Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-05-28

The subject had never been discussed
and no settled policy had been agreed
upon by the party. lie repudiated the
provision at the time, and was deter
mined not to be bound by it. Let no
one accuse me-" he said, "of party dere.
LECTION in party duty, for hold that the
most sacred duty owe to my party is to
keep it as far as can in the paths of
sound politics, not only in matters of
finance, but Of the tariff and all other
questions. trust mem hers of congress
and the country generally will take
broader view of the subject of currency
than one of party platforms and party
expedients. The currency is for all the
people 1t affects the interests Of the rich
and poor alike. and no party should
claim its paternity
Or Appropriate Its Eenefits"
Mr.. Springer than reviewed the financial
methods of the great European nations,
showing the futility of the methods EN-
ployed in France, Germany and England.
The feature that he wished to impress
most forcibiy was that the issue of Bank
of England notes WAS secured by de-
posit of gold and of government securi
ties equal in volume to the circulation:
but as a banking institution aud factor
in all financial affairs, there was no room
for such an institution in this country,
where it would be regarded as gigantic
monopoly, constant menace to our
financial freedom, an object of partisan
attack and cause of popular strife.
Coming back to this country, Mr..
Springer referred to the national banking
system as having proven utterly made
quate to furnish currency for the people
and Intellectual to furnish An elastic cur
rency. The basis upon which national
bank currency is secured is so Intellectual
as to make it impossible for the banks to
exist much longer under the system or
for the circulation 10 be increased much
more than we have. We must provide
something else; we must go Il step further
Forward Not Backward.
Under no circumstance should we re-
turn to the system OF state bank circula-
ton, which prevailed before the war. If
there were no other reason for opposing
circulating medium Issued by state
banks the argument of inconvenience
ought to be sufficient. There are now "A
states in the Union, and four more I'M
doubtedly will be admitted in the near
| future. Each of these states would have
different laws regulating the organza-
ton of banks and providing security for
the circulating notes. There are 5000
banks in the United States at this time
Assuming that all existinng banks would
avail themselves of such authority, the
| different kind of notes. which would be
put in circulation. and their NUM- Der,
would be confusing and embarrassing in
the extreme to all those engaged in active
| business. -
Mr.. Springer then reviewed. at length
the history of state banking and the at
tempts in the past to remedy the evils Of
| state bank issues. He show ed that sup
preston of specie payments, depreciation
IN the value of the currency, failure of
the currency and even Reputation Of the
| security given by state governments were
among the evils which resulted from an
irresponsible currency. The unfitness and
| want of uniformity in the currency, the
| loose and reckless manner in which the
| state banks were established, and the
| total disregard paid to the wants of the
| people OF the necessities, rendered the cir
| culation entirely untitled to q country
| like ours and the people we're subjected
| to enormous losses, not only in the way of
| exchanges. but by the inability OF the
banks to redeem their notes. Warned by
the sad experiences of the past. let the
/ representatives of the people at this time
enact such legislation as viii provide a
| currency which will be uniform In vol
une and readily accepted - safe and
sound in eve-y part Of the country.
After 80 years experience with . ns-
tional currency the people Of the United
States win never consent to return to the
state bank Issues which prevailed before
the war. They were the best issues known
to Ms Ut that time. But they had often
produced widespread disaster, and were
always wanting in uniformity and gen
esal acceptability. The very l,sst Of such
state tMues were far inferior to the pres
emit national currency. "Why should We
give mp that which 10 conceded to be better.
and return to that which all must admit
was inferiorf Let us hold fast TO that
which u always good. rather than return
tothat which wns sometimes good, some
n