New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-25
many.
JyDIJNi B1NhS.

| I'm his recent speech Senator voorhees, mas
much to say about the desirablenc's VI "ei-
secured and sound State bank cIrc"la'o"' III
is cheap and easy to Halter state piiuc IL, 'hiS
matter. and to tell every member OF inc house
ond tho Sapoto TINT his State can OF course be
| eypected to exercise the utmost cau'i'h anu
wisdom in legalizing bank ISSUES '''' '"e
| Senator from Indiana has only 10 S'"'' 'ne
records of his own State to ma soi'e V, INC
most shameful illustrations OF the ioll' VI iea.
| ing +, partsans and particularly 70 Democratic
! nartisans. the power to control state bank
issues. Out of ninety four banks IN opcrauoh
under the laws of Indiana fifty-one had sus-
pended in 1856. and their notes were Selling
ut discount of % to Is per cent III ''nc'h-
natl. In 1858 the number OF broken IhuHairi
banks was sixty eight, only one o'her ''a'e
having as large number. Even on the notes
of those Indiana banks which had not failed
. per cent discount was charged at New ori
that year.
Indiana was an intensely Democratic state
its plurality for Buchanan in 1Soo was over
$4,000. Perhaps it was not less wiser! gov
erncd than most other Democratic states III
those days, but the people were p"huered
rearfnlly by the State banks which were Or
can;zel and the notes they put into circulation
What assurance can there be that State Gov
ornment which has permitted and sheltered
tbo orossest frauds within the last two years
so that even its own people are ashamed OF ITS
dark record would act more honestly III the
organization and control of banking insttu-
tons? 1t is simply disgracefu!. IN view OF
many years experience in this country. for any
man to take it for granted or to represent that
tbe several States il left free to organize note
issuing banks without restraint, would ade-
ouately guard the public interests. There is
absolute want of evidence that banking institu-
tions thus authorized would be in any respect
safer or more honest than the wildcat banks
which were permitted to start up by the hun
dred before the Civil War. Men whose bust
ness experience reaches back to that time with
scarcely an exception. will feel that the bust
ness of the country could hardly sustain more
severe blow than the revival of this odious
system, which prevailed before the war under
Democratic laws, and in most OF the States
under Democratic administrations.
No other thing that the Republican party
has done in its long and glorious career has
met more universal appreciation than the
substitution of National bank notes for the
notes of many different kinds OF State banks.
Not dollar has yet been lost by any note
holder under the National banking system,
while the losses of noteholders in Indiana alone
within few years before the war were reck-
oned in millions. But Mr.. voorhees, declares
that the National banks must go. apparently
for no better reason than that when his friends
of the Knights of the Golden Circle were
secretly plotting to destroy the Union, and aid
ing traitors to the extent of their ability, the
National banks rendered useful service i'll up
holding the public credit and providing means
for the suppression of a Democratic rebellion.
This is one Of the changes which the Demo
cratic party has threatened, but which it would
be wise to leave untried. 1t is change that
would plague the party for many years, and
worse than its leaders imagine.