Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1897-02-04
alker at Richmond.
Communicated

Hon. JOS. II. Walker, Chairman OF
the Banking and Finance Committee
of the House of Representatives,
leader of the republican party, OF
which the country expects relief from
the present distress, in his address at
the Chamber Of Commerce, as report
ed. failed TO appreciate the magnitude
and gravity of prescribing and discuss.
ing a better. and permanent financial
system for the country, and to point
out the mode of safely changing from
the present system to the new; but
appeared impressed with the idea ct
devising plan for an untrameled sys
tenn of money making. specializing and
gambling in the products of the coun
try. He adduced as an ideal Of his
seeking the success of ''George Smith,
who came to this country in 1884, and
by inaugurating a system OF bank
notes and gold drafts, returned to Eng
land in 1850 with $4,000, 0OO." Gus
toners go to the bank, said Mr.. Walk
er, land exchange their notes, taking
the notes of the bank that do not cost
the bank cent. The profits the bank
gets on these circulating notes will
pay the dividends on the stock. How
did George Smith pay his gold drafts
in New York? When he became salts
fed that his customers had something
to sell he made the loans by issuing
currency notes, the profits OF which
| were the foundation of his immense
fortune,n : "Let us have as few
restrictions and directions as are pos
sible and make our banking SAFE"
Liberty is what we want in banking
That is what we must and will have
Mr.. Walker insists that 'every condi
ton must be liberaliZed. and especial
" the rights of the higher interes
localities of the south and west mus
he restored" He complains OF the low
interest in New Yark and desires t
reach the higher interest districts o
the interior.
y His notions of banking in cheap cur
rency notes would produce such rusl
into the business as to CRAFTY the mos
enthusiastic. The paper in circulation
i would soon, in quantity and value, re
semble the leaves of autumn, withou
a permanent basis as mother earth t.
redeem them. 1t is not increased ia
cilities for speculations and gambling
which are needed, but a bank system
: to facilitate the exchange of values
and a well secured currency sufficien
in volume to satisfy the past and cui
> sent engagement Of legitimate bushes
/ and euuitabiy distributed over tn
country. The idea of payments rest
q on gold and silver as the redemption
money of all promises throughout tn
business world, government, corporal
F., and individual promises however RI
mote and interlocked by conditions
, relate back to specie, the money OF tn
world. The speaker failed to indicat
specifically what shall constitute II
l basis of redemption, content to SUI
2 pend his new currency on the balm
, breath of confidence, to ride on to SUI
cess and prosperity. He spoke OF Tia
hardships of the present banking Law
1.-The repeal of the tax on circniatio
2 is not to be thought off, Don't 20
see," the speaker said further on, "tha
every paper dollar crowds out gol
: or silver dollar? We've got 81 900, 900
7 900 of coin in this country. We can
5 use proftably over $300,0O0,000 Tb
coin you carry in your pockets is I
dead as if it were sunk in the sea. Th
paper money you carry represents col
which is earning per cent Interest.
7 He reverses the recent order, whe
there was a cry for more gold to sut
tain the national credit. Now, he say
we have no need of three fourths c
the coin of the country, and apprist
| those who are SO fortunate as to hav
little money in pocket that it is
dead as if sunk in the sea. Most pc
sons would feel themselves fortunat
/ of they had more of his dead none,
! to supply the pressing needs of tn
zero weather. But we have not tim
to follow him further.