The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-20
THE REFORMATION Is NO REFORMA-


We don't know much of MIR. John =.
Irish. Of California, but We have fire.
quently seen his name mentioned during
the late presidential canvass as lead
ing Sound Money Democrat. and from
the way that he is constantly mentioned
in the newspapers. We judge that he
must be a person OF some consequence
where he comes rom. lie attenoed the
recent monetary convention at Indian
apolis. and he has been having inter
views with newspaper reporters in re-
gard TO it since he got back.
TO a reporter for the Washington Post
Mr. Irish said:
"The conference has opened the way
for reform in the banking policy, and
If the proposition agreed upon should ever
be crystanized into law by Congress,
IL will put the surplus or loan capital
of the national banks within the reach
OF those who need IL. Money 50 loaned
would be surrounded by safeguards. IL
appears TO be the tendency of national
banks TO concentrate surplus IN centres.
i md in California and Texas decided
opinion In favor OF increasing the iieXi-
bility of the national banks with proper
safeguards. The conference was largely
COMPOSED Of business men from the East,
South, and West. and they desire that the
surplus capital shall be placed within
their reach. under proper safeguards"
That sounds well. But what was the
proposition agreed upon? We saw moth
ing. except some resolutions. stating
what all agree to. that our currency
system needs liberalzng. and appoint
ing a commission TO do something, but
what. we are given no hint Of. We wish
most sincerely that we knew what propo-
sition agreed upon Mr.. Irish refers TO.
Mr.. Irish had a further interview with
a correspondent Of the Baltimore sun,
In which he let out his own views a
little more fully. lie said:
I'VE want a system OF banking which
will be absolutely safe. and Will yet sup
ply the needs of commerce. In other
words "A system which viii enable those
interested in commerce and industry 10
avail themselves OF the loan fund 10
increase business and TO develop re-
sources In every direction. Now, the
national banking system. so far as 1t
goes. is very admirable system. 1t Is
surrounded by ample safeguards. and the
percentage of loss through the failure
OF national banks has probably been less
than that I'm any other system yet de-
yised. But the country has outgrown the
MISUNDERSTANDING system. 1t has be-
come like "a woollen shirt. which has
been washed and has shrunk until 1t Is
impossible TO get into It. and something
else must be substituted. The national
banks are 50 restricted. and their OPP
Grafton has in the course OF time become
so limited. that they are OF little mate
rial aid now TO our enormous and rap
idly growing commerce.
What the business men, therefore de-
mand is that they shall be allowed TO
make use Of their credit In every proper
manner. and they ask for "a banking sys-
tenn that viii enable them TO do So We
want the various kinds OF currency now in
circulation Withdrawn. ana one KIDD sub
sfituted which will be as good q the
state OF California as In Maine. There Is
no proposition 10 restore the State bank
Ing system. but TO establish "A great ma
tlonal system OF banking. which Val be
as beneficial TO the people OF the Sfcth
and West as IL Is 10 those of the New
England and the Eastern states gen
orally"
And. as n that were not enough tie
Reporter adds.
"Reaardpg the Southern men who at
tended the convention. Colonel Irish
said: They do not want the rc-estabiish-
ment OF the state banking system. so far
e was able 10 discover. Their wants
~ The same as those Of the business