Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-23
Sfranre Monetary Code.

We have stated heretofore that Tennes-
zee has already adopted the measures
necessary to the supply Of that State with
an abundance Of State.bank currency as
soon as Congress shall have repealed the
law taxing tho ISSUES Of said banks. Ten
nessee has decided that the banks OF that
State NAV issue "a much as twenty-five
millions Of the so-called dollars" which
are 10 be put into circulation whenever
the way shall seem clear This is modest
demand 20 begin with; but we see no
reason why Tennessee should not issue
fftv millions Of such dollars If they pro-
mise TO be so much more useful to the
public than the present excellent currency.
How much Of this new currency shall
Virginia provide for issuing Not less
than Tennessee. Of course. Virginia will
certainly need twenty-five millions If Ten
nessee needs twenty-five millions. and 80
with overy State. And thus the country
will DO flooded with State-bank notes as
the South was flooded with Confederate
notes during the war between the States.
If each State shall thus issue this State
bank currency in proportion to its popu-
laiion, taking the Tennessee law IA
model, the total addition 20 the circulating
medium would be not much less than
5000 gO0.000.
II would he easy 20 set out with the
promise not 10 issue too much of this new
currency; hut who would enforce the
promise? Nobody. Within five years
after the adoption OF the new system
- 1. a.. r...b %. M. h.xr
1ust had or are now passing through. and
there would forthwith be q clamor for
-. OO0 900. 900 OF the cheap currency. Each
State would make haste to get into the
channels Of trade as many millions OF So
called dollars of such currency as she
could crowd into those channels.
And then? All. and then the people
would soon see that they had committed
monstrous blundcr when they went wan
dering Of after strange gods III the none
tary world Well, experience keeps adear
school. but experience never fails TO exact
full pay for the services which she renders
mankind.
The Charleston NirS and Courier pre-
cents this subject IN n light that will please
General FnID when it says what We here
quote:
"shal the 10 per cent tax on State banks be
repealed? Yes Shall state banks of issue be
s-iabn-hed7 Yes. But under the Constitution
81 tue United States no State shall make any
thing but gold and silver coin a tender In pay
meni Of debts, ani Congress should exercise
the greatest caution In adopting a State bank
ing system. The government should require
that every Sta',-nank bill for dollar shall have
Il dollar M gold or a dollar In gilt-edeed credit
behind It. and that Tennessee money shall be Ct
equal exchnngeable value IN New York and
Texas with the dollar issued 10y the government.
This Is not good year Tor wildcat currency"
The Ne,rs and fourier adds:
But docs any one think for roment that
the credit of Tennessee il sufficient TO make
such n volume OF currency Of equal exchange
able vaiue With the gold and silver coin of the
government: The people who want more
money and need more money would be the first
10 object " accepting any kind OF currency that
Is not equal Ia exchaugeable value to the best.
We have had enough Of the Zimri Dwiggins
system Of banking In the last few weeks. The
people OF the South know what n Appreciated cur
rency means. They have had great deal of
experience In the last thirty years, and they
cannot BE- fooled all the time
Let the people put on their thinking
caps whom they approach the financial
"situation " TO tamper with il.