New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-03

lanks failed almost every day ana then the nn
fortunate holder OF the banks bills waited patiently
for the next Issue OF the detector to ascertain now
much the bills were worth. Merchants lost money theh
every body lost money and for this reason think this
proposed ey stem Of banking the worst that could be
established TO day In present system Of security
ana a easy m Se a SSi b. Tr ,' blessing
10 the country and TO the masses Of our people. I'M
shoe and Leather Bank does not want 10 have any OK
pcIience with wildcat currency for long years 10
COmc.'
THE FOURTH NATIONAL CASHIER SPEAKS OUT.
Charles II. Patterson cashier OF the Fourth Natlohai
Bank, Of which j. Edward simmons, stanch Democ rat
is the president. condemns section in the Democratic
platform In the strongest tones. lie say that there
be only opinion among bankers who are III
The national banking law IS the best we ever had
and il has worked 10 the utmost satisfaction Of every
body said Mr. Patterson yesterday. IF We rtun
to tho old yStcm of permitting the state banks " ISSUE
bank notes weand by we d. not mean the Ha' Sara
the same difficulty that experienced before
the National banking law went into ehect
old wildcat system, as It was caAed me present
Hnhne system is the best system TN coqn'r! esT
Of any other county,; Undcr NE Wildcat system H
man Ts csmped io to hi. closely fI h
had been a 0i of countcrfccrs doing hndomye
EXAMINING the bis which came into MS hands. The
state bank notes which were In existence t"l"rc Ilr
National banking act was. passed IN The majority
are NOT in favor Of the return CT tiooe Jay y.
nG@ny 600 w T9f G daSs Wien pe We had 50 much
difficulty with the wildcat currency"
UNCERT\;NTIEs OF STATE BANK ISSUES.
W. C. Duval. who in the absence Of W. y. sherman.
of the National Bank Of Commerce. Is acting president
Of the institution IS another level headed nnncier
who does not believe In the uncertainties OF state
bank circulation, and who declares that II the old
system were revived the business interests OF the
country would receive severe blow. . .,,,
state bank circulation IS very uncertain ,NhH,
said MI Duyal. and am only one OF the tlCuss' nhe
of National bank officers who would regret !" see lc
people again confronted with the wild cat system
There Is certainly no good reason WHY hW VIII
prevents people from being swindlrd shouid DC IT,
spectcd. Before the National Banking act was
passed a hardly knew how much good money hc
had. In many laborer would De
paid 70 i6 In I'm Sa ne va SSRN n2 In hCs @ days
thousands and thousands Of dollars were l0st on oie
- d"ar on the National bank notes actually be
neye that it cannot be said iha do''9 ra wH sny
ina great deal for the present National banking ss
tei aud why effort should be made TO return o 10
the old DAYS OF uncertainty Is more than can uuc
stand OF course the STATE banks would Ike II, Dut
the result woud be disastrous for thei "s "cl' "s
Is absurd for state GDl banks Sc oy sco g tDE 81
t'nited states is issuing silver certificates ut the
raic Of ~, 800 900 mouth. said David faimer, oi
IS no use Of returning the old system for the banks
cannot compete with the National Government, anu
sued rs The Government are signed by the TREASURER
Of The United states by the Rcsster 2f ne iES SAT-
S Sru nav Kim 80 much money In silver - coin
When has such guaIanc" II IS natuT Tsa' tbc
allie 10 suppose that any BODY j. going 10 ihc 'h'
n-k Of accepting state bank noteN II Is redlouIo. u.
To think Of such thing AID 1t IS 'uil NOR nt,niu u,
make nn effort To- try 10 bhng about such s'"'" :"
Edmund u. Randolph president q TIE Continental
ma Xgton, ionbers would better leave to take care
Of itself 1T is "A system that has been tncd shd
he. and there be- only one opinion abou, H. NV
an not who Is going - opp - The rciurh 10 ,ny
Sta hau
enough rope ard viii hang it.cr W"lH a ero n ~
latitude and they VIII find themselves in tight place.
| 1T WOULD BE 4 sfYERE BLOW 10 THE PEOPLE
william l.. Strong. president Of the C"rrni National
| Bank. said that II would bc sever" blow 10 'he
people. from the prosperous business man do"n TO the
| day abOrcr. II the country returned to the inihou'
system Of issuing STATE bank n0to. The system has
been tried and resulted In such diSnfter mat we
DO not want any more Of it, said he " Thirty var
| ago or before the national Banking act Wa passed
men In the West always had with them Bank Note
DNcct0r.' which they always f'fcrr-i to hrl Irt
| thew were paid wer worth Many bank
note, they refused to accept, ana You can
| vas IN. When any exchanges were mad" man ,hH
| Inc NOTE, which he had accepted worthless.
IN those day man Thinking h. %hS "ellthy IN t hc
,y"rthlrs. state bank notes that he pennies.
Ranks failed almost daily and people had 10 wait ipr
tho next sus Of The Detect9r to aS" %hfe 6 n
~ cents or 5 cent, Oh the dollar GENERALLY they
discovered that they not worth anything. II All
depended on how much wac found in the bank after
| rs failWc 10 pay OIL ~ h"irS 49,
o ISdu@ OF n ' im E" Yor and -mcrs would
como In fran the country 10 the ely nTr'*t 10
- thoy had any money or not. These shin plast"rs'
| and leiciFunk currency rs IN" notes were caIch'
| ruined many farmer and many small trade man.
| II was The poor people who suffered the most by
| s, wildcat currency; Farmer, who som ,hcr ,
grain and received hundreds u dollars IN stat" hanli
No.s which they cldctvoNd to ave. learned ahout
| II month or after having received The money
| that II vnlu"lcSs ~ counterfeit Inc me
merchants of course, suffered as well II
cost aS hgh 10 pr cent obO To i,v i KnHy
| ccmatesi that since his rnnous system wa done
| away with sIOOOO.OOo year had been saved on
pcr cent Now i, varc, around about iio q IA pr IT
cont The most important effect OF tha' Mnm ,o OF
| banking and world bc felt by ne great n'a'.'
Of people through tho swindling p'rpriaied on thri
They held the bills which were or merc nh %sI 1n
state bank note which he rot in Cleveland would 60
on to Detroit and he would di'ccy"T tnnt
| by the time h" reached there It was only
worth g. Then ne would 20 on t" E"ra nqi ana prom
ably by that lime , fio VA, Tn "oTt" would bc
pleasant state Of affair TO hay ane conditions re-
hoe di,astr,us DAYS and ! do NOT think they can
anod to ar, such paf'r ,n Tnc gc"pc G o. inns
tLosn tight money dais certainly are not In favor
o. the return Of those dSa,rou; conditions And for
with which the Democrat, would Hike to ahilc tile peo-
| ,lc is the worst that could be cs'abliShc''
| 40 RETURN TO UNsOrND CURRENCY WANTED.
william II. Porter acting president OF the Chase
National Bank In the absence Of Henry W. Cannon,
| said TINT the repeal Of the 10 per cent tax law
| would mean return to unsOund currency an at
tcm,d To dlsorganlze the present admirable system
| Of to day. . ,, -, - -
The state bank circulation would start az over
| the United states If the law were repealed" said
| Mr. Porter and every banker and business man
| In the country knows perfectly what that menus
The country would simply 60 back about thirty years
The Democratic party claims 10 be party oil progress
INF instead OF being discover that the democrats
according to their platform want t. 90 back TO something
that was abolished about thirty Years ago. II was
discovered at that time that the country was 700
Tar advanced for such system aud the National
banking act was passed. Tho Democrats evidently
would like TO bring back 10 the time when there
was great deal Of money In circulation not at par
In New-l ork.
1T would certainly be great misfortune, 70 re-
firm to the old state banking system. The National
banking system Of the United states Is the best ms