The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19
THURSDAY. AUGUST. 10 1897.
Is THE BANKERS CONVENTION
roUAI. no THE EMEBGENCN

IL the meeting Of bankers now sit'ihs
AZ Detroit. Michigan. could only measure
an 10 the full magnitude Of the OCCASION
n could adopt measures that would soon
be accepted by the whole country as the
basis Of our currency system that would
produce concord I'm every part oil inc
country. and would forever end all dan
ger of those troubles that have so threat
ened the peace Of the country Tor some
time. The bankers Of the country repre-
sent that vague impersonality that the
countryman has in his mind when he
speaks of wall street" 1t is for them
then TO make such concessions as the
case properly demands. We mean that
II there are any concessions TO be made
they are the parties to make 1t. An en-
uehtened banker Is forced to admit that
there are concessions to be made; there
fore this convention Of bankers should
come forward with them.
We are upon the gold standard, and
we are going TO remain there Nothing
therefore IS 10 be asked in respect to'our
money system. 1t is absolutely perfect,
and no improvement can be made in it.
But our paper currency system is utterly
imperfect. II Is just as bad as 1t Is pos
slble for Il 20 be in an enormous coun-
try with diversified local interests like our
country. When there is no paper cur
rency and restricted means for circulat-
ing credits, all business must be done
by exchanging commodity for commodity
or by exchanging coined money for com
modities. In such a state vast guam
tity Of coined money Is indispensable TO
business. But when there is great
quantity Of paper currency, 1t or re-
deemable always in the coined money!
perfectly takes the place OF coined
money. and then a very small quantity
OF coined money will be ample for the
needs OF a country. The quantity OF
paper currency a country needs for its
affairs may be greatly abridged by quick
and immediate methods Of communica-
ton. For instance, a city needs neither
coined money nor paper currency. II
does its business with checks. But peo-
pie in the country have no banks at their
doors, so that they cannot do their bust
ness with checks. They must have either
coined money .or paper currency. Coin
ed money exclusively is out OF the Ques-
ton in these days. so that it comes down
with them TO PAPER currency redeemable
on demand in coin. y sufficient amount
Of such paper currency for the needs of
the country people is simply indispensa-
BILE. They must have as much Of it as
they need. or there must be discomfort
amongst them
How can they have what they need?
From the foundation OF our Government
until the war. they were permitted TO
have their own banks that issued their
notes. payable always on demand in the
coined money of the country. These
notes rested upon the credit Of the banks
that issued them only. and. as that credit
was not known outside Of the State in
which the bank was located. they would
not circulate outside Of that State. The re-
suit was that they stayed in the State
of issue, ana the people OF that State
always had an abundance OF sound paper
currency. The new States OF the West
established wild cat banks. It is true. and
gave these State bank notes bad name.
but. in the old Atlantic States. the banks
were as sound as a dollar, and their notes
made the best currency in their borders
that any people ever had Since the At
lantic States had such a happy expe-
rience through threeQuarters OF a CEN
tury with their State bank notes, we
know that there IS method through
which all the people can again have q
currency that will supply our needs,
which Is the old state bank system.
But cannot the system that We now
have be made 80 supply the needs Of the
country people We answer unhesiat-
ingly. Mo- And FOR the reason that 1t
contains feature that effectually pre-
vents that result. u all has the endorse
ment OF the national Government. Con-
seQucntly wherever issued. II Is good al
Its face in every part az the Union. This
being 30. the commercial centres bid for
It and take 81 all 10 themselves. and
iesvs the country people without any,