The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-09-15
Nor Nrk Tribune.

| EuulIC SuCStAW"'
Nor Yark tribune.
1t is not strange that our friends the
enemy feel anxious to get out Of the
way the issue regarding the revival Of
the state bank system. They affect to
treat with Indifference tho pertinent re-
marks Of President Harrison and ex-
Secretary Blaine on this subject, and
constantly assume that the national
platform, demanding the repeal OF the
10 per cent tax ON state bank issues, has
no meaning and is not to be taken us an
indication OF the real purpose OF the
party. But President Harrison's criti-
cism will not be forgotten. II the
party meant what it said in the formal
demand embodied in the platform, it
intends to revive the state bank system
whenever il has power to do so. II it
does not mean what it said in its plat
form, it deferves the utmost censnre for
treating u grave public question With
insincerity.
Some Democrats affirm that the re-
peal of the tax on state bank issues
would Of itself have no harmful effect.
They say that such banks could not be
organized in different states without
separate legislation in each, and that
the party can be trusted, either to pre-
vent the passage OF authorizing laws, or
to embody in them such provisions for
the safety OF bill holders and the people
generally that the organization Of such
hanks would involve no risk nor harm.
The only way to Judge OF the action OF
q party in the future is from its conduct
in the past. Years ago, when the
Democratic party had control Of legis.
latures in most OF the states, it showed
quite clearly what its ideas were in re-
gard to the protection OF the people in
banking laws. Everybody who has
recollection Of that unhappy period
remembers only too we'll how worthless
for public protection were the laws en-.
acted by the Democrats in most OF the
states where they had the power. Even
those who were not then familiar with
the laws OF the different states, and
whose knowledge was wholly derived
from handling the bills in circulation,
came to understand right we'll that it
was not safe fof them to touch the
bills OF any baAi in some of the states,
and it did not ;.Ee them long to recog-
mze the fact that those states were
usually under Democratic control.
But this is not a question OF party
fidelity in the discharge Of necessary
duty. The question is whether the
legislature OF many different states,
whether controlled oy one party or by
another, ought to be intrusted with the
power to make circulating medium
affecting the prosperity OF the people OF
all the states alike. For the notes
issued by any one state were never con-
fined in their circulation to the people
OF that state, nor was it intended that
they should be so confined. On the
contrary, the profits Of the state bank
ing institutions depended largely upon
their ability to put notes into Circula-
ton in distant states, SO that they would
return to the banks for redemption only
after long delay. Thusi it came to pass
that the states which had the worst
banking systems, and in which failures
OF banks were most numerous, were
precisely those whose bank bills were
most frequently circulated in other far
oil states, and about which the wage
earners and the small retail dealers
found most trouble. 1t was impossible
for them to keep track of the news re-
garding the many local banks in such
states, and they could never know
whether bill offered them was good or
bad and yet it was source OF constant
embarrassment, and often OF actual loss,
if they hesitated to accept the kind OF
money rendered them in payment.
The Republican party maintains that
the National bank system, uniform in
character and in safety for all the states,
and so protected by provisions OF ma
tional law that no holder OF a bank bill
ever has lost or ever can lose anything
by the failure of that bank, is infinitely
more just, and for the people OF the
whole country wiser and better, than a
system which leaves to the legislatures
OF many different states the power to
authorize such bank issues as each
may please. There is no longer, under
the national banking system, the con-
slant risk Of loss through holding bills
OF broken banks. There is no longer
the constant tax imposed upon every
dealer, by reason OF the high rate OF eX-
change charged on bills OF banks in other
states. The cost OF these features of
the state banking system to the people
OF this country cannot be estimated,
though it was the judgment OF most ex-
perienced and competent observers
many years ago that the people lost
every year sum greater than . per
cent OF the entire state bank circula-
ton. fin place OF thousand millions
OF national currency, without dollar
OF loss, there were now similar losses OH
n like amount OF state bank circulation,
the tax on the people OF the United
States would exceed S50,000,000 yearly,
to say nothing OF the incalculable in
convenience and constant risk in all
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