The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-22
A PLEA FOR STATE BANKS.
Conditions Of ths Southern States aud
Monetary Commissions Plans
DISCUSSED ATREFORM CLUBS DINNER
Messrs. John W. Fries and Joseph Bryan
speak-Inadcquate Facilities and the
Truth Regarding the South Point
ed Out by Mr.. Bryan.

| BOSTON, MASS, Jan -l'-Sp't'"'' ~
the meeting Of the Massachusetts Reform
Club held here this evening at Young s.
Hotel. the question OF Currency Condi-
items Of the Southern states and the Plan
Of the Monetary Commission" was the
theme Of the evenings discussion.
There was a very light attendance
President Morefeld Storey presided. The
chief speakers were Mr.. John w. Fries,
OF North Carolina. member Of the None
tary Commission, and Mr.. Joseph Bryan,
editor Of the Richmond Times. Remarks
were also made by Mr.. W. ID. Sohier,
Mr.. Charles G. Jackson, Mr.. Henry w.
Peabody, Mr.. Charles Warren and Mr..
Edward Atkinson.
Among these put at the head table
were MI. Gamalel Bradford, Collector
Winslow Warren. Mr. Henry G. Thacher
Mr.. II srber 5. Underwood. Mr. \. Shu-
man, Mr.. James X. Carter anC Mr.. Her
sey Is. Goodwin.
A DILEMMA.
President Storey in starting tho after
dinner speaking, said among other things:
AT the last election we who believed
in the principles Of the Reform Club,
found ourselves in a dilemma. The high
tariff candidate represented sound money;
the low tariff candidate, Mr.. Bryan, stood
for soft money. II the Republican party
shows its inability to deal with the cur
rency question, its death knell is sound
! cd "
Mr.. Fries made n very effective speech
holding the attention of his hearers
throughout and was amply applauded at
it's conclusion. He said in part:
70 nh oh IN, Ia 10 "a
Presidential campaign cast her electoral
vote for Mr.. Bryan and on the same day
elected a Republican Governor"
Referring TO the Monetary Commission
and its work he said:
1T has never been my fortune 10 meet
men with less pride Of opinion and more
ready 20 treat the subject in all It's phases
purely from the standpoint of existing
fact.
AS THEY FOUND IT.
"As We found the gold standard exist
ing as fact I'm this and every other i'm
portant country, we said 1T ought not
10 be disturbed We found that United
states notes and Treasury notes had been
the cause Of trouble and loss and we un-
equivocally endorsed tho proposition that
they ought 10 be retired. Any system of
bank note issues to be good all round
! %A+N'N 'N AAtNANiAtAf ilNt 4AAlUlAl on Alt
lines Of Secretary Chases original plan.
the purpose OF which was TO make na-
tonal banks national creditors and the
only motive for which was to create a
needed market for government bonds. but
the kind of national system that is need
cd now is such a one as shall furnish ia
cihty. equal cOnveniences and facilities
to the whole people
Much of the prejudice existing against
national banks Is due to the feeling that
the money contributed by The stockhold-
ers IS locked mp in bonds, instead OF be-
Ing loaned 10 their neighbOrs and used In
the development Of local industries. ! ven
ture 10 assert that this latter is the ma
tural and proper way to invest the capi-
tai Of a bank, and further that II IL is
so invested I'm well selected and well dis
! tributcd commercial loans it Is the best
/ possible basis for a note issue The only
1 qualification that i would admit to this
proposition is that with IT must be coupled
a requirement as to guaranty on the mu-
tual Insurance principle.
a FALLACY.
'The best government bond i'm the world
Is good only so long as the people are
able and willing TO pay taxes. 10 Is a fall
lacy to say the whole wealth of the coun-
Try IS behind them. There is absolutely
no security back OF any national. State.
or municipal bond. except ability and will
tngness % pay. impose and collect taxes.
We Of the South. cannot understand why
Wall street should treat ms so differently
from Worth street. A country merchant
is not required by Worth street 10 20
there with collaterals. That street would
investigate my character and means"
What we need above all else" said
Mr.. Fries lis 10 improve our credit sys-
TEN, whether in banking. merchandising.
or manufacturing and especially IN our
statutes, is 10 emphasize the Importance
of personal character and integrity"
MIR. BRYAN SPEAKS.
Mr.. Bryan. who spoke next. received a
very hearty welcome and quite captyated
his hearers by his manner OF delivery
ana the substance OF his very pertinent
! remarks. lie said:
Mr President and Gentlemen of the Re-
form Club:
The subject upon which ! am invited
TO occupy a brief portion OF your time
this evening is currency reform and the
needs of The South iu connection with the
plan of the monetary commission.
The scope of this subject is SO great
that It viii be impossible TO do more this
evening than give the merest outline OF
the situation IN the South emitting all
discussion Of questions in which. / may
| fairly presume. We are agreed. and 10
| conhue myself strictly 10 the needs OF the
South. I'm doing this | shall assume, as
is The fact. that the condition of Virginia
Is in its main features identical with that
| of her Southern sisters. when / have
told YOU Of Virginia. and the condition
ot her iecplc. not merely heir needs hut
their deep grievances. ! win have given
you a. picture in which you may gee the
other States south OF her.
10 understand why Virginia. and the
Southern States sccn in financial matters
90 nave thrown aside al The conservatism
for which i'm The earlier days Cf the Re
public they were justly respected. 10 Is
necessary 90 compare heir condition ~
the outbreak Of me war with their conli-
tion after The surrender az AppOmattox.
a condition which in matters OF financial
convenience has for "a large part OF our
population continued unchanged 10 the
present horr.
THH STATE BANKS.
I'm 1860 the old State OF Virginia. which
included what is now West Virginia, had
a population in round numbers of about
one million white people and 100000 ne
eroes. nearly all of whom were slaves.
The chief occupation Of this population
was Agriculture. The JOOOoO negroes had
no part whatever in any of the business
affairs Of the State and being under civil
disabilities lived upon the plantations OF
their masters who represented them ~
every respect. All the business OF the
STATE then was done by the one million