Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-08-13
SATURDAY. .....AUGUsT 10. 1892
A Trnnhlesome Qneetion.

The Ocala platform and tho Omaha plat
sorm declare against the evils from which
their trainers say the farmers are suffering.
Ono OF the most Objectionable features oil
our national banking law. IN the opinion
OF tho meh who are st the bottom OF the
Third-party movement and OF various
other new organizations which have TO-
Gently attained some political or party
importance. is that feature OF 1t when al-
lows the national banks TO deposit gov
eminent bonds 20 secure their circulation
and then draw interest upon those oonds
rs we'll us upon the notes they circulate
based upon those bonds. These directors
fail to recognize the fact that these bonds
are deposited in the interest OF the public
and not in tho interest of the banks, and
forget the further fact that the govern
ment bonds draw no more interest 10 the
hands of a bank than when in the hands
of one Of the clamorers for an unlimited
supply Of irredeemable greenbaeks.
1t is worthy of note just here, and we
commend the fact - the consideration OF
all men of all parties, that one OF the
substitutes proposed for the national
banking law would allow the new bauks
which we are to have in the near future
modelled after those of ante-bellum days
we say one Of the new schemes would al
low the banks TO issue circulating notes
based upon State bonds, or oven
upou county or city bonds. Instead OF
drawing per cent. upon their government
bonds, and then drawing per cent upon
their circulating notes, the new banks
would draw per cent. upon their State,
city. and county bonds. and then draw
per cent. more upon their circulating
notes based upon the same bonds. We do
not cite this fact because there is anything
wrong in it. but In order to induce the
people TO study the knotty questions which
the financial problem presents for their So
luton. But in the name of common sense,
what would the masses gain by the sub
stitutiOn Of State, county, and city
bonds for United States bonds as the
basis Of the circulating medium of this
country? You know that the bonds OF
the General Government command a pre-
MUM OF all times provided they bear as
high interest as per cent. You know
that the note-holders of no national bank
have ever lost dollar by the failure OF
such bank. You know what sort of Sc
curity you have that your currency, re-
moved from Virginia TO Oregon, would be
ns good in the latter State as in the former.
But. alas what would you know as to
like points were you to establish banking
system based upon all sorts of securities
aud intended TO food the country with
currency which would always be under
cloud. never get far away from home.
and which would cause heavy reduction
in the purchasing power of the currency
nt the same time that it would cause a
rise in the prices Of all the necessaries of
life, including coffee, tea, sugar, rice, &c,
de-?
Mr.. CLEVELAND has recently written o
very large number of letters upon great
variety of subjects. He would render a
great service to the Democratic party II
he would make haste to write his long-ex-
pected letter OF acceptance, and IN that
letter Law down the principles upon which
the Democrats of the next Democratic
Congress are to base their financial legis-
lation. And we are not sure but that 1t VIII
be absolutely indispensable for Mr.. CLLyE-
LAND 10 take the subject IN hand. The
free coinage of silver will have no more
life till next year OF the year after. The
independent or free-banking system will
not be more popular in the money centres
than free coinage.
But we can all unite in opposing the I'M
constitutional force bill. Let us throttle
this monster this year.