Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-12-10
The "Times on Currency.

We said the other day that as the tax on
State banks was adopted as a means of
strengthening the national banks and put
ting down the State banks, the removal of
that tax would weaken the national banks
end strengthen the State banks.
This was q direct answer to a question
which had been put to US by the Times.
But our nelghbor found in what was really
o mere statement of a fact proof that we
favored protection run mad The Times
has bad habit OF assuming that its way is
the right way, and that whatsoever differs
with it in opinion is hopelessly in the
wrong. The fact we stated above. if fact il
Is, (and We suppose nobody will deny that
II Isl the Times says. belongs to the
political economy of the man who
thinks il possible TO hold himself
out of a thlrd-story window by his own
coat tail" If hard words constituted argu-
ments we could fill our columns with ar
guments going to show that our neighbor
is totally III the dark on the currency Ques-
tiOn. The New York Mail and EIDress, for
example, says of the independent State
bank system of ante-bellum days,
"Old swindes must not Do revived
That tax on State-bank issues must
be allowed to stand" Mr. j. KING,
president of the Merchants National
Bank of Rome, Ga, says that the
proposition to repeal the 10 per cent. tax
Is against common sense and common
honesty" ]. IL. PEABODY, president of the
First National Bank, Canon City, Col,
saws "such legislation would serve as
breeder of panics.' A good point.
Again: GEORGE B. SLOAN, president Sc
cond National Bank, Oswego, n. y, says !:
After bitter experiences under the old State
Systems, and contrasting them with the present
one, see no room for argument. The old sys-
tens entAied groat losses both to depositors and
bil-hollsra The present system does neither.
No depos,tor think-at all events comparative
)y none and no bhl-holder, | am sure,
has ever been loser through national
banks No holder OF nAtion6l-bank cur
tency ever finds Inconvenience because the
money he has In his pocket Is uncurrenL Is
passes without discount In any state In
The Union, and may almost say anywhere on
the globe. Counterfeit natlonal-banE bills are
fcarco commodity, while under old systems one
would require a OBSERVATION-DISCLOSURES constantly
hy lin. sni even with tina, precaution there
would 10: De safety. do not believe that one
Collar Of counterfeit national currency circuiates
now as against thousands that would appear on
o reviyal Of tho State-bank systems. The variety
q devices for plates that would arise under tho
sysiems OF iorty-tour States would afford an In
Sitng neld tor counterfelters."
These remarks are all good. The fact
last mentioned Is worthy of attention. II
reminds Us Of the " old times" when every
depOsltOr always went to bankto make his
deposits, not knowing what proportion of
has bank notes. If any. were counterfeits.
forty-tour States with fortv-four banking
systems and ten times forty-four counter
feit-note factories is q fine prospect for
farmers and planters and businessmen
generally. They will, we fear, feel more
Ike hanging themselves than holding
themselves out of third-story window.
Mr.sLoAS's facts demolish all the so-called
arguments that can be urged against con-
| tnuing the present national-bank system.
lie added:
II SEQ No reason for reyiying the old s,a,a.
bank system Of issuing currency.
"jn my Judgment u would be a misfortune
pnd everybody would regard 1t 50 II our n a,ional
p@AA Vu'foh1} wore not continued 40 the cur
rency Of tho country. l may say, indeed that
anything as SOLID. safe, and convenient as the
naii0aal-bank system. especially IL currency,
bad better DO let alone"
We have no doubt that Congress will be
equal to the demands of the occasion. Let
the banking laws remain under national
control and supervision. and then let such
State, municipal railroad aud other seen
rites be deposited at Washington as the
proper officer oroficers may adiudge to be
good security for the circulation TO be put
out under this new system. This by the
way and 20 indicate that wo are not we'd
ded 10 any scheme.
But LET us return 70 our experts and
Aess what fnaneisrs say, WILISAxI. HUI