The times. [volume] (Richmond, Va.) 1890-1903, 1899-02-23

take the name given 10 the symptoms
ana u.e con. Give. OF are apt 10 conceive
of rheumatism as thing I'm and OF IT.
self invading the system az an adven-
turous burglar invades ones CHAMBER
II is this conception which makes rude
men everywhere seek 10 drive out us
ease" thus personihed, by the use Of
tom-tcms. Of charms. or the medicine
man. IL h. an Illusion that still haunts
the mind Of most of MS. So the simple
minute 10 the word dollar a dynamic
power. They think the law can create
g. The fat establishing % grains n
gold To- be a dollar Is regarded as the
effective thing, and they inn0cently
dream that an authority high enough.
say. as the Government. can By SINH
lar fiat make another thing equally ef-
fective az a dollar. They are lost and
confused by names. They are unable 10
see that back Of the name must exist
the substance.
CANNOT CREATE.
I have spoken Of the opera ton Of law
as being either in the line OF regulation
or definition. or IN the line Of restriction
or prohibition in an the fields Of indus
try. and commerce and social develop
mout 10 has of necessity followed and
regulated. II has never been able 10
create The locomotive or to-day is the
rating ln the individual mind perfect
ine its work over n generation OF more
OF increasing knOWlccge and SKIN. Wait
ing for law there W0rld never have
been locomotive, steamship or a
wagon Now that these Ire here. law
may well regulate against dangers ana
abuses. lt may properly require that the
boilers Oh the steamship and the loco
motive shall Boz constructed OF a kind
and quality - material which the best
oucinecrine knowledge CON approve as
safe. m the field Of banking 10 which
YOU stalJ related. the individual initla-
tive has been the only efficient creator
The banker has now become a factor
iu commerce and exchange. whether for
eicu Oh dtucstlc. scarcely less important
than the steamship o. The railroad BY
simple devices slowly elaborated. such
as checks drafts. bills OF exchange, ac-
counts OF deposit. and the issue Of notes
the enormous work ol The worlds eN-
changes are in the most part effected.
How few realize that every year there
passes and rcpasses in our own country
from seller 90 buyer, more than hfty
thousand millions ~ dollars I'm value
without the use OF money 40 all, and that
out of AN the enormous total Of sixty
or seventy thousand millions Of dollars
OF trade and exchange I'm our own coun-
try. money Itself figures only I'm the
proportion Of possibly one 20 ten. The
banking machinery does the larger part
af the worlds exchanges. Now ~ IS evil
dent chat q mechanism able 70 accom-
uffsh such au enormous result b. charged
with great power As in the case Of the
locomotive and the steamship. law may
wisely come IN and guard against reck-
Jess use of that power. but It Is clear
ff. HU Tf TUFffff-
ton and prohibition should be the result
OF the highest experience and the great
est wisdom Through liberty. wisely re-
euiated bv law. society has advanced,
and all the great achievements OF inven-
tlou realized % o. as true OF commerce
and banking as II IS in the mechanical
arts and the physical sciences Liberty
gives lifo-unwise repression destroys.
PARTICULAR APPLICATIONS.
desire now tO make particular ape
plicati0n of these thoughts 10 our eN-
perience in This country as that expert
euCe relates 90 banking ana currency.
Under that evolutionary tendency 10
which 7 have referred. and I'm the eNer-
else ~ % large liberty. the banking sys-
tom OF the United States has made Il
history not different in its nature from
that of our mechanical appliances. Be-
ginning in crude development. stimulat-
cd bv new requirements corrected by
larger knowledge and experience. tho
system OF banking nae tending toward
perfection The laws OF different states.
which thirty-Seven years ago were the
only laws relating 10 banking. varied
from each other in their wisdom ana
The business. as practically carried on,
Illustrated I'm the various localities the
wise or unwise character OF those laws.
I must stop here o. moment 10 empha-
size in the briefest terms th. function
of the banker By most he II regarded
as "a dealer lu money merely. llr is such
only t0 "a very limited extent lle is ts-
seuually dealer iu credits. His busl-
ness 10 IS 90 give his moneyed obligations.
wei established aud widely known as
they are on ought 10 be. in exchange
for the moneyed Obligations Of his custom
crs and dealers Tie credit and financial
ability of the average dealer ore known
only 10 a very narrow group. The dealer
can and does make his position known
10 the banker. and bV securing his credit
instruments Of the banker la exchange
for bis own. Dee obtains power Co acquirs
tools instruments of production. or ar
ticles OF trade This BIS true wh~fh p the
bankers obligations he thus acquires DE
checks. drafts, 0r credit up1n nus DOORS
against which thc dealer may draw. or
whether they Dee The banker notes of
hand " convenient size generally known
as currency Sow 10 81 obvious that Win
due regard Go thr public safety, tho
larger degree OF liberty there Doe 10 the
dealer and the banker zoo their mutual
oDeratious iu this field OF credit the bet
Ger VIII the public interests Doe served.
The bank note ivsued by the tanker for
reasons which viii appear Httle later
ou. IS oftentmes the only instrument OF
which the dealer can MAX" use, and
under free conditions 10 would be use
fully awaited off, That this liberty OF ac-
zion could be- wisely and safely employ
cd was fully demonstrated boo the years
anterior H. the civil WAY Slightly vary
ing iu uon-esseutials. the systems IN
,opue i'm New Eusllnd. in ohio. Indiana.
Iowa. Louisiana. ana several other
states. offered the most perfect machin
cry " domestic exchange.
A CRUSHING TAX.
The action of the national government
hv which. in 1sla DO repressed with
crushing tax that part of the banking
machinery Represented by blnk-uote -
-ic.. cut from under the business pub
uc especially in those sections where
capital was scarce. most important ald
10 industry and productivity. Whether
This arbitrary action was iusiihanie on
tho grounds OF public need, whether IS
has been claimed. the Repression of the
hank note and the infusion NJ the green
back into the avenue ~ orr daily COM
merce vas necessary to save the nations
life IS a question NOT yet fiilly answered.
If that question Doe settled i'm thc affirm
alive however no one dare get up the
claim that the perpetuation Oi The green-
back + now essential GO the perpetuity
OF the national life The repressiye leg
lsl.tion referred 10 destroyed an instru'