New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-05
THE WAR AGAINST GREENBACKS.

The Massachusetts Democratic Convention, as
II represents Buzzard's Bay rather than the
voters of any State naturally takes the Cuckoo
note and initiates the President in making war
on the legal tenders It's declaration that the
Government ought to retire all its demand notes.
leaving the currency 10 be supplied by National
and state banks untaxed, shows a great willing
ness 10 receive instruction from tho thlrl-term
candidate. But when men know that they have
no chance OF success before the people, but
have q chance Of getting Office If they please the
dispenser of patronage they not infrequen'iy
say what the dispenser OF patronage wants,
without regard to what the people want
There are probably very few persons in Massa-
chusctts who. If the question could be put square
" to them and decided by their votes would
consent TO ans retirement OF the lcgal-tender
circulation Yet owing TO the conspicuous sue
cess Of the Suffolk bank system III OLD tiiheS'
the people of that State were comparatively OK
empted from the immeasurabc curse which the
State bank circulation brought upon other parts
Of the country. In Massachusetts. If anywhere
in the United States. one might expect TO ma
some men who would have faith that Il State
bank system could be made safe ana convenient.
But in Massachusetts, as in other States, there
are probably very few persons who believe mat
such q circulation could ever be made rs con
venient or as safe as the currency when the
country has enjoyed since the resumption OF
specie PAYMENTS composed Of legal tenders ana
National bank notes amply secured.
on the very face of things. the impossibility
of securing entire uniformity In the conditions
governing State issues, and In the precautions
and restrictions enforced in different Sta.es,
must involve a return Of the old evil, however
much # might BE- modified in degree. But 1t Is
not in the least certain that it would be modified
IN degree In the old time only few Of the
States. comparatively tolerated vicious bank
ing system. and yet all the States suffered. one
IS compelled TO Judge from the conduct of pres
ent State governments in other matters. Cnhap-
pjly. not in New-York. nor in New-Jersey. nor
in Indiana, nor in other states or the North
which Democrats have controlled within the last
ton wears. has there been manifested such sanity
vr,nc among officials as TO forbid the fear that
State laws might be negligently enforced or
corr,,ptlv disrcgardol. When one looks 10 the
Southern States. and considers what sort OF
crimes have been permitted II not actually com
mlt;od. by many OF the highest officials how
| many State treasurers have dcfaulted how many
have been found unworthy in other respects,
and how frequently public opinion has supported
omen and shameless robbery Of public creditors
under the pleasing name Of scaling down or re-
adjusting debts, II Is easy to conceive that oppor-
tunities for the control Of the state bank circu
lation would be regarded by some people with
delight
1t IS not at all necessary to assume that all Or
most Of the States would make bad laws or en-
force them badly. The curse Of circulation
not uniform not known To be Of equal value
when coming from different States and subject
Ing the wage.earncrs everywhere 10 the yexation
and frequent loss resulting from such circula
ton. would come upon us quite as surely II only
part and not necessarily a large part. Of the
States abused their powers. The root OF the din
I Guilty Is that there can be no sort OF uniformity
or assured equality Of value in circulation
issued under more than forty different laws
executed by more than forty different sets OF
| officials The United States laws have reduced
the loss 10 a mnmum-for noic-hoders hay,
abolished 1t altogeihcr-by requiring every note
10 be protected by deposit of more than its
face value and by putting the enforcement OF
the laws into the hands Of officials who nave
no power TO advance personal or poh'lcai IN
terests by any abuse II will b. long before tn
people will be unwise enough to 90 back to The
! system Of wildcat State banks In preference tc