The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-03-09
SCARCITY OF MONEY.

/. SGAhCII i UE MONILs /
MANY PARTS or SOUTH AND WEST
HAVE no MONEY. "
Business Conducted by Bartsr-A Remark
able Speech by w. Il. Dodge-Tells New
York Chamber Of Commerce What
Caused Bryaa's Big vote-A Bad Cur
rency system--Fsrmers Have Real Grisv-
ances-Must Be Attended TO Before 1900.
MI. W. e. Dodge, one Of New York's
most enterprising and philanthropio
business men, was a delegate from the
New York chamber Of commerce to the
business mems sound money conven-
ton which met recently at Indianapolis.
4. was member of the executive COM
mittee Of tho indianapolis convention.
A short time after he was chairman Of
the arbitration committee at Washing
ton. In both capacities he had excellent
opportunities for meeting representa-
tives from different states. The follow
ing is part Of his somewhat remark
able speech before the chamber of COM
MERGE when submitting his report Of the
Indianapolis monetary convention:
II was surprised, sir, to find the as
sertion made constantly by men from
the far western states and the south and
southwestern states that ii was not Mr..
Bryan and it was not silver that they
were in favor Of, but they needed some
change to bring relief from the terrible
condition Of poverty and scarcity Of
money under which they labored. They
felt that their condition was so extreme
and so painful that any change would
be Of value, and when came to look
into the matter and to talk in friendly
and kindly way with them they all
confirmed the same feeling, which I had
found at a long conversation In the
treasury department, in Washington,
that the circulation Of the country is
quite out Of joint, that the lungs and
heart are congested and that the ex-
tremities Of the country are absolutely
without any blood.
"Ifound that there were great sections
Of the southern and western country
where there was absolutely no money at
all, where the most primitive forms Of
barter obtained, where everything was
most disorganized. One gentleman told
me that in his county, which was quite
rich agricultural country, by some
happy accident $50 bank bill had
come down into the county, and that he
had taken horse and buggy and spent
four days in visiting all the towns in
the county striving to get it changed
into smaller bills, but had been unable
to do so, and finally was obliged to send
1t to Richmond. There were senators
who told me that their constituents
never saw dollar Of money from the
beginning Of the year to the end, with
the result that they had constantly to go
into debt to the local storekeepers. The
local storekeepers received their pay in
kind In fact, everything was drifting
bacL to the old times before money was
| invented This was not in one section Of
the country only, but in large sections.
"We can quite easily understand that
where there is not sufficient money to
establish national bank under tho
very onerous laws at present in force
there is nothing else to take the place.
The same difficulty has come up in other
parts of the world. In Austria and Hun
gary, in southern Germany and in south
ern France these difficulties were under
stood and appreciated years ago, and
agricultural banks have been founded
there, and they have doubled the value
Of real estate, and they have made the
peasantry and the farmers rich and
prosperous.
1.-The same thing has taken place in
Scotland, as many Of our friends know.
Every town in Scotland with over /, 900
people has branch bank Of some one Of
thegreatbankso of Edinburgh Or Glasgow.
A man Of good character who wants to
fit out fishing smack or buy anything
for his farm is able to go there, and if
his credit is good he is able to borrow
money as cheaply as any merchant could.
1t has a double effect. 1t is not only
giving to those neighborhoods the money
that they actually need, but it is edu-
eating the people in thrift and prompt
ness. I have talked with great many
of my banking friends, who say that the
whole thing depends upon the character
of the people; that the people are specu-
lative and that nothing can be done for
them. My impression is that if some
thoughtful plan could be suggested it
would be quite possible to educate all
the agricultural people of the country to
understand that man who is thrifty
and honest and sober and prompt can al
ways in some way get some money. 1t
is very hard thing-we do not under
stand it at all here because we have so
much money moving among us-but if
every time we went to store we were
unable to buy anything except on credit,
if we had no money to pay down to en-
able us to reap the advantages Of cash
payments, we should begin to be fretful.
do hope, sir, that the thoughtful and
good men Of the north and east will be
willing to take up this subject.
1T was brought out at the Indian
apolis convention that after the first sad,
serious mistake made necessary by the
exigencies Of the civil war we had gone
on with makeshifts ever since. One bit
of legislation necessary to bridge us over
a particular crisis has been met with
another. With every issue Of bonds and
Of greenbacks, and with every other
form Of currency, legislative enactments
have been made, and they contradict
and overlap each other, and the business
Of the treasury is exceedingly hard and
difficult
II came away from Indianapolis with
this very firm impression, and I have
only ventured to submit it because l feel
it so deeply th,t unless those of US in
the more favored parts of the country
understand the condition Of our brothers
and our fellow citizens in the other
parts of the country, unless we wisely
instruct and educate them and bring
about some wise methods for their re-
lief, when the year 1900 comes we