Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1893-09-08
A National Currency Only.

A National Currency Only.
The itch to revive State bank currency
has evidently taken deep hold, and those
under its influence are industrious In
spreading it. The conference at Washing
ton shows that it has gained foothold In
high places and viii probably be the lead
ing Issue before the country when silver
purchase repeal is out Of the way.
Senator Quay is confident that State
bank currency would be safe in Pennsyl-
yania. Others are certain it would be per
fectly safe in Massachusetts. New York,
Ohio and other States whose legislators
are wise enough to appreciate that the IN
terests Of the people are best served by q
sound and honest currency. But the peo-
pie of Pennsylvania, New York, Ohio.
Massachusetts, do business not only in their
own States but in West Virginia, Kansas,
Tennessee and Texas. They sell goods
there; they are interested in railroads 10
Gated there; they have other investments
there, and they must accept in payment OF
their claims the current money Of the peo-
pie they do business with. The business of
this country is not bounded by State lines
and it needs for its prosperity currency
that does not change in value at State
lines. The currency should be uniform and
pass without question or discount over the
country. That State banks cannot provide
such currency is the fatal objection to their
assuming again this function
1t is possible that three-fourths Of the
States Of the Union would provide safe
bank currency, but what ID needed 10
guaranty that the other fourth will do
equally well. 1t will not no to say, as
some do, that the matter will regulate it
self, because State that il negligent and
allows the issue Of unsound currency would
soon suffer by the rejection Of its bauk
notes and the impairment of its credit. SO
il would, but those who do business with it
would suffer also. This fear Of injuring the
States credit did not hinder the mnltiplica-
ton Of wildcat banks forty years ago. II
has not prevented scaling down and par
tial reputation of States indebtedness IN
the present generation. States are not al
ways wisely guided. Some Of them seem
always ready to pursue apresent advantage
regardless of the future. That such States
will not permit wildcat banking and the
issue Of unsafe currency, If unrestricted, Ii
a danger-a grave, immediate and newt
able danger-which attends the carrying
ont Of the Democratic platform demands
for the repeal OF the national tax on Stale
bank currency.
This danger Is clearly recognized by
some of those who, nevertheless. are eager
for State bank currency, and thus have
busted themselves to find device to meet
IL. In the report Of the conference held In
Washington on Saturday at the Treasury
building, IL Is suggested that the Govern
ment retain quasi control over the new
currency, even print the notes and con
tinue the United States examination. The
beneficiaries are TO be State banks, and
they will be allowed to take currency OF
the security Of State, municipal and othei
bends which meet the approval OF thu
Government authorities, the United StateI
to stand good for the redemption Of the cur
rency in gold.
We do not see why this should be called
State bank currency, since the States
have nothing 10 do with 1t but charter the
banks. II a matured proposal for STATE
bank currency comes from the Treasury
Department we are certain 1t will take
different form than this. III II 10 agreed
that 1. Ia safe to issue bank currency on
security inferior TO national bonds there u
no reason why the banks taking and issu
ing this currency should not be natioDa
banks, except the old Democratic hostility
10 things national and preference for th'
adjective State. II the National Govern
ment Is TO provide the new bills and indorS'
them, we see no reason why it should tnrr
them over TO State institutions, when 1t al
ready has splendid system of its owl
ready to take them aud put them into in
stant circulation.
The money Of the Constitution Ia gol'
and silver, and that 10 put securely an
wholly into the hands Of the Eationa
Government. Experience has shown tina
bank currency is a convenient and valu
able ally Of the Governments coined cur
rency, and the experiences Of thirty year
contrasted with many painful decades be
fore show that 1t is uniformly safe An
efficient when under national control an
huctuating and uncertain when left to th
States. We want no Rhode Island o
Oregon currency in this country, but
national currency, whether gold, silver o
paper. OF equal valuc in Maine and in Tex
az, having behind it the mintage or in
dorsemcnt Of the United States Of Amer
ica.-Prcss.