The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-27

II wants now for the city people, but as
for the country ones, who must nave
money because hey cannot do their blsl-
ness with checks. why give them money
that will not be good fifty miles from
home. is what The Times really recon-
mends.
But hasn't The Times always sail that
the working mans dollar should be as
good az the millonairc's dollar and isn't
the farmer a working man and the coun-
try people working peopleY
In Difference 10 our friends wish. we
reply TO this article. but We should not
have noticed Il " left 10 ourselves. The
state has marked out for Itself policy.
which is very far from coinciding with
The Times views OF public matters and
the two papers are so radically apart
that we think II better TO let the State
20 on in its course. while The Times
pursues its. with the public as the final
judge OF which advances theories best
adapted TO promoting the interests OF
the people. We cannot believe the State
TO be serious IN suggesting that The Times
wants 10 see the laboring man paid his
wages i'm inferior money. The State has
intelligence enough to distinguish between
proposition to have a circulating me
dunn that Is. In fact. debased medium,
and n proposition TO have a circulating
medium which is in fact just as good
as the best. but which. being unknown
away from the locality where it is is
sued. will not pass current i'm those dis
tant localities. Our gold coin will not
pass current in England or France or
Germany. But II is perfectly good money
nevertheless Brokers and bankers in those
countries will take It at its real value.
but the people at large know nothing of
our laws. they don't know what the stamp
upon the coin imports. and they are
unwilling. therefore, to take it in current
payments.
That illustrates the idea that The Times
advances. The Times wishes our State
banks left at liberty to issue their own
notes. But the notes would be payable
upon demand in gold dollars. Now the
people in Pennsylvania or New Jersey
would be as ignorant of the real respon-
sibility OF our State banks as the great
body OF the French people are Of the
character OF our gold coin, and they would
be unwilling TO accept their notes in cur
rent payments. which would OF course,
put them at a discount in those States.
They would consequently be sent back
here Immediately for redemption when
ever they strayed outside Of Virginia.
In this way we should have notes that
were just as good as gold all over Viz
able upon demand in gold. but they
would be at a discount i'm all places
outside OF Virginia. and they would not,
therefore remain outside when they
strayed there. but would be Immediately
sent back here for redemption.
Our state banks had out for twenty
years before 1861 an average OF more
than ten millions of dollars Of their
notes. These were at a slight discount
outside OF Virginia. and. therefore. all OF
them stayed in Virginia for the use OF
her people. They circulated all over Viz
gnia at par with species, and furnished
our people a great abundance Of as
good currency as any people ever had.
Every country district had. at all times,
all the circulating medium that it could
use. But what IS the condition of things
now? The national bank act concen-
tratcs all banking resources in the cities.
These commercial centres have banking
facilities enough to answer their pur-
poses after a fashion. Jut he people who
live in the country have nothing what
ever TO transact their business with. Ia
place Of the ten millions Of dollars cir
oulating in Virginia in 1860, we don't
believe $4,000 of circulating medium
could now be found in the whole State
outside Of the cities and towns.
The Times viii never be found advocat-
ing any money or currency that is not
exactly what it purports TO be. But eX-
perience has proved to us that we can
have a local currency that is perfectly
good in fact. but which is distrusted out
side Of the State. and which will. there
fore, stay with the people for whose use
it is intended.