The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-06-30
STATE BANK NOTES.

THIS Democratic party is pledged to re-
peal shs 10 per cent. tax on state bank cur
renc,s and the South and Southwest are
Disposed to insist on the fulfillment Of the
pledge. OF course II this tax Is repealed
each Estate will enact laws to govern its
state banks. and it is fair to assume that
every state would include its own bonds in
the list Of securities against which state
bank; currency could be issued.
Tho worthIessness Of = currency based
on sijats bonds II proved by the history Of
state; debts in the United States since 1897.
The stats Of Mississippi sold i've millions
Of Yer bonds 70 Holland; sspudiated
payrnent and has repeatedly refused
to pay this debt, Within the last
ten years some of the ablest statesmen of
Mississippi have tried to persuade her peo-
pie 10 pay this debt whose population iu-
jures the credit of the state today. Flor
ida has rcpudiatcd more than =. 0oo. 900 of
debt; Alabama in 1876 declared worthless
dept of SIS ooo.ooo In 1879 North Caro-
lima scaled her debt down 80 per cent, re-
duceng it BY ST.. ooo.0Uo In ISIS and 1850
South Carolina saved herself 5000, 600 by
refuaing to pay il. In 1877 Georgia got
rid IL 81 coo. 900 by the same easy method
Louisiana, between 1870 and 1854. repudi-
ated all but $i2 ,0po, 600 of debt of 81, 600.
mcr;i in 1850 relieved herself from paying
abos 10 $is. 0oo. oeo of bonded debt and inter
est. Tennessee issued So, 90, 900 of bonds
10 ssd railroads. and by other acts brought
the state debt in ls70 mp TO $500. 90.
OF this debt Tennessee has repudiaied
$iisoo.cc of her railroad bonds and has
seas~d down of the remaining railroad
bonds 10 per cent. with interes. reduced 20
per cent. and the scaling down of other
indebtedness from 20 TO - per cent with
interest at and q per cent. the bonds
beiFg payable thirty years after issa
Michigan adjusted q bond issue of s. 900.
coo for public improvements by paying
81 !.s7 600 in tnil and settling the rest on a
basis Of $50. in $1,000 Virginia In ISL
has; a debt OF $4,000 90, which. With ac-
ergtd interest. amounted in 1870 10 sis..
onnn. In is9a she settled j; by issuing
neg bonds 70 the amount of $i9,Gslo 600
Minnesota once sepudl ateti her state
boiids. bat by decision Of her courts she
was subsequently obliged 20 pay them.
The good faith aud rad faith OF the
several states is shown by the fac, ina,
be,:wesn ISL and is9a state SECURITIES.
,ailel ali the way from : to lis per cent.
OF :heir face value. State bonds in Rhode
LIZ a ~
fro:n 81 TO s5: North Carolina. from ~ to
20: South Carolina. from 81 to II: Georgia.
frein Is TO iQs; Alabama. from ~ 10 >.
louisiana. tom o. 10 Ia; Texas, from ::
90 ioi; Arkansas. from - - Nes York.
frtsn TOO 90 us; Tennessee. from - 10 81:
oh..e. from ipa 10 Tor; Illinois from "a TO
iW,. Michigan. fSoTa cato To-. and Missouri,
frc:gn 81 - los,
81 course the currency based on state
SECURITIES that were constantly shifting in
value would fGe.Gatc 9th the rise ana;
tsl; Of state bonds and condition Of the
easiks. 10 does net seem possible tina, the
n<snceTats will force ire country 10 return
10 zach currency.
shs spec.o9s l4ea thai Il ws repeal the
sil5sr purchase az. we shall need 10 make
OF. ihe increase q tae Carseney saas lost
il nnsoand and sa2isos. Ii ss s,op ths
is,:as ct oGr debaseG silver currency we
shall sesp our sold, which VIII D. eaaa! 70
th: Increase eat OF. Wenee3 onsy 10 s,or
baSing silver With ea- god anI we SHAH
neg only keep ogr got. eE; draw gold into
ciY;uistlon: draw /. from abroad from
fesseign investors ss3 dga~ IL from domestic
sasrsiss hoaFasa ly Tia people. Even
se:ne Of the nessoeraiie papers Of toe
safth hesta - see shls. Tor ,Ae Savannah
Ns.ss ssys:
Zee fegeal ~ the sserzs- silver ra-ea sss
seiS weals - followed ny $ rSstesaSsca 81 cog
haieea Nnasr ssst 70 saw sosk@s a9 In ssrsar
tsstes ard ssfetv vsEisa wea.a ea-se oct Rsnxs
wsi-.1 es ssss e91ssssag2vs AL ,asss sesA.ax
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