Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-10
The President and the Tax on
State.Bank Notes.

Mr.. HALsrEAD had told the public 80
often that Mr.. CLEVELAND was afflicted
with the state-bank heresy that we had
learned from the distinguished Ohio edi-
tor to fear that the Presidents message
70 the extra session would recommend
the repeal Of the 10 per cent Federal
tax upon the issues Of State banks. But
when we read that message we found
that there was in il not one sentence, nor
even one word which implied that he
looked with favor upon the proposition
TO abolish that tax. On the contrary,
he employs language which, as we
understand it, might easily be con-
strued as showing that he viii never
sign bill providing for the repeal OF
the tax in question until some better
plan of keeping down wildcat banking
shall have been perfected and been
made a law by his signature. The fol-
lowing is q portion OF the language 70
which We refer
to sound AMI stable currency and to money
recognised as such on every exchange anu III
every market Of the world"
Here the President draws o line OF
distinction between currency and money.
The currency he had in mind was the
paper currency only. His words show
that he is opposed to having any paper
currency which is not "sound and sta
ble." Such currency we already have
in the form OF greenbacks or legnl'
tenders. natlonal.bank notes, silver GER
tiGcates, &c. Can anybody imagine Tor
one moment that Mr.. CLEVELAND would
consider homing" State.bank notes a
"sound and stable currency Is that
"a sound and stable currency" which
circulates in the rural districts but flees
from the commercial centres2 Is that
"a souud and stable currency" which is
good only in the State wherein it IS IS
sued ?
What does the President moan when
he says that "the people OF the United
States are entitled to money recognized
as such on every change and IN every
market of the world - He means to
soy that gold and silver constitute the
only real money in the world ; and not
only SO. but that for gold money to be
as good as silver money it is necessary
that the intrinsic value OF the bullion
in o gold dollar shall be equal to the in
trinslc value OF the bullion In silver
dollar. He means also, OF course, TINT
for silver money to be as good as gold
money it is necessary that the intrinsic
value of the bullion in silver
dollar shall be equal to the intrin-
sic value OF the bullion in gold dollar.
This real money can be weighed IN order
to ascertain its value, The scales in
Europe, Asia, anc America will tell the
same tale as 10 its value. Such money
and such only is recognized as money
"on every Change and in every market
Of the world" Such money the new
wildcat banks will not issue. Silver or
gold TO the value of d hundred thousand
dollars is all that wildcat bank Of the
kind which in ante-bellum days flooded
the country with their notes will offer
as security for three hundred thousand
dollars of its paper issues Briefly,
whilst the President demands
money good in every market in the
world, the State-bsnk advocates ore not
ashamed to say that they favor cur
rency which hides in the passes of the
mountains, and il sent to the marts OF
trade will soon desert those marts and
return to the place where the people
take it because they cannot get any real
money. We heartily endorse the Presi-
dents declaration that "this matter
rises above the plane Of party politics
1t vitality concerns every business and
calling, and enters every household in
| the land"