Wisconsin Afro-American., 1892-10-22
GOOD CAMPAIGN READING.
LABOR, TARIFF AND WILDCAT
MONEY.
wildcat No,es.

1t can no longer be said that the Demo-
cratic party meant nothing when it de-
clared in Its national platform that the tax
on state bank issues should be repealed
nor can it be said that the issue thus raise i
is fictitious or frivolous. The handbook
issued by the Democratic National Com
mIttee embraces serious argument in fa-
vor of this change. After some months OF
delay Mr.. Cleveland. in his letter of ac-
ceptance, took care to discuss matters iu-
vOlying so little difference between parties
as the Nicaragua Canal, but with great
pains omitted every reference to the pro-
| posed substitution OF state for national
| currency. Meanwhile numerous Demo-
cratic speakers of distinction, who are in
the field by authority of the National Com
| mittee. are publicly arguing that the pro-
| posed substitution ought TO be made, and
Congressman Harter, prominent leader
of the party, has published elaborate pa
pers maintaining that the existing tax is
unconstitutional, and setting forth the idea
as to the kind of currency that the states
| should issue.
| But the states would do just as they
| pleased If the tax on state Dank notes
| should once be removed. Each state
| would either permit the establishment of
| banks of issue under the old state laws,
which in some states have never been re-
pealed and under which the worst curren-
cy the country ever saw was thrust upon
| the people. or would authorize banks OF
| circulation with as much of wisdom or un-
wisdom In the enactment as its legislature
might possess. Probably not one would
| conform TO Mr.. Harter's ideas. If some
states should act Wisely, it is quite certain
| that others would actmoSt unwlsely. Some
might take care to avoid the old wildcat
| currency OF the halcyOn days of Democra-
| cy, but others, it is safe 10 say. would not
The obvious objection to this proposed
monetary revolution is that it would sub
/ Stltute more than forty kinds of bank notes.
differing widely in character and value,
| for one kind of uniform character and
value. No one will pretend to believe that
| the various state legislatures can be
! brought to adopt the same plan V0lunta-
rily. L. the national government permits
| state bank issues at all, it will have to per-
nit each state to please itself about the
matter. At once it will become impossible
/ for any ordinary man to know the value of
notes presented to him in payment of
wages, or for goods. Brokers and bankers
would have a vast advantage and might
reap harvest but the wOrkIngmen and
| the traders would be perpetually plagued
| and frequently robbed.
| 1t is nonsense to say that state bank
notes would not get into circulation unless
well secured and sOund. In the old days
| OF Democratic paper money single trad
| er i'll Western state soon accumulated q
| stack of broken bank notes representing
about twenty different states. The banks
seized every opportunity to send their
notes as far away from home as they
could. No matter how good bank might
have been when its issues began, the hold
| er of bill could have no assurance that it
| continued good, and hundreds Of such is
sues speedily became worthless i'll the old
days. 1t was believed by men who knew
most of the business that the people
actually lost, through holding bills OF
! broken banks, sum greater every year
than 5 per cent. of the entire paper ciTcu-
latiOn. With the present volume of paper
currency that would mean loss of more
than $50, 000,000 annually.
This is very definite and real issue
which the Democratic party has raised,
and in doing so 1T has only acted upon one
of its oldest and most deeply rooted preju-
dices, namely, in favor of ''state rights"
and against everything national. The
very instinct of that party seems always
hostile to any measure which tends to bind
the people more closely together into one
nation. If voters want the national cur
reney swept away, and forty kinds of state
bank currency substituted, they have
! strong reason to expect that precisely this
change would result from Democratic
victory in the coming election. York
! Tribune.