The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-10-09

/ ltpuhe W Hill Ill return 1Of the injury he
has done the State and the children of the
State? Let the verdict of the 4th of No
vember next answer.
Mr.. Tucker and the Banking System.
The bill to extend the charters of the
National Banks twenty years was APP
proved July -, 1882. The time for their
operation under the law creating the Ma
tional banking system was about to ex-
pire. and it became of the utmost impor-
lance that the charters should be renewed
to prevent Widespread and universal ruin
in all business circles. The Democratic
members both of the Senate and House
interposed impeachment after impeachment
to action on the bill, and when vote was
finally reached it passed the Senate by Il
vote OF "a to l3-fye Democrats voting in
the Affirmative, and one Republican in the
negative-Mr. Jones, of Nevada. In the
House it was passed bya vote of ITO to 10
six Democrats voting in the affirmative
and two Republicans in the negative.
Mr.. Tucker voted against the bill, and
what did that mean ? 1t simply meant
the destruction of the National Banking
systemsand return to the old State Bank
system. with its uncertainties and depre-
ciated issues. subject to discount Whenev-
er their possessor wanted to pass from one
State to another. g
There never has been a safer or more
satisfactory system Of banking than that
which is perpetuated for twenty years by
the act .extending the charters of the Ma
tional banks. The holder of the notes is
absolutely guarded against any possible
loss. They are secured by the bonds of
the United States deposited in the United
States Treasury as the basis of the bank
circulation. They are consequently equal
in value to gold and pass as gold in not
only every part of the United States and
Territories, but in every quarter of the
civilized, world. A depositor may draw
his money out of one of the Staunton banks
and take ajourney to the remotest portion
OF the continent or across the ocean. with
the full assurance that wherever he may
go dollar in paper will pass as one hun
dred cents, without question or bubble.
He has no misgivings as to the value of
The currency, drawn out of his home
bank. in whatever part of the country his
business OF pleasure may call him. The
credit OF the government stands back of
ut, and that maintains a standard un-
equalled on the globe, making every dollar
OF the bank issues equal-te it.
The alternative of the destruction of
this system in the defeat of the bill ex-
tending the charters of the national banks
was necessarily and inevitably the old
State bank system, OF individual banking
establishments, as the business of every
community requires paper circulating
medium, as q means of commercial ex-
change. The old State banks were based
on the two and three-flfths. principle--the
State holding two-ifths and the in
dividual stockholders three-ffths.-I IT
was only the States interest that gave
them value outside of the vicinage
of their issue, and the result was
that no bank issue in the State of Vir
glnla. would pass for a dollar beyond the
limits of the Commonwealth. Ifa per-
son wanted to take a journey to neigh
boring State, he had to submit to Shave. !
as soon as he passed beyond the limits of |
his own State, and the further he went the |
more deprecated became his State money. |
AS to passing out of the United States on
such currency, that was out of the ques-
tion. Then there was no security for the
circulation except the States two-ffths,
and the individual responsibility of the
holders of the other three-fifths Of the I
stock. and there was a good deal of fiction
about this. inasmuch as it frequently oc-
Cured that the individual stock was not
paid up except by loans from the bank.
The note holder and the deposition worked
by faith alone and both frequently without
works to prove it.
This vote OF Mr.. Tucker was another
specimen of his craftsmanship. 1t was
an illustration of his State Rights theory,
IS explained I'm exploded -platitades at
Churchville, a few days ago. 1t was con-
sistent with his whole constipated views
Of the powers Of the government, and the
tights Of the States-the fences which
lraw the lines thatseparate them. 4
There has never been a financial system
which was so completely adapted to the
wants of the people and the necessities
II trade as that indicated In the National
,anks 1t meets every requirement, is
ldapted to every phase of business, guard
ng the people against loss, inspiring CON 4
idence and fixing the basis Of security in
II the ramifications Of enterprise. But
Mr.. fuckers vote had been as potential
n this instance, as his objection was in
he case of the po1a ifla,sSf inn, ,f fbe I,l,, -