Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-12-02
written for the Herald. !
WILD CAT BANKS.

The rotten plank III the Democratic
Platform proposing to remove the tax
BON bank issues, thereby
bringing into existence swarms OF
irresponsible banking institutions,
issuing notes called money, but really
only promises to pay money, with
promises have been seldom, or only
partially kept in the past history OF
this nation, would at once open the
the flood gates of fraud and bankrupt
Cyl and rob the poor of all, or large
portion, of their earnings.
Nothing but silver and gold could
be relied upon as money, before the
issuance of the National currency.
which has the credit, wealth, and
honor of the nation to guarantee and
sustain its value Then the State
Bank wild cat currency passed
out of existence, runious to the
people, and valuable only to the banks
and bankers who issued it at par, and
redeemed it. if at all, at a heavy
discount and consequent loss to
holders.
Persons having knowledge of the
reckless banking system in vogue be-
fore the war, which was only system
SO far as systematic robbing Of the
public. was concerned, would not will
lingly go back to the chaos and finan-
cial anarchy Of those days. and give
up the best paper money that ever
was known in this or any other coun-
try the retirement from circulation
OF the Government notes, gold, and sill
yer being the inevitable result of the
proposed change. Good money al
ways hides when bad or doubtful
money makes its appearance.
Widespread ruin has always been
the result of a crash in the State
banks, and thousands of worthy per-
sons have had their homes, property,
and funds swept away by the constant
ly recurring failure of these " wild
cat " banks, whose issues, even when
solvent, were only current in the sec
ton where issued, not elsewhere except
at heavy discount after crossing
State lines.
After thirty years of governmental
money, good as gold everywhere in
this broad land, and as reliable as the
integrity of the Nation itself, with all
its manifest advantages for every
purpose of purchase or investment,
the Democratic party, always looking
backward to worthless methods, and
failing to keep step with Progress and
Prosperity, now proposes to once
more open Pandora's box of financial
evils, caring not who shall suffer if
thereby the people may be deceived
into the support of this ruinous meas
ure, in the shallow pretense of in
creasing the volume Of currency, and
perpe;uate the power of a Democratic
admin tration at the cost of the fnan-
cial destruction of the people.
Republicans gave the people the
best paper money ever issued, guar
anteed its value, and made it inter
changeable, dollar for dollar, with
gold and silver, and they stand before
the people to-day upon this issue of
honest money, as one Of the great
reasons for claim to restoration to
power, and as an earnest of the con-
tinuance of reliable currency, based
upon the credit Of the Government
rather than upon that of the individ-
ual. The Government lives always !
people and corporations pass away or
may become bankrupt Such a fate
as bankruptcy has never befallen the
Government, except during a Demo
cratic administration. notably that of
James Buchanan,
Republicans always go forward,
abreast Of the progress that leads TO
prosperity and take no back step in
to the realms of financial anarchy and
worthless currency. which only i'm