The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-22

| their branches, and most OF them issued
their notes against their assets. the
Limitation being that they should never
issue notes for n greater amount than
five to one for specie in their vaults The
silver question was then unknown i'm tho
land and In the debate which the recent
agitation has produced. | have frequently
defed any silver man to say that he had
ever seen in his lifetime the dollar OF
our daddies" before the war Only one
ever responded in the affirmative. and ho
said that the dollar he saw was in "A
| museum.
The agriculture OF Virginia was con-
Quoted for the most part by large and
wealthy farmers who constituted the
landed gentry. the aristocracy. of the
State. II Is safe 10 say that every one
Of them had connections at some OF the
large cities where they were well known.
where their credit was good and where
they could at any time get advances from
the banks But they were not put 10 any
Inconvenience. The State was fairly COW
cred with branch banks. where notes is
sued under the restrictions OF the law.
kept the people or the State I'm every To-
cality amply supplied with a thoroughly
satisfactory currency. The State then
had slG.OO00 900 OF banking capital and in
round numbers 100000 Of circulation.
! circulation confined TO Virginia. The
banks had in their vaults all the specie
that was requisite 10 redeem any Of these
notes that nigh. be presented. \ more
contented and happy people "of all sorts
and conditions of men" IT is almost i'm.
possible ;o imagine.
SAD HOMH COMING.
| Now see the other side OF the picture.
When the Confederate soldier returned
10 his home. at the time when the vic
! torlous Union armies were marching in
! triumph through the streets OF Washing
! ton and when their success 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 10 vindcate the
integrity Of the Union. the Virginan
found desoate home. an absolutely
! worthless currency. and little left 90 him
hut the soil Of his beloved state under
his feet and the blue canopy of Lcaven
| over his head
shall not pause 20 give any experiences
| Of that frightful time. but Of the troubles
that were usual with ms then-most OF
you were and are in absolute ignorance.
The greatest aid men I'm our then condition
| could reasonably have had Of speedily
! restoring their fortunes would have been
/ 10 forestall by loans in some measure the
! results of their own labor upon a fruit
| ful and kindly soil. Although this was OBJ
/ structed by law and the borrowing OF
! money was practically ont of the ques-
| tiou. the situation was submitted 20 with
| out "A murmur. being regarded as an IN
| cident To the result OF the war and as
! a necessary consequence Of defeat. HOW
| those men worked and how they suffered
| Il is useless 10 refer 10. They thought
that no privation endured in peace could
Hl....r Il r.lI
! war and by contrast they were cortent.
AT this very time when the use ot credit
! would seem 20 have been almost ncces-
| sarv to existence the National Bank act
! was further amended by the passage ot
I the 10 nor cent. tax so as 10 put the hnal
! extinguishment upon all State bank IS
! sues. As there we're no United states
bonds held in Virginia, II was I'M
| possible for her people TO comply with
! the conditions Of that act IN orcer 10 ger
| currency and so il was that only IN cities
like Richmond ana Norfolk and perhaps
nt Lvnchburg was banking established
bv enterprising northern capitalists. Az
this time the farmer If he got money
ar an could only do 10 under terms that
were ruinous one md hat per cent
fr-t-o oer centD a month was the regular
street rate when ] went TO i've ih lIch-
mond in 1870. In South Carohha it '""1
time "A near relative of mine VINO vas
"a large rice planter. was paying IL per
cent. month and cohsiaeieu H''''s1''
fortunate 10 get money at that-
SOME HANDlCAPS.
shall not even alude 20 the additionaI
disasters Of our people which were trace
able to the Fifteenth amendment LOT 10
those provisions proposed IN come q inc
STATE constitutions, which while c"liahch-
isiup an the negroes attempted To uia.
franchise "a large portion OF the mus
expericnced and influential part oI OuI
white citizens. We in Virginia ha?pny
ESCAPED the latter part OF this e"lI'l''y
through the intervention OF 'H"1 70"-
Gus victor. General Grant.
The Virginia which remained aiter mo
ecnaration OF West Virginia contains
now over 10000 people. all ol "noH''
thank God. are free. The Industrial en-
terpriscs OF the State have enormously
increased over what they were before
tbe war and large amount of banking
capital IS used I'm conducting them.
Tho banking capital OF the state no"
,esrlv thirty-three years after the war
is in round numbers $l900)0o. but the
circulation issued by the national banks
is only about 81 10000. OF the banking
capital over 100000 IS owred by state
hanks the balance by national banks. Ih'S'
state banks are. OF course l'4 4'''''''" ~
issue any notes and the national banks
have the privilege under such restrictions
tbat it is improbable 10 DO so. No BANK
of circulation is allowed 90 have a nrancn'
and if it was permitted 10 do so ihe
restrictions upon the issue Of notes would
Tn Virginia we have now popu-
lation greater thas that which Old
Virginia had I'm 1860 with this din
erence that an are now free where
ms. IN old Virginia. only two-thirds
were We had in 1850 q local currency Oh
YOOOO.OO0 scattered throughout the state
accessible 10 all who were entitled to cre-
dit. The situation now is that the great
farms have generally beea broken up
and are titled boy small farmers who have
no connections az large cities. and how
ever good their credit may be In their
own ncighhorhood are utterly unknown
TO the city bankers.
SCARCITY OF MONEY.
These are the people who complain OF
the scarcity Of money II Is not In the
cities whore the complaint IS heard. II Is
In tho country and the countrymen. igno-
rant Of the provisions OF The national
bank act which forbids those reasonable
and we'll established methods which pre-
vailed before the war for supplying a
currencv have been taught 10 believe that
q was the decentralization OF silver that has
rroarced the etriugcncy which is 90 them