The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-22
A PLEA FOR STATE BANKS.
CONTINUED from First Page)

"A (LEh run OlAlC DHNAO>
| CONTINUED from First Page)
l its mouth at Hapton Roads. thence out
| 10 the Potomac river and Chesapeake
| bay there is a territory of over 5000 square
| miles, and within this whole area II we
| exclude banks situated on the lines along
| wh1Sh the boundaries are drawn-the
solitary bank of any kind is In the town
| OF Fredericksburg where there Is a nation
| al bank OF $1,000. or course there are
| banks I'm Richmond which is situated on
| James river and these banks have rem
| dered splendid service in meeting the
wants OF that community. While eighty
| miles east OF Richmond we again find
| the first banks at Newport News and the
| adjacent town OF Hampton, where banks
with an aggregate capital OF $&4'OoO are
| located. Within the territory
| have Just described and lying mainly
east OF the Fredericksburg railroad
and north of Hampton there are
twenty counties containing about 5000
| square miles without one single place IN
| which man can make deposit.
draw a check or make a loan. Nor is
| this a desolate region. II includes the
| historic and splendid Nothern Neck. be-
! tween the Potomac and Rappahannock
| rivers: il includes both sides OF the FER
| tile RappahannOck Valley; 1t includes
both sides Of the York river and the Pa
munkey: it includes all OF the Peninsula.
/ except the extreme points OF Newport
News and Hampton.
In this section at jamestown the nrst
! foundation OF Anglo-Saxon institutions
was made on this continent. In II were
born George Washington. James Monroe
John Tyler. Richard Henry Lee and Rob-
a.f.., ~ "a aI lttrn srn
10000 people as orderly industrious, and
! God-fearing as any on earth whose real
and personal property Is assessed for
taxation at over S3l 100000 and yet they
are totally and absolutely deprived OF
an banking facilities which to you gem
tlemen are mere matters OF course and
which no part Of the people OF Mass
achusetts would be without for one single
day
ANOTHER SECTION
Again. taking the line Of the railroad
from Alexandria TO Lynchburg, passing
through that beautiful Piedmont region
and out to the Blue Ridge mountains.
there are only four places in 40 miles
where there is any pretence of having
bank. and these are at Manassas. with
$4,000 al Orange with $1,000 Charlottes-
Vile with $4,000 and Amherst with
/
national banks are at Manassas and
Charlottesville with $4,000 each. The 9th
ers are all State banks. I'm the superb
James River Valley than which there Is
no more fruitful or fertile section IN any
eastern state. between Lynchburg ana
Richmond than a distance Of lio miles
the solitary place OF deposit Is AT ScotlS-
Vile about midway. where there Is
small state bank OF $4,000 capital In
a.
i'm 1860 that had resources OF nearly
100000.
There are many men who now
ioiu in the cry for free silver
who knew nothing OF tho aihuent
facilities for banking which were
enjoyed by their fathers forty years ago
But they know perfectly we'll without
understanding the reason why. that they
are now i'm terrible state or RESTRICTION
Is il surprising that the voice or the dem
agogue should be listened TO with atten-
tive and sympathetic ears? Is II surptls-
ing that the demonetzation Of silver
should be used as the explanation or
their troubles? Is II surprising that they
should believe that all the money is owned
bv the gold trust and that il is boarded
I'm Wall street by the money power for
the oppression OF the people? They feel
that financially they have been unJustly
outlawed and therefore they justly hate
the law
II has been almost i'm vain that for
years gone by have i'm season ana out or
season with all my power defended the
gold standard as that of reason and OF
civilization. and insisted that the foun
tain Of ills from which our people have
been compelled 10 drink Is found In the
national bank act. measure which was
passed in the throes OF our great civil
CONFUSION and was one Of the measures
used in restoring the Union.
DELIBERATE PURPOSE.
Mr. Sherman. in his recollections. has
plainly and coldly set forth the purposes
Of that act. He says:
when / entered Congress ! was en-
tlrely prepared not only 10 tax the cir
cuIation OF state Banks. but to tax such
banks out OF existence. But while this
feeling prevailed in the West. the oppo-
site feeling prevailed I'm the New England
and Middle States whore their banking
system had been so improved that bank
failures were rare and bank bills were
protected by mutual guarantees.
"The Secretary OF the Treasury had in
two annual messages proposed a tax on
circulation OF bank bills. lie believed
that the existing bank circulation pre-
vented or embarrassed the process Of
| running NN NulfN hlhNf Nilf JULIUS VA INV
United States could be absorbed. Tie was
forbidden by law 10 receive bank bills in
exchange for bonds. or for any purpose.
so that the current money Of the people
was not available for the purchase OF
bonds This was an additional argument
for having State Banks taxed out Of eX-
istence.
The purposes OF Mr. Sherman and the
Secretary OF the Treasury We're accom-
plshed The government bonds were abol-
ished. and the current money Of the
people" was taxed ont OF existence. and
now. though the war has been over for
more than thirty years. there has benn no
abatement OF all the stringent measures
which were passed when no sacrifice was
considered too great for those who would
save the Union
PRINCIPLES INVOLVED
Gentlemen. there are deep principles
involved i'm this controversy which canno.
be violated without consequences so
severe that one may well stand appalled,
I'm conton. platiOn OF their possibilities
There IS a principle Of natural liberty:
there is a principle Of justice; there Is a
principle OF human sympathy: the OBJ
servance OF all which must lie at the
very foundation Of any peaceful and
orderly government
That those who were I'm full enjoyment
OF all the prosperity which flowed from
tho successful termination Of the war