The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-28
Mr.. RONaIl Replies 20 Sir. Malkcr.


Editor of The Times.
Slr'-Nhen the chairman OF the Cam
mlttee on Banking and Currency OF fne
House Of Representatives puts himself 10
tne trouble of answering q communtca-
tlon by an obscure private citizen IN "A
newspaper, II is evident that the subject
Oh currency reform is securing a place
ia pubIic attention that Will produce ac-
tlon or some sort sooner or later So
mote II be- for. unless Congress makes
some amendment of our laws that Will
enable the people who live in the cOun-
Try to have some media OF exchange with
which TO transact their affairs ! feel as
certain that Bryan will be elected Presi-
uent in 1900. and that ne and the other
leaders of his party who are for free
silver only will be supplauted i'm control
OF his party by the Revolutionsts OF the
Aitgeld stripe. as / feel Of anything that
IS yet to happen.
Mr.. Walker thus states the no.nt Of
difference between himself and myself.
The difference between Mr.. Royal and
myself Is practically this. lie insists
that Nirginian starting for New YORK
shall exchange his money with a broker
before he starts and be at all the trouble
ana expense personally Of discount.
insist that the Nirginian shall 20 10
New York with his Virginia money, pay
ing II out as necessity calls for H. carry
ing 1t In his pocket several DAYS in eX-
cess OF the time it would take TO get back
10 the bank in Virginia IL 10 Were eX-
changed in Virginia. during which time
the bank would. Of course. have the
equivalent of the interest upon it,"
couid not have stated the point in eX-
actly that wav. but Mr. Walkers state
ment OF il will do. ! insist that our cur
rency mot money shall be issued by the
banks of each state upon their own as
sets only. while Mr.. Walker demands
that q part of the currency that they
issue II not all, shall have the indorse-
ment OF the United States Government
Now all Of it that has the Endorsement
or the Government Will Doe us good IN
one part Of the Union as 30 is I'm any
other ana Ou7 experience with that sort
OF currency In the past thirty years
proves that when IL is 80 endorsed all OF
IL will leave the people who live in the
country and 20 TO those who live I'm the
commercial centres. This is not a theory
II IL a condition. and 10 Is the condition
that made Bryan's election last NOvcm-
Der such a strong probability and that
makes his election In 1900 a stll stronger
one. We have seen the operations oil n
currency good at par all over the Union,
and we have seen that nothing Will keep
II amongst the country people and that
1T Will inevitably 20 TO the cities. know
Mr.. Walker proposes a scheme OF legis-
lation by which ne will make "a New York
bank return a Dickinson County bank
note to Dickinson county when 10 gets
TO New York | have not the slightest
confidence in his scheme. If the note IS
of a character thar makes IL answer the
New Workers. purpose. he Will keep II
and evade Mr.. Walkers law.
But we have had an experience with
another sort of currency and that eXper-
fence proves we can rely upon that other
sort Of currency 10 be just as good I'm
fact as n currency endorsed by the Gov
eminent. and that we can also RELY upon
ct Wit ivy
From 1881. when General jackson killed
the second bank Of the United States
until 1861. our State banks furnished the
only currency We had. Virginia then had
more than ten millions OF dollars of bank
notes circulating amongst her people an
the time with no currency now. Thcy
were at a discount of one quarter of one
per cent. in New York and therefore
stayed in Virginia all the time. All OF
them were at all times rodeemable upon
demand in specie. all Of them passed,
therefore IN every quarter or Virginia
at all times AZ par. and no person ever
lost dollar by one Of them.
Now when our experience has produced
us such baneful results with national
currency and such benehcent ones with
a State currency how can we hesitate
which one we should adopt?
OF course the oppOrtunist steps up M
this point and says We suffered great
Inconvenience and losses from the old
State notes. But ] reply that the losses
were from the banks Of the new Western
States that were then springing up. But
there are no new communities now. All
are old and conservative communities
with old and established banks. No wild
cat banks could now start and every
State could then have banking system
like that Virginia and the other old
Atlantic States had.
Mr. Walkers whole concern Is for the
Nirginian that travels. But there Is not
one Nirginian ont Of 1000 perhaps that
ever leaves the borders OF Virginia. Are
our farmers TO starve for the convenience
OF the few Nirgnians who trdNelf
Nor would this Inconvenience he very
great. Our bank notes We're at discount
before the war out Of the state or only
before the war out OF the state OF oniN
one quarter Of one per cent. The travel
ling Nirginian could take specie IN MS
pocket or bank check upon the place
TO which he was going. and II he neg
lcctod 10 do either The loss or one guar
ter OF one per cent. upon the virginia
notes he carried iu his pocket would not
hurt him much.
Settlements or balances ip business
would not be interfered with. No one
would pay his balance in another State
with Virginia bank notes. lie would buy
exchange upan that other place just as
he does now. and II there was no eN-
change against IL he would buy exchange
on New York which is good in every
part OF the Union. or II he could do
neither he could take our notes 10 bank
and demand gold and shin that
| apprehend that I'm these DAYS on steam
and electricitv inter State business would
know absolutely nothing OF the change
TO State bank currency. because that
business Is now settled nv exchange. and
II could still be so settled. The traveller
is the only one that would he incom-
NODDED. and We cannot afford TO turn the
government over to AltGAld IL pgevent