The Caucasian. (Clinton, N.C.) 188?-1913, 1893-06-15

tall came through"
For some months, the Wilmington
Star has been noticeable for its fiuan-
ciaI editorials. Denying the posi-
bility of reaching, within the limit of
| so "p r capita" the degradation Of
currency dreaded as ''cheap money
it has badly justified the calamity
| iowler's increase of the circulation;
in the teeth OF two administrations,
/ it has demanded that the [. ;. shall
settle the status sof silver without
consulting England, who for h. r
own profit und own loss has for years
set the price Of American silver, COZ
ton, and wheat: and acknowledging,
in the face of ii living "chance," the
iniprobabiIity Of IL serious reduction
of the tai II to rev lue basis, 1t La
advocated an income tax to raise
revenue TO meet the expenditures of
reckless congresses. The Star has
simply been making, as it were, Il
nominating speech, currying favor IN
advance for the announcement of
the plutocrats' new pet, State Banks.
In presenting its candidate, the Star
mas used much method. If it is sim
cere in its editorial utterances, it is
grievously deceived; if it is insincere,
it is practicing grievous deception
upon others.
Only a few days ago, the Star, with
all the JOY Gus astonishment Of I'M
suspecting childhood, in its leading
editorial called sharp attention to the
fact, very remarkable in its judg-
ment, that the N. Y. Journal of
Commerce, the N. Y. Comm ercial
Bulleting, and the N, Y. Financial
Chronicle, "three leading CONNER
cial and financial journals" had de-
clared in favor of State Banks of
issue. And, further, it informs lis
that this course is come to in defer
ence to "a demand from the South
and the West for money that will
remain in reach of all, that will not
congest in the great money centers
of the northeast. money whose
volume cannot be influenced at the
dictatioD of combinations of money
magnates in New York, Boston, and
elsewhere That's mighty pretty
talk. That such journals should
advocate such a currency would be
remarkable indeed; but it is not at
all remarkable that they advocate
State Banks of issue, knowing that
State Banks will issue no such cur
rency. Even if State Banks were
entirely to take the place Of Nation
| a! Banks, corporate control Of cur
| rency would still as rankly continue,
and there would be no comfort in
! knowing that the brigands who plum
der and pillage are living right
among us.
That the South and the West are
demanding more money under a diff
ferent system is true, and it is equal
iy true that this demand cannot be
disregarded with impunity, They
demand a money that will not only
| remain in reach of all, but will be
receivable at its face in payment of
debts all oyer the land, a money
whose volume cannot be manipula-
| ted ''by combinations of money mag
mates in y. Y, Boston, or elsewhere"
For these very reasons, they are not
demanding State Banks Of issue, nor
are they to be deceived and paciGed
into the acceptance of them, when
rendered and bepraised by the peo-
pies established despollers.
Would State Banks increase the
amount of money in circulation
Who own our State bonds? If they
are held by citizens Of the State,
banks based upon these bonds might
increase the circulation in the State
to the amount of their issue. If
they are held outside the State and
must be purchased by our citizens
before they can establish banks up
on them, their purchase will require
the withdrawal from the State Of az
much national currency as could be
issued of State money upon them.
There would be no increase, but only
the substitution of local currency,
not legal tender, for national cur
rency receivable everywhere. If the
bonds are held and are TO be banked
upon by non-residents, the profits Of
State Banks will go away to non
residents. And IN either case, their
is neither evidence qop reason that
the whole issue as to its volume
would not be subject to the same
corporate control and .sdictation of
combinations of money magnates in
New York, Boston, and elsewhere"
as have all along controlled the is
sue Of National Banks.
Ii State Bank currency would ore
main within the reach of alp better
than National Bank notes, it would
do so only because its value would be !
discredited away from home. Its in |
feriority would leave it at home do
ing inferior work, In the face of the
demand of the Chicago convention !
''thst ali paper currency shall bel
kept at par viii, and redeemable in |
such coin, "a most homogeneous
companion for the gold bug :shonest
dollar" that we rea! about. /
Let it be understood that those
who demand more money and diff
ferent financial system, oppose all |
corporate control aud private nlonop |
ly, and shat they are not to be paci-
fled by the tender of State Banks
"sueh as our fathers had" For
there is no Objectionable feature in |
National Banks that is not equally
pronounced in State Banks. There
Is the same power, motive, and liza
blllty to expansion and violent con-