Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-07

Men who In the years not so long depart
ell have had experience with state bank
currency will not care to have that expert
ence repeated Why should there be such
currency? Why should the full value cur
rency We now enjoy be displaced by prom
ises to pay that may never be redeemed!
Where does the advantage come In, except
to the few who always fatten on the dis
tress Of others? AS things are now there
Is not nor can there be, discrimination In
any part OF the United States against the
money issued by the general government,
but should state banks be empowered to
Issue currency distrust would surely ma
teriaiize as to a considerable proportion OF
the product and at all times disaster would
be easily possible. Federal law Is now su-
preme as to money and its circulation. ana
why any rational being should want to
nulEfy wisely constructed and operated
statutes and food the land with paper that
would In many instances be irresponsible
Is more than common mankind can under
stand In place Of the one law there wou'd
be two score, and these would be construed
by a hundred courts to mean many things
not contemplated by their legislative franz
ers. IL is urged that the government could
continue to control the banks. might print
the money and continue supervision OF the
accounts, but such an arrangements ~outo
not give US state banks; II would pracu-
cally be nothing more or less than an eA-
tsnsion Of the national bank system, the
sole change being in the granting OF per
mission to issue currency on MUNICIPAL
state and other bonds
In the North American Review Tor THIS
month ex-Speaker Reed says that to repeal
the silver act of 1880 and put In the place
of national banks a set OF state pahks
would be a wretched substitution. New
York and the money changers generally ne
thinks, would thrive on the new ORDER OF
things. but the country at large wouio
surely suffer zone result Of the war, wnlcn
all iudicious persons were rejoicing over
says Mr.. Reed. was a national currency
which was interrupted in its flow by no
state boundaries and subject to no local
yicissitudes With a country growing more
compact by the aid of railroads and teie-
graphs and with business disregarding
more and more every day all barriers or
state lines a system Of finance the same
for all has become more and more ne
cessity. To return again to local banks
unregulated by central authority and TO
securities which have no standing at the
great money centers Is probably impossible
ana yet lne ucinOcrdIlC party - e4AeAcuAeo
solemnly pledged, and there is great reason
to fear that that pledge. II impossible Of
liberal fuifillment may be a lever by which
any victory for sound money may be
twisted into a virtual defeat" 1t is true that
the democratic party is pledged to the re-
vival of state banks but that fact need
cause no concern That same organization Is
pledged much more strongly TO the destruc-
tion of all protective tariffs, but a more
THAI considerable proportion of the party
is now trying to forget the promise it made
with such frequency during the last cam
paign. 1t would doubtless be sufficient II
the fulillment of the state bank promise
were postponed until the tariff promise has
been fully carried out This state bank cur
rency bugaboo may be set up Just to scare
men into doing something that would not
otherwise be done and as a frightener the
specter is a grim success. This country
has had enough Of irresponsible currency.