New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-03

mutually The seliappolnted champion Of one Gle
at work TO encompass state bank operations within
unique extension of the national statutes He has
tax upon state bank note circnation and fix the same
rate Of taxation upon notes Of banks issued under state
the no les earnest and much more experienced adj
vocatc Of banknote enlargement. the late Hon. John
statute which virtually prohibit all sorts OF stateba
issues a. one OF the Soundcst financial acheyemens
Fundamentally new interpretation Of the Constitution
OF the United states PROMULGATED first in 1870. rs
With 10, only . one dissent Thereby the conrt
In Congress IN peace equally as in war are empowered
o9S iga0 al doubt Is an act Of soyesny to crate
the United States cannot be required TO empOy banks,
at bank profit. to create and Issue substitutes for
the Congress Of the United states will ever again
enact the National chnr'er provision, neglect 70
virtue of which the volume of money In the United
States would depend hereafter. sometimes hereto.
circulating notes. That this determination is
popular appears in the dcepset pocket interest Of the
regarded and By the National Bank Act designated
lawful money although formerly deemed, as sun
Secretary of the Treasury afhrms The statutory
santhonty to pronounce the coin reserve maintained
available for miscellaneous appropriations as Treasury
Mr.. ST. John wished to be excused from saving
anything further about the opinions TO which he
stands committed. As far is known. he has not
Frederick D. Tappcn, president Of the Gallalin Ma
tioha Bank Is opposed TO any such change as that ad
self was out Of the city Yesterday. but his views
the matter are well known at the bank and am9ne
Wall street mon generally. The Gallan Bank has
no idea OF supporting any resurrection OF wildcat cur
rency.'
A. c. CHENEY AsT0NsHED
President A. c. Cheney, Of the Garfield National
III is "A
| astounding thing that the Democratic party, among
whom are some sound Anancicrs, honest men who be
licve In honest money, should countenance such
proposition lou might as well ask Il banker # he
this question Now there Is side this question
| which people i'll general do not seem to understand
and 1t applies we'll National currency.
They are inclined to think that bankers and banks op
pose the repeal because they expect to lose money b>
II. but that Is great mistake. in the old days Oi
state currency there prominent banks In this city
which had uncurrent money department, and II PEG
pose the flee coinage Of silver because they can make
money ont of H. IL l. because they do understand
make Twice as macR for they x thcir own rate Of
discount when you hold currency that does not pass
fully between the different States. The loss all
| comes from the pocket, OF The travelling pubic.
While travelling i9 the Western states for 1 NUMBER NUMBER
| TO miss train and hunt up broker because had
money from adjoining state which they would not
| take in railroad oicc In payment Tor n ucket u
| pass into the next state. Every railroad Office
regulated that question for itself, and l have re
fnent and hnd them thrown back and finally been
obliged to go out for a money broker to nave the
| bills changed into current money"
| ONE ADVANTAGE. MANY DISADVANTAGES.
The seaboaM National Bank. Of No. l. BROADWAY
does not regard the scheme as wise one FOR man'
| reasons John F. Thompson, the cashier said yes-
| terday morning.: ~ calm impartial view OF II dis
covers only possible advantage which IT may have
that Of greater debility In the circulating medium
OF ,hc cJuLtry But the possible good features are cr
| outWeghed, ninr 10 one, By the most obvious %
I,t-r., Inc,
Of Democratic Congress u attack capital unwisA an!
to endeavOr - impair general confluence ana NATIONAL
credit. The present system IS eooa anu S'''t ple
and the people ought TO apprrca'e II, II IL irons
and absolutely The disadvantages Of the state
81 stem almost many u cnnmcIate; they are
numerous as 10 impair sound business ana echef"I
confidence 10 extent that would breed disaster OF
many kinds. The discounts nuisance and thc
counerclts which would Hood the country In short
cum e least AFFORD TO stand item It would be e poor
iaboIers, farmers and the small tIadesmeh "hp
would be getting stuck continually ln"n Dan@'rs
plan. it incredible that 1t Will actually be put
RlcRa.d Kelly, president Of TIE Filth National Bauk
| No. POO Third ave. took conservative vie" OF the
matter o9t stnu ,h nn,e that Ihcy rv.r had
| The currency issued by state banks was not legal
,cndcr and a great deal OF money lost, and ti,
"s" was a serious matter 10 many people. tn
wisdom and security Of the present laws on banking
| are unoucstIoned. / think
| Thu cashier Of the second National Bank, Twcnty
third st. and Fhave.. said that he had seen chou1h
| a boy and did not want 10 go through 1t again
! .Thefe was no equality In the engraving quality
| o. The paper or anything else No stat ianh, ior
| ms pleas But then ! can hardly bring myself %
inh that any such measure is seriously contemplated
s9p To- n ain clement and thrown ont to eaten
| the votes O. ENDS If Wild inhation II might I1,
s6ly favor Ia parts Of The south, but not where
dealings. 'ThOmpson's Bankn0te Reporter usoI 70
| bank bnls. but their great variety opened n "ide
avenue for CONTRIBUTING that the risk ~ accepting
| Them wa great Every little village had IT, stnte
,.rk Nili ch
sprang up In the night as II by magic our HatiG.a
we have had control the currency" sald Inc
cashier.
BR,YTOX IVES AGAIN'T THE CHANGE.
The president Of the Western National Bank Bray
| ton Ives Is stcrny set against any such measure
The absolutely unqucstioned security which the present
| bank act affords the chief reason Tor MS 0p
posnc such a change as the Chicago platform hVor'
He said: II there is any feature of the NauOln
Hank ACT which has proved a blessing 10 the people
,s.cs if has been that section witch wiped out all
state issues and gave uniform system winch VIC hO"
oliver f. Berry, cashier Of the rTadesmens National
Eank No POI broadway, laughed at tc AGA 81 Stn,
ANYTHING Of the Kind The memory OF me past IS
| quite sufficient for us all, think" he sad we
YYant good money and That now have a BANK
r nov whether il is issued California Maine
h perfectly good all owe; HE tnied states ihey ar
| accented without question or scrutiny. siVulh ~
aret any change that would remove al the au'
We now have. Cn' Of hundred men W,"H you , l'ee
s'on On The street today there wpnd pr ODapN hot oc
SIpp w. ,id tcu Won Me bNnA on which any bin he
NAV have is drawn. They are all alikc 70 NM loi
one il worth just nue.! as anOlhcr Whether i,,u
| in New York or south Carolina The 2mle huha
Iyr,ld gain nothing and the people would run great
Hsks # the 10 per cent tax should De itp' IT. an
10, That T. asOn am opposed to it most strongly "A
rhunge would be foolish the service LDW - gru tne
hnst T tho world u fact for simply cant be bcdl"I
IT. ,,,Lc,imo win the circulation Is great mistake
and | am sure that you will lind all sound banks ana
nr,nnSttn for the Democratic party TO make ana one
Which the American people viii unanimously reject
~. Ia
,oin Laticr II r. worth 40 cents 20 cents. In the
old times n ali depended 81 the avsilabe assets Of The
| bank which issued the bill. p nit, ,.,o,.,
II H. Male vice president OF the PheniX NatiOnaI
Bank and president of the Atlantic Iri,t c.np,m}S
was strongly opposed to any imitation OF the country
currency He was formerly president OF the old uinpn
A4ional Bauk. "Our currency Is tho rSt III ~, Wv
,,rd for sulldty and ease OF carriage; ], the best
Tn tlc world for the prevention OF cOuneri'ihS, lor
| tho Government sternly protects lis money, ana