The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-17
Humane Tommy.
nnrwlnlan Proof.

occurred In indianapolis. and Mr.. Riley viii
write poem about It, 1t Is thought.-Wnsh-
tngton Star.
Currency Legisintion.
Editor The Times-DIspatch:
Sir,-For a number of years / have
urged that Congress should pass much
needed currency legislation. but up to
this time they have failed to do SO. i
am at a loss to account for their letl,.
.arsy on so important matter. for our
greatest need Is currency reform.
our system is very defective. as VT
causes extremely high and low interest
rates. The former occasion abnormally
low prices for all farm products. which.
inc merchants and manufacturers are
then able to buy at prices so low as
to be detrimental to the farmer, while
the latter bring about Misrepresentation,
which Is extremely hurtful to al! lesi-
innate business interests.
For many years we have depended
upon the general government to fur
nish the necessary money 20 move the
crops In the fall, especially so during
the extraordinary currency panic from
which we are just emerging. General
Bankruptcy would have resulted had
not the government been able to come
to the relief Of the financial situation
and all praise should be given to our
President and Secretary Of the Treas
ury for the assistance they rendered.
for their aid WAS absolutely necessary.
What We need and must have is Il
currency system which Will give us
neither very high nor very low rates
OF interest. We at times have too much
money, and then again not enough
money when the crops have to be
moved. Our financial system Is worse
than that. of any OF the European ma,
in interest rates, and panic following
panic as we do. In view OF our great
wealth and prosperity, we should have
a financial system equal to or better
q. 20 ~ h. ttzv.
SHOULD be independent OF the general
Government.
Our currency must be automatic, en-
pandins and contracting With the
this the national banks should he per-
mitted to issue not more than SIS per
cent. OF their capital in bond-secured
currency, and this currency should be
more than needed. The banks should
also be permitted to issue currency up
to Is per cent. OF their capital. sub
Ject to a government tax of 2 1-e
be called "elastic currency
They should be allowed to issue.
also Il crop-moring currency up
to so per cent. of their capital. subject
cent. per annum. The banks should be
required to keep at all times with the
government 10 per cent. OF these two
currencies in gold or greenpacks for
redemption of same. These two cur
rencles should be guaranteed by the
otherwise they would nor
pass everywhere at par. The losses
the government would have to sus-
tam on account of bank failures would
be more than Offset by the very large
profit 1T would receive from the tax
on this currency. AS the banks are to
pay this tax, onc-half the profit on
same should be returned to them an
nually The Comptroller OF the Cur
should hava a vi frf af 90
to issue these currencies to any bank
not in good repute.
There would be no profit to the banks
when they could not lend out the
per annum and the "crop-moving'
currency above 8 per cent. and when
these rates could not be secured the
benks would ,ul at once retire these cur.
should not be allowed TO remain in
=. 1t has been suggested that add
tional currency should be issued, se-
cured only by State, municipal OF rail-
road bonds.
But this would not furnish the neces-
sary relief, as most of the banks would
not buy these bonds. for circulation
needed these bonds the demand for
them would be great, whicl, would adj
vance the price OF same, and when the
rate of interest declined they would
XII SURRENDER. tIelT't CuTrGEcY at lnc
same time. and have to sell their bonds
When the orop-movins season
comes many of the banks hoard their
aggravates its scarcity. But il they
knew that they could procure addi-
tional currency equal TO 90 per cent. of
their capital they, would be willing to-
sen the necessity of issuing so large
an amount OF the "crop-moYing'I cur
rency.
u is absolutely necessary for Con-
currency legislation. otherwise we may
expect in the future an even more
acute currency panic than the one we
have Just passed through, for ] fear
ment Will not have the ability to rem
der the necessary assistance as 1t has
done for many. years; and even II 1t
has, we may. have an administration
that will decline to furnish the neces-
sary relief,
Yours very truly,
JOHN r. BRANCH.
2 Sin view OF. the currency panic
do not think that the bill prepared by Il
The bankers in Washington, d, O.,
about q year ngo provides for enough
of "emergency, or whatI call crop
'i Riahaoa sd Sa pscember Il j. 4 1so Il
ACKNOWLEDGEMENTS
sslRS. NsMSl0Yal'S 5 |
! SOOTHING SYRuP$
sn hem Iss1 by Millions q Mothers FOX their
sss es!as os ia 4 IS
remedy Tor GinrrlceU, We sAR ~
I GENTS a NoTTLE.