The record-union., 1892-10-19
HISTORY
Of Wild Cat Banking That the Demo-
cracy Wants Repeated.
Reads Like a Noyel-A Question of
Overwhelming Importance
Facts and Figures.


Ohio:
A remarkable declaration of purpose
upon the part of the Democratic leaders,
expressed in the Chicago platform, is
demand for the abolition of the 10 per
cent. tax upon State banks of issue. This
tax was laid during the war for the pur-
pose of displacing State bank circulation.
1t was necessary to the conduct of the
war and the preservation of the Govern
ment.
The State bank notes went out of circu-
lation and the national greenbacks and
the national bank notes came into circu-
lation.
The result would give US a circulating
medium, in the forty-four States and the
Territories, under different rules and
regulations, and with different securities.
Tor the notes to be issued, forty-four diff
1erent kinds of money, under such regu-
lations as the several States, through
their Legislatures, may prescribe; all
subject to local influences and to the greed
Of the speculator and the usurer.
Few, if any, of the notes of the best
banks i'll the oldest and richest States
were ever at par; while the counterteiter
did as profitable business as the banker,
ana all at the expense of the people.
Scarcely q citizen who lived in that time,
in any of the States, but has suffered loss
from such money; and in may families
bank bills of broken state banks.
This was possibly the condition of State
bank money on December /, 1859, as
shown by PeJerson's Philadelphia COun-
terfeit Director and Bank \ Note List. The
first announcement is with respect to
''the counterfeit SOS and zoos on the
Philadelphia Bank" with this warning
in bold type: Look out for them"
Then follows the announcement:
1'Seventy-nine new counterieits have
been put in circulation within the last
month, three being issues of Pennsyl-
vauia banks"
on the Ist of December, 1859, Philadel-
phia had twenty-one banks, all at par
with the exception OF the Bank OF Penn
sylvania, which was at discount of 10
per cent; and quite all, if not all, of their
issues were counterieited.
There were eighty-One country banks,
so called, in the state of Pennsylvania.
OF these, only twenty-one were at par;
the notes of one being unsalabie and
those of tine other fifty-nine at a discount
ranging from a half OF l per cent. to 80
per cent.
In the State of Arkansas ''all the banks
are uncertain" according to the state
ment made here
In Alabama there were seven banks,
six at a discount of , per cent. and the
other at per cent.
In Connecticut there were seventy
eight banks, with the notes of three un-
salable and those of seventy-five at dis
count Of from quarter OF l per cent. to
25 per cent.
In Delaware there We're ten banks nine
at par and one at half of per cent. dis
count.
In the District of Columbia there were
six banks, five at one-half per cent dis
count, the other at per cent.
In Georgia there were thirty-one banks,
all of them at a discount ranging from a
half of l per cent. to 10 per cent; one
quoted with the warning, Don't buy"
and the notes of two others unstable.
The banks of Florida were not reported.
IN Illinois there were elghty-eight
banks, not a single one of them at par,
and the notes of nearly all at per cent.
discount and two OF them at % per cent.
discount.
In Indiana there were forty banks, the
notes of not one OF them at par; those of
most of them II per cent. discount, four at
20 per cent. discount, and the notes of two
unstable.
In Iowa there was the State Bank, with
twelve branches, all of them at a discount
of 3 per cent.
In Kentucky there We're twelve banks,
none at par, with prevailing discount of
per cent, and with one bank doubtful.
In Kansas there We're four banks, the
notes of three unstable, and the other
pronounced "a bogus concern"
In Louisiana there were thirteen banks,
the notes of all of them at a discount of
from one-half of per cent. to three-quar-
ters of per cent.
In Maine there were eigthy-three banks
reported, with not one of them at par, the
average discount being one-quarter of
per cent, with one of them at 10 per
cent, one at 10 per cent. and one with its
notes wholly unstable.
In Massachusetts there were Isl banks,
q \ or
age discount there was quarter of l per
cent, and all the notes of one were wholly
unstable.
In Maryland there were forty banks.
with the notes of all at an average dis
count of one-quarter of per cent. those
of one at discount of 70 per cent, the
notes of another declared bogus and those
of two unstable. In Minnesota there
were twenty-five banks, all of which
were pronounced uncertain
In Michigan there were six banks, of
which the notes OF four were II per cent.
discount and OF one at 5 per cent dis
count, the other not being quoted.
In Missouri there were eleven banks,
the prevailing discount being III per
cent.
In Nebraska Territory there were four
banks, three of them being too little
known to be quoted and the fourth de-
clared to be fraud. In Utah Territory
the notes are declared unstable.
In New Hampshire there were fifty
one banks, with the notes of all at a quar-
ter of / per cent. discount.
In New Jersey there were fifty-nine
banks, of which twenty-one had their
notes at par, those of the others being at
a discount of from quarter of per cent.
to so per cent.
In New York there are BAG banks. of
which the notes of not one of them were
at par. The prevailing discount in the
Of Y
one-eighth OF l per cent; and in the banks
throughout the State it was one-half of |
per cent; one OF them being rated at 10
per cent. discount, one at 10 per cent,
two at 20 per cent, one at 25 per cent,
and two at so per cent, and nearly all of
them with counterfeits in circulation.
In Ohio there were twenty-nine free
banks. and the Bank of Ohio, with forty
branches. The prevailing discount was
/ per cent, with one at per cent, one at
so per cent, and one unstable; with
counterfeits and ''raised bills'' without
number The warning is given as to all
los. unless satisfied they are genuine,
should be refused.
In Rhode Island there were ninety
banks with a prevailing discount OF a
quarter of l per cent; one with a dis
count of 80 per cent, and two unstable.
In South Carolina there were nineteen
banks, all at a discount of from half to
three-quarters of per cent.
In Texas We find one bank at dis
count of 10 per cent.
In Tennessee there were thirty banks,
the discount ranging from one-quarter of
/ per cent. to 50 per cent, and the notes
of one being unstable.
In Vermont there were forty-three
banks, the notes of all at quarter per
cent. discount.
horl-s tlSa nrevailino discount being five