The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-09
WEDNESDAY, FEBRUARY ., 1898,
AN ILLUSTRATION OF III.


The source of all the financial trouble
in this country lies in the fact that the
national bank system fastens a grip upon
all the facilities for using credit, and
confines their use only to bondholders
and 10 the commercial centres. The es-
sential idea OF the national bank system
IS in no wise different from the essential
idea at the back of the protective tariff
Both arc founded upon the idea that the
community must be protected by law IN
what arc supposed 20 be necessary
courses from the effect that freedom to
all men to do. each for himself, the best
that nc can. would have upon those
courses. This idea, Of course. benefits
some at the expense Of others. and, natur-
ally. those who are benefited object to
change. while those who suffer, just as
naturally want a change.
The National Sound Money League is a
striking illustration OF how those who
enjoy the unfair advantages that the
national banking system gives TO some,
oppose any change in the law that would
the boon Of perfect freedom TO all to
make the best possible Use Of such re-
sources as they have The gentlemen
who act as officers OF this league are
sound to the core upon the question of
one standard Of value, and they are pa
triotic men who are earnestly working
10 solve our financial problems. But
when the essentials OF the national bank
ing system are touched, nine out OF ten
OF them finch. when the discussion took
place in Washington last week at their
meeting there, one of them, In asnwer TO
the plea for what would be practically
our old system OF state banks, mentioned
Nebraska as a state whose banking IA
clties had enormously increased under
the present system. lie said that fifteen
years ago Nebraska had but few banks,
but that now she has over five hundred.
The yice-president for Virginia at once
said that he had at home letter which
proved that there was no part OF the
country more in need OF that freedom OF
banking which the state bank system
gives than Nebraska, and we print that
letter here this morning, profaced by the
following remarks:
l.. Roberts, or Collins, Nebraska. was
in treaty year or moro back with Mr..
ID. II. Lynch real estate agent of this
city. for the purchase of a farm in Vir-
ginia, 10 which he wished 10 remove.
IIe had a farm out there which he repre-
scented to be worth. cash value, at least
$1,000, on which wero 300 horses, besides
other stock and farm furniture. lie ar
ranged for tho purchase Of a Virginia
farm, and he wanted TO send Mr.. Lynch
fifteen horses to put upon It. He wrote,
however. that there was no money in
Nebraska. and that he could not. there
lore, pay the freight but he would send
eighteen horses and Mr.. Lynch could
sell enough OF them to pay the freight
when all arrived. lie did,this. and Lynch
sold three and paid the freight upon all.
Here l. his letter in part:
II want pass back. Money close here
and i am hard up at present. The bank
loans money az per cent. month when
they got IL. but han't any TO loan
now. Can't borrow At all"
There is u complete illustration of the
condition 10 which the national bank act
has reduced the farmers of this country.
In cities all men can at all times get
whatever accommodations they need that
their resources and credit entiile thom
10. This farmer. with twelve or fifteen
thousand dollars worth OF live and
other property. could not get enough at
per cent. a month 10 pay freight upon
ffteen horses Men who think this oondi-
sion can endure are mentally blind.