The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-02
THE NEW YORK sun on THE TIMES

ors would suppose that our article OF
,r,r,sdav headed. 1.-The Financial Editor
80 the New York Sun" was written after
ve had seen the following in the sun
NJ Wednesday. Such. however was not
.hs case ours was written and ready for
tho nrinter before we knew that the
Sun had an article upon the sub
3ect II was a. coincidence, and coin
cidence only.
The Sun of Thursday contained the fol-
lowing editorial article:
"our esteemed contemporary. the Rich
mond Times. which on political questions
Is usually one Of the sanest newspapers
I'm the South. has got the currency mama
IN its acutest form. II demands the re-
neal of the requirement of United States
bonds as basis of bank currency, be-
cause when the currency is based upon
such funds il all goes 10 the cities city
neople. who do business with checks, do
not need much currency. hut the country
people need a great deal. We VIII let
The Times explain it's methods for OBJ
tanning a currency which VIII not 80 TO
the city. hut will stay I'm thecountry:
The real reason why the requirement
OF national bonds at the back of the cur
rency should be repealed IS that when
II is so backed. though issued by bank
in a mountain backwOOds. II Is just as
good I'm New York and Chicago as any,
and that being so the commercial CEN
tres will withdraw IL from the country
people 10 themselves. That Is me reason
the people in the country shorld be per
mitted TO have banks to Issue notes that
are not so backed that they will be good
all over the Union. They require that
their bank notes shall not be known in
New York and Chicago. and then they
will stay among the people for whose use
they are issued. and furnish men who
now have no currency with what they
need
'The Richmond Times. therefore. longs
for money which Is not sood
enough to be receivable in the
regular money marts. but which
IS so poor and mistrusted that il
will only go among its friends. that Is.
in the district of its production. That
sort OF money can he had without days
wait The Richmond Times will realize
its ideal II II prints a lot az notes with the
inscription, Good for one Pound Of
Sugar or one Ham and so on; and
for the communities that like that sort of
money IL will be the sort Of money they
like. 1t will never leave them. and they
can have all they wants Of IL. We must
warn them. though. that IL will be well
10 equip themselves with some ordinary
money when they want 10 buy supplies
from cities that are I'm the habit OF OK
changing goods for solid kind OF cash.
Bob Acres was OF the opinion that there
should be now form OF oath. "Damns"
said he have had their day" So we
say 10 the Sun. and TO all who resort 10
ridlcule. in this case that 1t is one which
calls for different sort OF treatment.
Ridicule. as applied to II, has had its
day and the most serious and earnest at
tention must be given TO il now or IL win
bring a state OF affairs upon this country
that will be most deplorablc.
Tho threat of free coinage Frustrated
the business of the country in the cities
and commercial centres and we see these
suffering yet most deporably from it's
effects. But the country people of the
South and the West who brought this
trouble upon the cities had real griev-
ance. They made a mistake I'm thinking
that their distress could be relieved by
free silver. but their distress was none the
less real because they erred in applying
a remedy. The cause OF their distress
Is the national bank act. which concen-
trates all banking and all the currency OF
the country I'm the cities and confiscates
their credit by forbidding them TO have
their local banks OF circulation
The Sun and the rest Of the New York
ers have no idea OF the state OF things
that actually exist. They transact their
business with checks and they find the
national bank system entirely satisfac-
tory 10 themselves. They think. there
fore. that II ought TO be satisfactory TO
everybody else. But the Virginia farm
er cannot transact his affairs with checks.
There Ia no bank near him and tho
methods OF communication In large part.
are OF the most primitive. lie must have
his local bank. which will issue currency
notes. payable on demand In gold coin