The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-28
HE NEED CREDIT CURRENCY.
Hon. Charles y. Fowler's Warning 10 the
Massachusetts Reform Club

Massachusetts Reform Club,
In closing his address before the Mas
sachusetts Reform club. OF Boston, made
last month. Mr.. Fowler, OF New Jersey,
said:
Every locality throughout the length
and breadth of our land, where the de-
pcsits OF the people (and just TO that eS-
tent) are not adequate TO meet the de-
mands for morey with which 10 handle
the products and manufactures In the
most economical and profitable way calls
for a system OF credit currency.
Compare New England to-day, with It's
bank capital and deposits far IN excess or
your local needs, with the banks OF New
England in 1856. with capital OF only
one hundred and fourteen million dollars.
thirty-hve million Of deposits, and htly-
four million of credit currency. Your IA
theirs had the benefit Of ffty-four MIL
lions OF circulation, v hich was equivalent
To the same amount of deposits, and
without which much that was done could
not have been done. Recall the fact that
more than two hundred years ago Scot
land, when there was no money there 10
deposit, began her banking system or
credit currency, which has never been
equalled anywhere in the world by any
other system. Let us remember that all
those States that were counted for Mr..
Bryan last November are, I'm greater
or less degree i'm the same situation or
condition that New England found her
self at an early day. with work 10 do,
with resources TO develop, with enter
prises TO undertake, and that the very
system that gave the fullest play to your
genius and the fullest returns Tor your
toll is that demanded by your brotoert IN
the South. Southwest, West, and North
west to-day.
Let us all cease to be go intolerant OF
the ideas OF other sections simply be-
cause we are ignorant OF the conditions,
az your secretary so suggestively wrote
me Let us remember that we are at
tempting to build here a higher clNllili-
ton than that existing anywhere else.
and that the whole scheme Is failure,
or the cries coming up from time 10 time
from the various sections or our bel0Ntd
country are but protests against some IN
justice or injury and that IL our civili-
cation is not a failure the people are
either entitled TO their demands or will
gladly hear those who honestly attempt
TO explain, keenly appreciate what is
supported by truth and experience, and
will frankly accept the verdict OF reason
and Justice.
But we, here in the midst OF banking
capital, preoccupied with our own az
fairs satisfied, perhaps, with our con-
ditiOn give no thought to the commercial
situation in other sections, relying solo
~ upon the crucible OF congressional
legislation to care for them, never think
ing that your representative Is preoc-
cupied with the duties OF his district, and
that the politician. small and great. who
seeks TO give rather what HIS constituents
want than what they actually need Is one
OF the greatest obstacles 10 the advance
ment OF the public interest. Ii Is left for
such bodies as this very largely 10 take
the initiative. u IS for you 10 declare
truce on vituperatiOn and denunciation.
for they are not argument, nor VIII they
be conducive TO q proper understanding
and final settlement OF this most impOr-
tant question which, unless IL be settled
In the court Of discussion and inquiry
now, will be reached through the dark
valley OF experience vita free coinage.
reputation disaster, and suffering incom-
prehcnsible
The people living IN the less developed
sections Of the United States seized upon
the lree-silver heresy simply because
nothing else WAS offered them az a source
OF relief They felt as though nothing
could be worse than their present con-
dition, hence they are willing 10 take
plunge into the, TO them- unknown. not
realizing that there never was word In
common use In the English language that
meant so little what the people thought
II did. indeed the very opposite to what
they think Il does and what its structure
implies. as blmctallism.
Bimctallism would seem 10 mean an ac-
tual use OF two metals. but II means dis
tinctly as proved by all experience. memo
metaliSm alone-the Lse ~ the cheaper
quantity OF any metal coined for ono dol
lar. The people who voted FOR Mr.. Bryan
thought IT meant more money In circu-
latiou. when, az Il matter OF fact, 1t
meant Just one-third OF our present
money value.
There never was and never can be any
actual bmetailism except where the
stronger metal carries = margin AZ aradn