The Portland daily press., 1894-05-29

now that the votes have been secur-
ed a good many Northern Demo-
Gratis are in favor of ignoring the
ecomendation wholly or in part.
Springer, the chairman of the House
committee on banking, is one of
them, and in the House on Saturday he
made very strong speech against the
repeal that the platform recommended.
He said that the unconditional revival
of State banks would cause panic,
would fill the eountry with wildcat
money, and would do untold mischief
to business. This is all true no doubt,
but 1T was all just as evident before cleo
ton as since, and it was pointed out
then just as forcibly as since, though not
by Springer, who was perfectly willing
to take advantage of the plank for vote
catching in certain sections of the coun-
try where the people are crying for cheap
money and plenty of it. Yet the people
voted for this plank of the platform just
as much as they did for the tariff plank
or the plank in favor of the repeal of
the federal election laws, and hence it is
difficult to see if Democrats were under
obligation to repeal the election laws,
why they are not under equal obligation
to annul the State bank tax Never
theless we suppose it is creditable on the
part of Springer, seeing as he does
the disastrous effect of the repeal OF this
tax, to try and save the country from
his party.
But we doubt if Springer's plan of SAL
Walton would be effective if it were
carried out, and we very much doub5
if it can be carried out. His propo sition
is to repeal the tax, but with conditions.
And these conditions are of character
which his Western and Southern brethren
will not grow enthusiastic over. The
| most conspicuous one puts the state
banks under Federal control by creating
| a commission which shall be empowered
to issue legal tender notes to them AT
discretion. This IS very far from what
the South wants. Federal control of
| their State banks is just as hateful to
the people of that section as Federal con-
| troll of their elections. If Mr.. Springer IS
plan had been submitted to the national
convention it Is improbable that single
| Southern delegate would have voted fol-
it. 1t is not likely to be any more CRATE
| full to Southern representatives. The
| title of his bill, which is a bill to create
| a national currency, will create an in
tense prejudice against it in that quar-.
! ter. The infatonists and silver men Of
that section will be sure to see in it g
sinister attempt to perpetuate the con-
troll of the gold bugs of Wall street ovel
| the currency.
But not only is Mr.. Springer's plar
likely to be hateful to the South on &C
count of it's provision looking to Federal
control, but it is also likely to be re
| ceived with disfavor among business
men and conservative fnanciers at the
North because of the questionable Sc
curity it is going to put behind the bank
notes. Twenty per cent. of that security
it is provided, shall be in cash, but the re-
mainder may be in bonds of any city OF
| town or county, provided those bonds
4 have not sold lower than 95 per cent
4 within year, and interest, has not been
defaulted on them within two years. Il
| will be very easy thing to furnish this
| sort of security, and SO we may expect
myriads Of banks to spring up all ovel
the country with the power to issue cur
rency, and the consequent imitation o.
the currency to very dangerous point
Currency issued on such a great variety
of security as is allowed in this bill
| would never command confidence
| There would be The same trouble with it
though perhaps in less degree, that there
was with the bills of the old State banks
1t would not be national currency
though called such. When the bills go
far away from the bank that issued then
they would encounter distrusts and dis
count because of a lack of knowledge o
the nature of the security on which i
WAS based and of its value