Smyrna times., 1895-06-19
FOL
State Banks,
SMYRNA, DEL. June 1Se5
For the Times.

SMYRNA, DEL, June, 1895.
Mr.. EDITOR:
L noticed recently in the TIMES q
short article on the subject of the tax
Oy an act of Congress Ou State Banks.
Inc article seemed to approve of the
act and object to its repeal. As the
| currency of the country, its amount
and its stability are matters in which
every citizen has an interest, / pro-
pose to offer some reflections to your
Intelligent readers, as the result of nv
own observations through a long ex-
perience.
Ihe hrst question to be considered is
OF course the constitutional one. When
or where did Congress acquire author.
ity over the States to tax their institu-
tons out Of existence? If they can
tax State Banks to death, have thew
not about as much right TO tax other
state institutions to death? | wonder
sometimes what has become of those
rights which were reserved by the con.
stltutiOn unto the States and to the
people.
This act was one OF those arbitrary
measures that was passed by Congress
at time when they were at war with
the reserved rights of the States, and
endeavoring to absorb all the preroga.
tlves OF government at Washington.
Now, there is an outcry for more cur
rency. The great bulk OF the money
gathers into certain money countries
and, at remote places from these cen.
tres, it is quite difficult to obtain the
funds necessary to the transaction of
business. Formerly, where the needs
were felt, local banks were organized.
under State laws, and subject to such
restrictions as the Legislatures thought
necessary to secure to the people a
sound and safe currency. No better
currency could be obtained anywhere
or at any time than that furnished to
the people of Delaware by their own
State banks. | cannot recall but a
single instance of a bank ever breaking
in this State.
The Congress it made up of citizens
of the several States, and we might
suppose they were as capable of legis-
lation at home as in Washington. Or
does the Washington atmosphere have
a salutary effect upon the minds and
capacities of men to qualify item for
better work? II the States have the
same men at home that they send to
Washington, and plenty more equally
as good, why can they not profit by
past experience, and charter institu-
tions where they need them, promising
all needful safeguards to secure to the
people safe and satisfactory local ac-
commodatiOns2 The people NAV be
supposed to know what they need. As
they do not want what are called Wild
Cat Banks, we need not apprehend anv
such being authorized. Do people
imagine that we are all simple-minded
children, that we must appeal to Con-
gress to save us from ourselves?
We shall be sure to bring disaster
and ruin on ourselves by authorizing a
tiuctuating and unsound currency, un-
less Congress puts a yoke upon our
necks. Well, if all that be so, what a
blessed thing it is that we have a Con-
gress. They will not even allow the
constitution to be a stumbling block in
their way.
If we had an adequate supply of
sound substantial State banks redeem
ing their issues with gold or its equiv
alent in silver. think we should hear
no more of this clamor for fiftv.cent
dollars. 1t ill-becomes the citizens of
the states, that are supposed to be in
habited by intelligent people, to be
clamoring for the perpetuation of the
war taxes at the hands of the general
government. f. r.