The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-15
THE FETISH OF s NOIE GOOD ALL
OVTETiIE UNION"

q
The scare which the people or the
United states had during the recent can
vass and election would naturally be
thought Of a character TO put them 10
thinking and to cnquirins what were the
causes that could arouse such prodig-
ious uprising as manifested Itself then.
Tho most hopeful Of optimists must have
found reason. in the universal tumult, 10
make himself doubt whether all was en-
tlrciy well I'm our social conditions, and
ordinary prudence ought TO have suggest
ed to him TO revise present conditions
with n vio~ to extirpating the causes OF
popular discomfort II they could be as
ccriainod.
We are very sorry TO say IT, but, as
well as we can make out, there IS but
small. II any. movement in the minds OF
the pcople Of the East and Of the COM
mcrcial centres Of the West towards a
recognition Of the true source of our
social troubles and towards removing that
source when found. our difficulties all
have their origin in the provision OF the
national bank act that forbids state
banks to issue their notes. The result
is that the national banks serve the peo-
rlc Of the cities and tho thicky populat-
ed country districts quite satisfactorily
but leave the people OF sparscly settled
country districts like the South and great
parts Of the West. with no media %
exchange. This fact has produced the
modigious cutlery for free silver which
was nothing but the dcspairing cry OF
people in these regions who were being
stranslod. They knew they were suffering,
but sought the wrong remedy.
The most ordinary prudence would
seem to prompt the people Of the East
and the commercial centres of the West 10
recognize this condition OF things, and 10
apply the only redress possible. which is
liberty TO the inhabitants Of tho aericul-
tural communities TO have their banks
Of issue that might issue notes upon their
unimpaircd assets for the convenience OF
their localities. Occasionally llboralizcd
citizen. ike Hon. J. II. Walker. or I'd
ward Atkinson. Of Boston. raises his voice
suffering people, but tho great body OF
the people I'm the commercial centres
seem deaf 10 the appeal. Even President
Cleveland, in his recent message, could
recommend nothing but tho recall OF the
Governments notes. and he had not one
word 20 say in behalf Of the only true
scheme of relief. II return 10 the limits
OF our Constitution and liberty TO ali
men TO make such use OF their assets and
credit as they might find opportunity for.
But the North and Northwest are we'd
ded to the notion that "a bank note is-
sued in Texas must pass at par in Maine
or California. and they seem unwilling 10
depart in the smallest degree from that
fixed point. IT is utterly unreasonable for
them 10 hold 20 this idea. for how can
it DEE put into effect when our whole ma
tionaI debt is paid. which win sooner or
later lie the case. as We show ourselves
"a prudent and sensible or foolish people.
And. Of course while that idea is ad-
hercd TO. the people Of the South and Of
large parts Of the West are left in
their present state Of dcsutution. They
have no government bonds TO base circu-
lation upon. and their situation does not
admit Of their having them. Whilst this
idea IS adhered to. Therefore. the present
trouble must remain. and we see but lit
Tie. if any. prospect Of the idea being
abandoned.
When the war came on Virginia had as
good q currency system rs any country
could desire. on January /, 1851. her banks
had in their vaults S3.092.1n Of specie,
and they had outstanding S2.os562i Of
their circulating notes. The panic OF $50.
caused this specie to be reduced by Oc-
tober. 1851. to $2.1SACs.N. and caused the
circulation TO decrease TO S',9O96S2.N. But
in 1ssl the specie OF the banks had in
creased TO S3.O7.359. and their circulation
had grown to N9sl7l4S. The figures Of
tho last wear are not quoted in order
to base on them suggestion that we re-
establish any such condition as that. The
war was az hand. and the banks inflated
their issues beyond an reason
But the figures for January. 1857. are
| 90 tre utmos. Importance. Notwithstand-
ing the panic Of that year, our banks
wcathered the storm in comparative safe
~ and the whole community had raj
lied from it, and forgotten it in two or
three wears time. What a difference IN
vi~rinia's condition now and before the
war. Now. her people have almost moth
ing with which TO transact their affairs.
In 1856 they had Sl2CS5C27 notes to operate
with. and notes that were so good they
were at hardly any discount in New
| York.
Give the people back their state banks
and abandon the foolish notion that "a
note must be good all over the country
and all Of our discontents will disap-
! pear.
1
Now that our namesake in Portsmouth
has called our attention to the fact that
thousands Of negro voters are disfran-
chlsod under the Virginia law for petit
| larceny we want to know:
II a negro IS to be deprived Of his vote
for the offence Of stealing a chicken be-
longing TO a white man, IS white man
| .ftt. d. fr NOR