The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-21
THEY MUST BE At DISCOUNT AWAY
FROM HOME.

y
FROM HOME.
The Banking and Currency Committee
OF the House Of Representatives were
cncaCcd. of and on. all through the year
OF 1896 in taking the testimony Of various
persons invited to appear before them to
give them information and suggestions
touching the amendments needed in our
currency laws to give the people a salts
factory currency system. BY permission
Of the House Of Representatives. the
committee has now printed ten thousand
copies Of a volume containing the state
monts Of the persons who appeared be-
fore IT, and anyone can get copy by
writing to his representative. The volume
contains COO pages and statements from
many persons. among which are state
mcnis by three citizens Of Richmond
Mossrs i. a. Lancaster William X
Trlgg. and William l.. Royal. An three
Of these advocate the repeal Of the tax
OF 10 per cent upon the issues Of state
banks. Every other person who appeared
before tie committee advocated a com
posite sort of currency made up in part
Of bank notes. and in part Of Government
credit. But even Messrs. Lancaster and
Trigg seriously impaired the value OF
their statements by not standing up bold
w and outspokcnly for the sine qua non
or sound currency system, that Is
notes Of state banks, which will not cir
culate outside Of the State IN which they
are issued. We believe Mr.. Lancaster
fully appreciates the importance Of this
feature Of bank notes, and had it in his
mind in making his statement. Neverthe-
less as made. his language is liable TO
the construction that he would like the
notes TO be Of q character that would
make them circulate all over the Union.
Mr.. Trgg declared unequivocally that he
wished the notes 10 be Of that charac-
ter. IN answer 10 a question from Mr.
Brosius. a member Of the committee from
PENNSYLVANIA. in which he said: "Then
the note must be bad I'm order TO be
good?' Mr.. Royal replied: Yes. Sir;
you may put it that way if YOU choose
Mr.. Brosius and every one else who
heard him knew perfectly well that Mr..
Royal was not advocating the issue Of
bad State bank notes. All knew he meant
that he wanted the notes issued upon the
credit Of the State banks only, and,
when so issued. persons living in other
States would not know how solvent the
banks issuing them were, and would,
therefore. refuse to take them. which
would always keep them in the states
that issued them. and thereby give the
people Of those States an abundant cur
rency.
This then is the crux Of the case. that
the notes shall be at a discount outside
Of the States in which they are issued,
Just as our greenbacks or our gold coin,
for that matter, are at discount in Eu-
rope, although perfectly good for their
face
Let any man think for a moment and
it seems impossible to understand how
he can be I'm doubt about this matter.
Who is it that asks for amendment of
our currency laws? 1t is not the people
of the cities. They DO their business
with checks and little or no currency VIII
serve their purposes. They can do very
we'll with the laws as they are Banks OF
deposit are all that they want. 1t is the
people in the country who clamor Tor
currency. They cannot do their business
with checks. They must have actual
cash. our coin is good all over the coun-
try. and so are our greenbacks and ma
tlonal bank notes, endorsed as they are
by the government. This being so, all OF
these forms Of money leave the country
people for the commercial centres, and
the country people are left with MOTH
ing. Now how will their case be helped
bv providing some new system that will
send out notes that are good at par all
over the Union? These new notes Will
leave the country people for the cities
inst as the present notes do. and how
Will they be benefited by them?
They must have restored 10 them their
natural right to issue notes upon their
own resources which will be perfectly
good in fact. but, being unknown in other
states. will not stay there but VIII De
ALWAYS returned to the place Of issue.
That is the all-important principle of in
div!dualism as opposed 20 paternaNsm'
and the heaven granted principle Of local
self rule. our Constitution was framed
n secure that principle TO the people,
and the Constitution is annullod and set
aside when that right is denied TO the
people.
WE STAND on JEFTERsONIAN fLAiS