New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-05
WILDCAT NOTES.

1t can no longer be said that the Democratic
party meant nothing when it declared IN IT'S
National platform that the tax on State bank
issues should be repealed, nor can 1t be sald
that the issue thus raised is fictitious or frVo-
lous The handbook issued by the Democratic
National Committee embraces a serious argu-
ment in favor of this change After some
months of delay Mr. Cleveland, in his letter
of acceptance. took care TO discuss matters In
volving so little difference between parties as
the Nicaragua Canal, but with great pains
omitted every reference to the proposed sub
stitution of State for National currency. Mean
while numerous Democratic speakers OF diStlnc-
ton. who are in the field by authority OF the
National Committee, arc publicly arguing that
the proposed substitution ought to be MADE,
and Congressman lIarter, a prominent leader OF
the party has published elaborate papers MAN
tanning that the existing tax is unconstitutional
and setting forth his idea as to the kind OF
currency that the States should ISSUE
But the States would do just as they pleased
if the fax on State bank notes should once be
removed. Each state would either permit the
establishment of banks of issue Under the old
state laws. which in some States have never
"a.
rency the country ever saw was thrust upon
the people, or would authorize banks OF clrcuIa-
ton with as much of wisdom or unWlsdom III
the enactment as its Legislature might possess
Probably not one would conform TO Mr.. liarter
ideas. If some States should act wisely, IL Is
unite certain that others would act most UNI
wisely Some might take care to avoid the ola
wildcat currency of the halcyOn days OF De-
mocracv. but others it is safe to say, would not.
The obvious objection TO this proposed
monetary revolution is that il would substitute
more than forty kinds of bank notes, differing
widely in character and value, for one klnd Oh
uniform character and value. No one Will pre-
tend to believe that the various state Legs
latures can be brought to adopt the same plan
voluntarlv If the National Government per
mits State bank issues at all, 1t Will have 10
hermit each State 10 please itself about the
matter At once it will become impossible for
auv ordinary man to know the value OF notes
presented to him in payment OF wages or ior
goods. Brokers and bankers would have vast
advantage and might reap harvest, but the
workingmen and the traders would be per
petually plagued and frequently robbed.
II is nonsense to say that State bank notes
vonld not get into circulation unless well Sc
cured and sound. in the old days of Demo
cratic paper money single trader III eStcrh
State soon accumulated a stack OF broken bank
notes representing about twenty different
States The banks seized every opportunity To
send their notes as far away from home as they
could No matter how good bank might
have been when its issues began, the holder OF
q bill could have no assurance that it continued
good. and hundreds of such issues speedily be-
rame worthless in the old days. 1t was believed
bv men who knew most of the business that
the people ACTUALLY lost, through holding bulls
of broken banks, a sum greater every year than
: per cent of the entire paper circulation. with
the present volume Of paper currency that would
mean a los, of more than $50 600, 600 yearly
This is a very definite and real issue which
the Democratic party has raised and in doing
so it has only acted upon one Of ITS oldest and
most deeply rooted preiudiceS, namely, III favor
of State rights" and against everything Ma
tional. The very instinct OF that party seems
always hostile to any measure which tends to
bind the people more closely together into one
Nation. If voters want the National currency
swept away, and forty kinds of State bank
currency substituted, they have strong reason
to expect that precisely this change would re-
suit from a Democratic victory i'll the coming
election