The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-19
MR.. WALKER ON CURRENCY.
Continued From First Page

| IN an per cent. 4Otdlty, where IL should
be 100 per cent. more. and % per cent.
more than in 10 per cent. locality,
where it should be 80 per cent more.
Continuing. Mr.. Walker said the sys-
TEN of redemption would keep the banks
within proper limits. lie then gave ut
terance TO the following sentence, which
seemed TO make a profound impression
upon his auditors.
For every dollar in specie you have,
more than IS wanted, there is a dead
loss to you. on an average Of per cent.
over the whole country
Mr.. Walker said that where the United
States now had 81. 200.0OOoo0 OF gold and
silver dollars in circulation. she only
needed $4,000. Every metal dollar car
ried in the pocket, he declared. was at
"A loss of per cent. 1t should be de-
posted in the banks. and notes issued
against It.
Men who are for the free coinage Of
silver" he said. want money. Like
sensible people. they viii take the cheap
est money they can get. but If you won't
give them that, they Will go for free
silver"
The speaker then again asserted that
the country was losing 6 per cent. upon
the coin in circulation, and 1t was doing
her little good
When the Bank OF England" ne
said. gets over S2l5 100000, the rate OF
discount is lowered. so as to get the
money out The value Of money IS
tested by foreign commerce. in domestic
commerce II is just like changing II
from one pocket 10 another"
Mr.. Walker then went on 20 declare
la ftnrrqYrff-nrrf it4r
and the banks conservers and makers of
wealth. The banks he said. should be
allowed 10 issue all they could keep
good. i'm the interest Of cheap money.
The Venezuelan message. me- said
cost the country two billions. and the
panic Of 1893 many times more. 10 was
an due TO the fear of our financial sys-
TEN. How much longer shall we en-
duro D.? Shall we not reform IL now"
WHAT SHOULD BE DONE.
1--WE should Danish bonds from the
banking system" said Mr.. Walker earn
estly, dissolve the United States Treas
ury from current redemption. Sc. allow
banks of $4,000 capital. allow banks to
issue currency against their assets. al-
low State banks. under certain condi-
tions, TO take real estate security. allow
bankers to manage banking; allow banks
10 establish branches. in order 10 do this
lanks must currently redeem the legal
tender notes. Every condition must be
hberalizcd. and especially the rights Of
tho higher interest localities Of the South
and West must be restored. "
In conclusion Mr. Walker said that the
Richmond Chamber OF Commerce must
DO IT'S part i'm the matter and not allow
the country's representatives. ~ the Ma
tiOral Capital moments rest. night or
day. until tho needed reform was am ace
complishcd fact The speaker said hui
mOrOusy that ne had been reused from
his bed az o'clock I'm the morning by
man who wanted tho tariff fixed
Mr. Walker admitted frankly that tho
congressman needed urging and appealed
10 Hon. George ID. Wise. who occupied "a
front seat, TO ccrroboratc him lie said
that from tho nature of things not one
measure I'm "a hundred could receive proper
consideration.
Mr. Walker closed amid loud applause.
Major Fred r. Scott then rose and said
that the Chamber would have been glad
20 hear further from Mr.. Walker as 10
the proper course To pursue. bat was.
nevertheless. under great obligations 10
him for having taken the trouble 10 come
10 Richmond. and Doe desired the president
of the Chamber 10 take "a vote upon
whether the Chamber desired o. return
thanks o. the distinguished speaker
Mr.. Halves. with "a few graceful re-
marks put the question. and received
hearty affirmative response.
AT THE WESTMORELAND.
After Mr. Walkers address was over
be- was entertained at the Wcstmoroland
club by q dinner in courses. at which
the following gentlemen We're present.
5. II. Pulliam.
r. W. Powers. 5. c.. Wallace.
j. S. M0-by. T.. g.. Leigh,
o. w. Wood. Alexander Hamilton.
r. A. Lancaster. J. y. Boyd.
Rev. 81. j.. Iloge -. d.. S ". Halves.
Judge Geo l.. Christian, S W. Travcrs.
Hon. j. II. Walker. D. $. Elicit.
Joseph Bryan. f. A. Catlin.
Col w H. Palmer. W. r.. Trieg.
Mai. r.. r. Scott j. T.. Purcell.
j. H. DoOlcy.
j. VI. rutherford.
At the close Of the dinner Mr. Walker
health was proposed by Mr. Travers. and
the response was both instructive and
humorous.
Remarks were made on the subject Of
banking and the defects of our present
system by Major Scott. who showed
full and accurate knowledge OF the husi-
ness. and that a reform I'm favor of a
liberal system as nearly as possible 10
the old state bank system was necessary.
\ running discussion with Mr. Walker
was kept up for some little while. 10 the
instruction Ct those present in which Mr..
Travers took part when the entertain
ment was closed by some remarks from
the Rev. Or. Ioge. introduced by Judge
Christian. who in behalf of the COM
pany thanked Mr.. Walker for Dis pros
oncc and his address and expressed the
IL --uL-nnu- hon. DIM L. .-.--LL $1,000 IL