The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1893-01-18
WILDCAT CURRENCY.
GREAT DANGER THAT IT WILL
BE REVIVED.
rhe Democratic Party IL Committed TO
Restoration of the Old Safe Banking
System-what the Repeal of the Pro-
hibitory Tax Means.
state Shin-PIasters.


- The fact that the prevailing senti
inert OF the Democratic party on the
currency question is favorable TO the
restoration of the old State banking
system can not be doubted for Il mo-
ment: and ii is equally certain that
this sentiment is aggressive and de-
termined. Those who suppose that
the issue can lie evaded or postponed
are sadly mistaken. The Globe
Democrat says that it will be brought
forward ut the beginning OF the next
Congress, and it will have to be met
in direct and practical way. The
demand in the Chicago platform for
the repeal of the tax which alone
protects the country against this
mOnstrous evil was not inserted for
the mere purpose Of pleasing few
voters here and there. 1t was de-
liberate expression Of political inten-
tion, and il was Endorsed by the sup
porters of the Democratic ticket with
The understanding that it should be
carried out The idea was not
new one 10y any means. The subject
had been presented in the House only
two weeks before the meeting of the
convention, and significant vote had
been taken upon it. A motion was
made to suspend the rules and pass
bill repeating the tax in question, and
81 Democratic members voted in the
Affirmative. That was regarded rs
good reason for putting such plank
in the national platform. The clam
or for more money was thus approved
and promise given that in the event
of Democratic success, the States
should have the privilege Of increas-
ing the currency at their pleasure. In
short, the Democratic party stands
thoroughly committed to this most
perniciOus plan of imitation, and it
has the power to redeem its pledge in
the matter
There is no greater danger in sight
for the country than the probability
that the next Congress will pass an
act in accordance with the view that
each State should be left free to pro-
vide paper money for its own people
i'm its own way. The repeal of the
tax on the issues of State banks is
the only thing that is required to in
augurate the local currency system.
Sixteen OF the States have laws au-
,thoriZing and regulating such cur
eft.ft, and the banks could begin
issuing it at once upon the removal
Of the Federal restriction without
any further legislation. 1t is easy to
imagine what results would ensue.
The experiment has been tried, and
we know how it turned out. An in
secure and irredeemable currency is
the worst misfortune that can be-
fall any country. 1t is the
source of constant business con-
fusion, panic and distress; and it
bears with special severity upon the
laboring classes and the people of
small means. The claim that it can
be made as good as Federal currency
by providing proper conditions as to
security and redemption is manifest
absurdity. 1t can not be invested
with the legal-tender quality under
any circumstances, and that alone is
sufficient 70 condemn and dcprcciate
it. Besides there are only five or
six Of the States at most that could
he depended upon to adopt reasonable
safeguards. The sentiment in favor
of imitation takes no account of the
consideration Of value. 1t demands
more money regardless of everything
but the number Of bills. That is
what the proposed repeal Of the pro-
hibitory tax means; and it the coun-
try escapes such a calamity it will be
because Cleveland is more Of a Re-
publican than Democrat in that re-
lation. with the courage TO use his
veto in defense Of sound financial
principles.