The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-08

The late Senator Arthur "O ~ '
or the State Of Maryland 1--WE SPEAK OF
him as 'the late in his capacity oil SEN
ator. of course, and not in that OF the
ons and only oGorman), has at last
broken his long silence and told the
Maryland people what he has been thiiK-
ing about since they served notice upon
him that they no longer had need for ms
ssrvices as a Senator in the Congress OF
The United States. lie made a speech last
week in aid of the candidacy OF MS irlenu'
Mr. John Walter Smith, for Congress-
and. as was TO be expected in poitlcal
x,eech. ne said a great deal that need
not be noticed He said one thing now
ever. that was worth attention Speaking
OF the failure Of the Republican party 10
enact any legislation that would beneht
currency conditions, he said:
..But this is local. This campaign
reaches far above this. WHAT Is ~ 10
islation in washington. Nhat - inc zee
sslation proposed by the Republican party
20 ,,o,, send Mr.. jackson to swell up
MCKINLEY majority and support Mckln-
lev,s measures? Sound money legislation!
No fellow-citizens, the Republicans nave
sramed a bill which creates great natlonai
hanks al the great centres. 1t pracIcahy
gives them more power than that con-
talned in the old national BANKING act
which the Democrats, under FreaiueHt
jackson. destroyed. Under the proposed
act. national banks can be created IN
New York. with branches in Denton, IN
Centreville. in Baltimore, or IN any pace
IN the United States, so that the power 10
lend money, to shave notes ana dispose OF
the business interests of the country can
be placed in those great central banks.
They would become cormorants, which
would eat I'D your substance and which
would control your policies and would
warp the political views in al the com
munities. for this was so IN Andrew jack
sons time. That is the measure they pro-
nose. Mr. Jackson will vote for IT, ASK
him. my friend. II he Is in favor Of II, or
will he vote for it.
This is a very fair specimen OF the dis
position Of the partisan to attack every
thing advocated by the party opposed TO
him, whether the proposition has merit
or whether it has not. The Times de-
spises that temper and disposition. The
Times recognizes merit wherever it sees
It and II IS as ready to give its support
30 a good measure when brought forward
by a Republican as when brought forward
by a Democrat.
There is no analogy whatever between
the branch bank of the old United States
bank and the branch banks contemplated
A. ~. x.o.e,,rn Voxv hoforo (oncroao The
old United States bank was a single in
stitution, with what was, for those days
a mammoth capital 1t was truly a
money monopoly, and when 1t spread it.
selp out into each State by a branch in
that State that 1t operated and controlled
ct became one financial engine that ex-
erted an enormous power wholly incon,
sistent with the institutions of a republic.
General jackson wisely made war upon
Il, therefore. and he did the American
people one of the greatest pieces of SER
vice ever done our people by any one man
when ne prevented the recharter of the
bank and forced 1t to go into liquida-
ton.
But the proposition now before Congress
contains no element Of the dangers that
were involved in the plan of the old
United States bank. There is no one CEN
trail bank now with enormous resources
TO dominate all tho finances of the coun-
try. The present national banks are, each
one, separate and apart TO itself with
no moro connection between them than
there is between a railroad and theatri-
cal company. They are all rivals Of each
other each endeavoring In every way in
its power 10 get ahead Of every other
one. The present national bank system
a. exactly the reverse Of the old theory of
the old United States bank. There is no
ressen whatever why the present national
hanks should not have liberty TO estab-
Sc, branches In small localities. and these
would not tend towards monopoly in any
one bank, since the opportunities would
be open 20 all the competitors. and It
would enable the present banks TO give
banking facilities to many localities that
now have none.
Some people think The Times an enemy
" the nAtiepal bank systsa But It II