The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-03

We need TO make no apology for recurring
10 this subject. Ii is now a plank in the
platform of the National Democratic party.
II is essentially good Democracy and an up
growth Of State Banks Of issue will give to
the Southern States that financial relief
which they so unanimously and justly de-
mand
national bank system is unsuited to the
needs of a free people. The national bank
is essentially an imperial institution, start
ing from the centre and keeping its eye al
ways fixed upon the centre. Commencing
its existence under q national charter with a
large part of its capital in national bonds
it naturally turns its face TO the nation as
its parent and guardian and on the nation
il rests for support. II starts at rich cen
tres, and when it moves out at all it Is -
other rich centres IL courts rich men; II
wishes to say always that it can instantly
convert its loans into cash; it has no use for
neighborhood associations; it despises its
country cousins. However comfortable
the farmer may be with his lands
and his cattle. if he dwells far from
the caves of the national bank he
is an undesirable borrower. He is not
at the point which enables the national
bank to fit the thumb screws on him at the
moment when it desires to call national
bank system is an imperial institution
suited exactly to despotism and war but
unsuited to peace-loving. free people. Cur
rency is not money, but local and neigh
borhood convenience and that system Of
paper currency is best which enables people
with property to secure currency at all
times upon the pledge of their property
II this currency be national one those
remote centres can never do this. If this
currency be local one they can always
| do it.
There can be no doubt that the demand
in the Southern States for free coinage Of
silver is really demand for more money.
With great property resources the people
are starving for want of money. Their
true cry, then, IS for the Democratic doc
trine of State Banks OF issue by which they
|
upon the faith Of their lands and stock.
We are not advocating movement for
establishing at one coup, as the French say,
| fifty. one hundred or five hundred State
banks. We are contending for nothing bat a
repeal of tho act OF Congress that imposes
upon State bank tax of ten per cent
| upon the currency 1t issues. This is not an
| act designed TO raise revenue. IL is an act
passed 20 kill the issues OF State banks. II
IS disgTaceiul abuse Of power conferred
upon Congress. 1t is the accomplishment Of
one thing which Congress has been express.
| ~ denied the power 10 accomplish under
the false pretence that Congress is seeking
to accomplish another thing. IL does not
impossible from that source NOW all that
we advocate il the doctrine OF hands on d.
Leave each neighborhood tho opportunity
TO organize its bank If 1t chooses b. ofganizo
one. We make II. compulsory upon none.
but free for all. Whatever Ia valuable Ia
our life and our civilization IL tao result Of
growth from beginning. Evolution is tho
true key TO solid progress. What springs
up in a day il mushroom. what grows bg
degrees Is solid and permanent Tho uni
yersal law Of growth is IA applicable 20
banks as to oak trees. Give % the no.gh-
borhoods a chance, and u they nsed now
banks they will have them, and aa they mood
them they will DO sound.
We have never heard anything urged
against local banks except that their notes
do not exchange in Now York at par. We
are not sure that il this should always re-
main true ii would be an argument against
them. If they are at discount in Now
York they will certainly come flying back to
their home for redemption and home is the
place where they should stay But in point
OF fact the notes OF banks that grow up in
obedience to demand for banks would
pass Derfsctly cuTrsat In Mem York. The