The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-21
FOL FREE
Capt. Fea,hcrston Introduces an Impor-
fant McaAnre In The Hnusc

t"ps' introduces an ituBpi-
tant Measure In the House.
The following bill was introduced by
Captain Featherston. Of Campbell: An
act to allow free and Independent bank
ing In Virginia.
Whereas the high price OF United States
bonds have caused the cancellation and
retirement from circulation OF more than
one hundred millions Of national bank
notes and In proportion as the said bonds
20 higher. this cancellation and retire
mment is likely 10 increase. and whereas
under the National Banking Act all ma
tional banks are prevented by their char
tiers from lending a dollar on real estate
| as security.
Whereas under that act a surplus OF
four hundred millions required TO be kept
In the city of New York. as a reserve
fund. giving to that city an inordinate
advantage over other cities Of this Union.
Whereas the National Banking Act was
purely a measure devised during the war
between the States Of this Union. its
chief object having been to promote the
sale of United States bonds.
Whereas these bonds were originally
issued payable in gold and silver and
over eight hundred millions payable in
paper alone.
Whereas by ingenious and corrupt leg
islatiOn Of Congress these bonds have
from time TO time been altered ur.der the
specioJs pretcnse that the public faith re-
quirod 1t, while in fact the parties Great
ing this legislation became the benef-
Charles OF their own fraud so that now
these bonds are payable in gold coin or
its equivalent.
SILVER DEMONETIZED.
Whereas silver. which was solemnly
recognized by the Federal Constitution OF
the United States Of America by article
one. section ten. as a legal tender I'm pay
ment OF all debts has been demonetized
without regard 10 constitutional law and
deprived IN great part Of its debt paying
power without any amendment of the con
stitution which is the only legal manner
by which Il could be ~Gemonetized. thus
giving a different standard Of value from
that which is recognized by the constitu-
ton and one far narrower and far more
onerous and burdensome.
whereas an unconstitutional tax Of ten
per cent was imposed as n war measure
upon the notes issued by the State banks
which tax still continues although the
reason for IL no longer exists. and II is
plainly unconstitutional because its object
was not TO raise but to destroy revenue.
Whereas the Sherman bill which great
iy mitigated the evils arising from this
odious and unjust class legislation has
Dtfu l'ffdlfu hlAlOui any COMPENSATORY
legislation. although such legislation was
solemnly promised.
Whereas since the repeal Of this meas
ure, the State OF Virginia for four years
has suffered n financial depression Who'll
ly u0,aralled in its history. recently
changed slightly fol the better. only by an
awful and deso}ating famine in the most
populous country in the world.
Whereas the favored portion Of this
Union. known as New England, was en-
abled during the existence OF the war be-
tween tho states Of this Union by its
position 10 purchase United states bonds
al about sixty cents on the dollar in de-
preciated paper, and thus flood her terri
tory with money now amounting 10 over
two hundred dollars per capita circulation.
while Virginia has less than eight dollars
per capita circulation.
Whereas, by a system Of pensions not
only to Federal soldiers. which Is not OBJ
jectionable. II confined to soldiers who
performed actual service. but which is
given TO all dependent relations. including
every class now amounting 10 over $685. O0
on the pension rolls. a vast amount cf
money Is distributed geographically to the
Northern States Of this Union.
FOR THE FARMER.
Whereas. the events hitherto enumerated
haze so operated as in great part 10 de-
prive the farmers. the land-holders. the
mechanics, and the laborers i'm Virginia
from any banking facilities whatever in
.hc state OF Virginia. and have caused
our lands TO become uncultivated our in
d~ustries to languish. and an untold
amount OF loss and suffering and a depre-
citation in farming products. which IS 50
fearful that it can be emphasized by the
fact that though a great part OF the
ITaIarmI 1gLt La- 49,. ,.4 -ms
il will now take more corn. more wheat,
more cotton. and more tobacco TO pay
the remnant of that debt than would have
paid the whole at any time from 1865 to
1873. the date OF the secret. the odiOus. cor
rupt and infamous reconciliation Of sill
yer.
Whereas. according to the ninth AMI
tenth amendments to the Fedora Consti-
tuition, 1.-The enumeration in the Consti-
tuition Of certain rights, shall not be CON
strued by the people and the powers
not delegated TO the United States by
the Constitution nor prohibited TO II by
the States are secured respectively to the
States or the people" the right of free
and independent banking becomes one Of
the reserved rights. both of the States
and the people. because Section s. Article
l of the Constitution gives 10 Congress
the right "to coin money and regulate
the value thereof and Of foreign coin. and
fix the standard Of weights and meas
ures.' and Section 10. Article /. states
tina mo state shall emit bills of credit.
make anything hut gold and silver coin
a tender in payment of debts
Whereas. these are specifically and
plainly the only powers delegated TO the
Federal Government relative TO money.
thus reserving TO the people the right to
free and independent banking.
TO ESTABLISH BANKS.
Therefore be it enacted by the General
$3.50. 1891, 1892. 1888 1884. 3S35. and
hereby abolished and repealed. and in
lieu thereof any citizen or citizens of
the State of Virginia are hereby authoriz-
ed to establish within its borders any
bank or banks they choose, subject only
10 the restrictions and limitations col
tanned in Chapers AZ and IS of the Code
Of Virginia for 1887. and the acts of the
General Assembly or Virginia. passed sub
sequently thereto on this subject. II being
the specific object OF this act 10 give
the citizens of Virginia the right and the
liberty to organize banks clothed and in
vested with all the power that can be
given them by a sovereign State. subject
only TO the limitations and restrictions
OF the Federal Constitution. and the acts
of Congress passed In pursuance thereof.
This article shall be in force from its
passage.
o. COURTS OF JUSTICE.
The House Committee on Courts OF