New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-24
"SCTENTTFTC BANKING CURRENCY"

4 scientific BiNhINf ~ hhEN'I.
Let rs cheer up Mr. Sovereign has depressed
us somewhat by his General Order boycottlng
the National banks in which the knights or
Labor are commanded 10 assert the rights of
labor by refusing 10 accept National bank notes
I'm uaymcn, for labor: and the possibility that
thc reckless and ignorant Republican majority
In the next Congress may undertake 10 ieG'Sia''
on the currency question has mao" many OF us
feel worse For the country has had some OK
pericncc of Republican financial leSi>latioh lh"'
dreadful party came into power in lS6' when inc
country was in the full enjoyment OF INC riPr
results Of Democratic currency Legislation """
Democratic administration OF The inah'es' IL
found the country enjoying from l. 10 Id per
cent discount on It's own notes In me markets I'll
rho world with a bank note currency varying
In value from nothing up 10 the face OF H. ana
all Of II SO welded 10 the particular bank winch
,ssued II that IL goi homcsck at the distance OF
- hundred miles and at "A hundred and fifty n"w
hack with a snap that filled with astonishmcn'
tho hold fpancicrs who issued II. Every STATE
had ;ts own banks Of issue and all that the c!ti-
zen OF n state had to do when he went away
from, homo was TO take his own familiar bank
notes and buy real money with them at dis
and have fun or do business with il. Those were
,roo, times financially speaking. Every state
had plenty of money. and sometimes some OF II
WAS worth as much as 30 or =" cents on 'n'
dollar Then the ignorant Republicans took hold
If the finances Presently you could mol b'iy
Government bond cxccp, AT a premium. and by
,he substitution Of greenhacAs ana Nailohai "'hh
notes for the state currency it was made impoS-
In
for less than 100 cents.
The return Of tn, Democrats 10 power natural
l., restored confidence that after little III" on
conditions would return. In the Dn"N'h'! vi
f.o,inp which resulted The bonds 81 the Govern
ment began 10 seek the old Democratic lever
the National Treasury showed signs Of returning
70 the cheerful condition Of 1861; there was
wholesome reaction In the shape 81 hi'h''''
and commercial paulc. aud lahoring men all over
the country who had been obliged 10 TAKE VA
ticna bank notes In large quantities in payment
for services were suddenly relieved OF 'ha' ne
cessitv. Then came 4 sudden blight The cleo
ton If Republican Congress aroused 'he suN
melon that The party which had handled inc
finances for thirty years with such uh'oward
consequences would do something. or attempt
something that might interfere with the onward
progress upon which the whole country h'd
started simultaneously with the return or me
Democracy 10 full power in the Government.
Eoh,1y could tel what would happen with
Reuublican Congress and Tom Reed III Tie
chair
But the wind has shifted. Hope remains. II
now onneors by a Washington dispatch To 'The
New York Times" In which the whole subject
Is treated with much learning ana al great
length. Mat Mr.. Reed will be embarrassed i'll 'h'
selection of chairman of The committee Oh
Banking and Currency: that This einbarrhssmeh'
is likely to result in the failure 81 any a'''np'
Of these ignorant and unscleniihc HepuDil''hS
70 tinker the currency and that the "nd OF II al
will be- "the adoption Of scientific banking cur
rency" by The next Democratic Congress "
seems pity that the last Democratic Congress
did not adopt this scientific banking currency
for then. with Democratic Senate ana Demo
cratic Executive all in accord We should nave
had il fairly launched by this time. Putting "
off. too. till the "ncXt Democratic Congress
makes its adoption a little remote; but the great
comfort 10 be derived from our nciglIbors report
ON the subject Is IL, the fact that the unsclenilhc
and ignorant Republicans will be prevented by
Mr. Reeds embarrassment in selecting his chair
man for the Banking and Currency Committee
from intcrruptlng the general course OF the Ma
tional finances initiated with the present Admin
isiraton. Le, us all congratulate ourselves 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 II before
we pray for the coming Of "the next Democratic
Congress" TO give us "a scientific banking cur
rency."