glance at IL from III
| historical point OF view. .o,o--
| Our English ancestors woulu not 'O a,,,
| ate the idea OF paper cuIIci.ey. -, aae
| courts after stubborn contest aloW-
| IA hil. of exchange % ho transferred from
| ono man 70 another but IL was not uhtli
| fhe r,ign OF Queen Anne that notes cou1d
! be so transferred
| In King William the Thirds time tne
| necessities forced on him by ms w.
| ,,th o,iis XIV. suggested the idea OF the
I Bank o, England. which was given au-
| fb,rifv 70 issue notes. These were Soon
| FOUND 10 hs so benehc.al that they no doucl
| caused Queen Anne s act Az any IAl7;
| In tho course OF time, n,ihhs btSN W a
| over England. Scotland. and ireland, fnot
| elei on the Bank ~ England. all OF whlcn
| issued their notes. They issue them 20
| tbfs dav 10 the very greatest conFen,
| icroo and advantage 81 the people, ana
! thev now havo ia circulation about sew
! ontv-ave millions Of dollars or tnem, or
| tw6 thirds az many as the Bank or t.ub-
| land See re0ort ~ Director or the SIN,
| Tor 1895. o. 355. A little more than mar
OF tho notes issued ~ these looh Daii X =
| are covered by coin 10 the vaults or the
! bsnks hut nearly one half OF them are
| issued against the assets " the banks
| onlv. They are all at small discount one
| hundred miles away from the banks tha,
| issue them. but tits only serves 10 acnu
| then home when they stray away 70 serve
tho people for whose uses tney We're ~,