The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1897-03-10

Mr. W J.. Dodge. one eff New York 5
most enterprising and philanthropic
business men, was a delegate from the
! New York chamber of commerce to the
business mems sound money conven-
ton which met recently at indianapolis
He was member of the executive COM
mittee of the indianapolis convention
A short time after he was chairman of
| the arbitration committee ut Washing
| ton In both capacities he had excellent
opportunities for meeting representa-
tives from different states. The follow
ing is II part Of his somewhat remark
able speech before the chamber of com
mcrce when submitting his report of the
indianapolis monetary conventions:
II WAS surprised, sir, to find the as
sertion made constantly by men from
the far western states and the south and
southwestern states that it was not Mr.
Bryan and it was not silver that they
were in favor of, but they needed some
change to bring relief from the terrible
condition of poverty and scarcity of
money under which they lahorcd They
and 80 painful that any change would
be Of value, and when | came to look
into the matter and to talk III friendly
and kindly way with them they all
confirmed the same feeling which had
| found Mt II long conversation i'll the
| treasury department, i'll Washington
that the circulation of the country is
| quite out of joint, that the lungs and
heart nre eonGcsted and that the ex-
tremities of the country are absolutely
without any blood.
81 found that there We're great sections
of the southern and western country
where there was absolutely no money ut
all, where the most primitive forms Of
barter obtained, where everything was
most disorganized. One gentleman told
mo that i'll his county, which was quite
u rich agricultural country, by some
happy accident a $50 bank bill had
come down into the county, and that he
had taken Il hcrse and buggy and spent
four days III visiting all the towns in
the county striving to get it changed
into smaller bills, but had been unable
to do SO, and finally was obliged to send
it to Richmond There were senators
who told me that their constituents
never saw Il dollar of money from the
beginning Of the year To the end, with
the result that they had constantly to go
into debt 10 the local storekeepcrs The
local storckCtpcrS received their pay in
kind In fact, everything was drifting
back 10 the old times before money was
invented. This was not in one section of
the country only, but in large sections.
I'VE can quite easily understand that
where there il not sufficient money to
establish II national bank under the
very enerous laws at present in force
there is nothing else to take the place.
The same difficulty has eome up in other
parts of the world. In Austria and Hun
gary, III southern Germany and in south
orn France these difficulties were under
stood and appreciated years ago, and
agricultural banks have been founded
there, and they have doubled the value
of real estate, and they have made the
peasantry and the farmers rich and
prosperous.
THE same thing has taken place in
Scotland, ms many of our friends know
Every town in Scotland with over / 600
people has II branch bank of some one Of
thegreatbankso Of Edinhurgho or Glasgow.
A man of good character who wants to
III out Il fishing smack or buy anything
for his farm is able to go there, and if
his credit is good he is able to borrow
money as chcaply MS any merchant could.
| IL ha. Il n
giving to those ueighborhoods the money
that they actually iced, hut it is cdu-
eating the people in thrift and prompt
ness. l have talked with great MANY
of my banking friends, who say that the
whole thing depends upon the character
of the people; that the people are specu-
lative and that nothing can he done for
them. My impression is that if some
thoughtful plan could be suggested it
would he quito possible to educate all
the agricultural people Of the country to
understand that man who is thrifty
and honest and sober and prompt can al
ways iii some way get some money. II
is very hard thing-we do not under.
stand it Mt all hero because we have 50
much money moving among us-but il
every time We went 10 u store we were
unable to buy anything except on credit,
If we had no money to pay down to en-
able US to reap the advantages of cash
payments, we should begin to be frotful.
| do hope sir, that the thoughtful and
good men of the north and east will be
willing TO take mp this subject
1T was brought ont at the Indian
apolis convention that after the first sad.
serious mistake made necessary by the
eNigol les ci the civil war we had gone
ON with maktshiftS ever since Oae bit
of legislation necessary to bridge us over
q particular crisis has been met with
another With every issue of bonds and
Of grenhaohS and with every other
form of curryrcy, legislative onactments
have heen made and they contradict
and overlap ,aG II other, and the business
of the treasury is exceedingly hard and
difficult
Il came sway from Indianapolis with
this very finn impression, and | have
only vontured TO submit ii because feel
it so deeply that unless those OF us in
the more favored parts of the country
understand the condition of our brothers
and our fellow citizens in the other
parts of the country, unless we wisely
instruct aud educate them and bring
about some wise methods for their re.
lief, when the year 1900 comes we
shall be swamped with an infinitely
mora nax,,aefni vata AGAINST nc tla, 1ur