The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-17
WEDNESDAY. NOVEMBER II. 1897.


General Edward w. Rucker. OF Pr
mingham. Ala. has written a letter TO
Mr.. II. II. Hanna. chairman of the Ex-
ecut;ve Committee of the indianapolis
Monetary Convention, In which he takes
strong ground for State banks Of issue.
General Rucker makes some statements
which must command the attention of the
financial world. For one thing he says
that the per capita circulation in Ala
bam& is 1874 that II is lower than that
figure in Arkansas, and in many States
less than $500. while in New York it is
nearly $500 1t Is hardly strange. he says.
that the people Of the States where the
per capita is so low should be found res
tive under such conditions. and yet the
men who are making the strongest fight
against FREQ coinage offer no remedy
whatever and 70 hope TO the people Of
the States, where undeniable suffering is
caused by the restricted circulation.
1t is no answer. he adds, TO say that
we should go 10 New York for our money,
for any remedy that compels any part Of
the people TO rely upon the grace Of some
other section for n thing that IS as neces-
sary to their progress and development
and well being as a sufficient circulating
medium will be sure to meet with failure.
General Rucker then calls attention TO
the fact that In 1898 when there was a
dearth Of currency. clearing house certi-
fcates were issued by banks and that
these certificates had no circulation TWEEN
~ miles from Birmingham, but were in
most active ana satisfactory circulation
there where 1t is estimated that they IL
qndated nearly half million ia local
debts during their short life.
Similar devices were used in Richmond
and other Virginia cities and we all know
what a God-send they were at that criti-
cal period No one was hurt says Cen
sral Rucker. no one suffered loss. no man
was required TO accept one of these certi-
nca'c5 and yet there never was in the his
tory CT Birmingham rs much service rem
dere6 to business by three times as much
gold or silver.
strong statement. but we believe II
10 be absolutely true 1t was a good local
currency says he. good only at home and
remained there 20 serve the people in a
great crisis. And this in conclusion:
Now II this was accomplished by a self
created currency, having scarcely a sem
blance Of law 10 sustain IL. what would
be done with the local currency that had
the authority of a sovereign State behind
II? Remember. that i'm my judgment. no
plan that you can invent will be accepted
or give satisfaction that will compel the
people 20 look to great financial center
Cor their money. or that will not supply
the local demand for an enlarged circula-
ten.
II the Supreme Court should
declare the 10 per cent tax on
state banks issue unconstitutional.
or Congress should repeal the act
admitted generally 10 be nconstitu-
iional-I think the states would pass laws
ma, would supply the demand for local
currency. and possibly there would he
enough gold 20 serve as basis for inter
state and foreign commerce.
II Is likely that each state would take
pride IN making It's system so good that
Sc money would be accepted elsewhere.
BEFORE the war. tho States that had the
lest systems were thus rewarded
would not the same result follow now?
JUDGING from the last elections. the
only way 20 prevent continued agitation.
md perhaps the overwhelming success OF
the silver men later on, ~ Nv giving re-
lles In tho way that I suggest. or some
plan that will give the people an oppor-
tunity 70 supply themselves with a local
currency. II IS not even desirable that
this should be n legal tender money. Can
there be any objection 10 allowing the
people of any state 90 supply themselves
with a currency satisfactory 20 them
selves when the people OF other States
cannot have IT forced unwiluney upon
them?
Here Is a simple. straight forward state
rent from practical man who has seen
a financial disaster 20 his community
sverted by this simple device and vet the
fnanciers OF the country are offering all
sorts Of complicated plans. which they
themselves scarcely understand. to solve
this simple problem. II Is past our COM
prehension that these things should be.
when, as wc remarked in yesterdays
paper. a statute Of Ave lines would end
n, the trouble and restore 10 US our con-