Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-06-10
STATE HANKS.


That the banks and the government
ought to be divorced seems to be the
opinion of the experts In finance. ana
OF the masses OF the people. The last
Democratic National Convention passed
n resolution in favor OF repeating the
10 per cent. tax upon the circulating
notes OF state banks, but when the ques-
ton came up for Gnsideration In the
National House OF Representatives II
was voted down. The fact Is. the people
are SO well content to use greenbacks
that they are not disposed to withdraw
them from the channels Of trade and
finance. Yet IL they had a chance, they
would vote for State banks.
II We might Judge from the tone OF
our exchanges, we might come TO the
conclusion that the financial centres OF
the South are the places where state
banks are popular. But these financial
centres do not make themselves heard,
nor take measures 10 convince the world
that the greenbacks ought to be with
drawn. and n bank circulation subsu-
tuted.
Democratic National Convention, at Chi
cago. will be the right place for the
Democrats to declare for new bank
Ing system. 1t says that, whilst here
can be no compromise at Chicago with
regard 10 the standard OF value, .here
may be. without danger to the country,
a declaration plcdgng the Democratic
party to the repeal Of the 10 per cent.
tax" In view of the present condition
of things IN the Democratic party. this
suggestion Of the Suns is almost ludi-
crous.
The New York Times writes in the
same strain. II says there are many
Democrats who favor the silver move
ment because they know that the present
financial system of the United States does
not give TO the South and Southwest
the supply Of currency required. We do
not know how true this is, but we sup
pose It is substantially true. There are
many persons who think the South needs
state banks, and who hold that a State
bank system is just what the Southern
States need. This question ought TO be
considered at the Chicago convention.
The Canada bank system is better than
ours.
The New York Times says, that, "as
a matter Of fact 1t is perfectly practicable
to give the whole country and every
section of it an ample supply Of perfect
ly-sound currency. absolutely governed
by the gold standard, and far better
adapted to the needs Of the agricultural
communities than any currency based on
silver could ever be. This can be done
by bank-notes."
one Virginian writes that there is
real dearth Of money in the South. caused
by the suppression Of State banks of is
sue.
The Augusta (Ga) Chronicle says:
1.-THE idea that the East is any
more ready to grant the South the right
TO have State banks OF issue than they
are to consent to silver coinage is en-
tirely groundless. If It were submitted
Tomorrow to the money men OF the
East. they would say: We would rather
have silver coinage than State banks
of issue The man who thinks a COM
promise can be effected on the State
bank question simply does not know the
real sentiment of the money-power."
Here are differing opinions. Just as
our Virginia Democratic State Conven-
ton has adjourned without saying a word
in favor Of abolishng the 10 per cent
tax on the issues Of State banks. we deem
II a good time to call attention TO the
general subject of State banks.