Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-08

a n.A n,ll e,axsn 1ts auietus.

~
rbers ought to he felt throughout the
limited States a general feenng Oh 'ene'
from a danger with which the country
aeemed 10 be threatened. the 1os No"
,osas the state-bank scheme appear 10 DC
a monster, but the result has proved tha'
Il was more dangerous In appearance
than In fact. In the House OF hepreseh'
,at,ves on wednesday, the bill OF mr'
Cox. OF Tennessee. abolishing outright '"e
tar mon the issues OF state banks was
aAfea,ed oyerwhelmingly-l70 to liz; anu
,n,s although seventy-four members were
absent, or at any rate did not vote we
suppose that in a full house there wou'u
have been more than 200 votes recoroea
IN the negative. discussion VIII XIII INC
hin" VIC said some weeks ago. And as
cussion did kill It. However It's demeri's
,,,ors so great that II looks now az IL the
scbome would have been voted down III
not n speech had been made against IT.
Mr.. Meiklejohn took occasion on WeoneS-
lay TO furnish the House OF Representa-
lives with an object-lesson on this inter-
,s,ins subject by calling attention to
,anking law passed in Georgia last winter
IN anticipation OF the abolition or the ]"
,er cent tax. which law authorized
State bank with one fourth OF Its capitai
IN national bonds, one fourth In sta'e'
county. or municipal bonds, and one nan
I'm currency to issue upon the deposit OF 'he
bonds with the State Treasurer notes 10
the amount of three times the security
In other words, Georgia had law ready
Cor nae which authorized banks and bank
ers TO draw interest upon their debts-to
,osuo ,bree hundred thousand dollars of
notes upon one hundred thousand dollars
of deposits This would have been 10 oe-
nationalist the currency with ven
eeance. North Carolina and tennessee
a,so had new banking laws In readiness
for immediate use.
Mr. Bourke Cochran, OF New York, de-
nounced the natlonal-bank currency as
the worst that could be conceived OIL
hut he voted in the negative. thereby de-
claring by necessary implication that 'he
Cox scheme was worse than the WORST
In going down, the Cox bill carried every
thing else with il. The committees sub
s,,,.,te WAS lost on a viva-voce vote
and then the original Brawley Dill was
defeated without division.
These wild schemes out OF the way
and an intelligent public opinion In Coh-
press having resulted from the discus
sion Of the Cox bill, the members may
NOW find substitute for that and other
s,cb projects. and devise scheme OF
banking to take the place OF the present
one when there shall no longer De ma
tional bonds on which to issue circulating
notes. The government ought not to en-
gooe IN the banking business itself. But
:, must be always ready to put down
its foot upon all schemes Tor oeoas"s
or denationalzng the currency
Mr.. Chambers scheme for securing oe-
positors ought TO be feature OF any new
banking system which may be deViseo'
secure depositors as note-holders are al
ready secured. and there Will never DC
another panic.
We have no words OF censure for the
members who voted for the Cox Dill
They doubtless thought they were DONG
Alright The cry for more money anu
for local currency. and Tor system
Of banking which would lend the farmers
Az much money as they wanted upon
auch terms as those named in the Georgia
law we have just referred to, democrat
lied too many Congressman. But surely
Springer. and Rayner. and the rest OF the
r.,oocratic members who voted against
wildcat money. must feel that they are
the true representatives Of the Demo-
cratic party.