The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-09-08

stable in Houston, by which it is pro
posed to flood the country with wild
cat money with vain hope of appeas
ing the clamor of the people for 8
redress OF financial grievances. The
constitutional history OF Texas should
nave admonished them to different
line of political declaration, for Texas
has always been inexorably opposed
TO the Incorporation of banks even OF
discount. An inhibition to that effect
was contained in her constitution OF
1910. 1t was never superseded except
during the existence of the constitu.
ton from 1870 to 1875, and in 1875 the
same fundamental declaration was
again inserted in our organic law.
Clearly there must have been some
reason among our fathers in Texas for
their unalterable opposition to state
banks, and one acquainted with the
financial history of the country an
terror to the war need have no diff.
Guilty in determining the real reason
for the inhibition.
We can recur again with profit TO
the utterances of Mr.. jefferson as a
test OF the Democracy of this state
bank declaration in the street car
stable platform. In terms OF absolute
severity and denunciation he repro
bated the system of state banks and
did not hesitate to stigmatize them as
public robbers and swindlers. He
even went SO far in his condemnation
as to urge most vehemently and con-
tinually that in the interest of the
public welfare the states should sur
render this right to charter banks
claiming that it was a blot left in our
state constitutions which if not re-
moved speedily would end in their
destruction. quote some few of his
many expressions upon this subject.
"Bank paper must be suppressed
and circulating medium be restored to
the nation to whom it belongs"
1.-The state Legislatures should be
Immediately urged to relinquish the
right of establishing banks of dis
count. Most of them will comply on
patriotic principles, under the convic-
tions OF the moment; and the non-con-
curing may be crowded into concur.
renee by legitimate devices"
1.-THE system of banking Estate
banks) we have both equally and ever
reprobated. L contemplate it as a
blot left in all our constitutions, which,
if not covered, will end in their de-
struction, which is already hit by the
gamblers in corruption, and is sweep
ing away in its progress the fortunes
and morals of our citizens.N
"Everything predicted by the enc
mics of banks Estate banks) in the be-
ginning is now coming to pass. We
are to be ruined now by the deluge OF
bank paper, as we were formerly by
the old continental paper. Ii is cruel
that such revolutions in private ior-
tunes should be at the mercy OF avar-
iclous adventures, who, instead vi
employing their capital, if any they
have, in manufactures, commerce and
other useful pursuits, make it an in
strument to burthen all the inter
changes of property with their swim
ding profits, profits which are the
price of no useful industry of theirs.
[ am an enemy to all banks discount
ing bills or rates for anything but
COIN"
Those quotations from the
GREAT EXPOUNDER OF DEMOCRACY
could he extended at great length
but there is no necessity for further
evidence as to his views. Every pre-
diction he made as to the inherent rot.
tenness of the state banking system
was completely verified by their sub.
sequent careers, and multiplied ca
lamities came upon the people because
of disregard of his prophetic utter.
ances. We are invited back to this
feast vol ruin by the plat
form of the Hogg followers
We are asked to forget the
teachings of our past experience, tc
ignore the solemn warnings of oul
greatest Democrat, and to assist in
embarking our state and country u pon
the treacherous sea of financial disas.
ter, in order that sufficient number
of Third party people may be gulled
into voting for Hogg t. elect him
Every true Democrat in Texas will de-
cline to join in
SUCH CRIMINAL CARNIVAL.
Every conservative and sensible
business man and citizen must realize
from this declaration the desperation
which prompted it's utterance. Not
content with the prostration of our in
dustries and the destruction of oul
values and our prosperity, these PEG.
pie now invite us to ghost dance Of
state banks in the vain hope that
amid bowling dervishes we may for.
get the gospel of true Democracy. The
hope is vain one. The invitation
will be spurned, and true democracy
and conservative business methods
will join forces in the patriotic task OF
saving our state from the hands OF
such buccaneers in finance and such
adventures in politics. No sane man
desires to see this country again flood
ed with wildcat money, producing a
mania for speculation, paralyzing leg
itimate industry, destroying conf
dence and finally eliminating in the
financial ruin of the people periodi-
cally with almost every decade. We
want more money, perhaps, but let ii
be good money, money coined and is
sued by the only sovereignty in
America capable of making money,
the national government, free from
control by private corporations or as
sociations of individuals, and of sui
flcient volume to satisfy the demands
of commerce and the necessities Of the
people. State banks of issue are long
step backward in the progress of civi.
lization. They will prove a snare