Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1881-03-23
NO MORE UNCERTAIN
BANKING.

). When the passage of the three pei
cent. bond funding bill became reason
ably certain, Il few Of the Nationa
Banks were strangely iorgetiul Of then
just relations 10 the government and
the people, and thoy arrogantly assnm
ed TO disturb business and coercc legis
lalion by ostoniatiously surrendering
their currency.
II is due TO the great ma jority of the
banks to say that they did not partioi
pate in this unwise action Of their as.
sociates but it will also be remember,
cd that few and feeble protests came
upon banking circles, All of the banks
justly complained that q reduction was
made in the interest Of their bonds
without corresponding reduction in
their taxes but tho banks which 6g
urod most -conspicuously before the
country assumed to be superior to the
Legislative power and proposed to com.
pei acceptable legislation by tho sys.
tematic arrangement of money and
business.
The funding bill was passed and We.
toed by the Presidodnt, but not until
even the most arrogant of the banks
had been taught that they had ventur.
cd too far and assumed too much.
They learned from the sensible men of
both parties that an issue forced upon
the country by the banks must result
in n defeat Of the banks, and they now
seek to repair damages as best they can.
A number Of these foolish banks
have recently asked for the restoration
of their currency, and the question is
under consideration by the govern.
ment. 1t matters little how the point
may be decided, for the law will sure,
ly decide it before the next Congress
shall be IN session many months. The
fact that banks have played the play
Of dlsturbers Of business by retiring
circulation yesterday and recalling il
to-day, proves to the satisfaction of all
that there must be positive law to
make such uncertain banking impossi-
bic in the future.
The Carlisle amendment, as inter.
pretod by the act that passed the
House Immediately after the passage
of the funding bill, has become ncces.
sity as part Of our banking law, aud
it IS certain to become part of the law
whenever Congress reaches the sub
ject. 1t will protect honest and con.
scryatvo banks against the aggres.
sions of banks which play for politi.
clans and gamblers, and the best ele.
ment Of our banks will be more than
willing TO have just restraints put upon
those which bring disrepute upon the
banks as class and provoke unjust
legislation.
1t is eminently proper that a.
three per cent. bond should be the ba.
sis of our banks, but it should come
with reduction of taxation. The on.
erous taxes now imposed upon the
banks must be paid by the borrower
and the laws should cheaper money to
legitimate business to every extent
consistent with sound public policy.
These results will not be attained by
banks disturbing business or arrogant
ly assuming TO coerce legislation, bat
they can be attained by the banks cor.
dially co operating with the govern.
mont and asking justice from the gov
The people arc not unmindful that
1t was given out in banking circles.
that the three per cent. loan could be
carried and made successful if the
banks were conoiiated, and that i'll
could not succeed without their sup. |
port The people have good memo.
ries, and if the three per cent. loan
shall fail hereafter, there will be Just
reproaches upon the banker. Let the
banks meet the next Congress in the
spirit that should ever exist between
the government and It's necessary
financial agencies, and the errors of
unwise banks and Of political dema.
gogues can be corrected. If not so
corrected at an early day, banks, busi.
ness aud the people generally must be
sufferers = PHILADELPHIA Times. |