Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-07


Have Not Learned from Experience'
The Norfolk Lrdgcr gays that no one dis
putes the fact that the paper currency is-
sued by the national banks is the best that
this country has ever known, but that
paper adds:
"As 10 tho point that leg sis;ures can't DO re-
usd upon 70 pass laws to maintain rood cur
iency We would reply that the principal SUI
ferers from such an unrlse policy vo1id be the
inhabitants OF the States a hing 10 make pro-
vision for a stable currency. Ia view OF INC et-
perienco Of the past II the people Of the dlier-
emf states are not now sufficiently Intelligent TO
enact IN their respective States banking laws a.
sound nc tho one that was PISSED more than
thirty years ago by C9ngrsss then the point
rnsdo by the DISPATCH has great force
There need be no controversy upon that
point. Ii is fully answered by the fact
that Tennessee has already passed law
whose enactment proves that the several
States cannot be entrusted with the duty Of
furnishing good currency for the people.
That State has provided for tho issue OF
twenty-five millions of dollars Of State
currency after the tax on State bank notes
Is abolished. II every State were to issue
its own currency in the same proportion
these notes would be at discount every.
where. CorGlenc is as Indispensable as
solyencY. The notes of State bank To-
Gated at Murfreesborough. Tenn. might
be as much entitled to the public conf
dence as the notes OF the First Ma
tional Bank in New York; but all the
same they would be at discount
IN New York and Boston. aud oil the
financial centres. and indeed everywhere
ia CITY and country. for the excellent rea-
son that the people sway from Mnrirees-
borough would have no knowledge on this
subject which would justify Thorn IN re-
ceiyIng at par with New York notes the
notes Of the MurfreesbJroueh bank. AT
present the United States Government
stand behind every greenback and ma
tional-bnnk note, and thus inspires IN the
public mind that confidence which no sys-
tenn Of state banking can inspire. Every
note.holder feels absolutely assured that
whether tho national bank fails or not
UEcLE SAM will protect bis interests.
The Ledqey continues:
"Of course n wildcat banking system
should he usner-d in By the repeal OF an act
which ives passed &c = war measure to create
demand Tor United States bonds then II Wonld
be better 10 permit matters to continue as they
are until tue boaded debt Of the country Is e1-
tingulshed; but Il occurs to us that common
sense would induce the lawmakers IN the dit'
forent states 70 adopt tue wise provisions OF the
nationaI-baak.ng law whom authorizing banks
20 issle nO,oa.
"Becauss Virginia. at one period OF her his
tory. pormittei banks 70 lssue three dollars ia
paper for zach dollar Of their capital. Is no
reason, in tho Hight Of events Of the past thirty
years. tia. she would pursue such an unwiso
course 10 the future
Yea. If isa good reason why we might
expect the same sort Of financial leglsla-
ton which filled the statute-books of the
several States up 20 tbs time that the
Federal law was passed taxing the ISSUES
of State banks. The thing that has been
il the thing that shall be, and there IS no
new thing under the sun" Leave the
State banks free TO issue three dollars OF
notes for every dollar OF gold and silver
coin in their vaults, and they will soon
find reasons satisfactory 10 themselves for
thus increasing their circulation. Why,
we find every day highly intelligent per-
sons advocating the issue OF local cur
rency upon the ground that everybody
will thus secure an opportunity OF borrow
inc money Let US stand super dnsqudS
rias-upon the roads upon which MIR. JET
PERSON and Mr.. CALnoUN stood.