The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-12

Chairman Joseph II. Walker Discusses
Their Reform.

Chairman Joseph II. Walker Discusses
Their Reform.
Hon. Joseph H. Walker has written
the following letter ON the currency
To The Editor of The Boston Herald:
That our national bank act. while be-
Ing iu some respects an admirable law,
on the whole innic,s on the people to-
day very great hardship and is fruit
ful source Of alarm and Of monetary
crisis to our financial and business IN
terests IS beyond dispute.
Ihat the losses 20 our people In normal
business conditions under the law ag-
gregate much over S50000.Oo0 and nearer
sD,VUJ'OO per anEum is as susceptible or
proof rs that the night follows the day.
That the financial and business con-
dltions normal under this law. was the
fruitful SOIL that received the seeds OF
tho Wilsor-GOrmln tariff. with its de-
.Ncient revenue, and produced the crop
gathered in the financial crisis and busl-
ness depression Of 1893, ETC.. with aggre-
gate losses Of millions upon millions into
the billions Of dollars. with Its attend
ant rsefies. is ndisputable.
That this law IS crushing The very life
out Of enterprises and normal success in
many agricultural and hgher-interest
localities I'm excessive interest rates -
susceptible Of incOntestihle mathematical
demonstration.
That the demand for reform Of the
inequalities, the hardship and the op-
preston OF this law in the northeastern
states is now no bigger than a mans
hand is also true.
That before or in 1900 this cloud will
be developed into q storm that VIII
sweep the party that dallies with IN
stead Of correcting. the evils complained
OF with the bosom OF destruction. is be-
lieved by those deeply studying the signs
OF the times.
In the multitude Of oounsels 81 becomes
us 10 chose wisely. The belief Of some
sincere friends Of reform that we can
correct admitted evils by system Of
treasury bookkeeping as I'm the Bank
OF England. while not changing the ma
ture or amount Of tho demands for gold
uDOn the United states Treasury by the
smallest fraction, is the most fatuous OF
all.
The Bank or England system Of issu-
ing currency could by no stretch OF the
imagination be thought by sound hnan-
ciers 20 have any chance OF adoption in
England to-day were it an original propo-
stion
II the Bank Of England system was not
urged on us, and were II not that cor
rect notions concerning the excellencies
and defects OF that system are essential
10 knowing what is necessary in reorga-
nizing our own. confessedly dangerously
defective. 7 should not again trouble YOU
on January 9Th last. you kindly publish
cd a letter from me concerning what
nearly The whole body Of European inan-
ciers. ana Lngiish as well, believe to be
The EFFECTS IN the Bank OF England sys-
TEN, with reference 10 the pretended
greater security given 10 the business and
commerce Of Great Britain In preventing
or allayine panics by Us method Of issu-
ing currency, over the above the method
pursued by the Bank OF France. the Bank
Of Germany. or In New England under
the Suffolk system. from 1870 70 1864. which
latter 7 believe to have eXcelied all others
excepting the Scotch.
In that letter Z made six points which
I herein amplify as against the claim that
the internal arrangements Of the Rank OF
England required by laws. as 20 Keeping
Its accounts and is gold Cfor that IS tho
sum and substance of the whole contro-
versy) gave any greater security 10 the
creditors OF the bank and TO the business
interests Of Great Britain, or made SIS
currency any more secure than are the
currency notes Of the institutions named
In passing. allow ME 70 say that the high
est. and I'm fact, the only substantial. APP
prOval in finance IS imitation, and the
mously condemned I'm not being adopted
by a single bank in the world during tho
ffty-three years Of its existence The
Bank Of England Is. first OF all, the COM
mercial, and SIN more the gold. clearing
house OF the world. rather than bank
proper. That II is aged with cOnsum-
mate ability, by giants in the land IS
not disputed. but its success is believed
20 be not because Of, but IN spite OF. its
system II issuing urrency. It's position is
unique.
Wh.o-your editorial OF the same cate
disputed my conclusions. Jailed 20 no
tice that "a single one the facts gave
IN the six points was seriously questioned,
much less successfully controver,ad.
Unlike the Herald, the New York
Evening Post. OF February /. 1887. edito-
rally noticed my letter with personal
abuse. under the headlines, Congress
man Walkers Ignorance Exposed" While
not quoting q word Of my letter. it
classes Il with vulgar insinuations OF
faud. falsehood. blackmail and robbery"
Perhaps the word imposition" would
have suited my purpose better than rs
synonym. "humbug."
AN Engllshman" correspondent APP
pears IN the Post OF the same date 10
exhibit his superior manners. and re-
cites TO me the provisions OF the English
bank act as an answer 20 my article.
and says 1T IS much 20 be regretted
that a gentleman occupying the distin-
guished ard responsible position Of chair
man OF the I<use Committee or Bank
ing and Currency should display such
ignorance OF the law governing the Bank
of England. II Mr. Walker viii make
himself familiar with the act OF 1874. and
Sir Robert Peels speech" etc, as though
there was a well-educated boy IN America |
eighteen years old. taking the slightest in |
terest In financial questions. not as thor
oughly familiar with these matters as
the writer OF the article seems 10 be. |
from anything that appears therein lie /
fails 10 notice that ] am dealing with |
the practical everyday business work |
ing OF the Bank Of England under tho |
act OF 1874, and not with the yerblage OF |
the law.
There is no man In the country more |
DESTROYS Of Information and 10 candldly |
try this cause 20 its final issue. or who |
has a larger stake in H. than I. Per-
sonal Insult OF me does not satisfy those |
seriously studying the question and seek
Ing To know whether ] am correct or
not. VIII the Herald and the New York !
Evening Post try again? The points I
made are:
First-that the Bank OF England notes
are not cold certificates in form ar enk-