New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-07
WHY TURN BACK THE HANDN
A LIFELONG DEMOCRAT REJECTS THE fho'
PosAL TO RETURN TO WILDCAT BANKING.

A LIFELONG DEMOCRAT REJECTS THE ff'o'
POsAL TO RETURN TO WILDCAT BANKING.
To the Editor of The Tribune.
Sir Although lifelong Democrat, i cannot az
ep that portion OF the Chicago platform when in'o'e'
a return TO State banking, and II is lncuipoeh' upon
every business TO ask, why turn back the MINUS
WHY undo that which has been 50 wei done why
disturb what has proved for so many years suon a
solid basis OF prosperity for financial commercial
and industrial interests to rest upon' Ihe prfse"
safe and sa sfactory condition Of the United s'.'
has been reached through pancs and widespread rnh
from which Il took the country long years OF oA'ie'
tn recover Why refuse TO learn from me iessohs Vi
history and return TO wade again through the i'.s
pathways which have led TO disaster IN Inv p'''
will quote the exact words OF the Chicago PLATFORM
Section VIII We recommend that the prohipitory
10 nor cent tax on state bank issues De repeai'u'
This II realized, would take us BACK 10 "huo"'
bonh,n,s NV experience in the banking busness'
aa,inv hack 10 1855 when the State DANE system
exhibited all the natural and evil consequences Oh
dsioInted inharmonious and unstable currency 'u,
mo 10 revolt at the establishment OF sui'e Vi
affairs which has happily been forgotten unoef ,ie
beneGcen, operation of uniform banking system unaer
the National Bank act. ..,,,.
~, asrnn, tho purchasing power OF money, as would
inevitably be accomplished by return TO the ou s'a'e
hank system would he felt In its evil effects by ever!
momber Of society, especially the poor ana wouia
or,, ho m advantage 70 money sharks ana money
changers A.. oo,noco
All the III effects predcated upon the freecoinase
svstem which only contemplates the relative hucu"
tions OF gold and silver, would be exaggerated 'nou
sanGfold by the diverse arrangements OF entering ''
tho speclfc financial standing, at particular nme'
:, oyorv ono OF thousands Of Isolated State BANKS
u,,,ch mae no found all over the country. and the
many which will undoubtedly be called mo eAis'.e
whon the fat field OF money manufacture comes up 10
view. .r.,c
IN vonr issue Of october 5 find the following.
ouoted from "Thompson's Bank-Note hepore',
october &, 1859, relative TO wildcat pahnhs' -'o'
mo olse can be expected long as the country Is
attd with little fraudulenuy gotten-up BANKS WHOSE
only business IS TO make and force out currency aS
nc s The tide runs that way, and break ns SOON a'
the tide turns" -, 40
This brings to nv mind one particular case OF 'ne
or rnonv that came under my observation during Uhe
utldcat banking reign About the year looo
roco,ved a large sum Of money in payment Tor
aroft The bills were the issues Of the BANK OF
Armonks wcs,chester County, New-York, new bright
and cr,sn "color green.o The cashiers name was
Wiltbank The village OF ArmohA IN NV mind, 10
snnp6 n bank so thought would MAKE ssaIen S T
f. After some difficulty found snoen a,S h,ro a
informed NE that party from ork pi nioS i The
sn n ~ Arm"nk: that no had never received dollar
dr, S.nost nor paid out ore-"of course not, tne
Tis,ness was done at the other end Inc sho nn
maker not IN T. me er UI informed the dear
mh,c that the Bank OF Armonk had wilted ana thelr
bank bills were worthless.
WHY turn back the hands ,,,-p, covoN-FR
Unite. pans October g. 1902.