Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-19
WALKER ON FINANCE
ADDRESSES RICHMOND BUSINESS
MEN ON CURRENCY QUESTION.
REMEDIES FOR PRESENT CONDITIONS.
our banking system should lie
Changed aud All Conditions Libc-
pIaccs-Tbc Congressman Dincd.

Currency Committee OF the House OF
Representatives. delivered an address on
the currency question in the assembly
RAIL OF the Chamber Of Commerce last
rieht before representative gathering
o. Richmond businessmen. Mr.. Walker
came here as the guest Of the Chamber
snd the clearinghouse Association. and
was greeted by fully 500 members OF the
two organizations and others OF pfomi-
rence in the affairs Of the city.
The Congrcssman arrived from Wash
meton on the fast mail and was met at
Byrd-strcet station by Messrs. S. w.
Travers and J. II. Lancaster and es-
rorted 10 the jefferson, where he was
entertained az lunch. He spent the after
noon out driving with Mr.. Joseph Bryan.
SOME or THOSE PRESENT.
The meeting at the Chamber of Com
merce wasfset for S15 o'clock, but long
before that hour the hall was filled.
Among the prominent people present were
noticed:
Mcssrs. Thomas Potts. Major Howard
George Med. Blake. Congressman-elect
Lamb. Charles NJ. Wallace. Charles V
Meredith. j. Taylor Ellyson. T. W. Wood
John L. williams Rev. J. c. Morehead
Colonel John b. Cary, Major Fred r.
Scott. Colonel G.. Percy Hawes Colonel
S Buford. Maxwell T. Clarke. Attor-
rav-Gcneral Scott. Rufus Yarbrough
George a. Haynes, r. a. Lancaster
Major Whitcomb. Auditor Warren, Colo
nel j. B. Purcell Major y. I. D. Myers
Warner Moore, +. ii. Dean, II. w.
Powers Eugene Massie. Arthur Seddon,
Robert NJ. Smith. J. B. Elan, &. \. Wingo.
a. J.. Bouware Major j. II. Dooley G..
T.. Mcclure. Or. Jud. B. Wood, Fred W.
Scott III. w. ROuntree, Otis II. Russell,
J.. d. Morris r. w. Fleischman Lee
Straus Isaac Kaufman. y. r. Savage,
James Caskie. George NJ. King, }. NJ.
Fourqurean. Frank Christian. Allison,
Barton II. Wise Wyndham Meredith,
Judge T. O. Minor. James \. Boyd. Z. n.
Mayo. T.. T. Crump. j. ". Sinton, w. NJ.
Sinton. W NJ. Hill Robert Steger, A.
b. Clarke. Ware b. Cay. John B. Taylor,
j. c. Smith. :. r. Morgan, Charles L.
Todd E. a. Catlin. Frank sutton William
Parrish, J. Z. Ferrlter. 5. 5. Elan. Joseph
Bryan. H. r. Ellyson, NJ. NJ. Gillian.
b. b. Munford. 5. w. Travers. $. II.
Hawes. : c. Wallace. Charles II. Read,
Blair. Junius Morris. Samuel REGISTER
Captain y. r. Reeves, j. ID. Patton,
Robert s. BOsher. William Taliaferro. l.
ID. Stokes, E. c. Leigh, Jr, Andrew
n
Christian. Jr Allen Chambers, Dr. Hoge,
Judge George l.. Christian, George D..
Wise. Colonel W. II. Palmer, and others.
THE CONGRESSMAN PRESENTED.
Mr.. Walker entered the hall promptly
al the hour set. He was accompanied
by President Hawes of the Chamber;
Rev Dr. Hoge. and Congressman Lamb.
He was briefly introduced by Mr.. Hawes.
and was accorded a very hearty recep-
tiOn.
Mr.. Walker said: Il need not say to you
that / felt highly honored TO receive your
Invitation 10 speak in Richmond. / feel
peculiarly pleased 10 be in Richmond,
having known many Of your citizens. /
5id not come prepared TO make set ad-
dress. ] came to give my views on the
financial question. i desire and should
feel highly compimented 10 have any
gentleman ask me any question as ]
proceed. We have not met tonight 10
consider any question of party. but Of
economies: not to discuss scctonaism,
1ut patriotism / tell you blood is thicker
than water. 1t is only a narrow minded
man who does not love his brother more
after the contest is over. We are not
here TO compliment the winning candidate
in the late presidential election nor 10
criticise the loser We all ought to know
fNFN OlMtl AtANfA IMAM We W. " NH+-
10 educate the people in patriotism. 10
study those things that are for the com
mon good. and 10 build up the waste
places in our common country.
"I suggest TO this audience whether the
United STATES could spend five million
more adv4ntageously than by dividing
the country into twenty military districts
and attend more 10 the military education
OF the people and to their education IN
patriotism?
NATIONAL BANKING LAW OP-
PRESSIVE.
"Suppose we are asked" continued the
speaker. what law, OF what administra-
tion Of laws above all others Is op-
pressive 10 any class or section? / beiieNe
that IL is the national banking law. me
South has already captured from New
England all the cOarser cotton industries
We feel in New England that you can
take all our Industries that you are bet
ter prepared to cope with than we. we
want 10 level up this country and make
h more even. The amendment of the
banking law is necessary TO this end, az
also is home development. What are
bank currency notes|'
Mr. Walker answered his own question
by telling the story Of Mr.. George Smith.
who came 20 this country I'm 1884. and by
inaugurating system Of bank notes and
gold drafts returned 10 England in 1860
with 100000.
Customers 20 TO bank said Mr.
Walker. "and exchange their notes, taking
he notes OF the bank that DO not cost
he bank a cent The profits the bank
,ets on these circulating notes VIII pay
he dividends on the stock. How ala
seorge Smith pay his gold drafts i'm New
Of flf IfIf hn
customers had something TO sell he made
Dc loans by issuing currency notes. the
.rofts on which were the foundation OF
iis immense fortune"
DON'T AGREE WITH MIR. ROYALL.
Mr.. Walker then urged his hearers
again TO put any question on the sub
iect that might present itself, 'for
said he when l 20 back 10 Washin6-
ton l want TO be strong TO accomplish
what you want Ny friend Royal ne
went on. wants "A system OF locaI
currency notes. / do not think we want
anything Of the sort want a Dahh-
ng law that will give you local cur
Iency. / want a law that VIII send thls
currency back 10 the bank that ISSUED
t the moment II gets into any othei
bank In New England. in order that
ibis may be done. we adopted the SUI
folk system, which means that every
note issued does It's work while IN the
hand Of the person who issued H. ana
40 the end II Is sent TO the Suffolk BANK
ana returned 10 the bank that issued
lI Let US have as few restrictions aho
directions as are possible. and make our
banking safe.
How is this going to work? Through
clcarng-houses, which We have hardy
begun 10 use. Let the banks establish
local clearing houses, and when the biils
get into any other territory, let them
be sent back 20 their proper clearing