The times. [volume] (Richmond, Va.) 1890-1903, 1899-06-20
TUESDAY. JUNE 90, 1890.


The letter from Mr.. Dupaway of MAJ
r.on. Va. which ,ye published and conn
mented upon in our Sundays issue. is
worth stnl further comment because 10
shows that the people are beginning 20
think upon The elementary principles oi
finances. and that they are beginning TO
learn something OF those elementary
principles. The case which Air. puna-
way put as prevailing in parts of South
west virginia. where there are no rail-
roads or banks S. one of simple and
naked barter. and it illustrates the eie-
mentary' principle that an business SIS at
bottom exchange Of commodities and not
purchase and sale for money. Tt shows
that mankind is not dependent upon
money for his ability TO transact his az
fairs and that st could get along fairly
well II there were no money ut an by
barter and exchange of commodties.
Nevertheless money IS a tremendous
aid ana assistance % man in the transact
ton OF his affairs. Bat this money need
not be coined metallic dollars. Provided
orders to pay dollars OF promises TO pay
dollars. will certainly Doe honored upon
demand by the delivery Of gold dollars
containing each 2322 grains of pure gold
these orders and promises win act as
money just as enectually as gold dollars
themselves. and 10 an men have perfect
confidence that these orders and promises
will be- so honored no demand for the
coined dollars Win ever De- made. ana the
transactions OF life. SO Ear as money is
concerned. Will De conducted through the
agency OF their orders and promises With
out any sctual coined dollars being used
a. all.
Consequently in the cities and towns.
where there are banks az the doors of an
men. hey 60 their business with notes AND
checks They are constantly buying and
selling nominally. but they are in fact
swapping commodities by exchanging in
the banks the credit values of the COM
mobiles in the form OF checks and
drafta
These city people. therefore get an the
aid and assistance which money is capa-
BILE OF giving man. and they get 10 with.
out using any money. either. They use
symbolic money only. But the country
people have no banks near them and they
are. therefore. denied the aid of this sym-
bollc money. and as an the actual money
Is good at SIS face value in every part Of
the Union. an OF it leaves them for the
commercial centres. and they have
neither symbolic money nor actual money
and they are, therefore, reduced TO the
sih.e of barter shat Mr.. Dunaway has
;old Us Of IA certain parts of Tie south-
west. This is q very great hardship upon
them. While they can manage 10 ger
along with barter vet they would get
along much better with a circulating me-
dinm. II they were allowed their local
banks they could have this circulating
medium in whatever quantities their
business required They would have
4 because they could issue 10
in whatever quantities wero necessary.
and Il would not run away from them
as the present money docs because,
though tneir banks would be- perfectly
solvent. IN fact. New York would not
know that they were so, and Sew York
void not. therefore. accept their notes.
As the case stands now therefore, 20 IS
impossible for the country people TO have
any money while n they were allowed
their State banks. they would certainly
have all that they required and Il would
be money that would serve their pur-
poses as wei ~ the very best gold doll
iars.
e----------