Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-02-13
STOP THE DRAIN.

The great evil that aiilicts the country
~ the scarcity Of currency, and this eVli
is aggravated by the unequal distripu-
ton of the volume that exists, or the con-
ditions that cause the currency to drift
to the leading financial centres. Until
there shall have been change in our
financial method that will give us
currency, which, IN respect OF volume
and distribution. will meet the demands
OF trade. IL will be idle to expect perma-
nent and general prosperity, and the re-
establishment OF business on an entirely
normal basis. The present anomalous
business and industrial situation is the
logical result of adherence to banking
system that in its present FORM mas
outlived its usefulness, and which, year
bv year. has become less adapted to the
requirements of trade and the needs OF
the people. The incubus of comparative
stagnation that is upon us is not OF sud
den development. 1t has beer growing
steadily for a long period. 1t has in
creased Just in proportion as the ade-
ouacy of the present misunderstanding
system to satisfy the laws OF trade has
diminished; and that adequacy has been
diminishing pari passu with the reduc-
ton Of the national debt and the eXpan-
sion of speculation. The idea that the
country at large can ever prosper again
under the present system is utopian. In
deed, the contention to the contrary finds
no supporters, save among dreamers,
doctrinaires, and the relatively small
class whose individual interests are OPP
posed to any reform or change. The
consensus of opinion of earnest students
of the operation of the present national
banking law is that it must be mended
or ended.
How long it will be ere this consum-
nation so devoutly TO be wished Will
have been attained it is hard to say.
The outlook for early reform is not
encouraging, especially in view of the
programme Speaker Reed, who is con-
fident of succeeding himself, is said TO
have mapped out for the extra session
of Congress. But to that complexion
it must come at last, either through a
popular pressure upon Congress, or
through a great uprising of the people
at the polls.
But. in the mean time, to bring the
matter directly home, we would say
that it may be possible to mitigate the
contributory or aggravative evil. We
may not only secure in considera-
bic degree the more immediate relief
desired, but anticipate and check in
large measure the tendency of currency
TO drift from us, that would obtain under
any reform, so long as we continued
welded to our existing trade methods
one cause Of the concentration of cur
rency in the great monetary centres Is
that these are our purchasing markets.
not only for imported goods, but Tor
many classes of goods of domestic
manufacture that we ought TO manufac-
ture at home.
If Richmond capital would establish
number of small and varied manufac-
tories for working up the raw material
~ this section. and our retail merchants
and iobbers would cooperate as lar
as possible in patronizing these manu-
factories and pushing their products
drain that takes millions out OF the city
annually would be stopped. Moreover
the establishment of these industrial en-
terprises would be of incalculable bene-
fiji 10 the State at large in the way or
distributing money for the purchase oil
raw material.