Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-09-07

have been tae result 10 the United
States 4 every article befoTe it As pat
on the free llsg Lad been made the sup-
lect OF inquiry 10 see what VIC could
get II exchange Tor n
Ihts lie Reciprocity.
We omitted 10 10 so for many years
and that neglect has cost the govern
ment advantages Ia trade which would
have amounted 70 tens OF millions OF
dollars. THIS ls the whole OF the re-
ciprocity scheme. Ii ls very PLAIN and
yery simple. ft secures valuable
trade in exchange for articles otherwise
destined 10 be pat on the free list. The
democratic party think they can dis
credit II and they make the effort APP
paTently for the unpatrlotlc reason that
they I'D not orsg.nAte il. With all It's
calamities the war brought Us one
great blessing. There are many who
will say that II was worth the cost OF
the war 10 bring about so ausplcous
result 10 capital and labor.
Prior 10 the war we had
the worst currency system of any
enlightened nation in the world. The
state banks, with some exceptions were
thoroughly irresponsible. They exist
states. Wherever one OF them failed
the result was large loss and great die
tress among the people. No one Was
responsible for their bills. and they
were generally found scattered In the
D ckets of laboring men, TO whom they
were total loss, without any redemp-
ton whatever. OF the state banks II
was often and truly said that their
debts were the measure OF their prohts.
They have caused an aggregate loss of
hundreds of millions of dollars among
the people. Since the close of the war
all this IS different. Every paper dol
lar that clrculates among the people
has the United States behind 1t as a
guarantee.
Do We want state Banks Again?
All the banks that exist are under
the control of the national govern
ment, and If they fail as financial lnsu-
tutlons the government has taken care
that their bills shall be paid by securl-
ties deposited IN government vaults.
Under these circumstances il is mat
ter for extraordinary surprise that the
democratic convention should now de-
llberately pass resolutions for the re-
vival of state banks. The palpable
tucCt VI lA4o pOARJy a. NoAAiNN ONNf
would be cheating the poor man out OF
his daily bread. If state banks are
adopted and their circulation attain a
large issue no device could be more
deadly for the deception and despoil-
ment of all the commercial and labor
ing classes. How the democratic party
can come to make such departure or
what intelligent purpose was IN 1t will
remain a mystery.
| have heard the argument adduced
that we would keep the money at home
because it would be 80 worthless that
nobody would take II abroad. Were
the system of state banks revived we
would again have discounts at the state
lines; large charges for drafts on tinan-
cial centers and general Suspicion Of
every bill offered as payment IN hqui-
datlon. In a very few years that
would be destructive loss to the lnno-
cent holders of bills and a correspond
ing profit to the parties owning the
banks.
The issues which have given are the
issues upon which | would arraign the
democratic party. l would not multi
ply issues nor be diverted by our oppo-
nents from a stead fast adherence to
and constant presentation of these
questions before the people until every
voter Is made to know and understand
their true and weighty significance.
Very sincerely yours.
JAMES CT. BLAINE.