The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-09
SCARCITY OF MONEY.
Many Parts OF South and West Have
No Money.
Business Conducted by Barter-A Re-
markabie Speech by w. E. Dodge.

business men, was delegate from the
New York chamber Of commerce TO the
business mems sound money conven-
ton which met recently at indianapolis.
He was member of the executive COM
mittee Of the indianapolis convention.
A short time after he was chairman OF
the arbitration committee at Washing |
ton. In both capacities he had excellent
opportunities for meeting representa-
tives from different states. The follow
ing is a part cf his somewhat remark
able speech before the chamber OF COM
merce when submitting his report OF the
Indianapolis monetary convention:
II was surprised, sir, to find the as
sertion made constantly by men from
the far western states and the south and
southwestern states that it was not Mr..
BRYAN and it was not silver that they
were in favor Of, but they needed some
change to bring relief from the terrible
condition of poverty and scarcity OF
money under which they labored They
felt that their condition was so extreme
and so painful that any change would
be Of value, and when l came TO look
into the matter and TO talk in friendly
and kindly way with them they all
confirmed the same feeling, which / had
found at a long conversation in the
treasury department. in Washington,
that the circulation of the country is
quite out Of joint, that the lungs and
| heart are congested and that the ex-
tremities of the country are absolutely
without any blood.
"Ifound that there were great sections
| OF the southern and western country
where there was absolutely no money at
all, where the most primitive forms OF
barter obtained, where everything was
most disorganized. One gentleman told
me that in his county, which was quite
rich agricultural country, by some
happy accident $50 bank bill had
come down into the county, and that he
had taken a horse and buggy and spent
four days in visiting all the towns in
the county striving to get it changed
into smaller bills, but had been unable
TO do so, and finally was obliged TO send
il to Richmond There were senators
who told me that their constituents
never saw dollar of money from the
beginning Of the year to the end, with
the result that they had constantly TO go
into debt TO the local storekeepers. The
local storekeepers received their pay in
kind. In fact, everything was drifting
back to the old times before money was
invented. This was not in one section Of
the country only, but inslarge sections
"We can quite easily understand that
where there is not sufficient money to
establish a national bank under the
very onerous laws at present in force
there is nothing else to take the place.
The same difficulty has come up in other
parts of the world. IN Austria and Hun
gary, in southern Germany and in south
ern France these difficulties were under
stood and appreciated years ago, and
agricultural banks have been founded
there, and they have doubled the value
Of real estate, and they have made the
peasantry and the farmers rich and
prosperous.
"The same thing has taken place in
Scotland. as many Of our friends know.
Every town in Scotland with over 900
people has branch bank Of some one OF
thegreatb banks of Edinburghor Glasgow.
A man of good character who wants TO
fit out fishing smack or buy anything
for his farm is able to 90 there, and if
his credit is good he is able TO borrow
money as cheaplysas any merchant could.
1t has double effect 1t is not only
giving to those neighborhoods the money
that they actually need, but it is edu-
eating the people in thrift and prompt
| to1t y1I x-tth ,,na
of my banking friends, who say that the
whole thing depends upon the character
Of the people; that the people are specu-
lative and that nothing can be done for
them. Ny impression is that if some
thoughtful plan could be suggested ID
would be quite possible to educate all
the agricultural people of the country to
understand that man who Is thrifty
and honest and sober and prompt can al
ways in some way get some money. II
is a very hard thing-we do not under
stand il at all here because we have SO
much money moving among us-but II
, every time we went to store we were
unable to buy anything except on credit,
if we had no money TO pay down to en-
able us TO reap the advantages Of cash
payments, we should begin to be fretful.
I do hope, sir, that the thoughtful and
; good men of the north and east will be
willing to take up this subject.
'It was brought out at the Indian
apolis convention that after the first sad
serious mistake made necessary by the
exigencies Of the civil war we had gore
, on with makeshifts ever since. One bi
, of legislation necessary to bridge us ovol
, a particular crisis has been met w Il
, another. With every issue of bonds cnt
of greenbacks. and with every othei
form of currency. legislative enactmen-
. have been made, and they contraC ,
and overlap each other, and the business
, Of the treasury is exceedingly hard anC
difficult.