The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-17

corresponding reduction in the amount
of interest demanded Of borrowers,
something might be said in favor of
ChlS plan as a measure of relief for the
people, because the State represents
the whole people, and surely the Dor
roWers are numerous and more
In need of protection than the lenders.
b 1T 1t If claimed that the money will
be perfectly good. Certainly it will
be good, because the States credit is
good, but IS there any reason why the
State should make a free gift of it's
credit to a Oank in order to make the
banks money good? The catechism of
JacksOnlan Democracy teaches Othing
of the kind. 1t is also claimed that
the Chicago platform pledged us to the
establishment of State banks of issue.
1t only pledged us to the repeal of the
tax. There Is no promise that the
State will engage in the business of en-
dOrSing for banks
The Constitution of the United States
expressly and positively prohibits a
State from issuing paper money should
our State IN a roundabout way through
the medium of a corporation. do 1
thing which it cannot lawfully do,
directly, in it's own name? The fathers
of the Constitution were right in this,
as IN all things. The power to issue
money IS an attribute and function Of
supreme sovereignty, and q sacred pre-
rOgatIve OF government, which should
not be farmed out to any banking cor
pOratiOD, State or National The money
of the people which is to pass current
with The merchant. y should bear upon
its face the Image and superscriptlon
Of Cesar" and of Caesar only. It
should come to us from the United
States, not from the State National
bank, or the bank of Mecklenburg.
The wreck of the Republican party
was caused by just such legislation as
that which is proposed in this bill.
They farmed out the money making
power to the national banks, and the
taxing power to be protected corpora
tiOns and the people refused to trust
them n longer. Let us not start
down the same road; in that way lies
ruin and disaster for the Democracy.
Respectfully.
DUNCAN ROSE
The pc ple are certainly entitled to
be heard and they are going to be
heard. If our correspondent will care
fully read the bill he will see that it
ANASA 4NOS4CAAAO JOHNS CUII1
their notes as money without giving
the innocent public security for their
redemption. The State is to hold the
security, but does not act as trustee
free OF charge" On the contrary,
there is a tax upon all such notes OF l
per cent per annum. The State guar
antees nothing nor does 1t lend any
thing.
Banks are organized capital, whether
of many or few stockholders. 1t has
been contended that the circulating
medium is insufficient for our needs
and. consequently. interest rates too
high. If so, a safe currency can be
made under the DIll in questiOn or some
other, providing security for the note
holder, and no other sort should be
allowed. inducements offered capital
to engage in this sUrt Of banking would
increase the volume of currency. create !
active competition for business and a |
reduction IN interest charges. a bill
holder Is q very different person from
a de 0OsitOr. The one may not know
the bank. its officers or stockholders
or have any relations with it. Hesees
it's notes passing current a. money and
takes them. The other deals directly
with bank.
1t is a sacred prerOgative of govern
ment to protect Its innocent citizens.
We have the assurance of the chair
man of the committee on banking and
currency of the Senate as we'll as the
chairman of the committee on banking
and currency of the House that all bills
relating to State banks will be pub
lished in order that their merits may
be brought out by a full and fair dis
cu7sion. It should be the cardinal aim |
of every citizen to investigate this i'm
portant subject solely with the view of
timing the bestsystem for State banks.
Editor Chronicle
TWO THOUSAND PERISH.