The times. [volume] (Richmond, Va.) 1890-1903, 1898-07-13
WEDNESDAY. JULY 3D. lS'S'
n,xx MONEY AND GOVERNMENT
MONEY.

The Norfolk Virginian ana Il'o' -
,Aa, we have not fairly sta'eu l'S f0'
,,on On saving that it was IN iaVo' %
- sort ~ legislation which woulo put
800 into the pockets Of the people
o. contemporary draws a disuhcuo"
between a government currency anu
hank currency. holding that me eoNei"
,,ent supplies us with the currency ""i'''
A. ours forever by buying or exchanging
Cor our property, productions services
80 labor its money issues of metal OF
.,aner-tbe original transaction being pro-
motive Of business, profitable 10 US ""N
an addition TO our currency upon WIN"
we have nothing TO pay at all Io'e'ei'
,,,hie the banks. neither buy, nor SEN
nor employ; they only lend us tempo
rarv currency upon which they pay
half Of one per cent. a year, and when
, they lend to us at from TO Il per cent
interest year, upon the best poss'O'e
security; such as United states DohuS
and 6rst-class city property. mo mat
Ter what stanton and its vicinity mas
a. soil" II adds. "the banks don't ana
can't buy. and they employ nothing ana
nobody at any price" The Nirginlan anu
pilot then goes on to show what great
blessing it would have been to the couh-
try ~ instead OF bonds, Congress haa
decided to put the printing presses TO
work and grind out a lot OF paper money
IN ne distributed among the people.
Those who understand the position OF
Tho Times on the money question can
Gee from this that the editor OF the
y,,s.oian and Pilot and the editor OF
The Times are so far apart IN 'heH IT,
, snact,ye view that 1t is difficult 10 nho any
oon,mon ground upon which to base an
document The idea that banks money
a. 80 no benefit except 90 those VINO DOT
-, a. and that its circulation is con-
oned 10 borrowers. is too absurd 10 po
entertained. and the Virginian ana Fio'
e. TOO intelligent a newspaper 10 susseS'
80, o. thing. No man borrows money
az mt Il into his pocket or 10 lock II up
=, ,,s cafe hut he borrows it for pur-
noses OF business, either 10 pay MS
debts to spend in enjoyment, OF 10 carr!
y, some business enterprise. As sooh'
therefore. as he receives the money from
The hank he at once puts II INTO clrou-
la,,on and the farmer. the laboring man.
the merchant, and all men who nave
something to sell get the beneht OF
,ooney thus circulated. Money issued by
the Government does not more surely
or moro directly ind Its way into the
channels OF trade than money put into
circulation by a hank. That proposition
IS so apparent that Il does not need 10
be demonstrated.
The Times contends that there isSah
abundance OF money, and that 1t IS ho'
necessary for the Government to coin
silver or 20 put the printing presses TO
work An order 10 give the people all the
currency that is necessary 70 the trans
action OF business But we arc entirely
agreed with our Norfolk contemporary
as well as with the stanton Argus, that
under the present system money does not
circulate IN certain sections If the ooun-
try as freely as It should. To go over
this ground again Is TO thresh over old
straw We are at least agreed with our
Norfolk contemporary that the national
banking system - a failure. ana its de-
l,yeranee as TO the shortcomings of that
system in the article from which we
quote. has our entire approval. The rem
edy for this evil, however, is not free
silver and fiat money, but free banking
Give us plenty OF state banks OF issue so
that tho farmers MAJ bank on their
lands and their crops, and the problem
VIII then have been solved.
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