New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-18
D4NGEROTS SCHEME.


Democrats are extremely anxious TO have
voters believe that Democratic victory would
not bring back the era of wildcat and red
dog currency They dodge discussion OF the
question as far Is possible having found out
that no sophiStry will induce the people to vote
for the abolition of the simple, uniform and
absolutely safe National currency now IN use.
Ii is the Democratic habit to sheer at the queS-
ton when it cannot be entirely ignored, as Ii 1t
were absurd to suppose that the National plat
form meant anything, or that practical business
men who arc Democrats would ever permit the
National currency to be abolished.
This is diShonorablc evasion. There are
Democrats who are practical and successful
business men, and extremely practical poll
ticians also. who are desperately determined
to revive the State bank system. They know
the enormous political power which can be
exerted through State banks authorized to issue
circulating notes. They reason that "A safe
system can be provided in some states, and
particularly their OWL. They know that tho
inferior currency which other States are sure
to authorize will put those States, and the
business men of those States, far behind IN
the struggle for commercial advantage and
profit For the ncalculabe losses and infinite
trouble to which the people would be subjected
by having more than forty different kinds al
paper in circulation instead of only one, these
Democrats care nothing in comparison with the
partisan and personal advantages sought.
Many influential Democrats are openly argu-
ing for the adoption of the State bank system.
pretending to believe that it would be safe
everywhere though they must know perfectly
we'll that in most of the States it woCd re-
suit. lust as il did in old Democratic times, in
the authorization Of political banks OF issue by
the hundred without any real security for the
people. They caused the adoption of the plank
in the Democratic platform which deliberately
proposes the repeal of the prohibtory tax on
State bank circulation. The platform was
scrutinized with the greatest care by some of
the shrewdest friends of Mr. Cleveland, who
| were every hour in Geographic communication
with him. That plank would never have been
| permitted to be reported or adopted II these
managers on behalf of Mr.. Cleveland, and Mr..
| Cleveland himself, had not been willing to take
the responsibility of the change proposed
1t is simply an insult to these gentlemen to
suggest that they suffered pledge to be given
| in the platform which they and the candidate
they represent never intended to carry out.
| If they believed the change impractcable dan
cerous or wrong and yet without objection
allowed the platform to 60 as it stands, they
conspired with Mr.. Cleveland to cheat the
voters. The only other alternative is to sup
pose that they calculated upon eyading the
issue successfully in Eastern States and in
commercial centres, and carrying the country
on other issues. and believed that the party
| could then secure through the State banks
political power enough to defy public indigna-
ton after the change had been made. Nor
can any man tell how great a political power
the monopoly of note-issuing would possess if
transferred from non-partisan National hands
to the hands of partisans in control Of State
government
The people do not want to abolish a simple,
uniform and safe National currency the Dem
ocratic managers are quite aware of that. TX
perience has proved and all the people know,
that the management Of the banking system
under the National Government has been abb
solutely free from partisan bias. When it is
urged that the National bank system must 90
down. the people answer with Senator Sher
| man: "That we can prevent if we see
fit, by providing that National banks may issue
notes upon other securities than Government
bondsn But the provision ought to be by the
National Government, the same for all the
States so that the notes OF all the banks shall
have the same security, and all the banks shall
have the same National supervision and the
same absolutely non partisan control. IL is not
safe for the business men OF the country to take
it for granted that this part OF the Democratic
platform means nothing and threatens no evil.
The only security they can have against the
threatened revolution in the currency is by
the defeat Of the Democratic party, and the
election of a President who is publicly com
| mitted to resist such change.