The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-13
THE INDIANAPOLIS MONETARY COS
VESTION.

vESrION.
The monetary convention now in session
, in indianapolis ought to produce results
OF the first magnitude in allaying the
discomfort OF the American people. Some
persons attribute their discomfort 70 one
cause. and some to another. but the can
did man who uses his eyes 10 observe acc
tual conditions has no difficulty IN as
signing the true cause. and that is tho
operations Of tho national bank act, which
confines the uses ana resources Of credit
TO the commercial centres, and-leavcs tie
agricultural communities without the ben
ehts OF assignable credits. The whole
evil lies right there, and the Ind annapolis
convention could be most potential in
graduating II. and in restoring peace and
quiet to the country II it recognized actual
conditions and dealt with them in a spirit
OF broad and general equity.
Tho advance information concerning
the convention is that IL viii be large
one. and composed Of the leading business
men Of each community that IS represent
ed. But the noticeable fact that Is most
in evidence IS that tho delegates are all.
or nearly all. representatives, OF common
oial bodies, and there Is no representation
OF the farmer ~ all Indeed. tho chair
man of the executive committee OF the
convention has received "a letter from
John NJ. stahi. OF Chicago. secretary Of
the farmers National Congress. in which
he says;
You are making 9. mistake IN not ask
ing any agricultural bodies 10 send rep
resentatiyes 10 your monetary conven-
ton"
We quite agree with Mr.. Stahl. and we
80 further and say It is blunder OF such
magnitude that Wa cannot understand how
the promoters OF the convention could
have made It. There Is very little dis
content. or none in, the cities. The people
who dwell in the cities transact almost
all OF their business with checks. and the
circulating medium IS, therefore, a matter
OF small moment 10 them. But the coun-
try people live too remote from the banks
TO be able TO transact their AFFAIRS with
checks They are compelled TO have
either coin or circulating notes. The green
backs and the national bank notes hay
ing the government credit AZ their back.
are good at face value ali over the
Union, and they consequently leave the
country people for tho commercial centres
and so leave the country people with no
al Of .l.s,fr
What is Indispensable therefore, to
the people who dwell in the country is
liberty to have their local banks OF issue
that will put out notes. that are at a
discount away from their place Of issue.
and which viii. therefore. stay ia The
neighborhood that issues them for the
uses and convenience Of the people
who dwell there. In that way. these
people can have media OF exchange. but
1t is the solitary way in which they can
have IL. When this IL recognized as
the actual condition of affairs. and our
legislation is based upon Il recognition
Of it. we shall have peace and quiet re-
stored TO the country. but we shall never
have any peace and quiet again until
nature. and it is the plan of the Consu-
tuition Of the United States. under which
we lived in such prosperity and con-
tentment from 1851 20 1861. when the
smart fellows. who thought they could
improve upon the work Of the masters
who built our Constitution. opened a
Pandora box upon the people OF this
country, with their national bank sys-
TEN.
No greater folly ever took possession OF
any mans mind than the prevalent idea
that the banks Of the country ought 20
furnish a paper currency that Will CIR
culate at par all over the Union Banks
have nothing to do with furnishing paper
currency to the whole Union. A bank
IS for tile accommodation and convent
ence Of tile people who dwell around II
and resort TO 1t. IL Us there 20 Keep
their money for them. 10 accommodate
them with loans. and If It can increase IT'S
accommodations TO them by putting out
its notes. then to put out its notes. But
when it puts its notes out. It is 20 ac-
commodate the people who deal with it.
and not to accommodate people some
where else. that deal with some other
bank That fundamental idea OF a bank
ing system is wholly ignored by the great
body Of unthnking people. who 20 on
prating about a uniform BANKING cur
rency, when the banks have really no
more to do with a uniform currency than
with building ladder to the moon. All
that the bank has TO do is 10 pay ats
notes in gold or its equivalent upon pre-
sentation for payment.
The indianapolis Convention. being
composed of men who have 10 conception
Of the real trouble Of the country and
It's real cure. will probably meet. Go
much talking. and adjourn. and then be
forgotten in six months. as all the others
have been.
POLITICAL sTEAWS.
The following excerpts from the AlcXan-