Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-20
state Banks Not in the Platform.

Whom the advocates Of the repeal of the
Federal law taxing the circulating notes
Of State banks are charged with a desire
Tor intention TO substitute State-bank
svstem for the present MISUNDERSTANDING
<system they DENY the truth of the charge
and plead that all they ask for is a free
fight between the two systems, and the
sdoption Of that one of them which shall
commend itself 10 the appreciation of the
business-men of tho country. We men,
ton this tact because there Is an
evident misunderstanding on the part
OF o good many persons as to the action
Of the late Democratic State Convention
on this subject. The platform, which was
unanimously adopted, SAYS not one word
, in favor of putting State-bank system IN
the place of the present national-bank
system. If it had contained such a
proposition it would never have received
the endorsement or support OF all the
Democrats in that immense body of men.
The people have not yet lost their wits on
this subject. They do not like the present
condition of the currency. They do not
ind that there IS too much good national
paper currency. but that that sort
of currency has disappeared. as 1t
would under q State banking system,
aud oil sorts of paper evidences
of debt been substituted for the nations
currency. II was well, no doubt, that
skilled fnauciers all over the country were
equal u the emergency aud provided
temporary currency much better than no
currency at all to be used whilst we are
waiting for Congress to give us an abund-
nnce of greenbacks and bank-note5, bat
We are sure that the people will never
agree to provide by law for substituting
such curroncy rs the panic forces them 20
take for the greenbacks and natiOnGl-bank
notes which everybody from Maine to
California Is glad 10 get into his possession.
The wording OF the resolution adopted
by the convention is worthy of notice. it
reads a. follows:
we recommend that the prohibitOry 10 per
cent tax on our state-bsnk isslos DO repealed"
Here are two notable statements by im-
plicauon. First tho resolution implies
that there are State bank Issues in NIr-
gina. 1t says emphatically " our State
bank issues though We have none. Ii
such notes were already in circulation
there would be no occasion to recommend
the repeal of the existing law on the sub
Sect. But what this ingeniously- worded
resolution saws as to a prOhlbitory tax i'm
plies also that it is because of the prohibit
tory nature of tho existing tax that it IS
opposed and its repeal demanded. Those
features Of the 10 per cent. resolution to
(which we have referred show that the
.committce on resolutions did not unin-
,1entonally fail to recommend the estab-
1ishment Of State banks. but intended to
go only 50 for as TO recommend
<he repeal of the law in question.
The Populists offer TO the people an abund-
ence of sound money-receivable by
everybody and good everywhere. Surely
1t would be bad policy for the Democrats
of Virginia TO meet that proposition by
offering to food the country with cur
rency that would not circulate i'll the CON-
tnercial centres and would be taken by
~orkingmen and others, If at all. only be-
cause they could not help themselves.
But there is in the platform itself Ian
guage which proves beyond a doubt that
The convention did not mean TO recon-
mend a State-bank system. We quote
from the platform:
ave insist upon the passage Of such legisla-
ton Cby Congress) as viii provide for an expan-
Sion Of the currency sufficient to meet the bus!-
ness needs of the country without delay"
There was the place for an advocate OF
State banks TO get in his work" But
no trace of such work appears. The con-
yention demanded IAN expansion Of the
currency" How? BY STATE banks or by
The several States? No. Sir. The demand
IS for expansion by congressional legisla-
t,on. 1t is for expansion without de-
Law" II demands that expansion be made
by the speedy enactment of laws by
Congress.