Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-02-23

there is "A radical difference between gold
and the grcouback. The one "a money,
the other Is "A promise Co pay money.
and the promise 90 pay becomes as
effective On It's stimulus to an expansion
or loans I'm the great money centres rs
glld itself is. } have just said tnot poln
form legal reserve for deposits ln mo
relation of one 90 four, hut Do must De
remembered that deposits can De buht
up through lo1ning even ms thcF cam
be by the deposit in the bank oi money
ITSELF m you deposit IN one htnk pm
New York 2lu0oO in cash. the dtposl
OF that bank are increased NwpN lt
J. visiting another bank. OBTAIN "a roam
against my note I'm similar sum anu
have 10 passed 90 my credit inc DOCKS
~ that bank also show an increase ON
100000 in deposits Thus the appearance
in tho money centres of The iegal-tendfr
government paper money operates 20
stimulate lending upon stocks. or h'nne'
or local securities OF every kind. .lh'
money of the country. whether k1Id or
greenbscks tends towards tine centres IN
those periods when the country cannon
centres in the way ! have just described,
when the country wants its money again.
the whole structure or inc ttuli" lt
shaken. semi-panlc sets in, mo srthl
wants OF the Interior or me coAnlIy
fur the moving OF crops ere NOT suppii'h'
WHAT TO DO ABOUT IT
But 1 cnunot follow the question further.
about it2 The first element N the an
sWer ls. be patient about 90 tr} 10 un-
derstand fully the real facts %. ihe 'A9.
yourself. eudeavHr Co sho" the t,.pt9
with whom YOU come iu contact that ~
b. their question. and thus correct pop
uiar misconceptions. The banker ls tN-
terasted in 10 as tho railroad man lH ll
terpstfd tu having good binHe7i hvv"
rails. good locomotives, hut inc people hIp
also Interested. with good io'u D.u'
sIfe bridges and powerful locom0ilVea'
the cost of transportation con- b- 'n."t-
ened 20 the people. win lne pa. ,l,'i.s
for the issue OF proper insirume ms vl
credit ln which bauk-noi's are iI'ipn.'',
tha banker viii mo- doubt find his power
OF usefulness increased hhL hf lM ~.
case Of the railroad. me tHtNl WI D'
economy through loW,f l1lins .i,.,,i,
ESQ t0 thc people aud py me aF'll4"',l,t
to Them of instruments or ekchahk'
which they cannot uoW cnnif"i. liliulns
thpse views aa / do, ctnu'i "i7.'F
th4f 1 have amy personal interest lh
''s some Who oppose the ideas hero enun-
ci1fri charge mr WIN .p.HNiih '.'
the bankers standpoint 81 3D. F" tlN''
have meyer bad amy personal interest," pm
fue question. because ar "a b'"" "''
4 have never issued note I'D .litultl'
4s money. The rrnton Tor nor "yih8
w44 the fact already drt' fDDn iH", i'
was au Improbable l'-nt ~. @ i,l.
and in Ono large centre Whcir my lI'
sa a banker has been passed. Hl ln'
credit ftcllllca needed hy that cImmu-
nitv were substantially supplied throusn
hook accounts checks, drafts, ana bii'
of exchange That t reform WIZ lvii"
1 have ro doubt. The evolutionary mo-.
mont A. which au tha improvements Duo
society can Doe traced WAS violently poi
t.rruptrd by the Intervention of govern
ment paper money and ihr pi'"ln. ..""
III hank motto issues. That we WIIl rfrnIu-
allv return co. 81 larger liberty ou DO" part
of the Individual acting alone or
ci,teI Win others ls. think certain
ThIs reform. however, VIII come Hlo"iy,
81. t,,itb must prfceds lt and each in bis
piaee may help ~ forward. not by "ofd.
~ begf and passion. but by calm ana
pafient testimony 10 the ruth.