Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-20

MN. WAbkEHS ADbHbSSs
The address here Monday night OF Hon.
Joseph II. Walker. OF Massachusetts,.
under the auspices OF the Richmond
Chamber of Commerce and the Clearing
House Association. was destructive,
rather than constructive. Mr.. Walker
literally pulled to pieces our present
banking system. but neither from the
debris thereof. nor from other plans that
have been suggested, did he reconstruct
new scheme. Yet the Massachusetts
congressman is not altogether amenaDie
to the criticism that he would take away
what we have without giving US
something better. SO far az the masses
and the demands of the general business
OF the country are concerned, no system
OF banking could be worse than the pre-
sent national banking system. 1t mas
outlived by many years its usefulness.
1t has outlived the conditions that gave
It any standing as sound financ'erlhg'
The system operates with equal force as
currency contractor in times or de-
preston and I'm times OF revving pros
perity Under the one condition. 1t tends
to the boarding of money in the great
monetary centres--to the squeezing of the
people and the smaller financial institu-
lions at the very period these should De
carried. Under the other conditional
condition of reviving prosperity, when all
good securities naturally advance-h
tempts the national banks to sell their
bonds pledged as note security, retire
their circulation, and pocket the profits.
The system estops relief to the country
when that relief is most essential and
the more favorable the general situation
is for business activity, the more of
menace to that activity 1t becomes.
Mr.. Walker recognized fully the vicious
ness and the sectionalism Of the pre-
sent national banking system, and though
as we have said he did not pro-
pose any definite substitute for it, his
dissection of it and his presentation OF
the financial needs Of the country carry
with them decided value. They are an
impressive contribution 10 the agitation
for something better 1t is clear that
only through agitation can the country
secure banking and currency reform,
and If such men as Mr.. Walker succeed
in stirring up the people and the business
bodies of the country to determi-
nation, as Mr.. Walker urged, ito give
congressman no rest, day or night unui
reform is accomplished" their work VIII
have assumed an eminently practical
phase.
Mr.. Walker proved himself thoroughly
posted on the evils Of the national bank
ing system, and also showed that he had
been informing himself upon some OF the
advantages of the much-traduced oid
state bank system. We say that the
old State bank system was much ira
duced with a full knowledge that 1t had
serious defects, but we count II taVor-
able sign that northern men, sueh
as Mr.. Walker, who are deeply interested
in financial reform, are studying the ope-
ration of the old State banks. This STUDY
is one of the best of evidences that there
is a spirit abroad genuinely in favor OF
l,beralizing banking. 1t Is unfortunately
true that to a very large degree the
word national attached to our existing
banking system-a word tabooed In the
convention that framed the Constitution
gives the system an element of popular
strength. A serious investigation of the
old State bank system, coupled with the
admission that has frequently been made
of late in the North and West that 1t IS
worthy of consideration in reconstructins
our banking and currency laws, is a sign
of a disposition to analyze the ma
tional banking system on its merits or
dement's. 1t is, indeed, not the least nope
fpl sign of the approach of de
strrct,on and reconstruction" seeing. as
we have before stated, that upon popular
demand we must depend at last for this
consummation.