The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-15

being made. that the government keep
Its hands Off the banking business ] I'll
Is admitted that the continued solvencys OF
our banks depends on the nfidence OF
the deposltors. If can have no better
security for the return Of my money than
confidence In the institution with which
II deposit It'll should unhesitatingly se-
lect bank conducted and fortified by the
national government rather than one
one whose directory was composed Of all
of the trust mngnates In the United
States. All OF which. ! suppose. brands
me as a visionary and one at enmity with
the cherished institutions Of our country
1.-THE fact that some bankers are dis
honest constitutes no more reason for the
government entering into the banking
business than does the dishonesty OF
pawnbrokers give It a right to embark In
that trade" declared Judge Sawyer with
some warmth.
''You have chosen to malte an unforss
tunate comparison" laughed Colonel
Monroe I'm most progressive countries
the governments have forever checked the
rascality and avar!ce of pawnbrokers by
2 the establishment Of State or municipal
pnwnshops. Those who wish to realize
small amount OF money on their personal
belonging now pay the government eight
or ton per cent. year instead OF tho
same amount month to the sharks. who
formerly monopolized the trade. / will ad-s
NIT that this is gross infringement on.
the divine right OF one Individual to
plumber all other individuals who fall In his
grasp, but the common people OF France
Germany. Belgium. Italy and other coun-s
tries seem to like the new system and
their respective governments derive a rev.
Benue from 1t.
1.-THE country Will be subject to flnan-a
cial panics so long as banking Is conducted
by private interests for profit rather than
by the national government for stability 5
and service, continued Colonel Monroe.y
1.-THE private banking interest has reach !.
ed tho zenith Of its power and influences,
It's demand that 1t be permitted practical.
ly to coin money will not be seriously en- /,
tertained. II there ever was chance for !
the passage OF an elastic currency meas
ure. with It's elasticity dependent on the
9pledging OF corporation bonds and securi-
ties the events of recent weeks have de- 4
stroyed 1t. The ever reaching greed OF
men who have stood sponsors for such
legislation has rendered Its enactment Inns
possible. The demand Of the future Will
be for greater security, not for less. The
people will learn to know that the same
power that Issues money should be Its
banker The perfect circulation OF money
Ia of vital Importance to community or +
to nation. Such circulation presupposes Z
some form Of bank. The man who places :
money In that bank should never be har-
assed by fear that he cannot at any time
Withdraw It or Its equivalent. The HIS
tory OF private banking has been one long
record OF financial panics and failures, In
yolving more distress than any one cause,
war only excepted. There Is but one hu-
man institution in which patriotic peo-
Pile has implicit fath--ther government.
They are ever willing to accept its word;
they are ever anxious to extend Its credit.
They know that II cannot fail SO long as
they do not fail. l have lived to see thou-
sands OF private banks go down TO pittful
ruin, but do not recall that one govern
ment, civilized or heather, has repudiated
a dollar OF Its legal or honest indebted-
ness A government possesses all OF the
requisites OF the ideal banker II has the
confidence OF the people. 1t has unlimited
wealth. 1t can command practically I'M
limited credit. II can coin money or ISSUE
1t, thereby insuring elasticity. II Is
scientific monopoly, and a perfect bank
must be perfect monopoly. Not until
the national government assumes its nat
ural preragatlve as banker win we be free
from the ever recurring menace Of hnah-S,
cial panics and failures, +,
clared Judge Sawyer.
you are good foY' ten years more. and
that vii he long enough TO see II In fuil &
operation" responded tho colonel. I.
(Copyrght. 1903. by Frederick lphA4'a J
AdamsA