The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-03
,r wEARisOME JOURNEY.

The New York Journal OF Commerce,
which was the greatest reasoner upon
economic questions In the country while
David NJ. Stone was its editor, but when
is now wrong upon very many public
questions. states that the letters which
the House Committee on Banking ana
Currency daily receive show that the
| country Is welded to the national Dahk
system. 1t Is true the Journal OF Com
merce excludes the South from consid-
| Grafton as part Of the country when max
ing this statement, placing the state
ment in contrast with the hostile feeling
which has been fostered by Southern
politicians" Northern men seem incapa-
ble OF attributing any movement In which
Southern men participate to patriotic
motives. They think that In whatever
Southern men advocate there must TURK
| some feeling Of disloyalty TO the Gov
eminent When MI. W. J.. Royal was
before the Banking and Currency Com
mi,tee in December last, Mr.. Johnson -
Indiana. pressed him so persls'eh'l| VIZ"
~
,,os,iors that seemed instinct with ms
idea that Mr.. Royal finally became pro-
voked and told him he saw very wen
that because he. Royal. came from inc
South, he, Johnson. thought koyah hdu
sons. objection TO taking a charter LOT d
hork from the Government Of the United
States. That he had no such objection AZ
all. That he would as soon take MS
hank charter from the United states
Government as from a State Government
all that he objected TO was the provision
! Of the United States law requiring III"
70 nut United States bonds at the back
Of the notes he might issue, and the pro-
visions limiting the amount of notes that
q bank might issue. which should be
left 70 the discretion Of the directors OF
the bank.
II is only fair to Mr.. Johnson TO say
! that he promptly disclaimed any such
intention.
But we fear the proposition the Jour
nal Of Commerce states IS a correct one
hat the country. excluding the South,
NHNN
is welded to the national bank idea, and
that it has got to suffer much additional
distress before It learns that ell Of its
| troubles of recent years have been from
the foolish and %tyrannical theory OF that
law that the blessings of freely %assignabie
| credit should not be the portion Of every
citizen in this broad lane as absolutely
as they are now made the privilege OF
rich men at commercial centres. The
national bank act confines the blessings
Of ~assignable credit in large part TO the
rich men at the commercial centres ana
it proscribes the great body of the ag-
riculturlsts which has caused the dread
ful state of turmoil and confusion that
has cursed the country of late years. But
the cauntry has not yet learned that
fact and we nave still before us an indeii-
nito period OF agitation before
men will learn that equal oppor-
tunity is the right Of ali citizens
and that there must be discomfort ana
rebellion against the existing order OF
things while some citizens are given OPP
portunitles to better their condition which
are denied to others.
The journal of Commerce. IN the article
we are dealing with. gives its sanction
to certain t~wo-penny schemes of amend
Ing the national bank act which IT yainiy
supposes are going to make 1t suit the
people and end all agitation upon the
subject. For instance. 1t would forbid a
director OF a savings bank TO be a di-
| rector in q national bank. and IL would
forbid a director in a national bank 10
be a director in a State bank, with some
| other sapient amendments of the same
sort. This is about as effective for deal
ing with the country's trouble as sprink-
ling the streets OF Bombay with cologne
would be for dealing with the bubonic
plague.
When the people who arbitrarily multi
fed the Constitution Of the United States
during the war to increase the arbitrary
powers of the Government consent to re-
turn from their erring track to the paths
Of the Constitution the country Will have
peace and order again. but never until