The age-herald., 1897-11-14
MORE LOCAL MONEY NEEDED.
Gen. Fuckers Letter to the Indianapolis Mone-
 tary Conference.

A ltW ddSS ShiiCt NtCii. AehShOA5 PANNi dent of the Alabama National bank, re- ceived letter from H. H. Hanna, of h. dianapohs chairman of the executive committee of the Indianapolis monetary convention relative to the proposition to eliminate the money question from poli- tics and as the chairman says, thereby overcome the periodical shock to business by reason of continuous agita tion for po- iitical issues.
 Gen. Fucker was asked to express him. self to the commission upon the subject of the fnadequacy of the financial laws as he understands them, and to make any other suggestions which he thought bore upon the subject, With reference to possible future legislaGion.
 The following is Gen. Fuckers reply to Chairman Hanna:
 Birmingham, Nov. 3, 1897. MT. H. H. Hanna, Chairman, Indian
 apol.s, Ind.
 Dear Sfr-I have refrained from an- Swering your several letters in regard to the money question because I apprehend- ed that possibly anything could say on this question would not throw much light cn the subject. I am constrained, however to udbmft a few observations that may dlict your thought on Mines that may be of value.
 I do not propose to discuss the silver question, or enter in to at political qua question, or enter at all into political con slderatbons, but to present few ideas born of our lrcal surroundings.
 The silver question has been projected consp.cuously into politics because there are thousands of producers who have seen their products constantly decline in market value, and because nearly or quite one half of the American pauple le-ieve that tn E shl' nkag g in value arises from an insufficient supply of money. It is not my province to discuss wheth- er this VleW of the cause of Shrinkage of value is correct or net. I only state the indisputa ble fact and the popular be- lief.
 If you will examine the statistics, you will find that here dn Alabama the per capita of circulation is about $7.34; it is lower in Arkansas, and m many states it is less than $15. New York has nearly $500. It is hardly strange that the peo- pie of the states where the psr capita is so low should be found reS'tive under such conditions, and yet the msn who are making the strongest fight against an 1nohease by the o-fnage nf silver, offer no remedy whatever, and no hope to the people of the states whsre unde- ntable suffering is caused by this re- strlcted circulation. It is no answer at
 
 York to get our money. Any remedy that compels any part of the people to rely upon the grace of cuptdity of some other section for a th.ng as necessary to their progress, development and well being as is sufficient circulating me- alum will mes predestlnated failure.
 In 1893, when ths banks sn many locaE- lies had in self defense to issue clearing house certificates to pass as money, the banks here issued certificates in small d nr1lirl fn fla ervtn faf $45000. These certificates had prac- tgcally no circulation twenty miles from this city, and yet they wen,e in most &C., tive and satisfactorily circulation here, and it is estimated that they Nquidated nearly half a million of local debts dur no man suffered loss; no man was ns- quired to accept cne, and yet there never was in the history of this city as much service rendered to bus'ness by ttlrea times as much gold or silver. It was a local currency good only at home, and remained there to serve the people tin a great crisis. Now if this was accom- plished by a self created currency, hav- ing scarcely a s s5mblance of law te sus tain it, what would be done With the local currency that had the authority of a sovereign state behind it? Remember, that tn my judgment no plan that you can invent will be accepted or give saItis- faction that will compel the people to look to a great financ al center for their money, or that will not supply the local demand for an enlarged circulation. If the supreme court should declare the 10 cent tax on state bank issue un- constitutional, or congress should repeal the act-admitted generally to be un- | constitutional-I think the states would | pass laws that would supply the demand l for local currency, and possibly thers would be enough gold to s;rve as basis | for interstate and foreign commerce. It is likely that each state would take a pride in making it's system so good that its money would be accepted elsewhere. Before the war, the states that had the best systems were thus rewarded. Would not the same result follow now?
 Judging from the last elections, the only way to prevent continued agitation. and perhaps the overwhelm' ng success of the silver men later on, is by giving re- Eef in the way I suggest, or some othSr plan that will give the people an oppor- tunity to supply themselves with local currency It is net even desirable that this should be a legal tender money. Can there be any objection to allowing the people of any state to supply them- selves with currency satisfactory to themselves when the people of other states cannot have it forced unwi1lfngly upon them?
 throw out tfrelse ideas fer your con- s.dsration. Yours truly,