The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-01

THE MOST ABSURD OF CONDi-
Tl0NS

II the movement which has been
started in Richmond to test the consi-
nationality of the United states tax upon
the notes of state banks should have
no other cnect Sc will at least direct seri-
ous attention 90 the country need for
some sort of legislation that will give
the people greater ease and freedom in
the matter of currency The present
financial conditions emphasize Che utter
failure of The financial systems that we
nave to meet the requirements of the
business of the country. THE current
money of Tie country s So far from be
inc sufficient for its needs. that the busi-
ness of the country is most seriously
hampered and embarrassed now. ana that
at a time when 81 was yer eoins for
ward with such strides and was never.
therefore. in such need of money for it's
successful development. The largely
increased demand Tor money that these
conditions have made. Joined TO The great
sums Of money that tine war revenue
taxation locks up and the absence of
currency In moving tine cotton and gram
crops have produced "a stress n finance
that is Gripping business badly. There
is but one method known To- our laws for
increasing our paper currency, and that
is for the national banks to- put ON more
Of their notes. But the national banks
say that in order TO increase their cir
cuation they must buy United States
bonds to put al its back These ara very
much above par. They buy them at
present prices and presently when The
stress is over they viii want To- retire The
emergency issues and sell the bonds.
Hnt the bonds may have fallen B value
by that time. and they may therefore.
he losers by the transaction. They pre-
fer to struggle along as they best can.
rather than run that risk.
Now the present financial system OF
the country absolutely prohibits any
other method of Increasing o"r currency
and SO we see the pieseA condition OF
affairs. in which business OF every kind
and description SIS o,amorins for more
money with which 90 transact its affairs
but the banks are answering that with
their vaults fun OF the very best paper
they are unable to do anything whatever
20 relieve the necessity of strangled
business Vs. there ever such an alb
surd condition of affairs, with water.
water everywhere. nor any drop TO
drink"
Now who is 80 blind as not to- be able
10 see that IL the United States govern
ment would take sos hands from the
:hroats OF tho Richmond banks they
could and would. az once, relieve en-
tlreiy the distress which the business of
Richmond is suffering to-day They
would put out their notes in such quanu-
ties as our citizens needed. the stringency
here would end as if by magic, and as
soon as the strmgenoy was over they
would take those notes in. having no
more In circulation than what the public
needed
And why should such Richmond banks
as We have do foolish thing SD the mat
tcr Of issuing notes. any more than in
any other department ot business They
never certify checks unless they can re-
deem them. They give no obligations
that they cannot redeem Why should
It he supposed that they would lci their
own notes go 10 protest aud involve
themselves in ruin? The suggestion is
absurd