Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1892-10-26
Wildcat Notes.

1t can no longer be said that the Demo
cratic party meant nothing when it. de-
clared in It's national platform that the tax
on state bank issues should be repealed,
nor can it be said that the issue thus raised
is fictitious Or frivolous. The handbook
issued by the Democratic National Com
mlttee embraces serious argument IN IA
vor Of this change After some months Of
delay Mr.. Cleveland. in his letter OF ac
ceptance, took care to discuss matters iu-
vOlving 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 III
tue 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 bank 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 I'M
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 act most I'm wisely. Some
might take care to avoid the old wildcat
currency OF the halcyOn days of DemOcra-
cy, but others, it is safe to 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 volunt a.
rily. II 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 q vast advantage and might
reap harvest, but the WOrklngmen 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
we'll secured and SOUND. In the old days
or Democratic paper money single trad
er IN Western state soon accumulated
stack Of broken bank notes representing
about twenty different states. The banks
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 a bill could have no assurance that it
continued good, and hundreds of such is
sues speedily became worthless in 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 per cent. of the entire paper circu-
lation. With the present volume of paper
currency that would mean a loss OF more
than $50, 100000 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, i'll favor OF Estate 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
rency 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 electlon.-Ne10 York
Tribune.