The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-08
THE OLD STATE BANKS

d Lew UayS ago. our eye naturallr
| glanced at the editorial columns WHY
the above head to an article ATTRACTS
our attention, and we read as foIIoua
ITO day an esteemed subscriber fron,
TarbOro writes to give his views ILL
| North Carolina bank money. and III
print what he says: We
lis not the present National horL-
ing system the best we ever had? North
| Carolina money, not until it had tIa
Nations endorsement, had any stand
ing In the Commercial world. OutsiS.
of the State 1T was hawked around ill.,
| old rags; you had to sell it to a h~oLaoo
and take his valuation for it, before
you could do shopping with it as near
home as Charleston or Richmond Il
! Raleigh or any other community ~
this State need increase of BANKING f.
| c~ilities, Congress has already mad
arrangements for the same. To flood
our State now with money of less vaIToo
than our National bank money w0nIJ
| derange the commerce of the State and
brokerage business would be opened at
! our money centers to buy this denrnc;
ated currency Gas it would be) with
| National bank money, which would ha
/ LULU jul OA4O44oOA4O " Jul pEODte L69D
the present tariff. North Carolina
money now will pay our way an T0 Wbara
in the United States, and no questions
asked"
The editors comments on the above
letter were as follows:
1--WE think public sentiment is on the
side of ''TarborO." Whether this be
true in North Carolina or not. il Ger.
tainly is true in other States. The gen.
eral opinion is that it would be a long
step backward to return to the old
paper currency in vogue before the
war. Then there were neither United
States notes nor National bank notes
but the paper currency was issued by
banks chartered by the different States
and in each State there was a different
system; indeed we might say almost
every bank had a different charter
different in some material particular
from every other charter. There was
no uniformity. The value of paper
currency depended on the solvency Of
the bank issuing it, and people took it
at their own risk. The only paper
money current in North Carolina was
issued by our own banks, and this did
not pass in any other State. It could
be sold at five or ten or fifteen per cent.
discount to brokers, OF to merchants in
large cites, but for practical purposes
it was ~valueless as currency outside Of
| North Carolina. The same was the
case in regard to the paper money Of
all other States. It was Of local use
only"
The above from the NeqU8 and O58er-
GER four years ago shows that it was
against State bank currency. 1t says
cit did not pass in any other State"
There was no uniformity" The
value of the currency depended on the
solvency Of the bank issuing it," 1T
could be sold at five or ten Or fifteen
per cent. discount to brokers or mer.
chants in large cities. "It would be
long step back ward to return to the
old paper currency" If all those ez-
pressions don't show that the editor Of
the Meas and Observer was emphatic,
ally opposed to State banks, then what
will?
But during the past month the Ner8
and Observer has changed its tune,
On the 10Th of June, 1898, it said;
There is a paragraph in the National
Democratic platform favoring the re,
peal of the ten per cent. tax on State
bank notes, but we observe that q good
many Democrats, now that the election
is over, are not standing on that
plank. Nor is there reason why they
should not do SO. If that repeal is not
practicable now, it never will be-"
Prior to this, on June 16, the Ner8
0nd Observer quoted from the Fayette,
vile Observer as follows, and endorsed
what it said: THE Chicago platforms
perfectly right on this subject. It IS
the first constitutional platform the
Democracy has had in a long time. On
the subject of money, it calls for the
repeal Of the ten per cent. tax on State
bank issues"
On the 9Th of June the Ne1CS and
Observer said: 'Now is the time for
the advocates of State banks to stand
by their colors, and perhaps we will
be able to render a great service to the
people"
Four years ago, as you will see above,
the NeUs and Observer was against
State bank money, world without end
During the past month it favored it II
several issues. Quite a change.
But during the month Of June it has
changed again in the matter Of banks
On the 23d it had an editorial on
finance, in which it said: 1.-The country
needs a considerable increment to the
circulating medium, and the RELIEF
should be given Immediately. me