New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-16
Mr.. SPRINGER on STATE BANKS.
SEEKING TO EXPLAIN THt. MEANING OF THE
PLANK or THAT SUBJECT IN HIS

SEEKING TO FXpLAIN TIE MEANlND OF HE
PLANK on THAT SUBJECT IN HIS
PARTY PLATFORM.
Alton: Ill. oct 15-The Democratic meeting in this
place yesterday was addressed by General ~ h steven
SON Democratic candidate for vicc-Prcsdcnt. and
MIR. Springer. chairman Of the Committee on ways anu
Means of the House Of Representatives. Mr. springer
devoted his time mainly TO n consideration OF 'he
tariff question. hut took occasion to reply TO "
speech OF senator sherman delivered r'ceh'S J"
Philadelphia In reference to the position OF the Demo
cratic party on State banks. Mr.. springer Said III
part
senator Sherman and other leaders of the Re
publican party trying to distract pubic attention
from the tariff by charging that IN" Democratic parry
Is In favor of State banks and state bnnk currency
This effort cvade the great issue of tanh reform
will not succeed The tariff question Is the great aha
paramount issue AT this time in This campaign and It
cannot be downed obScurcd by the desperate cry OF
wildcat currency. The clause I'm the Democratic
platform favorlng repeal Of the internal revenue TAX
Of 10 per cent on the circulation Of state banks docs
not make the propricy Of Issuing state bank mo''s
probation of the exercise Of the taxing power Of The
general Government to interfere with I'll" reserved
rights of the state. Congress has no more right TO
Impose n tax upon the notes Of state banks In order
TO suppress them than IT has to impose tax upon
the deposits and discounts Of State and private banks
In order to suppress such banks entirely. II the tnAe
were levied equally upon the circulating notes Of MI
banks II would be within the technical power OF Inc
some cltl1ens Of Southern States have expressed
desire for tho repeal Of the 10 per cent tax on The
issues of state banks I'm order 10 enable the states
In which they live TO Incorporate stat" banks oi issue
II stat" I'm tho Union should incorporate such
banks. the law authorizing them would Of necessity
require ample security tO be deposited In some safe
depository 10 protect the bill holders from loss. In
default OF such security the circulating notes OF
such banks would be worthless and nobody would
take them. They could not he made legal tender
The Constitution Of III" United States prohibits that
I'm - many words II such notes made good
beyond peradvcnturc any contingency which might
happen. they would be- just safe circulating
mcdium : National bank notes. There would how
ever >t he this objection TO them. they would lack
universally: the bills would not b" recognized In
other parts Of the country. When such notes were
common I'm This country. before the war. the Govern
mcnt Of the United States had assumed the
function Of furnishing u circulation medium Of sun
Client quantity 10 meet the demands Of trade: but
since the Government has issued the grocnback or
treasury note. and mad" II legal tender for all
debts public and private. II l. universally accepted
u money. not only In this country. hut in Europe.
and the valu" Of such notes does not depend upon
deposit Of bonds security ~ nny hind for their
redemption. The people are now entirely satisfied
with This kind Of paper circulation, and want no
better money.