The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-24
The Farmer Needs State Banks to
Supply It,
SOUND MONEY LEAGUE MEETS.
An Address by Mr. W. IL. koyah, VICE
President for Virginia-The
Banks Mast Be Local
He Says.

virginia who had been assigned 40 au-
dress the league was prevented, on "c-
count Of press Of business, az me ias,
moment from attending. lie Forwarded
~ address. however, ia Secretary T.. V.
smoley. who read It 10 the League yes
terday Il Is as follows:
THE ADDRESS.
The clamor Of tho day l. Tor greater
supply OF circulating money. The man
who ignores this clamor and supposes
that because he needs no more. therefore
no more Is needed deliberately shuts MS
eyes 70 what stares him IN the lace ana
court. his own destruction. There never
vet was a great popular movement IKE
the present move for more money that
did no; nave a real and serious cause at
3ta back. II Is foolish to poch-pooh II. The
part OF wisdom Is to find out just what
line matter is and TO apply the proper
remedy when the seat OF the disease Is
found.
When We begin TO look into the matter
the first thing that arrests attention Is
tho fact that the people In the elites ana
towns want no more money. Why Is thisF
Because the popular idea that business is
transacted with money Is deiuslon'
business Is exchange OF commodities
effected by swaps I'm bank OF the credlt
values OF the commodities. The banks
are all IN the cities and towns the people
there can transact their affairs with
checks. n Is far more convenient 10 DO
this than with actual cash, and so the
only money they need is for car fare.
market money and such small aheirs.
They arc therefore content with matters
~ they are.
But there is a clamor for moro money
all the same. and IL comes from milliois
OF throats.
SAMPLE CASE.
II comes from the countrymGn-ths
farmer. who has no bank near him 10
check on and who must have actual cash
with which TO transact his affairs. the
fool might shut his ears TO this clamor-
The wise man heeds it and seeks 10 re-
move its cause. ! know the conditions
in my own State. Virginia. and the same
conditions exist In all of the others that
are agricultural. Our farmers ha we no
cash at all. Go into the country WIN a
fifty dollar note and you cannot et IL
changed. ! have this evidence of Inc
same facts elsewhere. w. II. Lynch,
real estate dealer in Richmond Va. &C.
. ~eived the following letter from Nebra E
:, farm TO whom be had sold farm l
Collins. Neb.. Dec. %, 1896.
Money close here and I hard
present. The tank loans money at
y cent a IbHtu NiA'h tAlNs 81 ~
49,, ma. ut any TO loan now. Can't bor-
row at all ,onrprc.
O., q Is everywhere in the rural dis
tricts. - l., ~.
srasrs ON WI. ich he had 200 head OF
horses. -. ..., L.
spect 1t that wfshas TO.
whv e there no cash in the country?
Rseause the national bslks are not SUIT
ed 10 the country. Their nature makes
,hem the institutions Of the cities. Iney
arc founded upon the nauonal bonus '"o
farmers have none Of them and II they
a,a snd organized national banks all the
note. they put out would leave them ana
60 IN the cities as VII be explained
further on.
DEARTH OF CASH.
This dearth OF cash Is at the bottom
of the cry I'm the agricultural regions iol
free silver. our conditions there are Que
60 our imrSense territory and our national
currency. In an immense territory ike
ours Won cannot have paper currency
yood al its face everywhere. III you 40
particular localities will draw 20 them-
selves undue quantities OF II anu loaNO
other localities bare. our misery '"eN
comes from what Is supposed 10 De ou.
chief blessing. The incontestaoie prool Vi
uhat I saw Is found In wfat occurs eNeIS
fall We hear then that money - W.
hieh i'm New York because II mas al peoh
sent South and West 20 move the co''V'
and grain. This money Is mo' I'D
huying these commodities. They are pau
for with exchange. 1t is used In PAYING
CO.. labor and services so that II gets as
,rthuted actually amongst the people
Vet in three months time II is all nach
In New York. interest there mas iahei',
tha farmers are again bare OF cash an"
The same operations must be repeated VIC
next fall | am not now giving ieasO'
WHY II all goes 10 the commerclai Cen'iO-
I have one that is perfectly satlsiao'o'
40 myself at least. But l CONNIE nysei.
nj this time TO the fact alone Inc IA
40 n all leaves the country people io1 the
.an,os-oeonle This must always be the
case while our currency remains ma
tional currency. guaranteed by the gov
eminent. and therefore good at It's race
,n ali quarters OF the Union. while IL
remain. so the cities will bid for II ana
take il from the country people. ne
farmers don't know it. hut II would nap
oen with free silver. That would De soou
sor uhat IL was actually worth in all
n.r,. OF the Union. and that would leave
me farmers lust as the national bank
notes 40. Free silver then would only
cause a general liquidation. and at the
end the farmers could no more noio II
than they can hold the greenoacks.
e. ., ia then that we have country
=, which one part-the cities-have all
~. financial conveniences that they need
r,hue the other psrt--the country-is with
ont any. and is being s;rar~'aS The
x,ronr must be corrected or weInust nave
continued disorders. The cry for Tree sill
Yer is the piteous wall OF men VINO are
be,nx starved. IT has my deepest SYM
patty.
THE ONLY CURE.
There is one way. and only one way by
which the evil can be cured. Allow the
farmers 10 have their local banks 10 ISSUE
notes upon local assets THESE VIII pe
perfectly good In fact, but the credit OF
The bank being unknown at distance
the notes will be at discount away from
home. and will therefore. stay In the
neighborhood, where they are issued for
the uses OF those they were intended Tor.
Suppose a bank In Texas with nan
million of tollars OF property, convertioie
into that much gold in Texas. should put
out 500 900 OF notes. These notes would
be as sound as any In the world ana
would answer the purpose OF the people
OF Texas as well as any otner, but as thu
hank would be unknown elsewhere. they
would be at n discount out OF Texas. But
A ,s fair 10 keep the Texans with no
money because these good notcs were not
liked in New Iorh;
0omc rcriicrncr SAY this discount oper'