The Washington bee., 1892-11-05
DOLLARS OF OUR DADDIES,

Something About the Wildcat Money of
Early Days-A Word to Voters.
Nobody now thinks of scrutinizing a
bank note in doubt of its character or
value. The national currency is so uni
form and so well protected from coun-
terfeiting that there is not the slightest
danger in accepting it promptly. It is
good in every state-yes, in every countly
the world over. 1t is proposed to ex-
change this system for one in which the
public will have to examine every bill
offered, and only be able tc determine
by the aid of 'bank note detector'
whether it is good or bad. If the Demo-
Gratis come into power they propose to
substitute that kind of system for our
national currency, now so satisfactory.
Their platform demands the repeal of
the national tax on state bank currency.
Of course if this should be repealed the
state and private banks would begin to
food the country with worthless notes,
just as they did before the war, and no
body would know whether money of
fered him was good or bad.
Do you remember what trouble there
was about paper money bofore the pres
ent national currency was established:
If your memory does not run back that
far ask some friend who had practical
business experience in those days.
Scarcely a bank note went at par, and
the discount was from fraction of !
per cent. up to 90, 80 and 80 per cent,
while notes in circulation representing
millions Of dollars were absolutely
worthless. Money accepted as good ore
day would be found absolutely worth
less the next day. Banks suspended or
"broke" by thousands. In nine weeks.
in the year 1857, 10 Jess than 1,547 banks
failed, and millions Of dollars of their
notes became absolutely worthless in
the pockets of the people who happened
to have them. Thompson's Bank Note
Reporter, all authority on financial mat.
ters, in 1859 estimated the losses BY
worthless bank notes, discounts, pre-
miums on exchange and counterfeit
notes at$13, 100000 per annum.
The most painful feature of this sys-
tenn was in the fact that the losses al
ways fell upon those least able to bear
them-the laboring people. Farmers,
mechanics, workmen and day laborers
were the men always feeced by these
deprecated or worthless bills. They
could not carry constantly the latest
issue of The Bank Note Detector. They
had no means Of knowing whether bills
offered them were good or bad. The re-
suit was that the annual losses of mil
lions of money fell upon them. Many
men after weeks Or months Of honest
toll found that the money with which
they were paid was worthless, and they
were perhaps arrested for offering that
which they had accepted and offered in
good faith.
This is the kind of money to which the
Democratic party, by the declarations OF
it's platform, proposes to return.
They will tell you that the state banks
which they propose to give the power to
issue money are now safe and reliable.
This is not true. The losses by failures
of state banks in 1891 alone amounted to
more in that one year of general pros
perity than the entire losses under n;:-
tional banks since they were Established
in 1868.
Do you want to return to this system,
IF not, vote for Harrison. Your vote
may determine the result.