Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1897-03-20
SCARCITY OF MONEY.
MANY PARTS OF SOUTH AND WEST
HAVE NO MONEY.

York Chamber Of Commerce What
Caused Bryan's Big vote--A bad Cur
rency System Farmers Have Real Griev-
ances-Must he Attended to Before 1000.
Mr. W. E. Dodge, one of New York's
most enterprising and philanthropic
business men. was delegate from the
New York chamber Of commerce to the
business mems sound money conven-
ton which met recently at indianapolis.
He was a 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 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 it 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 a friendly
and kindly way with them they all
confirmed the same feeling, which 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.
sIfound 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
q rich agricultural country, by some
happy accident a $50 bank bill had
come down into the county, and that he
had taken a 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
it to Richmond There were senators
who told me that their constituents
never saw a 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 i'll
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 sections.
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
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 il
Scotland, as many of our friends know.
Every town in Scotland with over ,00C
people has branch bank of some one OF
thegreatbankso OF Edinburgh Glasgow.
A man Of good character who wants tt
fit out a fishing smack or buy anything
for his farm is able to go there, and il
his credit is good he is able to borrow
money as cheaply as any merchant could
It has double effect. 1t is not only
giving TO those eighborhoods 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
of the people; that the people are specu
lative and that nothing can be done fol
them. My impression is that if some
thoughtful plan could be suggested
would be quite possible to educate al
the agricultural people of the country tt
understand that a man who is thrifty
and honest and sober and prompt can al
ways in some way get some money L
is very hard thing-we do not under
stand it at all here because we have 81
much money moving among us-but j,
every time we went to store we were
unable to buy anything except on credit
if we had no money to pay down to On
able US to reap the advantages Of casi
payments, we should begin to be fretful
l do hope, sir, that the thoughtful anC
good men of the north and east will b.
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 gon,
ON with mazeshifts ever since. One bi
Of legislation necessary to bridge us ovel
a particular crisis has been met will
another With every issue of bonds anC
of greenbacks, and with every othel
form of currency, legislative enactment
have been made, and they contradic
and overlap each other, and the business
of the treasury is exceedingly hard ant