The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-22
SATURDAY, JANUARY %, 1895.
MIR. JOSEPH BRyAN's ADDRESS IN
BOSTON,

Mr.. Joseph Bryan was one OF INC
speakers last evening at the dinner OF
the Massachusetts, Reform Club in Bos-
ton. He addressed his remarks primer
nallv 10 the pressing need Of such a re-
form Of the currency. as shall give to the
rural districts OF the South better cir
culating media.
He beran with a brief allusion 10 con-
ditlons in Virginia prior to 1860 and SUD-
seouent TO 1860. IN 1860. he said Virginia
had n nopu,ation Of 100000 white people
and half as many moro of negroes nearly
all of the latter icing slaves. The p'si-
ness of Virginia was done by the whites
md consisted for the most part in uiiihs
Of The soil. The banking facilities were
annie and satisfactory and nc complaint
was made of a lack of currency
The currency was supplied by banks
which were chartered by the Common
wealth. with liberal provision for branch
ha,ts most of which issued notes
against cir assets, the Limitation bells
that they should never issue notes Tor
greater amount than to J. for specie
in their vaults.
The silver question was unknown ana
,be dollars Of our daddies,' 50 oIteh
referred to, were 10 be found only IN
museums. The banks were well as
tributed end the planters had sucn con-
nections in the cities as would ehaple
them at all times TO get necessary ad-
vances. The State had banking capi-
g., Of ZIG 900 and about $40 100000 OF
circulation confined within the borders
of the state. 1t was an ideal system
and the people were prosperous, contented
and happy.
After the war the Confederate soldier
returned TO his home 10 find desolation'
q worthless currency and little left but
The soil under his feet and the blue
eanopy Of Heaven over his head. Mr..
Bryan said that he would not dwell upon
that distressful period. but would only
saw that az such a time, when The use
of credit would seem TO have been almost
necessary TO existence. the national bank
act was further amended by the imposl-
ton of the ten per cent tax which. as MI
sherman has confessed, was designed 10
prohibit the issue of state bank notes.
Az there were no United States bonds
held in virginia, It was impossible TO es-
tablish banks OF issue In only two or
three cities Of the State was banking at
tempted. and that by Northern capital
lists. The farmer, If he could borrow at
all. was forced 10 pay the cXorbitant IN
terest charge OF IL per cent. month
and in some Of the Southern States II was
as much as . IL per cent. To this day
that prohibitory tax exists and state
bank issues are unknown.
Virginia now has "a population of LOO
oo. all of whom. he thanked God are
free. The industrial enterprises of the
state have enormously increased and
large amount of capital is used in con-
Quoting them. But the banking capital
of the state now, nearly thirty-three
vears after the close of the year, is about
s1eOOo.OOO. while the circulation issued by
the national banks is only about N.sOOOCo-
OF the banking capital OF the s'ale over
slOoO0.0oO Is owned by the State banks
against which not single circulating
note can be issued.
The State now has a population great
or than tho population OF the undivided
Virginia in 1850, and yet the local cur
rency in 1850 was siO.OOOOO scattered oil
over the state. The situation now Is
that the great plantations have been
broken up into small farms ana those
who till them have no connections at the
large cities and no credit at the city
banks. These are the people, added Mr..
Bryan, who complain so bitterly OF the
scarcity Of money.
In Massachusetts. he went on. there Is
some city. or town. or village for every
five square miles where banking may be
done In Virginia there Is such place
Tor every I'VE hundred square miles In
that portion OF Virginia bounded on the
west by a line drawn from Alexandria
down 70 Lynchburg. distance OF one
hundred and seventy-fve miles. and then
saking the course OF the Jsmes river