The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-07-20
TAXES ON STATE BANKS
CONTINU ED FROM PAGE 1ST.
ons can not be conveniently transact

mrntS, MIR. President, 10 50 sight of
several important Co 1Siderations which
should have weight in determini ing so
important aQueStiOn.
In the first plac' the scicnce or busi-
ness Of banking has made great pro-
CESS in the last thirty years; business
methnr!S II I'VE been i'm proved, and ven
lures then entered upon would not now
bA tolerated for 4 dlv IN the business
and financial world Way? First, be-
crlSG OF more accurat" and superior
nOWlrdgp: second, because railroads
anI the telegraph have brought Dusi-
ness men into juXtap0SitiOn, and the
toucl is felt from one emf OF the coun-
Try 10 the nther-l might say frOm one
end of the civilized world to the other
! we now have no frontier. Railroads.
and the Telegraph have 0hllter tt-I that
| Ia for wild cat banking, and such
enterprises would Iild nrither home
nor hahit4tlon for their operation.
B-si les these general considerations,
WHY can not the States be trusted TO
provide restrictions for banking as
stringent AMI sale as those Of tho Ma
J uonHl Government upon national
| banks?
The same supervision may be eXer.
ciS"d, the same or similar rules us to
reserves, liability of stockholders, the
SINE or similar methods for the protec-
ton of bill II )ldeTS, may he imposed.
| Why may not the State provide tnat
its own bonds, if it has any, and if not,
such wellrecUgnized solvent bonds as
1t may designate, may he used 10y state
banks as security for their circulation?
This would have the double effect of
improving the credit of the State. re-
tanning capital for Investment within
its own borders, and at the same time
furnishing Il safe security for the cir.
culation Necessary for the people.
Clearing houses, as now employed by
national banks. could be instituted for
State banks. They would enforce the
greatest conservatism in bank manage
ment, and impart to the State, bank
currency Il quality of safety AMI secur-
lty that would cause it to circulate gen.
orally without restraint. Why should
1t not? ~ State could not afford to
permit loose and reckless banking.
Every sentiment of interest and State
pride would forbid. Every cOnsidera-
tion Of prudence and business expert
ence would make such Il thing intolera-
Ole. can recall the fact that the bills
OF mtny OF THE BANKS OF SOUTH CAR
OI.lNA and other States, for years prior
| TO year 1851, lSSe1 current IN all parts
OF the country without question be
cause it was known they were managed
pr"drntly and cOnservatively, and we
SnOiliu have Slnilar experience if
they were revived.
Bnt, Mr.. President, | am not 80 much
concerned about the want of unlformj-
ty IN State-bauk circulation. This
quality, this lack OF uniformity, has its
advantages, which, think, outweigh
the disadvantages. It. would result in
hrlnglhg the curr".uy back to the To-.
cality from "i..ch 1T emauatcS, there
10 ne "mpiored by the people in their
.ocal wants, ana ~ that way correct
the tTIl TO which have referred of ac.
cumulAting the currency in remote CEN
terS, from which it Can not be recov-
cred by the people who must have it.,
except upon hard terms. | care not
no" muCn you Increase the volume of
currency under the present system,
this same evil viii confront US, this
same rulnous eOb and flow OF money
woAld obtain whatever the volume
OF currency. For the sake of argu-
meDt | VIII cOacedc that the State.
bank currency may not b. uniform.
but It. Will answer for all local busj
ness purposes.
The nSOlvtnt laws, the divorce laws.
the inheritance laws, the trstam .ntarv
laws, The laws Of evidence, the Jury
laws, the criminal laws, the roal ana
corporation laws, Of the several Sta es
are not uniform, and yet the whole
country has proSpered and progressed
ana developed under them. 1t is this
divergence Of local State systems and
uniformity OF the paramount Federal
system which gives such strength to
our iabric of Government. |, there
fore, do not rerurd uniformity 80 es
"entlal, although believe Il few wears
| Oh DIllIpnt uannnt "A
"iltlrVtr OF lacUnVenience that might
arse from this source.
bnI why depend upon Statc-bink
circulation TO regulate exchanges be.
tween lhe several States or for the con
Vtnience OF travel to and from differ.
ent part" OF the country? What IS to
bec0me OF the one thousand six hun. |
area millions of national currency now
IN existence? Is that to be DESTROYED
| by State banks? Why can not this |
currency ne used rs at present in the |
matter OF exchanges between the
States II the Statc-bank circulation
could not be made available for that
purpose? This currency may eventu
ally be reduced by the amount Of the |
national bank circulation, but that
amounts 20 only $l6S,UOO,OOO. so that
l apprehend no trouble in conducting
our business transactions in the sew.
rral States, not only for the reasons |
nave Just assigned but for those given
III another part of my remarks.
SETTLE THE SILVER QUESTION.
belIeVe, furthermore, that the re.
haUiiltatIOn Of State banks would set
Tie all Controversies over the silver
question. Whether they are reestab
llshcd or not, i nave ITO doubt i,i; TIA. !
Tree silver coinage may be safely re-
Sumrd by the Government on the pre-
sent ratio, and ! should cheprfully vote |
Tor Dill Tor that purpose, but shall |
not now enter upon a discussion of |
that question, further than to say, that
IN my opinion, the Importance of free |
ana unlimited coinage of silver is
greatly exaggerated by both sides of |
the controversy. 1t would not bring |
the relief claimed by it's advocates, and |
would not do the damage contended
for by its opponents. That good would
result to the whole body of the people,
have no doubt, and ], therefore, fa.
YOr 1t. Bat that il will relieve the ii. |