Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-27
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State Bank Tax Repeal.

One woe ueductn upon 'ne neelS OF
another, and the country IL kept In a
constant state OF perturbation by the
circulation OF predictions that our cur
renoy IL to be debased and denational-
lied.
The bill TO repeal the Sherman sill
yer law was for months held up by
its advocates as scheme to Danish
the hard times and restore prosperity.
All the evils attending the depressed
condition OF trade were laid to the
charge OF that unwisc law. and i,s
repeal was urged upon the ground
that an improved condition Of things
would at once follow, and the wheels
OF commerce be set IN motion. MI.
Pugh. Of Alabama, it Is true, had the
holiness TO say In the United States
Senate whilst repeal was yet unaccom-
plished. that not one senator had said
or believed that the repeal OF the
sherman bill would be followed by
the consequences which the monom"t-
allists said would be sure to result.
All the same the Sherman law was
expungcd from thu Federal statute
hook. But as the bimetalists had
predicted the flush times which the
rnonomctal'ists had foreseen, or sup
posed they had foreseen. failed TO
show up" Nobody can say confident
~ that the country would not have
been to-day IN as good condition as
Il is I'm II the Sherman silver law had
been left untouched. M Of us. how
ever. declined to run counter to the
advice Of class OF men who, we
feared. had 1t in their power TO make
their direful predictions come true.
Next came the new Bland bill or seign-
forage lnI All the evils which the
people fattered themselves had been
hanished from the land by the repeal
Of the Sherman law were once more
held up before an alarmed public as
soon L. follow the passage of the
seigniorage bill; aud to-day We stand
IN the presence Of threats from the
monomctalists which are well calcula-
ted to make the President of the
United states pause ere he signs the
scicnioragc bill
There is nov in contemplation
new move. The scigniOrage bill, even
II It becomes law. will not sufficient
" water" our currency TO suit thu
views Of ths advocates Of the old STATE
bank system. and SO Mr.. Cox, OF Ten
nesscc. intends soon 20 propose to de
IL nj
bank-note currency. Very properly, the
House Committee on Banking and
Currency have agreed to report a bill
for the relief Of certain banks which
last summer issued clearinghouse GER
tifcates. This bill Mr. Cox intends
to move 10 amend by adding n Section
TO repeal the tax on State-bank oircu-
lation. OF course even If Congress
shall abolish the 10 Per cent. tax. that
body will not thereby commit itself
TO the establishment Of State banks Of
circulation. Such n system will never
succeed the existing banking system.
\ large majority Of the members Of
the House Of Representatives. are op-
posed to returning to the old discard
"a banking system Of fifty years ago.
\ still larger proportionate majority Of
the members Of the Senate are on the
same side.
But the mere agitation OF the ques-
don Of hebasng the currency will
have tendency to create distrust in
the public mind as to what conse-
from, ana 80 we may have again TO
call upon Boards Of Trade and Cham
beers Of Commerce 10 deliver Us from
the schemes Of the currency-debaseIs.
why anybody should desire to substl-
tutc for the present national-bank cur
rency a currency which Is recommend
| Cd only on the ground that il will not
| circulate In the commercial centres, IS
| more than we can explain. Why
| should u farmer be expected to be
| VIKING to accept currency which a
! merchant declines even to try 10 use?
| Why should anybody lie tsiling to
| confer upon any class OF men the
| power thus 10 clog the wheels Of IL
| nance? Why should anybody with a
vision clear enough TO enable him 10
| see that the silver problem cannot be
| solved by the old Bland bill, nor
| the new Bland BILL nor the
| bill to repeal the Sherman law,-why
we ask, should such man be blind
to the innumerable evils that would
| follow the debasemont and denauonaliza-
ton Of the present currency?