Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1892-11-04
WILD CAT MONEY.
What the Proposition to Repeal State
Bank Tax Would Do.

What the Proposition to Repeal State
Bank Tax Would Do.
"There is another important question
involved in this campaign to which l
desire to refer briefly. The Democratic
party in their platform recommended
that the prohibitiye ten percen tax on
state bank issues be repealed. We all,
suppose, can readily understand the
object of this proposed legislation. It
means the restoration of the old state
bank circulation system. Many of my
gray haired friends will remember, as
| do myself, when state banks were
authorized to issue paper curr ency.
This was under Democratic rule prior
to 1861. We olderpeople have a pretty
distinct recollection of our own ex-
| periences and Inconvenience and the
experiences and of others
with this kind OF money. l am Ger
tainly astonished that any party
should, with the recollection of these
experiences, ever attempt to restore
such a financial policy.
81 want some OF my old-settler friends
in this audience to go in their memory,
with me, back to the year 1856, and
that, by the way, was free trade or
tariff for revenue period. Do you, or
any of you, remember the splendid
time you had at first in chasing around
to get dollar and afterwards to get it
off your hands before the bank that
issued it failed? Do you remember the
New York money, the Ohio money, the
Indiana money, the Tennessee money,
the Glencoe money, that used to float
Tor day upon the surface OF trade and
then go from your gaze like a dream?
oh, those good old days OF Democracy!
Those days when there was tariff for
revenue only, and no revenue to speak
of, because before you could get your
hand into your pocketbook to pay it
off, there was danger that the bank
would fail and the money in your pocket
would be converted into waste paper"
The speaker here further alluded to
the financial condition of the country
in those days, showing up the fallacy
of such policy in the most ridiculous
light. He continued:
"When the Republicans came into
power and established the national
banking system, they passed an act
imposing prohibitory tax OF 10 per
cent, upon the state bank circulation,
the effect Of which was to destroy such
circulation. Under the law national
banks are required to invest at least
one-fourth of their entire capital in
government bonds. The bank can issue
currency to the amount OF 90 per cent,
OF such bonds and such bonds must be
retained by the secretary of the treas
ury as security for circulation issued
by the bank, sd that if the bank failed
and was unable to redeem it's notes,
circulated among the people as money,
the government would sell the bank
bonds and use the money to redeem
such notes. Under this system, since
the organization of national banks,
not a single person has lost one dollar
by holding the money of national
bank. The greenback note has the
guaranty of the national government.
1t is as good as gold and will pass as
currency everywhere in the wide world.
"Finally andin conclusion my friends,
have a great and abiding love for the
Republican party. l have learned in
history what it has done for the great
mass of people in the past. 1 have
been a witness Of it's splendid record for
forty years. I have seen it conquer
the greatest rebellion known to history
and afterwards press straight forward
in the march Of progress, until today
sunshine greets us here mid the most
splendid civilization ever known to the
human race s.. .. .5;:5.
The speaker then and in conclusion
referred in appropriate terms to the
different candidates, national, states,
legislative and local, and urged all the
Republicans to stand by the whole
Republican ticket. When the Judge
had finished speaking he was greeted
with cheers and applause which gave
evidence that the people were with him
and that st. Louis county would poll
one OF its old time Repnb lican majorities
on November 8. 7;
HE Democratic abuse of Judge
ESearle has been shameful. On
the contrary Judge Searle has
i always maintained the dignity of
q gentleman and always spokenof
MS opponent in most respect
full manner