Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-15
BANKING ON ASSETS.
MIR. TRIcG ENPLAINS INDIANAPOLIS
PLAN OF CURRENCY REFORM.
HIS OPEN LETTER TO THE GOVERNOR
The Richmond Member of the Exccu-
dive Committee Comments on the
proposed system, and Argues ITS
Great benefits 90 Entire Country.

Great Benefits 90 Entire Country.
Nr William r.. Trigg. president Of the
Richmond I.ocomouvc-Works. has ad-
dressed To- Governor Tyler an open letter
sa .he subject Of currency reform, which
vl be rcal with great interest by peo-
r.s who are giving Thought and study 10
.e financial question.
The letter IS an explanation OF and
ument in behalf OF the plan adopted
sy thc Indianapolis Monetary Convention
al ho bin now pending before the Bank
e and Currency Committee OF Congress
probable that Mr Trigs VIII either
.-ly or later during the session appear
nro Che banking committees OF the
rl Assembly and present TO them
view as 10 the advantages OF the sys-
Iu note to The Governor. MT. Trigg
..s. "l beg 20 hand you herein an open
t.r setting forth the actual workings
0. the indianapolis plan Of monetary re-
trm-a plan of banking on assets. I'm
several particulars IL will doubtless be
revised bat the essentials viii remain. 1
ra you win read it carefully ana with
interest. and fund I'm it relief for our peo-
. whose present condition so deeply
concerns us. We are both State bank
.r. and this plan asks concessions from
sold and silver men alike, and the
tcr in my Judgment gain more than
their present contention when their
.r.lIt is emancipated. There is not sil-
rsr mime in Virginia, but there are tar
lfrN ~
ul stand for great wealth under the
r.rlrccnt banking law contemplated IN
1o pian."
SIR TRIGG'S OPEN LETTER.
The open letter of Mr.. Trigg is as fol-
'rss.
Richmond. Va, February 10. 1885.
rr d. Eoge Tyler Governor, state Of
LrrInia. Richmond. Va:
n..r Sir-Having noted in your inaugu-
address chat you laid special stress
...r the absolute necessity of good cur
n.E law. and coucurring unreservedly
fhrt opinion myself. / take the liberty
addressing this open letter Go YOU. In
.ol I viii present ana comment upon
.. r.nn Of currency reform submitted by
.num.ssion and just approved by the
annapolis Monetary Convention. held
ulaIT - and IS, 1898 ana that. IN inc
...e ~ "a hllI is before the banking ana
currency Committee OF Congress al this
-rg was delegate no the con-
..on. representing the Richmond
uhor Of Commerce. with power limit
ODD reporting back TO the Chamber and
relief 20 our people. The convention
rou-nOlitical. and am on the stand
..- Executive Committee. and this posi-
f iona trust. gives me the right, CT makes
uY duty 90 set any facts before you
corning the monetary situation known
araeo presented "a paper to tine
IIan.T0n. ,hcn held IN the city OF In
.r.r0iis. that bore upon the unequal
.rhlti0n Of the national-bank currency.
claimed that the lN per cent. bank tax
r.sr0nsible for this unequal distribu-
and that the silver movement was
er.l and q result of the denial TO the
r'o of a right 10 manage their own
ire The silver men. without having
support. had my deepest sympathy.
views and position as 10 this nave re-
med unchanged and SO when the COM
sion reported the plan, / scanned N
r1 clrorness To See what If any. relief
eferel 90 the people, my interest being
holly with them and an alnelioratiOn OF
...r present f0rlOru. and j may say. eN-
-raratod condition. and ] state unrc-
.rve1iv that / found the relief there.
rrFECT IN ALL STATES ALIKE.
have prepared this paper, setting forth
effect 0f the plan iu Virginia ana IN
lana. and then in the whole country,
bowling The present unsatisfactory WORK
0f The national banking law and the /
nrrovement and relief under the pro-
....I Jaw I'm giving the change that |
Doe wrought In Virginia ana Indiana
.v the change that will Doe wrought In |
r.rY State and giving the change thdJ /
he wrought in the TWENTY-FIVE Bryan |
..fes. ] show how much they have 10 /
n 20 supporting the plans and finally |
giving the present status OF all the MAJ |
r banks Of the United states ana con- !
r.etiuc 10 with the working as now pro- |
sel. 7 show that in the name of the |
nIOu veal and OF patriotism, we can /
politics and parties aside and ught Tor /
we would fight foreign loe-as we /
Hul1 heht an epidemic.
I'm pre- cnting too. the report of the COM /
.-rInu. or n synopsis OF IT, l nave Only |
Hauntad 10 give am outline and TO touch /
.n ifs most important parts, when VIII /
.uuIatc inquiry. which can in turn, be /
atsfod by a perusal Of the report it.
.'t-a most complete and comprehensive |
r fguring I have considered the plan /
Gully carried out and as II would be !
nler an emergency. c., al notes issued /
'Ni ultimate retirement OF the demand |
.ahsat.ons ri the government accomplish
Tho rronfableness Of the note issue ]
.lI FIRST consider. Profit IS necessary 10 |
r-uco the banks "a issue notes. whieh
.Ie secures low interest rates 20 borrow
most desired end for the agreuitu-
N sections Of the country.
A. condensed balance sheet Of the thirty
irn national banks Of the state or VIZ
u'a as VI October 8, 1897, shows as lloi-
fltal .... ........S t.eb.Sm 90
JAS ...... .....- zo3lt
aa.F.dcd profits. ostoz4 - @ ooo ~ %
5.ror.t' hanks.;.::,; ~ ~ 'l@ q q