People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-10-14
A DEMOCRATIC DISSENTER.

the demand for the repeal of the
10 per cent tax on circulation. He
discusses economics in advocating his
claim to be Governor, and states his
position as follows:
The tenth plank Of this platform
proposed and adopted by the car
stable convention, is as follows: awe
oppose the national banking system,
we demand the repeal of the federal
tax on State banks and favor an
amendment to our State constitution
permitting the incorporation OF State
banks under proper restrictions and
control for the protection of depos-
itors and the people," Evidently the
author of this plank of the platform
is scarcely out of his teens other
wise, he would have known what old
er men know, that the greatest curse
to this country anterior to the war
was the existence of State banks,
which flooded the country with IRE
deemable private paper and subjected
the citizen to enormous discounts in
the transaction Of his business. These
banks promise we'll on paper, but al
ways disappoint in performance.
Their history is one series OF fnan-
cial blunders and calamities, result
ing Away in the robbery of the peo-
pie.
Evidently it, too, is part Of the
system Of vote catching inaugurated
under the roof of that car stable in
Houston, by which it is proposed to
food the country with wildcat money
with vain hope of appeasing the
clamor of the people for redress of
financial grievances. The consti-
tutional history Of Texas should have
admonished them to a different line
of political declaration, for Texas has
always been inexorably opposed to
the incorporation of banks even of
discount. An inhibition to that ef-
feet was contained in her constitu-
ton of 1855. It was never super
ceded except during the existence of
the constitution from 1870 to 1875,
and in 1876, the same fundamental
declaration was again inserted In our
organic law.
Clearly there must have been some
reason among our fathers in Texas
for their unalterable opposition to
State banks, and one acquainted with
the financial history of our country
anterior to the warned have no diff
Guilty in determining the reason for
the inhibation.
We can recur again with profit to
the utterances Of MIR. Jefferson as a
test Of the Democracy of this State
bank declaration in the street-car sta
bic platform. In terms Of absolute
severity and denunciation he repro
bated the system Of State banks and
did not hesitate TO stigmatize them as
public robbers and swindlers. He
even went so far in his condemna-
ton as to urge most vehemently and
continually that IN the interest of the
public welfare the States should sur
render this right to charter banks,
claiming that it was blot left in our
State constitutions, which, If not re-
moved speedily, would end in their
destruction. [ quote some few of
his many expressions upon this sub
ject.
Bank paper must be suppressed and
circulating medium to be restored to the
nation to whom it belongs.
The State legislatures should be i'm
mediately urged TO extinguish the right
of establishing banks Of discount. Most
of them will comply on patriotic princi-
pies, under the convictions Of the mo.
ment and the nOn-complying may be
crowded into concurrence by legitimate
devices
The system of banking Estate banks)
we have both equally and ever repro
bated. contemplate it as blot left in
all our constitutions, which, if not COW
cred, will end in their destruction, which
is already bit by the gamblers in corrup-
ton. and is sweeping away in its progress
the fortunes and morals Of our citizens.
Everything predicted by the enemies
of banks Estate banks in the beginning
is now cominga to pass. We are to be
ruined now by the deluge of bank paper,
as we were formerly by the old CONT
mental paper. 1T is cruel that such revo-
lutions in private fortunes should be at
the mercy of avaricious adventures, who,
instead Of employing their capital, If any
they have, in manufactures, commerce,
and other useful pursuits, make it an in
strument to burthen all the interchanges
of property with their swindling profits
profits which are the price Of no useful
industry Of theirs. [ am an
enemy to all banks discounting bills Or
rates for anything but coin.
These quotations from the great
expounder of Democracy could be ex-
tended at great length, but there is
no necessity for further evidence as
to his views. Every prediction he
made as to the inherent rottenness of
the State bank system was complete
~ verified by their subsequent ca,
reers, and multiplied calamities came
upon the people because of disre-
gard of his prophetic utterances. We
are invited back to this feast of ruin
by the platform Of the Hogg follow
ers. We are asked to forget the
teachings Of our past experience, to
ignore the solemn warnings Of our
greatest Democrat, and to assist in
embark1ng our State and country