New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-07
Connersvlllc. Ind. April %. 1894
RANK RIrLs AND THE CONSTITUTION.
4 SUGGESTION FOR THE COMING CONVENTION
ABOUT PRoHIBITING REPuDIATloN-

To the Editor 81 The Tribune
SIR The Republican success IN electing majority
~ delegates 10 the Constitutional Convention oiers
an opportunity for the permanent recognition o.
Rerublcan doctrine as 90 paper money nancy
ohso,,.e security o hN,hollers through Govern
mental Endorsement This idea Is embodied IN Ma
tlona. bank notes.
A, present the laws % New-York. though pFoV''-
ing for tho issue - bank notes and deposit OF 'n'
rea,lred securities wiki he State prescribe noth-
Ing more than an irresponsible supervision i''"'e
state bank s'gcs We're sur rsrl'i 10y N'u'''' ''''
rcncv not lnfrelueniiy bank bills IN ms safe were
discovered % be lnadcquatey secured Such p'c'i"'
uncurrcri anl re- quoted az discount me ~,
nubilc.u conception ~ states duty IS 'hat II
should exact and maintain ample security o' "'''
the consequences. Huf go 10 ease shonl the ''"o'
cent b.llho.ler Boz made 90 suffer hr US nes's"h''
Txf.rl,n,. with this Republican, doctrine In practice
f,r thirty wears shows that The receipt oi pahK
notes in payment " taxes ana o'her pup.y ~ E
sunlcos % sustain their yti' inour" '"' JAN" '"'
issued them may have flA'l ,,,.,., ,,.,,o- 20
iSJS uT:ei me '1','.~,e,iuflonai convention this
sound and az yet dst.ucuv"y R'pupIcth 'o,,' ue
81, nv R.oubNcl1s In 1861 with National
paper mon-y revived hy ih'm ana sl,.l , C.e 800,
3c N nee The tendency IN china and hitherto
in this country 90 repuliate was p'.tcI 0" t;,in,
and one century In Amcrca putting an en no cSp
Chinese paper money IN ~. No 40 Nm. ~ ,,,
,i.r % coutinenfl, b!.ls Reference was MADE 10
b reeouf Gisu1slflon - rrp1l1te as 81 'Wn ny the
,r.n,-.l free coinage ~ silver NJ 4 raNo ihu'H
above the market rae" hrph'SS -. ~" S E'lJ'
the Immense benefits That would have rrsu1i I'm
ans, lining from rspullatlon altog' tl,r con
fo,lal ,hat no Republican party should r IL coul
rr,v.is arslust the possible reludlttoh IN any
f,rm ana =, any extent. even In the remote tutre ne,
- Inc p,per money Il called into existence. me
nev Constitution should cOmpe the STATE 10 Hudl-
or,e. all STATE bank issues. n We ever nave tle"'
a.,,fn For this purpose T. should urohlpit the re-
n,.it,ton ar refusal by ths state Treasury ~ any
f.tft fiap 81
ise,,ed under the laws OF the state. In time; Il
ike prohibition might be ms red IN otner
lions from end 20 end of the land. ana ultimately
alopteI by all American r. publlcs end cana IT, pr
tcctlnc issues ~ every kind from reputation TnuS
We might hope that reputation wouh Dc hp'"S"e'
from Behring's Straits 20 Cape Horn. a., .
Fortunately. this state has taken me hrsl SUI
Tho Convention Is not only controIed pN men 70
litcov inclined 10 oppose population In every FORM
hui II fs also composed entirely OF delegates WIZ
whatever their political affiliations are lWbutd WIN
the general sentiment or me STATE aSainst 1u',t
lion 'rhis universal acccptrblity OF the proposl-
,ion however detracts from rs apparent urSrn,Ty'
N one is now suffering from state hlnk hl.S.
There are none I'm circulation The Democratic parry
M n National organization ia Pledged 10 repctI ue
proh,bf!ve tax on state bank issues. but the Demo
cr,,fc m, iorltles I'm Congress have not yet done H.
AMI II they had the evils would not be iflmellatey
fei, The fact that free coinage ~ 5llNrr Is rPuult
lie Therefore this question Of complete protection
~ buhoiders IS reegated 10 that class OF SuDJtctS
which have 10 do with the future. These lorih;
NEVERTHELESS the special province OF constitutional
Paper money It Is safe to say. will circulate IN
mic state continuously intermitiently for cen
,mrles The Constitutional Convention should take
actlon accordingly. In doing SO At would promote
most important movement OF mol'rH i''e9- '"c
abohshn'"' VI JAMES G. HALLOCK