Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-05-30
10. lsr zinri psiaaias.



The talented but unfortunate fnaneier.
Mr.. Zimrs D~igsins. has undergone much
i,srss, cri,ieism Of late, but IL seems Eossi-
bic, after ali, that he was merely tribe
premature 10 inaugurafing his system. II
the current announcements in leading Dem
ecratic papers are TO be believed, system
very similar in its operations TO the LIVING
GINS bank league may 90 into effect before
1895 Ii i. statf,i hat with same preience OF
authority thai Pres. Cleveland sympathizes
strongly with the gallant Michael Hsrter oil
Ohio. Mr. Tracey of New York. Mr.. Wilson
of w Va. and the other lealers Of tile So
called administration so';nd money party in
their championship of the measure which
was knoxn as House ball S5ea' IN thu last
Congress MIR Tracey, MIR Hafter, Mt.
Mesiillin and MIR. Wilson of West Virgins
are supposed 10 repr, sent the administfa'
ti.,n in the present House of Represents
tives SO far as the cnrreocy question IS eon'
eerneti, aud are On record IN favor oT the
| measure, So that il seems not UNREASONABLE
TO ACCEPT In good faith the Democrat {
| statement that MIR Cleveland himself will
support the bili,ss substitute for the pres
Ell SILVER purchase Law.
| House bill $500 was not a lengthy meas
ure. Is l.nsu .ge WAS clear ami curt ami
| WAS to the effect that "seciion SHE OF the
Revised Statutes, " HIN imposes tax of lt
per cent. % the circulation Of state banks oi
| STATE banking associations, and which lm'
poses a tax IN all banks and banking asso
Citations, which receive or psy Uat the ncts
! or circulation Of state banks and state
banking associations, be, AMI the same j.
b, reby, repealed Some of the Denmrra
/ tic headers preferred an act which IS oaid in
pose restrictions concerning the security up
| on which state banks should issue notes, hui
| as such mutations cannot be made Hudel
til: constitution, he bill was propose
merely as quoted above. Ii the Pre'iden
will agree 10 accept the measure MS sub
| stitutr for the pVtseBt silver law iii ;Fe ~
apparently enough Democratic votes In th'
Senate and Rouse to make the suhslitntlun
I The great bulk OF the free coinage party II
I the West and Stuth will accept the STATE
| bar k J i'll instead nf free coinage. All ~
| Mr.. Cleyelands leadlug allies in Congress
seem to favor the measure. 1t Is therefor
quite possible 10 believe the despatch
| which announce that the A'ininistrati vii
secure the repeal of the Sherman law an,
will substitute the .'state bank bill of tn
last Congress in its stead. The Democrat
ic platform declares in favor of state bank
and no spokesman of the President Las d
clared against them.
| Bad as the present silver law or even free
coinage appears, the proposed state hank hi
would be even worse, MIR. X'mri DwigIln
has not been generally accepted " publ
brnef& tor. hat at least his career has show
what can be done under such system Il
the Democrat leaders propose. If tn
Dwigeins system of make believe banks b
multiplied by 1000, some fit estimate of th
possibilities OF the state bank system can b
easily obtaiued. Uader the present system
of silver purchase, or under free coinage a
now proposed at ratio OF 20 TO |, tl'c gov
ernm.nt can or could issue greater "
less amount of fiat money: but under til
proposed state bank or Dwiggins system
there would Gene into existence perhap
30 or 40 kinds of fiat. money in direct com
petition with government currency. Do
it heed any argume nj 10 shaw which Is tn
worse system? Mr.. Zimri Dwiggins mt
rejoice AT the prospect of state bank issues
but can the FIR ends of honest money do 50