The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-04
TuE SAME OLD STORY.

out 20 the country from New York on
August Goth: -.
.-r-vy work.. August 3O.-The SUD,
,rraasurv here to-day transferred Ior ioca'
hanks through the Treasury AT w dS, I,,,7.
ton 5000 900 in currency to Kansas ~, ~
and $4,000 in silver dollars 70 ie% o..
through the sub-Treasury at Ne" -
leans. Shipments Of currency 10 VI. Sou '.n
and West to-day by banks oirec' w. w..
very large. all banks reporting the re0e'p''
of orders for remittances' u,
The limited States Treasury Is dong az
g can TO facilitate the transfer or cur
rencv. especially small bills and silver
dollars IN places where the money Is need
od for moving the crops, and TO that END
has placed supplies at the several SUD
treasures. New Orleans, Chicago, 81
I,ouis and Cincinnati. that the transfers
nov he made as made as quickly as pos
sible.
On August alst the following telegram
was sent out:
NEW YORK. August 31.-A canvass OF
the leading banks In this city SHOWS ina.
large sums OF money are being shipped
South daily 20 help move the crops. one
Of the most prominent financial institu-
tions here has sent about 100000 since the
middle Of last week, and orders are sun
coming in. The sub-Treasury at this city
has not had as much currency orders as
was usual. but this is ascribed TO the
lateness OF the crops In the southwest
AItogether II IS estimated that fully So
600 600 of crop money has been shipped
from this city the past fortnight. The
Southern credits are I'm better shape just
now than they have been IN several years
and the general outlook in that section
and the Southwest as viewed from here
is equally bright
On September 1st the following was
sent out:
NEW YORK. September 1.-Currency
transfers for $4,000 were received at the
sub-T'reasury to-day for shipment TO
Southern and Southwestern points. Some
OF the orders will be filed at the New
Orleans sub-Treasury. A number of lead
ing bankers I'm this city also received or
ders for currency from the South to-day
Altogether. something like 100000 has
been shipped from here within the past
week.
And so this will go on until the whole
cotton crop OF the South and the grain
crops Of the West have been shipped.
After that all this money will gradually
get into the current that runs to New
York and the agrIculturists of the South
and the West will be left absolutely bare
Of currency until next fall when the same
operation now going on will be repeated.
This money. It IS to be observed, is not
sent South and West to buy cotton and
grain. BY no means. all that is paid for
by bills OF exchange, checks and drafts
drawn against what the South and West
buy from New York and Chicago. 1t is
sent TO pay for the labor Of transferring
the crops from the farms TO the railroad
stations.
1t all gets therefore into circulation
amongst the people Why does it not
stay amongst them? Because 1t all has
the governments endorsement on It and
Is good at par in every part Of the Union.
That being so, it runs straight back 10
New York through the operation OF
law-the law of its being-that Is as i'm
perauve and memorable as that which
takes a stone to earth when thrown from
the top of ST. Paurs steesle.
This process has been regularly going
on for the last thirty-hve years, yet the
people sit blindly down and obstinately
refuse to open their eyes to its import
and meaning. They clamor all the time
for more money when the evidence stares
them in the face that If the stock or
money were increased one hundredfold'
none OF II would stay with them II IL was
OF n national character and good at par
all over the Union.
There is but one course possible that
will give them the currency that they
need. and that is for them 10 have banks
OF issue that issue their notes upon the
credit Of the assets of the bank itself.
These banks may be perfectly sound but
people living outside of the States IN
which they are located know nothing OF
their solvency and they will not therefore
want their notes This will put these
notes at a discount outside OF the States
in which they are issued, and they VIII
therefore stay in those States for the
use OF the people of those States and
they will then have all the currency they
need. This is so obvious that we are ut
terly unable TO understand why the peo-
pie cannot see 1t.
We do not know whether President Nc
Kinley and Secretary Gage are far enough
advanced upon this question to appreciate
the real needs Of the country, nor whether
they have been able to free their minds
from the shackles that bind so many 10
the fetish of a bank note good all over
the country" 1t seems certain, however
that in their recommendations 10 Con-
gress they will cut loose from the true
principles involved in this matter and
confne themselves 10 suggestions that
they hope they may get Congress TO
adopt.
They will be simply wasting their time
and energies in doing this. There is one
change to be made which will bring the
people absolute control and nothing short
of that change will effect the case in the
smallest degree. When the act of Con-
gress is so modified as TO make banking
entirely free and TO allow the banks TO
issue their notes upon the credit OF their
own assets only. then the people will be-