New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-22
CURRENCY IN THE SOUTH.
SPEECHES BEFORE THE MASSACHUSETTS,
REFORM CLUB
JOSEPH BRYAN. OF RICHMOND AscRIBEs THE
RESTRICTED FINANCIAL CONDITION OF
THE OLD DOMINION TO LACK
OF STATE BANKS.


THE OLD DOMINION TO LACK
OF STATE BANKS.
Boston Jan. N.-The Massachusetts, Reform Club
listened to two speeches tonight The Cur
| rency Condition Of the South by John W. Fryes.
| Of North Carolina. and Joseph Bryan. of Virginia.
| Moorheld Storey the president OF the club In his
Introductory remarks said that is OF the greatest
Importance that the sound money men Of the coun-
try should rally around some standard at once. and
Insist that their representatives In Congress should
pass some measure and not put 1t over in the fear
| that their action might be passed upon unfavor-
ably by their constituents at the November cleo
| ton
Mr. Fryes who a member OF the Monetary
Commission, said that in the last election the Re-
| publican, or sound money, vote OF North Carolina
| thrown in the middle and west parts of the
! State where located the cotton industries,
considered be the greatest competitors of Massa
chusetts. The silver In the South he said. feel
sure that that money. II once brought into exist
| ence. would be a for oil their many ills. Mr..
/ Fryes said that the gold standard was found es-
| tabished not only in this country, but in every
other important country in the world
Mr.. Bryan said in part:
| In 1860 the old State of Virginia. which included
IVES; Virginia, had population OF about i'W2VO
white people and 10000 negroes. nearly all the lat
ter being slaves Agriculture was the chief occupd-
he business s of tho e and being
civil disabilities, lived upon the plantations OF Their
The banking facilities which this million OF white
people had were Of The most saasiory ack Of
money in any part of the state, rms was accom-
Byy' the Comm1cnweath and in some OF which the
Commonwealth had an I'M crest. They had lDeIdl
Of them issued their notes against their assets. the
Limitation being that they should never issue NOES
for greater amount man five to one for specie IN
their vaults The State then had Ns.OoO0c0 OF bank
ing capital and 100000 Of circulation. circulation
confined TO virginia The banks had IN Their vaults
all the spccis that requisite 70 redeem any OF
these notes more fon,TntGI ana h'pP' Peo'
When the Confederate soldier returned to his
h9m2 When s hs Of er S Of the
United States and enormous sums had been real
Of the Government: which had been issued TO ylnd;;
cate the INTEGRITY Of the Union the Nrshn o cr
rency little left to him but the soil OF ms ne
1nS.e H To the use Of Credit Would
have been almost necessary to existence me ~
age OF the Ten Per Cen. act as 10 put the final
extingulshment upon all state bank ISSUES As ter
was impossible ror her peorle TO comply with me
conditions Of that act In order c 10 get RChmond and
Norfolk, and perhaps LynchburS was Ta aIst
Al his time the farmer, If he got money at all
could only do il under terms that were ruinous
stree %' rate When lived in Richmond in 1870 In
South Caroline high as 2ls per cent a mont"
The Virginia which remained after the S sep2 mion
Of West virginia cohISi'S nj" si ~ tbern ire
The banking capital Of the State nearly thirty
three years , after tns va by the Naona banks
only about 81 10000 OF the banking capital over
NatjonaI banks The state banks are. Of course
forbidden to issue any notes ana ,hr srction
that il is Improbable TO do so. No bank OF CIR
culation is allowed TO have oIan , anu anu " ,be
issue Of notes would still prevail. Our populatoh
the difference that all are free now whereas SEQ oue
two-thiris were at that time We mac IN o iop
the state accessible 10 al VINO Weae at fsrmS
credit Tho situation IS now Ihae ,e a ted T,'
sma1 ari bovn Mng gdsd Their credit may be in
nIa,n OF the scarcity Of money II Is not heard in
h ne GSUnFy and no ts N,f;0ns, an
act which forbids those reasonable and well-estab-
lished methods which prevailed before the war for
supplying currency have been taught 70 % believe
duced the stringency which is to them. indeed, an
actua and cruel strngency
The speaker then went on 70 compare Massa-
chusetts with Virginia in the matter OF accessible
ty pointing out that IN the former State. with an
OF about eight thousand square miles there
is locality for every hfty-hve square miles
where banking IL done Within the territory lying
mainly east OF the fredericksburg Railroad and
north Of Hampton, in Virginia there were twenty
counties containing about Ave thousand square
miles. without one single place in which man
could make deposit, a check or make q
ton, at jamestown, the first foundation OF Anglo
Saxon institutions Oh this continent made. In
Il were born George Washington. James Monroe,
John Tyler. Richard Henry Lee ami Robert T. Lee.
1t was now inhabited by over two hundred thou
sand people, as orderly. industrious and God
fearing as any on earth. whose real and personal
property was assessed at taxation Of s3lOMOD |
IN the superb James River Valley. fertile and
fruitful section as could be found in any Eastern
state. between INnchburg and Richmond dis |
lance Of &c miles the solitary place OF deposit
at Scottsyie. about midway. where there n
small State bank Of S2jO capita. In this same
valley there were State banks IN 1860 with resources
q nearly $tpJvo
There many mon who now Join in the cry for |
free silver" declared Nj Bryan. who know moth !
ing Of the aiiluou' facilities Of banking enjoyed by /
fectly WI without understanding the reason why /
that they in q terrible state Of restriction |
j. IL surprising that tho characterization Of silver
should be used tho cXpla alton Of their trOub.cs2
do not hope for an unqualified repeal Of the 10 |
per cent tax upon the State banks. although ii is
the almos' universal opinion IN my country that !
the restoration OF the State banks to the place they
occupied before the war would be the death Of the
silver error. but fee greatly encouraged by the |
splendid work Of tho Monetary Commission. which |
presents plan thoroughly sound in its funda- |
mental principles and vhch Will in the course Of |
time work out In d great measure the relief we !
need
SENATOR PLfTT ~ TOWN
Senator Plat 20 this city from Washing |
L., .ryo t,ff ,o