Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-22
CURRENCY QUESTION.
SPEECHES ny s0UTHERNERs on
SOUTHERN CONDITIONS.
Mr.. JOSEPH BRYAN, OF RICHMOND.
lie Points out the Happy situation
in Virginia Before the War. md
Compares IL With the Present
Dcartb OF banking Facilities.

N"'tN''Nf N""''''" vi 'ut SOUTH by
Hon John W. Fries. OF North Carolina
and Hon. Joseph Bryan. Of Virginia.
Mr. Fries, who was a member OF the
Monetary Commission. received a hearty
welcome. lie said:
I'm the last election. the Repn,ucap
or Sound-Monoy. vote OF North Carolin,
was thrown in the middle and western
parts of the State, where are located the
cotton industries. now considered 10 he
the greatest competitors Of Massachu-
sets. The silver men I'm the South are
sure of their position. and feel sure that
that money. If once brought into exist
ence would be q cure FOR an their many
ils"
Speaking Of the work OF the Monetary
commission. Mr.. Fries said that the gold
standard was firmly established. not only
in this country. but every other im9or-
tant country I'm the world
Mr. Bryan outlined the situation in the
south with reference to currency reform.
and the needs Of the South in connect
with the plan Of the Monetary Commis-
sion lie took Virginia as a criterion. and
compared her condition on the outbreak
OF the war with that which obtained af-
ter the surrender at Appomattox. as
showing why the conservatism in inan-
cIal matters, for which the souyhren
states were respected in the earlier
days. had been thrown aside.
"ln 1850" said Mr.. Bryan. 1.-The ola
state Of Virginia. which included West
Nirsinia, had population OF about L.
NtN0 white people and $4,000 negroes.
nearly an the latter being slaves Agri-
culture was the chief occupation. the ne
groes had no part whatever in any Of the
business affairs of the State and being
Under civil disabilities. lived upon the
plantations OF their masters. who repre-
scented them in every respect. The bank
ing facilities which this million of white |
people had were of the most satisfactory
character and no complaint was ever
heard about a lack Of money in any part |
OF the State. This was accomplished |
through banks which were chartered by !
the Commonwealth. and i'm some OF |
which the Commonwealth had an inter- |
est They had liberal aid for establish- |
ing their branches. and the most of them |
issued their notes against their assets. |
The limitation being that they should |
never issue notes for "a greater amount |
than five to one for specie in their vaults |
The State then had Sl60O00o0 Of bank
ing capital and Sl0,W0O0) of circulation. a
circulation confined to Virginia. The
banks had in their vaults an the specie
that was requisite to redeem any of these
notes. a more cOntented and happy peo-
pie IL is almost impossible TO imagine.
AFTER THE WAR.
when the Confederate soldier returned
TO his home when the success Of the
Union armies had assured the payment
of every obligation of the United States
and enormous sums had been realized by
those who had taken the bonds and notes
OF the government. which had been issued
20 vindicate the integrity of the Union
he Nirginian found a desolate home and
an absolutely worthless currency. and
little left 20 him but the soil Of his be-
loved State, and the blue canopy of
Heaven.
All this very time. when the use Of
credit would seem 10 have been almost
necessary TO existence the national bank
act was further amended by the passage
of the 10 per cent. act. so as TO put the
final extinguishment upon all State bank
issues. As there We're no United States
bonds held in Virginia. it was impossible
for her people 10 comply with the con-
itiOns Of that act in order 10 get cur
rncy. and so ii was only in cities like
Richmond and Norfolk. and perhaps |
-.ynchburg that banks were established
ly enterprisng northern capitalists. At
hls time. the farmer. If he got money at
n. could only 90 &c under terms that
were ruinous; One and a half per cent
month was the regular street rate when |
lived I'm Richmond I'm 1870. In South
'WOli1a. as high as 21-2 per cent. a
month was paid.
"Our population now IS greater than
hat Of old Virginia i'm 1860 with the dffe-
'ence that all are free now, whereas, but
$50 thirds were at that time. We had in
$50 a local currency Of SlOG00OOO scat
cred throughout the State. accessible to
Nd who were entitled 20 credit The situ-
.tion is now that the great farms have
generally been broken up. ana are titled
y small farmers. who have no con-
lection with tho large cities. and how
ver good their credit may be in their
wn neighborhood, are utterly unknown
% the city bankers. These are the people
Who complain Of the scarcity of money.
le complaint is not heard I'm the cities.
.ut Ga the country. and the countrymen,
snOrant Of the provisions of the national
ank act, which fOrbids those reasonable
nd well established methods which pre-
allied before the war tor supplying a
urrency, have been taught 20 believe
hat IL was the demonetization Of silver
hat produced the strngency, which is to
hem. indeed, an actual and cruel
tr.ngency"
NORTH AND SOUTH
The speaker then went on TO compare
Massachusetts, with Virginia in the mat !
Of banking facilities. pointing out /
lat IN the former State with an area Of d
bout 5000 square-miles, there is some 6
'calty IN every nfty-five square miles
here banking s. done Within the Nir-
mia territory lying mainly east Of the !
railroad and north OF I
ampton, there are twenty counties. %
)ntaining about 5000 square miles, with =
lt one single place in which a man can /
ake a deposit draw check, or make
loan. n
I'm The superb James-River Valley, as /
rtilc and fruitful section as can be "
,und I'm any Eastern state, between z
ynchburg and Richmond, a distance OF \
o miles the solitary place Of deposit is j
sCousyilc. about midway, where there
q small State bank Of $4,000 capital. In J.
i7 same valley there were State canks y
1860 with resources Of nearly ssOOOOO.
There are many men who now join in J.
he cry for free silver" declared Mr.. &
ryan. "who know nothing OF the afiiuent y
cll.ties Of banking enjoyed by their
thers forty years ago. But they Know
rfcctlv wen. without understanding the C
asOn why. that they are now IN terri 40
e state Of restriction. :.
'Is fl surprising that tie decentralization pl
Ia.a..