Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-05-30
ly our Atlanta contsnpory knows. yes.
inows. that this country will never havea
tariff that was levied for revenue only.
rhat ACKNOWLEDGEMENTS.

According TO the New York. World tho
movement in favor OF the repeal OF the
SHERMAN silver law IL gaining strength
daily. The members Of Congress who
contend for q compromise which will give
the country additional currency in place
OF the additional silver which tho SHEB-
MAN law provides for will vote for tho re-
peal of that law n the 10 per cent. tax law
Is repealed ia the Same act of Congress.
But how do the President and Secretary
CARLISLE stand affected towards this CON-
promise? We let the Philadelphia Zoe
ming telegraph answer:
at IL Of the frst importance. II 10 absolutely
necessary, 10 prevent the goyernmeL, being
forced TO abandon the gold basis, that the silver
purchase act shall be repealed. That Is the one
thing which Is imperativeiy requisite TO NAM
tain unimpaired the integrity OF the gosern-
ment's credit Secretary Carlisle Ia said 70 pe
so assured OF this that he IL willing TO consiner
seriously the repeal OF the State-o,nk YAK
as the price OF the repeal OF the snet-
man act. But no says that State BANKS
or their notes of issue, can be made as
safe rs national banks or their notes. HIS
proposition In understood to bo that every
State shall adopt the national banking Jaw OF
apply Its protective provisions 70 every state
bank that, in effect, each State shall step INTO
the shoes OF che National Government IN re-
spect Of the banking business. demanding neces-
sary security from and guaranteeing as inc
United States does, the notes OF issue. AZ
suming that Congress would insist that the tax
should be continued In every State that reiuseu
20 make It's banking lnws conform, with REGARD
20 the security Of notes Of iseue. 20 the national
banking law, II would be better, Secretary Gar
Isle is said 20 think, 10 repeal the 10 per cent
tax ON circulation than TO continue the present
rulnous silver-purchase law"
But at once the question arises. How are
all the States to be induced to apply other
protective provisions Of the national ban X
ING law to their State banks Alb, there's
the rub. II we let the present excellent
banking system be rooted out IL will then
be too late TO mourn over our folly. We
quote the telegraph on this point
cit is rather unfortunate for tho country that
it's statesmen, of any section, propose that IL
shall, with regard to its financial legislation
Jump out OF tho frying-pan into the 1re. I'm
limited silver would be pretty bad; but as IL
bears the stamp Of tho Federal Govern eh''
IL would sui Do great ueal DoItci '"''N y
practically unlimited amount of promises to paw
printed on paper, and with no sourder iounua-
ton than such as is usually TO DO fouhd
In the charter OF a State bank. The country
knows, through its dearly purchased expert
encc, what State banking, with a currency
attachment. mons. Whom IL was in vogue, be-
fore the establishment Of the national banking
system, iis paper promises TO pay were often SO
many cheats and lies ny which the community
was deirauded. Bank notes were rather too
frequently worthless rags. But the country has
quito recently had some costly experience oi
banks organized under state laws IN the West
They were not banks If Issue, bat as banks OF
deposit and discount they have furnished object
lessons the value OF which should not be lost
sight Of
It does not yet appear that tho Demo.
Gratis in Congress will agree to any such
compromise as tho one thus cut of at the
knees by our Philadelphia contemporary.