The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1892-11-22
The State Bank Tax.


IT should not be forgotten that the
success of the henocrauo party II''
Tuesday means something more than the
repeal of the Mckinley laws and the re-
form of the tariff 1t means also the re-
form of our financial legislation and our
methods of supplying the people with cur
rency. The tariff was prominent Issue
in the campaign, but it was not more
nrominent than the democratic demand
for the repeal of the 10 per cent tax on
the circulation of state banks.
This state bank issue was taken UP by
the republicans and made as prominent
as the tariff question. An effort WAS
made to distort it. and there was not an
organ in the country but warned the peo-
ME agai INST the wild cat currency with
which the democrats were preparing TO
food the country. The epithets OF WIG
cat and "red dog did not deceive the
voters, however, for in every community
the solid business men and the intelligent
bankers were in favor of the repeal OF
the tax and in favor of a properly guarded
and restricted state banking system to
supply the currency necessary to the COM
Inercial and industrial prosperity OF the
people,
The voters themselves took up the issue
and endorsed it, and the democratic par
tv is now under obligations to those who
have entrusted it with the control of
affairs to repeal the unconstitutional tax
on slaie bank circulation SO as to leave
the states free to provide their own local
currency under the operations OF their
own local laws.
This is a matter of immense interest to
the Georgia legislature at this time. There
is no doubt that the new democratic con-
grcss. which will likely be called in extra
session Immediately after the 4th OF next
March. will hasten to respond to the de-
mand of the people for the repeal OF
the prohibitory tax. That event ought TO
find the state of Georgia prepared to take
Ur0mpt advantage Of the restored rights
of her people TO issue their own local
currency 1t ought to find the state pro-
yjded with a carefully drawn set of laws
under which banks of issue may be put
in oDeratOn. These laws should be
drawn so that under the charters of the
state banks of issue the notes of each
will be as safe and as sound as national
bank notes. They cannot be made legal
tender, but they should be so sound as
to be freely interchangeable ut par with
all other forms of currency.
That this result can be accomplished
with ease and safety was shown before
the war and has been shown since the
war in the national bank notes. Let the
law provide Il safe basis for the currency
of the state banks and tire notes will be as
sound as those of any bank. The inter
ests of the note-hOlders should be pro-
vided for and guarded at every point and
then Georgia will have a currency suited
to the necessities of the people and one
that will not fly away at the invitation OF
Wall street.
1t is peculiarly the duty of Georgia to
take the lead in this matter and be pre-
pared for the repeal OF the unconstitu-
tiOnal 10 per cent tax. In some respects
1t is a Georgia measure. The Constitution
has been urging the repeal of the tax and
the establishment of a state bank system
for twelve years or more, and it was a
Georgian-NIr. L. T. Garrard, of Column
bus-whO. as q member of the Chicago
convention, insisted on making the de-
rnand for the repeal Of the prohibitOry
10 per cent tax a prominent issue in the
democratic platform.
1t is the duty of the Georgia legislature,
therefore, to provide this state with
set of wise and liberal laws under which
our people may safely and promptly take
advantage of the repeal of the tax.