Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-20
The state. Bank systems Prospects.


Of tho last twelve months or more, IL
Is creditable to the people OF this couh-
try that so few OF them comparatively
have listened TO the cry for more
money" or taken up with the NOTION
that because national-bank notes VIII
circulate IN the business centres ard
State bank-notes will not. but VIII
constantly be sent back to the banks
issuing them by the shrewd financiers
of the banking communities, therefore
State-bank system, or rather forty
four State-bank systems. would bring
prosperity TO the country and put
money into the pockets Of the impec-
cunious.
II we provide for cheap money. we
must calculate upon diminished pur-
chasing power. II the notes of our
State banks are not good from Maine
to California. we may be sure that 1t
is because they are less desirable than
the notes OF the national banks State
bank lunatics denouncing silver lunatics
ara greenback lunatt:s MS ignorant
contemners Of the laws f iirance
present laughable spectacle.
We do not wish 10 halloo tefore we
are out OF tl.e woods: AMI we do rot
think We shall 10 20 II we say that for
the present at least-that Is, during the
current session Of Consress-there Will
be no State-bank system provided for
by that body, or at any rate, no sys-
TEN ,under which the land could be
flooded with 'homing' circulating
notes. The members already have
their eyes turned towards their homes,
and. having sat Mt a session besides
the one they are now attending, they
cannot but be anxious TO be released
from duty in Washington, and afford
ed time to mend their fences before
the November elections come on.
Last Thursday the proposed bill to
abolish the tax on Statd-bank notes
was discussed again in the House Com
mittee on Banking and Currency; but
the members seem to be as far
from decision of the question as
when the present Congress first opened.
sidered. but not one found which will
restrict the issue of State-bank notes
sufficiently 10 insure their stability and
yet free the banks from Federal con-
troll. The natural consequence is that
the committee can hardly be expected
soon To agree upon a new banking
system.
The attention of Congress at the extra
session was taken up almost wholly with
the bill to repeal the purchasing clause
Of the Sherman silver law. During the
current session the consideration OF the
tariff question has taken up most Of the
time OF that body. So that members must
be disguised with 1t. And yet that ques-
ton seems likely to command their al
most undivided attention for the next
two months. The prospect, therefore, for
the framing and passing Of law pro-
vlding for new State-bank system is
not by any means bright. We may re-
mark in passing that it may be set down
as certain that Congress will not remain
in session for any purpose whatever af-
Ter IL sfldH nave ulSpOStu or tns now
tariff bill. and done whatever II Is going
to do with silver. Members cannot be
induced TO take up new subjects. once
that body shall have made disposition
Of the two measures just alluded to-
namely, the tariff question and the sill
Yer question.
The foundation Of the agitation for
State banks OF issue is the assumption
that there is a lack of currency Some
of the men who went to Washington I'M
der the impression that more currency
was needed have changed their opinion
since they became better acquainted with
the subject Besides, the unforeseen diff
ficulties which have been encountered In
the attempt to provide currency both
cheap and safe have resulted In a hest
tation on the part of Congress TO under
take new legislation at present on this
particular subject.
AS to the southern congressman they
ought to content themselves with Sc
curing legislation on the silver question
Unlimited silver and unlimited State-bank
notes might prove to be load too heavy
to be borne.