New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-18
THE STATE BINK SCHEME AGAIN.


II Is solcmnly announced. as II 1t were impor-
tant news. that Secretary Carlisle In his Ken
ucl,y spccchcs Will advocate repeal u all taxa
tion on state bank issues ~ currency ~ ihe ripe
,ruition If much study hy the Administration
The South, he Is persuaded. does not particularly
want free silver except ~ IL wants cheap money
Of some Kind ana any kind and hy proposing
unlimited ISSUES - paper 10y wildcat state hhihs
the Secretary and the President hope 10 break me
force Of the free silver sentiment In that section
But this IS trying 10 burn the same powder
second time The Secretary deliberately adv"
Gated this same plan In his annual report last
December. and the President gave his recon
incubation a very peculiar and unrcscrved In
dorscmcnt Immediately BILL said - be framed
I'm the Treasury Department, was offered III Con
gross and supported hy all the iniiucnc" or 'hc
Administration The Prcsidcn, even went 40 ihr
~ to declare It's passage the one thing necessary
AS late rs the latter part OF January, ai'hongh
within a week he made his contract with the
syndicate and issued the message demanding
gold bonds For about two months the fr'siheh'
and Secretary labored increasingly. by night ana
by day. 10 induce Democratic Congress I" ne
cent fhls State bank scheme rs substitute Tor
frcc.silvcr coinage and they mlscraby iall'i
u they could do nothing with Democrats. what
do they hope TO do With Republican Congress
In December
II Is obvious that the Secretary and the Admin
istration are playing FOR control OF the Demo
cratic party. without the slightest care 10 pro
nose ANYTHING that Congress can be expected
TO adopt Possibly the notion may be fostcrcd III
particularly ignorant constituencies That u'
Presidents advocacy ~ repeal Of the tax on
State bank issues viii mean something. But
people who know anything OF public affairs are
wc1 aware that the measure has not the slight
cst chance OF success in the Senate or the House.
and cannot be- urged M this late day for any
other PURPOSE than 10 make a break In the free
silver line. Senator blackburn. Of Kentucky. Is
nromnt 70 expose ibis intention. hut IT really
needed no exposure. ON the face OF things The
Administration could not hope 10 get any prac-
Teal result of that sort from Republican Con
grcss which II failed 10 get from Congress over
vhclmingly Democratic.
The commitment Of the Administration sec
ond time to this most pcrncious scheme will not
be without its effect 1t will go far TO convince
all who desire n sound currency that they have
nothing to hope for, II the Administration and
,hc hest end Of the Democratic party come 10
the front. when i'resiueht 'i''el"hu S"'i'"
dcrcd 10 the wildcat bank scheme he threw away
all right to be regarded as faithful or compe-
tent defender OF sound money. lie showed that
he did not know what sound money meant. and
by repeating the proposal will show that no Is
solely occupied with his personal fight inside the
Democratic party for control Of the organization.
There may be substantial business men who, for
speculative reasons Of their own would be glad
TO have an unlimited imitation OF paper currency
Mt this time But Mr. Cleveland ana Secretary
Carlisle, If they were even I'm the least degree
able to appreciate public opinion on monetary
questions. would realize that nine-tcnths Of the
commercial and financial men Of the country re-
gard unlimited issues OF paper by State banks
as the shortest and surcst road toward dcsiruc-
ton that could be selected.