The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-18

We find in the Washington correspond
ence of the Baltimore sun an interesting
review of the currency agitation in the
South. in the course of which the cor
respondent says that if Congress had re-
deemed tEc pledge of the National Dem
ocratic Convention Of 1872, to give the
country "a local currency, little would
have been heard Of the silver craze
among Democrats outside the state di-
rccty interested in the production Of
silver ore:
The failure Of our currency legislation,
he goes on to say, left many of the adj
vocates of a more liberal banking system
nothing to LOOK to but the free coinage
of silver as 81 remedy for the scarcity
of funds in many sections Of the country.
Having once taken up that peculiar theory
OF finance advanced 10y the silver adNo-
Gates. the Southern Democrats eventually
became infatuated with it. Men who, but
a short time before, had been ardent
advocates OF State banks. with or with
out Federal supervision, abandoned their
beliefs and gave themselves up to an
oner0ssing passion for free and unlimited
coinage. This was especially true IN Il
State like Virginia. The rapid CONNER
cial growth of the State during the last
few years. the development of resources
which had been allowed 10 lie idle. and
the establishment of factories, in Rich-
mond and elsewhere, made the demand
Tor capital greater Than IL had ever been
before. Some of the leading business men
i'm Richmond had demanded that their
Representatives i'm Congress support such
a measure as would help them in their
varied enterprises. Most OF these gentle
mon took the sound-mOney side Of the
controversy IN the last campaign. and
refused to be dcluded into the belief that
free silver would accomplish the results
desired from "a change in the banking
laws. but the mass of the people them
selves. with less discriminating judgment,
csyouscd the free-sllyer cause. II may
De safely asserted That in voting for Mr..
Mckinley Southern sOund-money men did
SO with the belief that as soon as The
Republicans satisfied themselves with
some sort Of tariff legislation they would
promptly take up the currency question
and cndeayor to improve existing condi-
tions.
Readers Of The Times know fullewen
that this paper has urged with all its
might the repeal Of the 10 per cent. tax
on state bank issues. as the convention Of
1872 pledged the party TO do. We adyo-
Gated the repeal of this tax in the first
place. because it was unconstitutional,
and. in the second place. because we
believed that the removal of this r%estric-
ton would result in an abundance Of
local currency. which was so much needed
in the South's development. Had that
or some similar measure been adopted.
We have TO doubt hat the country would
have prospered. and hat the free silver
! agitation would never have been heard Of.
Tho question now is. will the Republic
| can party learn a lesson from experience
and pass the laws necessary TO relieve
the country from oppressive acts passed
as war measures. We are sure that re-
stored confidence will make better times.
but we are as firm as ever In our con-
yictlons that a reform in the financial
system Of this country is absolutely ne
ccssary TO secure the full measure OF
prosperity 10 which the nation is en-
titled. The Government must get out of
the banking business. and some plan must
be adopted which will give n supply OF
local currency. equal 10 and always re-
| sponsivc. to all legitimate local demands.
That done. and the country will blossom
with prosperity. and free silver will have
no advocates. save those who are inter-
ested in the production OF silver bullion.