The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-22
mr.. ROYALL0N STATE BANKS.
A Powerful Argument in Behalf Of the
Repeal Of the Ten Per Cent
BEFORE 9HE H0U Z COMMITTEE.
Some startling D. formation Concerning
In Reference 10 the Great Deficiency ia
the sonih OF Sufficient Banking
Capital Tor Husincss.

Mr. William l.. Royals argument be
fore the House Banking and Currency
COMMITTEE. in Washington Saturday
mornins. ia behalf OK state banks. rot-
ercnco 90 which YVES made ia sunday
Times. contained 30 much valuable in-
formation on tbs important subject that
the i.n text OF the speech b. given be-
low al. Royal was highiy oompA-
montcd Oh hls splendid exposition Oh 'hc
question. and Chairman j. IA. walker
pronounced it one OF the most heipim
Arguments tno committee had ever
heard.
MIR Royal spoke as follows.
N,r Chairman and Gentlemen Of the Com
M4ttCc. -.f
1ne safest plan for securing correct
view OF tnls subject .a 10 ser so.H1 O."
al tno conditions which existed N' 'o''
ana coupalc those conditions Wiz" """'
exists now. / Will Illustrate Win Ntai-
nia because ] am perfectly iainiil"I WIN
the conditions there. bat what sAAh SAP
Uil prove upon investigation TO be pretty
much tho same aI over the South """
over great part oi the wei
oil hanKn. re.OuIcos. $lO0gJ,lob oi cali'"'.
Sgslla. ol circulation. against which Der
banks. held >L.t..Na- az specie, and >ri-.,-
Gg oil deposits SEQ LN. Doc. s, scnair,
g. Congress. Ia Scs l0u. T. 9. ii'r lt"-
did not require tine banks Co hold ant
reserve az old. except that they were Ioi
allowed 10 issue notes ln excess OF g. Tor
81 OF specie ou hand. bcductns Ode .pe-
Gle on hand uen. from The circulation.
her banks had
Capital. OBSERVATION-DISCLOSURES. 2l6.0o,,is'
Deposits. OBSERVATION-DISCLOSURES. D.-t1a-
Circulation Specie on, .."."... oe,o.oi'
Saa0ss5s
The census Of 1850 shows that hcr pop
ulatiOn then consisted OF l.O1il whites,
aul l-U.slo negroes. but The negroes were
all. except a. small fraction, slaves, .n-
capable of making contracts. and they
ale not. therefore, TO bc considered in
the case. ono million OF white people
thon. had saJ605.2s5 Of banking capital
What is her condition to-day, The rc-
port OF the Comptroller of the Cuircncy
fOr $50 shows THAT her Nuuona. banks
have
Capital surplus, and undivided
lruNts. ACKNOWLEDGEMENTS. fla'-s,'lJ
Deposits, OBSERVATION-DISCLOSURES. ld. 30
Total. ACKNOWLEDGEMENTS. ST ,'l. 20
vut the national act Requires
- per cent Of the DEPOSITS
40 Dc held as a. reserve $50. that when
this is taken OH. as we TOOK the specie
Oil Ina the ease OF the state banks, thty
have only iissl6s>.
<ow The census Of 1890 shows that Viz
eiuia bias lC5tsO inhabitants, ana as the
NEGROES are now as capable OF coniracuns
az the white people. II results that l.o'',-
g,i uc0rl. have only SiHnl1,es 10 90 lu7'-
ncee with. as against S3o.en3oss that one
million OF people had ln 1860. The Viz
eiulan Of to-day natura ly signs Ter tne
conditions Of the Virginia OF 1860
But mcn we anllyze the case "a little
more closely we find the great body OF
tho Vireinians-thoso who live in the coun-
try-cnutlcd 10 make sul more serious
complaint
Tho following shows the banking re-
sources of the seven cities Of Importance
iu Virginia a. this time under the ma
ronal bank law. as taken from the re-
port Of the Comptroller OF the Currency
for 1896 the fifteen per cent. being taken
on-to-wit: