The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19
o.,, ~ ,h.,- orcat chartered hank.

on deposit IN their great chartered banks
There is A two-fold advantage In this
The money of the people. lying 10 the
credit of the government In bank. liz
available for the use OF the people not
idle and unproductive, as In the case
OF this country. where II lies In govern
ment vaults We borrow largely abroad.
IL the government money were available.
We could curtail our foreign loans to that
extent. .....
GOVERNMENT SHOULD RETIRE.
II Is of grave import TO the nation That
the solvency of the government should
never be in doubt. with government de-
mand notes outstanding. the question re-
turns. from time TO time, 10 uhsctue
business, to destroy confidence
The greenbacks and Treasury notes
sho,Id he retired. The experience Of the
world I'm banking matters cannot be dis
regarded. and the Government should re-
tire from the banking business. No other
frst-class Power Is in the banking bust
ness.
the affairs of state, with which the
Government must perforce cope, are so
veichtv and serious. IL Is folly 20 COM
plicate them with business. Inc divorce
between government and banking should
be absolute.
7, has been well said. "The refinement
In the use OF credit IS a pretty accurate
measure of national economic progress
our currency should be based on credit.
All government interference U do not say
supervision should be Withdrawn.
The function of government IS TO gov
ern. The legitimate function Of banks
is 10 issue currency. receive deposits, buy
paper, and make loans
ahosl1 no No fnOrO Interference
on the part of the government In the
banking business than I'm the milk bust
ness but the government should see TO
II that banks comply with reasonable.
Just requirements. dictated by experience
and common sense, just as all good NUM-
cipalities should see 10 &c that the milk
supplied the people IS pure and unadul-
terated
once il IS understood by the people
that bank note is not money that bills
OF exchange. promissory notes. checks
and bank notes are substantially OF the
same nature: when they understand that
the issuing of notes is not sovereign
act 10 be solely reserved to governments;
when they appreciate that the act Is no
more sovereign than the act Of the mer-
chant when he gives his demand notes,
and that II is gratuitous interference
or otherwise forbid a bank 10 issue cur
reucv. while II leaves all other corpora
tions free to make as many demand notes
as their credit will permit then they
will demand that the banks be permitted
10 prosecute their legitimate business
without Interference on the part OF the
Government All other business rs con-
Quoted without such interference. TO
discriminate against banks is unjust.
They should be permitted TO issue MS
many notes as can safely and probably
be used.
II Is idle to argue that il would he i'm
possible 10 make these notes good. A
careful study Of the subject proves that
making the notes good is question Of
detail
Bank notes. based on carefully ma
tured scheme of credit. and payable on
demand i'm gold. are the best medium of
domestic exchange and fulfill all the
requirements OF good currency.
THE FARMERS DEMANDS.
The farmer demands currency TO make
and market his crops.
The solvent farmer Justly complains
that the credit he obtains If often az
exorbitant rates. and that frequently
he cannot obtain currency az any price.
lie IS entitled to banking facilities, and
we must advocate and encourage local
banks of issue. owned. controlled and
operated by residents who know the
financial worth and standing OF their
customers.
Good. sound currency provided for,
taken with the increase I'm the production
Of the gold Of the world. will, 1 believe
settle forever the free silver heresy or
IS to /.
A competent non-Dartisan Currency
Commission should be appointed; and
briefly II seems TO me they should adj
vocate-
First. The final adoption Of the gold
standard.
Second. The gradual cancellation OF
Government demand notes said cancella-
ton to be not faster than new currency
is issued By the banks. the deposit or
government revenues In the banks OF the
country. and the retirement Of the Gov
eminent from the banking business.
Third They should advocate the repeal
of the tax on the circulation OF banks. and
thereby make possible the issue Of cur
rency which will expand and contract
automatically with the needs OF the
country: said currency 10 be- under the
supervision Of our national Government
and 10 be surrounded by ample. practical
ard efficient safeguards.
II the Currency Commission does not
solve the problem and guide the people
10 demand currency reform based ON
eternal principles. IS # my solemn con-
viction. gentlemen. that with the ineyl-
table return OF hard times, the people
will solve the question for themselves
and free silver may be the least OF our
evils.
A committee will be appointed 10 take
action in regard 10 Colonel Branch.s pro-
posed amendments at 2 o'clock tomorrow.
The following members Of the ENocu-
tive Council were chosen Tonight at
meeting held on the Steiner Pleasure:
James p. Branch Of Richmond. Va; T.
W. Hayes Of Detroit. a. O.. Campbell or
NatcheZ. Miss. T.. c. Bigelow. Of Mil
wauree: j. G.. Hunter. Of Duluth.
The other FIVE members Of tho council
will be elected tomorrow morning.
the Trust COMPANIES.