The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-27
SUNDAY. FEBRUARY o. 1898.



We said the other day that the Nor
,oik pilot Vas an honest newspaper alu
that il would not knowingly GO con-
,emporarv an injustice. As il 70 sho"
that our confidence was not m'splaoeu
,hA pilot reproduces in fun taa article
rom The Times in which vo TOOK occa-
.ion 10 correct some erroneous imprea-
s;ons nc TO the attitude OF The Times 20
wards the Democratic party. We nave
not aivavs received such fair treatment
nj INC hands Of free silver contempol-
aries. and we regret that the PHO, is as
pleased that We have referred 20 IL as
an "erra.ic" contemporary. We meant
simply to say that in our opinion Vhe
PILOT was in error as 90 las position on
certain economic questions ana we take
no offence that tho pilot cn,ertains Doubt
less the same opinion OF Tho Times. 1t
never occurred % as that the Pilot was
tickle. But the Pilot has como very
near to laying that charge at the door
Of Tho Times and we can prove 10 our
contemporary that on This poin. il is in
error. The Pilot says:
AS 10 state banks. our words per-
hans. are capable Of being misunderstood
as applied 90 The Times: but what we
meant. without impulng opposition 10
state banks as part Of the creed OF Inc
Times az any period. was mat as an Is
sue even against National banks ana as
ore recurring The admission Of the
a % II Sc
tifving free banks with no other sccuTi-
~ than credit OF confidence. The Times
had only recently adopted its present at
,itude. in full. ass 90 state banks We
believe that now. and We think II viii be
difficult fer The Times 90 cite nom IT'S
editorial columns previous To l>@ any
Ting In advocacy OF the system OF state
banks it now presents.
The Times is not and has never BEEN
opposed TO National banks per Sc our
opposition has been 90 tho policy which
has excluded state banks OF issue and
has fosterod National banks as the only
notc-issuing banks. We have contcnded
and do contend that ;ho National banks
o. themselves arc totally unable 10 moct
Tho demand for q local currency anG We
have urged FREQ banking as the remedy
tof the currency famine. From that po-
sltion we have not debated e hair s.
breadth and If our contemporary were
here we could cite him t. a rrcat NUM-
her OF articles from Tho Times from 1862
TO the present time "a support OF that
statement. W. cannot reproduce AL
these articles (altnoueh they would make
mighty good reading bus we cite tAa
following from Tho Time oi Novemb-r
is. 1ss2. II is headed. "Iot The People
DO Their own Banking" ana is az fol-
lore:
No candid observer can doubt tha-
IN tho Southern States g.. least. there IS
an insumcicncy Of currency icr the de-
mands Of business here The case men,
toned by senator Morgan last spring
in the Senate silver debates. o. a lady "a
Alabama. who owned orc of the finest
cotton Plantations in ihc state. but was
unable 10 borrow 5000. Is no exceptional
one. The exceptional case IS that Of enc
farmer. whatever may De the value OF hts
lands and stock. who can borrow money
This proceeds from tho facts that th-
National banks are az the commercial
centres that their managers, IN the natur,
OF things. cannot know personally th'
individual farmers. ava that they will
not make loans 10 parties whose mean,
are in lands and stock. unless thej
know them personally. ana can tius
10 their personal integrity. Tho need
Of the country. In tho South certainly
Is local banks that can Issue currency
20 supply local naeds. Tho need "a o.
banks whose managers know the peopi'
Who dwtn around g. and who win ient
money 10 saoso entitled 20 credit wh'
cannot borrow now. whichever their land,
and goods may he worth Thssr bank
will never rice 81 proportion 20 the &c
mands FOR Thorn niin they are permitted
TO irsuc their 6wn notes. becavsc bank
Tag can rsser be so profitable withcu
an Issue ., rctcs as with such issue.
The Times has frequently argued tina
on. simple measure will afford TO Tia
public absolute security in handling thes
notes. and thct IS that they should. b.
law. be made gFs'-.ien upon all The as
se,s Of tie baax issuing Them. Thh