The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-06
Our WARRENTON CORRESPONDENT
COMES BACK AZ Us.

The Times has long insisted that most
of the troubles this country has known
in the past twenty years are due directly
10 the condition of our currency laws, and
10 the features of protection in our tariff.
But, unjust as a protective tarin Is, we
could get along with that if our currency
laws did not practically debar very
great proportion of the population from
all media Of exchange. We might almost
saw. therefore, that all OF our troubles
grow out of the currency Jaws. and that
II they were made what they should be.
we should have no more serious troubles
at all.
A week or ten days back We printed
letter from a correspondent at Warren
ton. Va, which discussed our views upon
this subject candidly and intelligently,
and we replied TO It. Yesterday we print
ed a rejoinder from the same correspon-
dent, and this morning we will answer
that. by this sort Of calm discussion. we
make real advances towards ultimate
truth.
Our correspondent says:
Issuing doubtful bank notes is not
going to help matters. Good money won't
so into "a poor community, for being poor
IS a proof OF shiftlessness OF inherent pow
erty where money cannot be used to ad-
vantage"
Now our correspondent sticks here at
the foundation error with which all the
opponents of State banks begin their
objections to them. We do not propose TO
issue bad bank notes or even bank notes
that are doubtful" We propose to issue
none but good bank notes. that shall have
a right to call for gold coin at all times.
and, IL the bank does not deliver gold
coin for them when IL is demanded, we
propose 10 have that bank put in the
list of insolvent banks. and to wind it up.
Virginia banks had out for twenty years
before the war 100000 of their notes
They were as good notes as any in the
United States this day. and coin was
paid for all OF them whenever 1t was
demanded. Would our correspondent call
these doubtful" notes?
These notes were at discount in New
York of one-quarter Of one per cent. and
that kept them always in Virginia for
the use OF the people. How much cur
rcncy is in Virginia to-day? Does not
our correspondent think that the people
OF Virginia were far better off with these
$40 O0O.O 900 OF good notes scattered broad
cast amongst them than they are to-day
with hardly five hundred dollars to the
county?
Our correspondent says good money
won't so into a poor community" We
take the most pointed issue with him
there. Good money. as he calls 1t, will
so into any community. 1t has prejudices
against none. But. # it IS good money"
in our correspondents sense, II will not
stay in such a community. Being regard
ed as good money in all communities, the
commercial centres take it away This
idea Will be treated further on.
our correspondent continues:
Giving the bank power TO run IN debt
by issuing its own promises 10 pay in
stead OF good money is not helping the
community. But the self-denial OF Jones
and Brown and others ike them is what
makes money plentiful and a community
prosperous"
We attach just as much importance to
solf-denial and frugalliy as our CORE
spondeat does. But we see no reason why
q community may not have "self-denial"
and a plenty OF currency 10 lay up also.
This brings US 10 the really important part
OF our correspondents letter lie says:
In recent editorial The Times held
that banks OF free issue would cause
money 20 be plentiful even in remote
country districts.
Now. how can this be? DO banks
create money? IL has always seemed
20 US quiet countrymen that money had
70 come by saving.
II the people Of any AA~xxpitx ere saw