The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-10-29
Widen. NOyes-


1t can no longer be said that the Demo
cratic party meant nothing when it de-
clarcd i'll lis national platform that the tax
on state bank issues should be repealed,
nor can it be said that the Issue thus raised
is fictitious or frivolous. The handbook
issued by the Den ocratic National Com
mIttec embraces a serious argument in IA
Vor OF this change. After some months OF
delay Mr.. Cleveland. i'll his letter of ac-
ceptance. took care to discuss matters in
yoIying so little difference between parties
as the Nicaragua Canal, but with great
pains omitted every reference to the pro-
posed substitution Of state for national
currency. Meanwhile numerous Demo
cratic sneakers of distinction. who are in
the field by authority OF the National Com
mittcc. are publicly arguing that the pro-
posed substitution ought to he made. and
Congressman IIarter, Il prominent leader
Of the party, has published elaborate pa
perS maintaining that the existing lax IS
unconstitutional, and setting forth the idea
as to The kind of currency that the states
should issue.
But the states would do Just as they
pleased if the tax 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 been re-
peaIed and under which the worst curren
cy the country ever saw was thrust upon
the people. or would authorize banks OF
circulation With as much of wisdom or lln-
wisdom III the enactment as It's Legislature
might possess. Probably not one would
conform TO Mr. Harter'S ideas. If some
states should act Wisely, II is quite certain
that others would act most unwIsely. Some
might take care to avoid the old wildcat
currency OF the halcyOn days of Democra-
CIV. but others. it is safe 10 say. would not.
The obvious objection to this proposed
monetary revolution is that 1t would sub
stltute more than forty kinds of bank notes,
differing widely IN character and value,
for one kind Of uniform character ami
value No one will pretend to believe that
the various state legislatures can he
brought to adopt the same plan voiunta a
rlIv e the national government permits
state bank issues at all. il will have to per
init each state To please Itself about the
matter AT once it Will become Impossible
for any ordinary man to know the value OF
notes presented 10 him IN payment OF
wages. or for goods. Brokers and bankers
would have vast advantage and might
reap Il harvest. but the WorklnGmen ana
the traders would be pcrpetualiy plagued
and Frequently robbed
II Is nonsense to say that state BANK
notes would not get into circulation unless
we'll secured and SOunu. In the old days
of Democratic paper money single trad
er in a Western state soon accumulated
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 hold ;
er Of bill could have no assurance that II
continued good. and hundreds OF such IS
sues speedily became worthless III the Old
dayS. 1t was believed by men VINO knew
most of the business that the people
actually lost. through holding bllls OF
hrpkpn banks. sum greater every year
imam ; per cent. of the entire paper circu-
iaton. With the present volume of paper
currency that would mean'a loss OF more
than S5n.0n.o00 annually.
Inis is very DEFINITE and real issue
which the Democratic party has raised,
ana IN ,I0isg so 1t has only acted upon one
of IFS oldest and most dcepiy rooted preJu-
dIreS. namely. in favor OF stale rights
and against everything national. The
very instinct of that party seems always
hostile TO any measure which tends 10 bind
the peopIe more closely together INTO one
naflan. Ii voters want the national cur
renry swept away. and forty kinds OF state
nank currency substituted, they nave
stronc reason to exnect that precisely tins
chanTr would result from Democratic
yictoTy in the coming electlon.-NeW York
Tribune.