The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1900-07-11
More Money in Small Places.

One Of the excellent provisions embod-
led in the Currency bin which was en-
acted by Republican votes ana a Repub-
lican administration at the beginning OF
of the last Congressional session was that
which authorized the organization and
incorporation in places whose population
| does not exceed five thousand of national
banks with as small capital as So, 600.
The purpose OF this provision was to
meet the complaint that owing to the in
adequacy of banking facilities in the ru-
raj districts the farmer was placed at an
unfair disadvantage as compared with
the man doing business in city. This
complaint was not withouta a basis Of fact
and there is no doubt that the circum-
stances against which it was directed
were the source Of many Of the visi mary
schemes of the Populists and Of the Bry-
an school of Democrats for supplying un-
limited funds throughout the agricultural
regions.
When the farmer needed money to
move his crops or supply the neces-
sites of his household he experienced
more difficulty in various ways in get
ting ii than city man would have eX-
perienced with no gre ater resources than
his own and such propositions as that
the government should establish ware
houses for the storage OF produce and is
sue warehouse receipts on the same,
which should haye the qualities of legal
tender money, had their impulse in this
condition of affairs. The farmer whose
lot was cast in sparsely settled State,
whore banks were few and currency
scarce, got the idea that the banks were
unscrupulously hording their funds, that
they were instruments of oppression and
that he was the particular oppressed.
Hence came much of that prejudice
against banks and hostility toward them
which Inclined large numbers of imper-
fectly instructed persons to adopt the
greenback and free silvor heresies and to
insist that the United States government
alone should issue so much money that
there should be enough to allow every
one liberal supply.
As the American does not lack for in
telligence it is not unreasonable to OK
pect that the next time he votes the re-
turns will indicate some change of heart
in this connection. The present Curren-
cy law has not been long enough in op-
Grafton to have had as yet its full effect,
but already its influence to some extent
must have made itself beneficially felt.
The Controller of the Currency has had
statement compiled showing the num-
Der of national banks which have been
organized since the existing law went
into force. 1t is given at l59, having
combined capital of S., Gas, 900, and of this
totsl-and this is the insignificant point
those having capital of less than $50, 900,
which was formerly the minimum, num-
her ia. AS all these new banks, which
must under the law have been located in
small places, both issue notes and lend
money, the rural districts must be better
supplied with currency at this time than
at any previous period in our history.
This is circumstance which would
embarrass Democratic platform makers
and orators if they had any regard for
facts, and which can hardly fail to have
its effect upon the way the voters cast
their ballots Phila. Inquirer,