Middletown transcript., 1897-03-27
SCARCITY OF MONEY.
MANY PARTS or SOUTH AND WEST
HAVE NO MONEY.

Mr.. w. 3. Dodge, one or New York's 8
most enterprising and philanthropio
business men, was delegate from the
New. York chamber Of commerce to the
business mems sound money conyen-
ton which met recently at Indianapolis:
He was q member Of the executive COM
mittee Of the 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 conn.,
merce 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 1t 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 20 painful that any change would
be Of value, and when I came to look
into the matter and to talk in friendly
and kindly way with them they all
confirmed the same feeling, which / had
found at long conversation In the
treasury department, In Washington,
that the circulation Of the country is
quite cut Of joint, that the lungs and
heart are congested and that the ex-
tremities Of the country are absolutely
without any blood. t..-
'tIfound 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
a rich agricultural country, by some
happy accident a $50 bank bill had
come down into the county, and that be
had taken q horse and buggy and spent
four days in visiting all the towns in
the county striving to get 1t changed
into smaller bills, but had been unable
to do so, and finally was obliged to send
it to Richmond. There were senators
who told me that their constituent
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 !
back to the old times before money was
invented. This was not in one section Of
the country only, but In large sectiona
eve can quite easily understand that
where there is not sufficient money to
establish. national bank under the
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
banks have been founded
there, and they have doubled the value
Of real estate, and they have made the
and the farmers rich and
7i ITh:d - S."
1.-THE Same thing has taken place in
Scotland, as many Of our friends know.
Every town in Scotland with over !, 900
people has a branch bank Of some one Of
of Edinbprgho horG Glasgow.
A man Of good character who wants to
at out a fishing smack or buy anything
for his farm is able to go there, and II
his credit Is good be Is able to- borrow
money as cheaply as any merchant could
It has double effect. It 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. / have talked with great many
of my banking friends, who say that the |
whole thing depends upon the character
If the people; that the people are specu-
lative and that nothing can be done for |
hem. My impression is that If some |
thoughtful plan could be suggested 1t |
would be quite possible to educate all |
'he agricultural people Of the country to
understand that man who is thrifty |
md honest and sober and prompt can al |
ways In some way get some money. It |
s q very hard thing-we do not under |
Itand IL at all here because we have so |
much money moving among us-but If
,very time we went to store we were
1nable to buy anything except on credit,
Z we had no money 10 pay down to en-.
able MS TO reap the advantages Of cash
oayments, we should begin to be fretful
: do hope, sir, that the lthoughtful and |
rood men of the north and east win be
Wiling to take up this'subject.
"It was brought out at the Indian
lpolis convention that after the firstsad,
erious mistake made necessary by the
'xigencies Of the civil war we had gone /
N with makeshifts ever since One bit
4 legislation necessary 10 bridge rs over
particular crisis has been met with
mother. With every issue of bonds and
4 greenb9cks, and with every other I
orm Of currency, Legislative enactments |
laYe been made. and they contradict
nd overlap each other, and hesbusiness
Z the treasury Is exceedingly hard andd
IiHaCulk LII
7 came away from indianapolis with i
his very firm impression, and ] haye Z
My ventured to suhmit IL because I fell |
30 deeply that unless those Of us In |
he more favored parts Of the country |
the condition Of our brothers
nd our fellow citizens In the otherlJ
arts Of the country, unless we wise1ysl
Instruct and educate them and bringI
bout some wise methods for their re- /
LET, when the year 1900 comes wei
hall be swamped with an in6nitelyI I
1ore powerful vote against usthan dus-
ag this last election. :.