Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-22
CURRENCY--THE SOUTH,
Subject Thoroughly Discussed Be-
fore Massachusetts Reform Club
BY Hon. J. ". Fries. North Carolina. and Non
Jos. Bryan. Virginia.

reform Club listened to two interestip.
speeches, tonight, On THE Currency
Condition Of the South" by Hon. John
w. Fries Of North Carolina and Hon
Joseph Bryan Of Virginia. Moorfield
Story, the president Of the club, pre-
sided
Mr. Fries, who was a member Of tho
monetary commission, received a
hearty welcome He said that in the
last election the Republican or sound
money vote of North Carolina was
thrown in the middle and west parts
Of the state where are located the cot
ton industries. now considered to DC
greatest competitors of Massachusetts
The silver men in the South are a b.
solutely sure Of. their position and feel
that that money If once brought into
existence. would be a cure for all thei.
many ills.
Speaking Of the work Of the none
tary commission, Mr. Fries said that
the gold standard was found estab-
lshed not only in this country. but
every other important country in the
world
Mr. Bryan outlined the situation in the
South with reference Ia curreEs% reform
and the needs Of the South in connection
with the plan Of the Monetary Commits
sion He took Virginia az a criterion and
compared her condition at the outbreak
Of the war with that which obtained after
the surrender at Appomatt0x with the
idea Of showing why the conversation in
financial matters for which the Southern
States were respected in the earlier days
had been thrown aside
I'm 1850. said Mr. Bryan. "the old
state Of Virginia, which included West
Virginia. had population OF about
I u rff ROO
nearly ali the latter being slaves. Agri-
culture was the chief occupation The
negroes had no part whatever in any of
I Tho business affnirS Of the state and be-
ing under civil disabilities. lived unon 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 the banks which were chartered
by the commonwealth and in some Of
/ which thu commonwealth had an interest.
I Thoy had liberal authority for establish
. Ing their hrano hes and most Of them
( issued their notes against their assets.
tn" limitation that they should never
issue notes for greater amount than
tiye 70 one for specie in their vaults.
THE state then had $l6,pI0.000 Of bank
inG capital and $lo.~p90lo Of circulation
4 circulation confined to Virginia. The
banks had in their vaults all the specie
that was requisite 70 redeem any Of these
notes \ NOR" contented and happy peo-
pl" is almost impossible II imagine.
when the Confederate soldier returned
To- his home. when The success OF the
/ Elon Armies had assured tn" payment
of every Obligation of the United States
and enormous sums had been realized by
those who had taken the bonds and notes
Z of the Government " hitu had been issued
I to yindicatc the integrity Of the Union
the NirGiuian found :, dcsnlate home and
..f rss ..N f Il a. 81
left To him hut the soil Of his beloved
Statt ana the nlue canopy Of Heaven.
81 this very time when the use of
cr.Git would seem To have been almost
x necessary To existence. the National
BANK Act was further amended BY the
! passage &c the Ten Per Cent Act so as
To- Hut the final eNUngUiShmtnt uPOn AL
STATE bank issues. As there were no
4 Hitrl States bonds held in Virginia. il
. "H~ impossible for her people TO comply
( with thc conditions Of that act jim order
t. set currency. and 50 IL was that only
in cities like Richmond and Norfolh. and
perhaps LynchburS. was banking estab-
B iiShcd by enterprlSinS Northern capital
4 lists. At TINS time. the farmer II ne got
( money al all could only do 1t under terms
I 'hdt "er" rulhooS. one anu hali per
( cent Il month was inc regular street rate
( Mh'4 hNeh IN klchmond IN is'0. IN
( SCUM 'HroHh3 a. ilGh as TWO ana hal1
/ per 'tili month Was pa'ld.
III NiNHiit W,i'i remained diteI the
/ ~" M SI,ir9N" Ptoplf' ~ ~ them
4 l'',. IL ""uhhIS N7PItdl ~ us Stdtt
iiH sI I. XXI XXI, et HtdIS aver thI MaI
! y '"4''t'f }t'''V''''9, uuS ny 81 u' si1ll
4 $500 - Ntlt n,sIuiid' pdHhS y ohti
~ FIX .an - tite 9diih.ils 'ailtaia
| IL ti., - ~ ,tii 80 M
4 ,, I,'i l',,,,..'i e,iiiIi ~.
ils1. ~. ,,,t. t.1 H.. ~, in,ai ha,,l.o
ba,1 ~ ,,,i,.iI,, ,,,i. ,h 80, .;,i,
/ ~, - !. nnnroStaLia -, a. 60 " 49,
1 81 .i,,,,,i,tia,, - tii,,,-a5 ~ ~, = H,a,,h
! and if IL wore nerpnjttcd r. do sn m
rss, ~;ntio,,s mo-, -, irs1,o ,f ,o,as ,,,o,,id
( stiU nrevai1
( '"oir nnDilatio,, nov * oreatAr than
/ the old Virginia in 1880 Win rho differ
/ cnce thar ali arr free nov whereas bilt
4 tvo-t birds vara NJ that tj,,n W. bad
I in 1850 a local currencv nf si0 ooo ma scat
/ tered thrn,ighout Inc stara acreesjbla To
4 an who were entitled 10 cradit Tho sit
I latinn is now mar me ,rrnat farms have
/ generally hapr, broken IN ana ara tiIIad
7 liz small farmers Who have N connao
\ tiors AT large cities aud boya1-ar GOOD
4 their credit may IL III thair avn nei,,h
/ borhood arr utterly nnlnov,n ri tbe cit1
I bankers These ara the nannla who com
4