St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-18
IT Is ALL A TRICK.
The Meaning OF the Repub-
lican Hurrah About
wildcat Money"
Capt. Harries Gives Young
Mr.. Tawney a Lively
Turning Over.
The Repeal Of the State Bank
Tax and What 1t
Means.
No Good Democrat Wants
the Issuance of a De-
based Currency.
No Good Democrat Wants
tho IcSuanoo of no
Special TO the Globe.


ROCHESTER,, Mimi, Sept. 17.-Capt.
W. Il. Harries, congressman from the
First district, was one of the speakers
last evening at the rally, and in his adj
dress he referred to the speech made
by j. A. Tawney, his opponent, deliv-
cred here last Tuesday evening. MIR.
TaWney stated that the Democratic
party and nominee for congressman of
the First district were in favor Of re-
pealing the 10 per cent prohibitive tax
on state bank issue, and said "that the
American citizens were asked to return
to this ruinous and swindling system of
issuing state bank currency" Mr.. Har-
aieS' remarks on this issue were in sub
stance as follows:
First-The tax upon state banks is
not a revenue tax, but is kept there for
the purpose of preventing any state
from issuing bank notes of any kind
upon any basis or upon any kind of
security TO meet the eXigencleS Of COM
mercial transactions.
Second-It is a prohibitive fax, re-
sulting in giving the control Of the isSu-
ance Of bank notes exclusively to the
national banks of the country, tending
TO centraliZing of the money circula-
ton IN the hands of q few.
The Injustice of 1t.
Third-It makes national bonds the
only security and basis for the issuance
of bank notes, without which our circu-
lation would be contracted SO as to
greatly inJure the business of the cOun-
try; but as the government Is calling in
these bonds and the national debt con-
Stantly decreasing, there will result a
contraction of the currency based upon
them for security. and some provision
ought to be made whereby a sufficient
per capita supply of a perfectly safe
currency may be provided to meet the
commercial demands of every section
of the country.
Fourth-Ihe national bonds have
been used with eminent success and the
utmost satisfaction to the people, and
what serious objection can there be to
using state and municipal bonds which
are now lying idly stored in bank
vaults as like basis for security for
local circulation with the same happy
results, thereby greatly increasing the
circulation and preventing panics re-
Bulting from contraction and prevent
ing at the same time the issuance of
bank notes falling under the control OF
The great money centerS.
Fifth-The man who has no concep-
ton of anything in the way of state
banks except the "old wildcat" money
of ante-bellum days shows that ne is
ignorant of the grand possibilities for
good which might grow out of wise leg
islatiOn in this matter.
State Banking Safe.
SiXth-The repeal of the tax of 10 per
cent upon state banks contemplates no
return to the false and perniciOuS sys-
tenn INDUCED in the SOS, and no adj
vocate of the measure desires or dreams
Of such thing: nor would any one of
them aid or encourage such system;
but it is proposition TO open the way
to system OF state banking as safe, as
wise and as defensible as the national
bank system, being modelled after that
system, and permitting in each state
what is done by the nation, and turning
10 account the vast state and municipal
debts of the nation in the same manner
In which the national debt has been
utilized, saving millions to the people
in interest, and at the same time pro-
ducing a currency, while not legal
tender, yet cOpiOuS and flexible enough
TO meet all the eXIgencieS OF trade, and
as reliable and safe as any bank note
Issued.
shout wildcat money" shows he has
70 comprehension of the subject, and
hopes by pictures of the olden times to
brighten his hearers into opposition to
measure whose wisdom and benefits
his limited vision fails to comprehend.
1t will place the matter entirely in the
hands of the people, and L for one am
willing to trust them that they will not,
after the experience OF former times,
ever allow banks to be formed in any
state III the Union upon the basis and
under the conditions of ante-bellum
times. No state can make anything
legal tender except silver and gold. and
no man would be obliged to take dol
lar of such money, and no such money
could get into circulation unless guar
anteed nn"n a basis as good as that on
VII Oh national bauk notes are issued.
PeOp.e vac can only shout 'wild-cat
money" seek rather 10 fright en- than
TO persuade by reason.