The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-14
CONCESSIONS FROM NO QUARTER.

the Newport News Commercial commend
ing Governor OFerrall's letter to the
Massachusetts Reform Club. in which
the Governor depicted in strong terms
the utter lack Of the farmers Of any cir
culatins medium, and the absolute neces-
pie. that an amendment Of the law shall
he made which will supply them with it.
The Newport News Commercial makes
the following remark upon the case:
At this time there is little use in spend
Ing time in trying 10 arrive at reasons
why conditions are as we find them or
I'm bemoaning them. All except the most
blinded recognize, with the Governor that
a condition not theory" confronts us.
and that the condition is the result Of
lack Of money in general circulation
among the people. The disease having
been ascertained. 1t Should not be a task
impossible Of accomplishment 10 find a
remedy that shall prove both safe and
eilicacious.
The Commercial takes far too roseate
a view Of the matter. The difficulties in
the way Of making anyamendment in the
laws that will bring the people any real
relief are immense and. we fear, insu-
perable.
The Western farmers are in as unhap-
by a condition as the Southern farm
ers, but they obstinately refuse to recog-
Mise the course Of their difficulties and
to consider even proposition 10 have
their own State banks Of issue. 1t was
in the new West that the wild cat'
state banks grew up between 1896 and
1861, and the memories OF the unredeem-
ed notes Of these banks cling TO the peo-
pie Of those States who refuse 70 listen
TO any proposition whatever that includes
a restoration Of them. They shut their
eyes TO the fact that the wild cat" bank
was an incident Of a new and developing
country. and that at the very time they
wero being annoyed by such the States Of
| the Atlantic coast had the best currency
| system any people ever had, furnished
| by their own State banks. In no part of
the country is the opposition to State
| banks so strong as in the West. where
their need is as great as it is in the
South
| MIR. S. L. Roberts. of Collins. Neb.. has
recently been in treaty for a farm in
Virginia. lie has a farm in Nebraska of
Gao acres that, he says, is worth $40 per
acre, and he has on It 200 head of horses.
| He desired TO ship twenty of those horses
| TO Virginia, and We have seen letter
| from him, asking his agent here if he
could not borrow. on the bill Of ladins
for the horses, enough money to pay their
| freight in transporting them here. He
said he could not borrow enough money
| in Nebraska on anything he had, to pay
the freight to Virginia on these twenty
horses. We make the following extract
from his letter;
| money Is close here. and l am hard
up. The bank loans money at per cent.
a month. when It has got it. but has
none to loan now. 1 can't borrow at all"
Yet Mr.. William j. Bryan. when d repre-
sentative from Nebraska in Congress. vot-
ed against the bill TO repeal the tax OF
|
The unreasoning prejudice of the Western
people against State banks that grew
out of the bad State banks that were a
| natural incident Of their new and de-
veloping country. before the late war,
binds them down still and makes them
deaf TO all appeals to their reason. They
perceive their difficulties and distress.
but they hold on TO the erroneous idea
that those can be relieved by free coin
age Of hfty-cent silver dollars. Napoleon
Bonaparte. who was a gifted man. and
who had had as much experience with
men as any that ever lived, had reason
for saying. as he so often said to Las
Cases at st. Helena. men are ruled by
their imaginatons."
But for different reason the case is
just as bad in the North. There the pop
ulation IS thickly settled; they do all their
business with checks and could, there
fore. get along very well with no bank is
sues at all. Banks Of deposit only would
answer their purposes entirely. This be-
ing so. they can see no reason why any
other parts OF the country should need
banks Of issue. What is good enough for
themselves they think. should be good
enough for anybody else. They refuse.
therefore TO bulge one inch in llberalis-
ing the banking system 50 that ii will
give the South ana West what Is indis-
pensable TO them. for fear that state
bank notes may occasionally stray
amongst them that will be at a small dis
count and cause them some incOnye-
nence We happen 10 know OF the fol
lowing illustrative fact: An application
was recently made 10 the Currency Com
mittee OF the Reform Club. Of New York
city. fer small sum OF money 10 aid
In printing and circulating a document
that presented the argument why Con
gress should repeal the 10 per cent. tan
and allow the State banks to issue then
notes. and a written reply came frou
the secretary OF the committee stating
that that committee would contribute
nothing towards circulating any such doc
ument as that.
II Is said that the gods first make MAJ
those whom they intend 10 destroy. Thi
heathenish aphorism has certainly had
great deal to give II apparent justinca
t!oa IN the hiatory sf mani Before TIL