The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-27
Voice Of the People
The Aldricl,- vreel land Bill and state
2 IA Il
Editor OF the Times Dispatch:

sir.-While the Aldrich-Yreeland law
is most complicated affair. ityethas
one strong point. which the writer
thinks. ought to strongly commend IT..
1t makes provision for circulating
medium, based upon Commercial paper
and the general assets OF the banks.
This is new departure. and marks a
distinct epoch in our financial history.
Now, do not the best class OF CONNER
cial paper and all the assets OF the
their currency afford ample security
for the circulating medium that is for
the new notes that are to be Issued
Vreeiand law: II not. why note They
have been found sufficient in almost
the whole civilized world. and there
is no good reason why they Will not
stated the fact that not over 350o.ooo,-,
900 OF this new currency can be out
standing at5any one time. and add tho
further fact that no hank can eyer
Its combined capital and surplus. and
1t appears to the writer that this .new
currency" Is Obliged to be good, espe.
cially as the banks are required to
keep fund equivalent 70 10 per cent cent.
tion fund. with the Treasurer Of the
United States to secure that circulating
medium. and q tax OF per cent for
81 reaches 10 per cent. the whole pro-
t te1as fund.- IN VI FOR tn the new notes:
these notes perfectiys good. and for tic
f1rst time in the financial history OF
this country utilizes the. "commercinl
paper. and tho assets OF the banks.
and thus renders the currency elastic:
as to insure the solvency OF the new
notes. we are only following tile ex.
ample OF Canada, England. France and
Germany In thus utilizing.a great ;!,s,a as.
so far as any increase ofNcurrency In
times OF stress has been concerned.
The Aldrich.vreeland lay VIII !, - be
panics, and II a panic comes It will
break its force and shorten its dura-
N.Y. s! 9ss a sys ,as
abollshing the 10 per Cent. tax on
State banks, 1t must be remembered
that no no nattonal bank can lawfully
security, and It is emlnently proper
that that great asset should be utilized.
The class who own real estate are en-
titled i to the same rights as the bank
turers. .The Notwithstanding bill"has
provided a splendid "rich mans cur
rency." Let the same policy be pur-
sued with the middle class" and all
the classes who own real estate. Give
them the same rights given to other
classes. thus giving equal privileges
to all and special privileges to none.'
That person does not live who can
give any good reason, either legal or
moral. for the further continuance OF
the 10 per cent. tax on state banks
| 1t is Unconstitutional for88two reasons:
One Is because Its object was not a to
raise. but to destroy. revenue; the other
upon, butan actual deprivation the
liberty OF the citizen. I defy any one
to point out the clause In the Federal
| Constitution which prevents our ciu-
zens from establishing state banks
! If they deslrea SO to do. The ~ per
| cent. tax was q war measure. It never
could have been passed except ina
time Of war and pa sion.. IT. has BULL
ling them privileges to which they are
not entitled and by deriving others
Of privileges to which they are en-
titled. It deprives the land -holder, the
/ farmer, the mechanic and the laborer
| OF their Just rights, 1tAmakes land a
dead asset and discriminate against
ascertain. class. T he very fact, that the
4 Aldric land biz. has. been passed
per cent. tax on estate banks should
|. lie abolished. No real flnancer will
SYSTEM and stheE,"state bank system
can exist together in perfect harmony.
The one will be an adjunct and mid to
would aid greatly an Immense ma.
10y ~. : ~ p'oe c *: PATrHsoN. \
4 @ buckingham county, Va, July 96