The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1892-10-26
New York Press

New York Press
force out q currency "a long IA the tide runs
that way, and TO break as soon as the tide
turns.
There are to-day in the country 1865
banks; 2,572 are State banks and most
of them would become State banks if
they could thereby secure the privilege
Of man lfacturing money. In 1887 ID
1860 the banks were only 500 in num-
Der; yet the hotch-potck and slough OF
despond into which the country's none
tary System fell, as described by the
Reporter in its editorial of Aug n,
1859, was as follows:
1t is SUI Uprising how patiently the people en-
dure the losses, shaves and swindles incident
to the piper money OF this country. The
source of almost all the losses Ia Go be found in
the fact tlat from 800 so-called institutions
are issuers of circulating notes, many Of them
of doubtful solvency, and at such distant and
inaccessible points as to render brokers offices
rs necessary as taverns. The
people at large cannot be judges of the great
variety of paper money enanating from 15CO
sources, mixed up ii is with the issues of
800 broken banks and A 90 varieties of counter
felt and altered notes. IL the paper currency
emanated from one MILL or even II the variety
was restricted to one mill in each State, the
losses would be a mere song to what they now
are.
Thirty,fve years ago, when the
wealth, population, banking and settled
territory were less than Cne-half V hat
they arc nowhere was paper mon y
"eman ating from 800 sources" and
there were Il, 90 varieties Of counter
felt and altered no eS." " hat would be
the condition were such system in
vogue to-day, with The present enor-
nous multi olication of towns and cit es
and banks occupying forty-fOur States
nd Il it,.r it.fNf To
The ANIMAL loss year after year under
the Democratic wildcat money regime
of ante bellum days was estimated by
the eiito" of the Reporter on Sept. =,
1859, to be as follows, Discounts on
uncurfept money, $685. C0; premiums
on exchange, $1,000, 600; notes of broken
banks, 81 ,0t0, 000; counterfeit bank notes,
81 G00,tG9. The loss TO note holders
alone ag 2regated under the wildcat
bank money regime $i95, 000, goo; and
these Losses fell most heavily on farm
ers, mechanics, and day laborers, who
wero not so situated as TO take advant-
age Of none tary fluctuations.
The beautiful condition of this red
dog" stump tail" and "conilagration"
Gu rency of halcyon Democi attic days is
shown by the table Of discounts. Each
OF the 800 kinds OF wildcat money had
its own discount. On Nov. II, 1853. ac-
cording to "Thomr sons Reporter" tho
notes of all banks in Arkansas, Florida,
Iowa and Mississippi were of doubtful
AMI only 10 ninal value;" OF the Wis
consin banks, . TO 30 per cent. discount;
OF Virginia banks, 8 TO % per cent. of
Georgia. II at per cent. discount and
13 worthless; Of Alabama, at Z per
cent. discount and worthless; of Ohio,
Indiana and Illinois, to 30 per cent.
discount; and so on through the
chapter.
Another beauty of the application of
the States rights doc ,rine to the cur
rency is illustrated in the way one state
would rule against another State pa
per. New ork fixed its own discounts
on the notes OF every bank in the coun-
try, and contracted and expanded the
country's currency at will. The bank
ers of State would assemble in con-
vention and fix discounts on another
States notes, or retaliate on similar
alta on their own notes. The bank
ers of Indiana, for example, met in
April, 1859, and declared boycott on
the issues OF all Illinois and Wisconsin
banks, and all Indiana voters who held
tank notes from those States found in
their hands so much useless paper.
1t was heyday OF prosperity for the
counterfeiter, the spe u.ator, the sha-
yer, and the irresponsible bank, but a
,lay of woe for the farmer, mechanic.
the family savings and Legitimate busi-
ness. And that is the system which the
Democratic party is pledged to re.nstave
if placed in power.
Business men and bankers the coun-
try OWE arc astonished and alarmed at
the attitude of The Democratic party on
the currency question. As election day
drcys nigh the feeling Of deep concern