The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-07-05

tobacco corporations was settled in a
manner apparently satisfactory to no
one, but there are many desirable
features from both viewpoints, and de-
Velopments can only be judged when
they have been longer triSd out. The
domestic business of all kinds has
been In good shape. and there Ia moth
ing now in sight on which to make a
prophecy that general business will
not continue good. The growth and
prosperity OF this country is too pro-
nounced to permit even bad legisla-
ton TO have an adverse effect. except
in isolated and particular cases. and
those who say this country is going
to tho dogs under either of the pros
pecttve administrations are merely
Illustrating a constitutional pessimism,
and this class has been proved wrong
so often that they should cease to be
listened to-
The only danger lies In the mad
rush for great riches, that the best
side of our natures has not been
given an opportunity for develop
meHt. There is no question that is
so vital TO the tobacco trade as uni
FORM ana liberal banking facilities,
ana there is no commodity that Iacka
SO prompt n market as tobacco. and
there is no manufacturer of any other
article that must carry SO largo a
stock ahead as a manufacturer of TO-
nacco. and, therefore, every member
or our association should take "a vital
interest in the monetary reform move
ment which Is now in existence.
The plan suggested by the National
Monetary commission has been en-
dorsed by the leading bankers and
M "a
seems TO be so absolutely fair that
your president does not deem n IN
wise to commit this body TO its FUN
endorsement. and every member
shoufd use every effort To have II
enacted In law during the next ses
sion of congress
me plan, in brief. is to establish
''"tlohal reearve association at Wash
lngton In which banks. and not tndi-
Viduals. shall be stock holders or GUS
,oih'Fst Fifteen branch associations
IN the ntrereHt sections Of the eoun-
~' VIII be established, each controlled
by the representatives from The local
banks and these fifteen branch asso-
cations eiecting directors to the cen
trai association. rf1eir directors. with
tHe secretary of the treasury and
the comptroller. seem 10 absolutely
safeguard the danger of this central
association ever being used in favor
OF any particular interest or section.
New York now does fve-e ighths OF
the country's banking business and
under rhis proposed plan. New York
Will on have one of the branch as
sociations This central association
VIII be empowered TO issue notes
against commercial and other notes,
and in effect is but legalizing tho
method that has been adopted In
times OF stress by the banks issuing
clearing house certificates, which
were illegally but effectively used ~
currency.
Too Much Politics.
This great question should re taken
out OF politics banking system is
too complicated and too important for
politics to enter into It, Many OF the
leading members OF both the great
political parties seem 10 take the posi-
ton that they are dlscrediting their
own particular party II they endorse
any measure which has nor been duly
initiated by them as a party measure.
The business man must take those
important matters out Of their hands
and force them through, regardless OF
party politics
The work Of this association has
not boon very extended within he past
wear, due great deal Of the short
comings of your president. but We
think that we are seeing the fruits
Of our work II trying 70 improve the
smoking qualities of tire bright to-
bacco grown in the eastern sections