Daily press. [volume] (Newport News, Va.) 1896-current, 1898-01-22
BRYAN ON cu:RRENcY.
Editor of the Richmond Times Delivers
an Address in Boston
(Esy nj,

I II.
| (By Telegraph.}
i BOSTON, Jan. 2I.-The Massachu.
SettS reform Club listened to two in
teresting speeches tonight on "The Cur
Tency CONDITION Of the South" by Hon.
lJohn w. Fries, of North Carolina. and
Hon. Joseph Bryan, Of Virginia.
Mr.. Fries, who was member of the
monetary commission, received hearty
welcome. He said:
In the last election the Republican,
or sound money,vote of North Carolina
was thrown in the middle and western
| parts of the State, where are located
| the cotton industries. now considered to
be the greatest competitors OF Massa-
ichusetts. The silver men In the South
are sure of their position, and feel sure
that that money, if once brought into
existence. would be cure for all their
| many ills"
| Speaking OF the work of the monetary
commission, MIR. Fries said that the
gold standard was found esta blisned.
not only in this country, but in every
iother important country in the world.
| Mr.. Bryan outlined the situation in
| the South with reference to currency
reform, and the needs of the South in
connection with the plan of the none
tary commission. He took Virginia as
Ia criterian. and compared her condition
at the outbreak of the war with that
which obtained after the surrender of
IAppomattox, with the idea Of showing
why the conservatism in financial mat
ters for which the Southern States We're
respected in the earlier days, had been
| thrown aside.
In $780," said Mr. Bryan, 1.-The old
State Of Virginia, which included West
| Virginia, had a population of about
100000. white people, and 100000 ne
groes, nearly all Of the latter being
slaves. Agriculture was the chief &C.
cupa ton. The negroes had no part
whatever in any of the business affairs
Of the State. and being under civil dis
abilities. lived upon the plantations Of
their masters who represented them in
every respect. The banking facilities
which the 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
stase This was accomplished through
the banks which We're chartered by the
commonwealth. and in some of which
the commonwealth had an interest.
They had liberal authority for estab
fishing their branches and most of them
issued their notes against their assets.
the limita ton being that they should
never issue notes for greater aa!ount
than five to one for specie in their
vaults.
The State then had s16.OOO.0Oo of
banking ca 9ital and s1000U.o00 of clrcu-
lation. circulation confined to Virgin
ia. The banks had in their vaults all
the specie that was requisite to redeem
any of these notes. \ more c"ntentcd
ana nappy people II is almost llflDoSSl-
BILE TO ina CINE.
When the Confederate soldier re-
turned to his home, when The success
Of the Union armies ha 1 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 t. viniicase the
integrity of the Union. the VrSinian
found desolate home and absolutely
worthless currency and little left to
him but the soil of his beloved State,
and the blue canopy of heaven.
AT this very time. when the Use Of
credit would seem to be almost ne
cessity to existence. the national bank
Fact was further amended by the pass
age of the ten per cent. act, 50 as tC
put the final eXtinguishment upon all
State bank issues. AS there We're 40
United States bonds held in Virginia,
it was impossible for her people to COM
order to get currency. and so 1t was
only in cities like Richmond and Nor
folk, and perhaps Lynchburg, was
banking established by enternrisins
northern capitalists. At this time the
farmer, If he got money a all, could
only do SO under terms that were ruin
Gus. One and a half per cent. per
month was the regular street rate, when
lived in Richmond in 1870. In South
Carolina as high as two and a half per
cent d month was paid.
"Our popuia ton now is greater than
the old Virginia, in 1860, with the diff
ference that all are free now, whereas
but two-thirds We're at that time. We
had in 1862 a local currency of $40, 0Oe,-
600 scattered throughout the State. ac-
cessib!e to all who were entitled to
credit. The situation is now that the
great farms have generally been broken
up, and are titled by small farmers VINO
have no connections at large cities, and
however good their credit may be In
their own neishborhood, are utterly un-
known to the bankers. These are the
people who complain of the scarcity of
money. 1t is not heard in the cities but
n the. country. and the countrymen.
ignorant Of the provisions of the ma
tionai bank act, which forbids those
reasonable and we'll established meth
DDS which prevailed before the war for
taught to believe that it was demoni-
tiZation of silver that produced the
lstringency. which is to them indeed an
actual and cruel stringency."
The speaker then went ON to COM
pare Massachusetts With Virginia, in
that i'm the former State with an area
OF about 5000 square miles there is
]some locality for every tiftyIfve square
miles where banking is done. Within
the territory lying mainly east of the
Fredericksburg railroad. and north of
lF1ampton, there We're twenty counties
containing about 5000 square miles
without one single place in which man
coul make a deposit, draw a check or
make q loan.
In the superb James River Valley, as
fertile and fruitful section could
be found in any section of the State,
between Lynchburg and Richmond.
distance of 140 miles. the solitary place
Of de9osst~was at 'Scottsville, about
midway where there was small State
hank of S25, 900 capital. In this same
valley there We're State banks in 1860,
with resources Of nearly 5000, 900. There
are many men who now Join in the cry
for free silver declared Mr.. Bryan,
who know nothing Of the affluent ia
cilities of banking enjoyed by their
fathers forty years ago. But they know
perfectly We'll, without understanding
the reason why, that they are now in a
! terrib BILE state of restriction. Is it sur
prising that the demonstration of sill
yer should be used as the explanation
| of their t.'oubleS2"