The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-10-03

dulent and worthless, are apportioned as
follows: Pennsylvania had IS. % being in
Pniiadelphia; Alabama, 8; Connecticut, 9;
Delaware, 2; District of Columbia, 81;
Georgia. 80; Illinois. "a: Indiana, IS;
Kansas. 4: Kentucky; Louisiana, Is;
Maine. 81; Massachusetts,, 60: Maryland,
%; Michigan, %: Nebraska. 4: New
Hampshire, 21: New York, 1s9; New
Jersey, 80; North Carolina, 2; Ohio. CT:
Rhode Island, II; South Carolina, 2; Ten
nessee. Fl; Vermont, II; Virginia, s.:
Wisconsin. IA, making grand total Of s32
banks whose notes were in circulation
. among the people and had been received
by them for their labor and their products.
and which notes were absolutely worth
less and of no more value than the paper
on which they were printed.
Out of eighty-one country banks in
Pennsylvania only twenty-one were at
par. In Georgia there were thirty-one
banks, all of them at a discount Sanging
from half Of per cent. to 10 per cent;
one quoted with the warning. Don't
buy" ana the notes of two others unsal-
able. In Alabama there were seven banks,
six at discount of per cent, and the
other at per cent. In Connecticut there
were seventy-eight banks, with the notes
of three unstable and those of seventy
five at discount of from a quarter of 1
per cent to Is per cent. In Illinois there
were Lightweight banks, not . single one
Of them at par and the notes Of nearly all
at per cent. discount, and two of them at
% per cent. discount. In Indiana there
them at par, those Of most Of them at IL
per cent. discount, four at % per cent. dis
count, and the notes Of two unsal-
able. In Iowa there was the state
bank with twelve branches, all of them at
discount of 3 per cent. In Kentucky
there were. twelve banks. none at par,
with prevailing discount of l per cent,
and with one bank doubtful. In Louisi-
ana there were thirteen banks. the notes
Of all them at discount Of from one-half
of per cent to three-quarters of per cent.
The notes of all the banks in New Hamp-
shire, Maine, Massachusetts. Maryland,
Michigan, Missouri. New York, Ohio,
Tennessee were at discount. In Wis
consin there were lbs banks with q pre-
vailing discount of per cent, with coun-
terfeits in circulation on about one-half Of
their issue.
7hompson's Bank Mt. Reporter for June
II, 1857, contains a list of $50 different
kinds of worthless bank notes in circula-
ton. The notes of the banks of Indiana
We're subject to the following rates of dis
count in Philadelphia:
Bank of Connersville 10 per cent: Bank OF
North America, 2 per cent: Canal bank, 2 per
cent: Drovers' bank. so per cent; Fayet;e
County bank, per cent; Indiana Stock bank.
per cent: Plymouth bank, 80 per cent; Prairie
City bank, per cent; Public Stock bank, 50
per cent; State Bank OF Indiana, branches, /
per cent; State Stock Security bank, 80 per
cent; Southern Bank of Indiana, per cent;
Union Plank Road Company per cent Wa
bash Valley bank, % per cent; Western bang, 50
per cent
The notes of four of these Indiana banks
were worth only 20 cents on the dollar,
while the others ranged from 80 to 90
cents in value. For the states of Missis-
sippi, Arkansas. Florida and Iowa the Re-
porter gave no quotations, but remarked
significantly: "The notes of banks in these
states are of doubtful and only nominal
value"
The Democratic platform contains an
invitation to re-perpetrate this kind of cur
rency. Today our national paper money
is so good that no note holder has ever lost
dollar or can ever lose q dollar by the
utter failure of q bank, because the gov
eminent stands behind them and holds
for indemnity the bonds of the United
States deposited by the banks as security
for their circulation. The national bank
notes are good in every part of the
nation. whether issued in one state or
the other of the forty-four states or
issued in any of the territories Of the
Union. In the days of state banks
with their unstable or worthless and easily
counterfeited currency the working classes
suffered the most, because they were
easier imposed upon than men in trade
accustomed to scrutinize money and keep
track of the fluctuating values of the bank
issues of the various states. This proposed
return to wildcat currency is characteristic
of the Democratic party. which since the
war has never relaxed its efforts to corrupt
and debase the currency. 1t has favored
imitation and fiat money; it has opposed
resumption; it has demanded the pay
ment of the bonds in greenbacks; it has
advocated the free and unlimited coinage
OF a dollar worth less than 100 cents. and
it now desires to inlict on the country the
worthless currency of thirty years ago.
Gov. Mckinley spoke words of patriot
ism as well as sound finance when he
said:
The money OF this country should bs a. ma.
tionai as its flag, as sacred a. the national
honor and as sound IS the government itself.
That is the character of the money we have
today.
&. ED re II TICK NOR =