Pike County press. (Milford, Pa.) 1895-1925, 1897-03-26
SCARCITY OF MONEY.
MANY PARTS OF SOUTH AND WEST
HAVE NO MONEY.

Business Conducted by Barter-A Remark
able Speech by w. E. Dodge-TeIls New
York Chamber of Commerce What
Caused Bryan's Big vote-A bad Cur
rency system-FRrmers Have Real Grlev-
snces-Must BE Attended to Before 1900.
Mr.. W. e. Dodge, one Of New YorlS's
most enterprising and philauthropic
business men, was a delegate from the
New York chamber Of commerce to the
business mems sound money conven-
ton which met recently at indianapolis
He was a 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 part of 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 ! 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
If 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
a rich agricultural country, by some
happy accident a $50 bank bill had
come down into the county, and that he
had taken a horse ead buggy and spent
four days in visiting ali 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
/ it 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 in large 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 aud the farmers rich and
prosperous.
''The same thing has taken place il
Scotland, as many Of our friends know
Every town in Scotland with over 900
/ people has branch bank of some one Of
thegreatbankso of Edinburghor Glasgow.
A man Of good character who wants TO
fit out a fishing smack or buy anything
for his farm is able to go there, and if
his credit is good he is able to borrow
money as cheaply as any merchant could.
1t has a 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
ness l have talked with great many
( 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 fol
I them. Ny impression is that if some
thoughtful plan could be suggested it
would be quite possible to educate all
the agricultural people Of the country &c
understand that a 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 it at all here because we have sc
much money moving among us--but il
every time we went to a store we were
unable to buy anything except on credit,
if we had no money Co pay down too
able Us TO reap the advantages Of cash
payments, we should begin &c be iretful
do hope, sir, that the ghoughtful and
rcod men Of the north and cast viii BE-
willing to take up this saljcct
1T was brought ont at the Indian
ap0lis convention that after the first sad.
serious mistake made necessary by Il,