The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-09
TALK In A RESTAURANT.
LAwrfR, BANKERANDNEWSPAPER
MAN DISCUSS QUESTIONS.
r.o, Give. His Plan OF Settling the finans
claIDir.cuity, and Some New Ideas
are Prescribed.

GOOD dinner and should nave bech 'h-
loving that feeling OF comfort. ana SAT
isfaction which only proceeds from wen
cooked food. and rare old wine, yet the
lawyer and banker were iar from Dc
ing happy. 49,. oo,,.,,~v
d,d not suit them. The. pending change
., tariff the Cuban situation, foreign
combinations. currency reform and the
general feeling OF uncertainty and unrest
mad scared the nerve out of capital, ana
n had prccipitately retired. Neither the
persuasive Establishments OF borrowers
o. ,hc certain-to-succccd schemes OF IN
Vcsfors could induce II 10 show It's ghi-
terine face. OF course very htue bus-
mess could be done under such circum-
stances.
If borrowers could not be accommo-
dated there would be but few litigants
~ tho courts of claims. and correspond
inely few fat Fees for the lawyers ~
tho lawyer was mourniul.
II 3, was unsafe to lend money. OF
course the banker was minus his accus-
TONED seven TO ten per cent interest
on loans: so the banker was mad.
DESPERATELY GLOOMY.
Tho outlook was desperately gloomy
The country was scorching TO the DOW
vows.
This was the conclusion these two far-
seeing 60 business men had come TO. IL
was to them the only logical way TO
look al the matter and each one adj
mircd the pcrspicacity of the other, in
asmuch as their reasoning led to the
same result. These two were friends.
and II was natural that they should rely
ON the Judgment Of each other, for they
had been I'm the plundering business TO-
cether. and had made precious few mis-
takes. I'm separating the lambs from the
improbable goats.
In to this time the newspaper man
had been a silent listener to their lu-
gubrious talk: offering no comment, and
apparently more engrossed in his cigar
than In the business situation OF the
country. Perhaps he would have re-
NAMED silent. had not the banker drawn
him out with this query:
well young man. what do you think
OF these things?" "You have to keep
posted in your business. and you ought
10 know what is going on in the coun-
try
The young man took a few deliberate
puns at his cigar and replied. you two
gentlemen are way Off Both of you have
been in the box and neither has thrown
ball over the plate since l have been
watching the game"
ises Everybody knows that money is
tight. and business stagnated; but very
few people do know that this condition
Of financial depression. now so painfully
I'm evidence. has not been wholly caused
by foreign complications" tariff tinker
ing. or legislation of any sort. The cause
is deeper. and more far-reaching.
Perhaps you will throw some light on
the subject" sarcastically observed the
lawyer
"Wen. perhaps. may" replied the
newspaper man. although | can't boast
Of having a corner on wisdom To my
mind. the chief causes of our present
business troubles can be found in our
credit system. and in our eXtravagant
and Incorporate habits"
"The credit system is alone responsible
for our periodical panics and every one
knows IL TO be the ver-elding cause
of individual Insolvency.
There is a great deal OF similarity
between a panic, and burstcd balloon;
one has been overloaded with gas, the
other overloaded with credit and the
result was both natural and inevitable.
WHEN A MAN is SICK.
when a man is sick. it is traceable TO
violation Of the laws of health on his
part. or the hereditary entail of a viola
sires TO get well | would advise him TO
give his prescriptions and medicines to
his enemies. and simply obey the plain
teachings Of the physical laws Of nature.
Recovery might be slow but IL would
finally come. When the commerce of 4
country becomes cnfeebled or paralyzed,
1t can be truthfuly likened to the sick
man. and IS the result of doing business
upon mistaken. If not vicious. principles.
The restoration Of the business world
10 normal health can only be accomplish
ed by radical change from our present
methods OF doing business to a system.
at once. natural and equitable in its
operations.
To attain this very desirable end II
would he necessary TO take such action
as would assure the long suffering people
OF the country. that the question Of tariff,
and currency reform. could not be dealt
with by Congress. oftener than once in
every twenty years. This would insure
period OF tranquility and our country IS
big enough, brainy enough and rich
enough to adjust its business to most
any fixed conditions
1.-THE next step necessary would be for
the individual States of the Union TO
amend their constitutions so as To pro-
hibit the collection Of a debt by any
process Of law. This would take a patent
air-brake off the wheels of commerce
and"
Poor fellow" broke in the banker.
oommiseratingly. you are evidently
suffering from paress. Why. my dear
cir. n this COMPOUNDED rot that you ad-
vocate could obtain. II would absolutely
ruin everybody, How could the Govern
ment or an individual State. obtain money
in an emergency except by issuing bonds?
And is not a bond a debt? Who would
he foolish enough 10 buy bonds unless II
necessary. he could collect them az ma
tuTity by law? When railroad is built.
II is In nearly every instance with the
money realized from the sale Of bonds.
Would you stop all public enterprise and
internal improve ments? Would you de-
siroy 1.-The great iobbng trade OF the
country by rendering it impossible to col
lect the money for value actually con-
ferred upon the credit buyer?
THE CREDIT SYSTEM.
would YOU take from the thrifty man
who has put his earnings i'm securities
the realization Of that comfort. and af-
fuence which he is honestly entitled To?
Why. sir, the whole business OF the coun-
try has It's very life and being In the
credit system. The laws must wisely and
justly protect the creditor as far as pos
sible. hut often these safeguards are in
enectual. and the creditor Is victmized
by rascally debtor. And what per cent
OF the debtor class do you suppose would
pay their obligations. unless they knew
full well that they could be forced TO do
20. by due process OF law? They would
fevel In the possession OF some other
mans money, and snap their fingers I'm
aversion al the long-suffering creditor.
why. / never heard such demnition nom