Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-01-15
The STATE BANK TAX.
Necessity Of lis Repeal In View Of the OWN.
dIInn NalIona Bank Currency

Ii has long been manifest, writes ed.
ward Atkinson IN the current number
of Tile Englncping Magazine that n
substitute must of necessity hc found for
national bank note. Sooner or later
ourllrr perhaps than most people expect
the United states honds which are avg
ghlc 10 secure the circulation Of national
bunk notes VIII be- paid or purchased iu
pursuance oi the sinking fund nct.
What, thrit s the alternatives
u u rightly The function of the United
States government through congress To
forbid the siutcs by O prohihiuvc tnx
from organizing n system Of banking,
in order 60 facilitate abe trnilic Of their
respective states, or 90 enable each state
on cuch ncighborhood 90 conduct its own
irnnsaoiions on the security and credit
of Us own citizens.
lt should bc remembered that the
greut volume Of banking capital uuder
ihr national bank act rs held in the
Enslctu aud middle Northern stntes
This y already q snhioct of prejudice "a
PERSONS without respect of party who
are not fully Couycrsnni with the fuuc-
lions of banks aud bankers
lhuy are jealous Of the restrictions on
banking aud III the national government
lends Itself 60 what may he held tO be-
q monopoly of the functions Of the hunks
of issue, there would be much grenter
danger OF the unlimited ISSUE OF United
States legal tender notes, or OF silver
dollars of the present standard without
regard 10 any agreement of national
legal fender, than there win Toe II states
are permitted TO charter banks of ssut.
TO serve then own citizcns
Through the application of science ana
invention 10 the field, the farm aud the
factory since the restoration Of the
specie standard in 1870, the total pro-
duet of this country has enormously IN
creased with that increase has come "A
corresponding incrcnsc IN business trans
actions or exchanges Since The year
1881 the volume of Freight removed by
railwny only Ia this country hua nrrens-
cd "a per cent against n probable IN
croasc of population Of less than 10 per
cent. There hnH been corresponding
Increase IN traffic by waterways This
additional movement by railway 0aly
comes 60 34O.OOO0O0 tons Of food fuel
libcrs and fabrics hauled ll3 niles on
the average
II tis n computed at only 500 per ton,
II represents Ia The first Transaction
only nn increase Of business exchanges
amounting 10 SGS0O,OO0,0O0 IN single
year
Now by far the larger part OF the IN
crease OF this Traffic by railway consists
Ia drawing products from more aud more
distant sertionH where there has been
no Increase w tho banking facilities:
hence the absorption Of every Kind OF
note and coin legal tender notes. hank
notes, gOld certificates, silver coriihcafes.
or othcr representatives OF money, ~
well ms silver dollars, which have thus
far maintained their parity with gold
through government redemption.
Are the people Of these far distant
stutcs and territories 10 be deprived 0f
on forbidden 10 provide themselves with
currency or circulating medium.
which isn't capable of boiug forced upon
any unwilling person, bit which may
rest wholly upOn the confidence and
credit rcpOsed Ia the management OF
local banks 10y the people Of thar special
neighborhood, secured in such q way as
each state may find Suitable md safey
Tho effect Of the pf0hihtory tnN npon
stafe bank notes IS 10 deprive the state
Of the opportunity 10 serve themselves
II " n merely pniiisan pretense TO say
that this h Il movement 10 20 back 10
the wildcat currelcy Of hily years
ago.
There Il need OF the adjustment of
our cronat'ng medium 20 the present
conditions of our hncrna commences
ile FIRST and essentially necessary step
loward ihat adjustment Is ihr repeal 81
Ills tax on state bank nutes.