The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-08-02
SCIENTIFIC BANKING CURRENCY"

Let us cheer up. Mr.. Sovereign has de-
pressed us somewhat by his general order
boycotting the national banks, In which
the Knights of Labor are commanded to
assert the rights Of labor by refusing to
accept national bank notes In poyment
for labor; and the possibility that the
reckless and ignorant Republican major
ity in the next congress may undertake
to legislate on The currency question has
made many of us feel worse. For the
country mas had soma experience of Re-
publican financial .eSiSla' Jon. That dread
full party came into power in 1861, when
the country was In the full enjoyment
Of the ripe results Of the Democratic ad-
ninistration of the finances. 1t fou1d the
country enjoying from II 20 Is per cent
discount OH its own notes in the markets
of the world, with bank note currency
varying in value from nothing up to the
face Of 1t, and all of 1t 50 welded to
the particular bank which issued it that
1t got homes.ck at the distance Of
hundred miles, and at hundred and fifty
few back with a snap that filled with
a5tonishment the bold inanciers that is
sued 1t. Every state had its own banks
of issue, and all that the citizens OF
state had to do when they went away
from home was to take his own familiar
bank notes and buy real money with
them at discount Of from to 90 per
cent, and then go away and nave fun or
do business with 1t. Those were great
times financially speaking. Every state
had plenty of money, and sometimes some
OF Il was worth as much as 40 or bO cents
on the dollar. Then the ignorant Re
putficans took hold of the finances. Pres
emily you could not buy government
bond except at a premium and py the
substitution Of grsenbacks and national
bank notes for the state currency 1t was
made impossible to get a current prom
ise to pay a dollar for less than 100 cents.
The return of the Democrats to power
naturally restored confidence that after
a little the old conditions would return.
In the buoyancy of feeling which resulted |
the bonds of the government began to |
seek the old Democratic 1eveli the na- |
tional treasury showed signs of returning |
ITO the cheerful condition of 1861; there
was a wholesome reaction in the shape
of q financial and commercial panic, ana
laboring men all over the country VINO
had been obliged to take national bank
notes I'm large quantities in payment for
services were suddenly relieved OF that
necessity. Then came a sudden blight
The ELECTION Of a Republican congress
the suspicion that party which
had handled the finances for thirty years
with such untoward consequences would
10 something or attempt something, that
might interfere with the onward progress
upon which the whole country had start
ed simultaneously with the return OF the
Democracy to fuil power in the govern
ment Nobody could tell what would hap
pen with a Republican congress and
"Tom" Reed in the chair.
But the wind has hifted. Hope remains.
II now appears by Washington dispatch
to the New York Times. in which the
whole subject is treated with much
learning and at great length, that
Mr.. Reed will be embarrassed in the
selection Of q chairman of the commit
tee on banking and currency; that this
is likely to result in tbs
failure of any attempt of these ignor-
ant and unsc!entific Republicans to tinker
the currency and that the end OF 1t all
Will be 'ths adoption of a scientific bank
ing currency" by the next Democratic
congress. 1t seems pity that the last
congress did not adopt this
scientific banking currency, for then, with
a Democratic senate and Democratic
executive all in accord we should have
had 1t fairly launched by this time.
Putting It off, too, till the next Demo-
cratic congress" makes dts adoption a
little remote; but the great comfort to be
derived from our neighbor's report on the
subject Is In the fact that the unscien-
tfhc and ignorant Republicans Will be
by Mr. Reeds embarrassment
In selecting his chairman for the banking
and currency committee from interrupt
Ing the general course of the national
finances Initiated with the present ad-
Let us all congratulate our
selves on that. And the record of the
Democratic party on all questions OF
finance is so glorious, let us-or, perhaps,
let us think twice about 1t before we
,ray for the coming of the next Demo-
,ratic congress" to give us" scientific
banking currency"