The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-18
COLONEL MONROE'S DOCTRINE

says this generous government OF ours
to the banks. They have paid over to
me so much Of their money that there Ia
threatened a financial stsingency. This
must BIO avoided, can borrow. money,
but do not know how to lend It. Beside.
lending money would be going into b,is--
ness. and am warned that must
not go into. business; 1t Is business
to receive, interest, but n92t to pa,
Way at to interfere With VIII the the" .ndivdaal
activities of our citizens. In this emer-
gency ] wish YOU bankers TO accept this
money s tbe sae ao nos IN NV bona
Will hold them as long as you hold tho
money, but you shall continue to draw
4tfT ey yGn yo sGnd 1s s ths sane Of rs
mine. ! VIII charge you no interest on
this money. but you can lend 1t out at
any rate you choose SCI, BY the wise ht e eI
the use OF their money and shall es-
cape the charge of engag ng in business
transaction
"You have picturesque way OF pre-
you," laughed Judge Sawyer. Personal
ly. should be willing and even pleased to
pay the government q nominal ra OF IN.
most OF the leading bankers hold the
same view, though many Of them think
that 1-2 per cent Is enough interest TO
pay for the use of government money"
sense M"s should the the so ,SrS lend You
money OF / 1-2 or per cent. inter-
est When It can get twice as much
d rG ' sna Ms e1aes ss %s
OF you bankers to these dues MS pro-
claim you are the princes Of humor. But
YOU are not paging any per Gent There
an amount in excess of 100000, 900. and tho
Secretary OF the Treasury has declared \, ed
more Not satisfied with this. certain
banking interests are urging that the ".
eminent accept other than Coy Cover r. m nj, n.
money presented by The government. The
demand for government bonds as a pledge
against these cash donations has become
50 great banks
to pay. SO they wish to substitute any
old kind of bond or stock, But our
Of the sdd ~ Is eauGas
ment money on Bay state Gas or consoli.
dated Lake Superior. 10 has better
speech. delivered In New England. He
said that the difficulty which the banks
encounter in obtaining bonds with which
Treasury could be overcome by issuing
more United States bonds!
There Is a remedy which s rene E.
QS. we nave SO UluCu llONCy IIltL ~ ID
necessary to go into debt in order to, get
rid Of it. The only secu lty on which
we VIII lend money is certificate of our
Indebtedness you can sn shsg me , nny
delicious than that will buy you a box
of CIGARS
Il am not, defending any proposed new ,
hardly believe Secretary Shaw was seri-
Gus in suggesting it. He can find JUST
fication In distributing tho national sur.
that failure to have taken some CHI
step would have precipitatsd a ciis.s
VI, which would s,h !. have plunged the country
lin other words" pers' sted Colonel Mon
roe, you hold that the only way In
which serious financial trouble could have
been averted is by making the banks
fspm ss,ooo.ooo to 100000 annually.
am willing to grant that an emer gency
existed and that it still exists. and that
the government have legal right to t,ke
the steps which have been, taken. sec.
rotary Shaw has only followed IN the
ping aside now and then to walk around
a recently fallen bowlder or to miss some
new precipice. But what shall be said
so crazy p system? do not blame the
banking interest for taking advantage OF
it. An absurd system can be boil tered
up gng 1y Of e in the
relations which exist between the banks
and the government. You can make. no
comparison which will be so paradoxical
"Thc government should go out Of the
banking business" asserted Judge saw
''I'he banks should go out of the gov
eminent business retorted Colonel Mon
roe.
IF a modern government has one le-
ultimate and paramount duty 1t Is to as
gume the direct responsibility for the cir
culation Of the money which It has Gre
ated. We have almost reached the time
or the banker the government. shall
live long enough to cast my vote
and influence In favor of the govern
ham Adams,) ".