The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-23
THE NEW YORK EVENING POST
CROPPING IN THE DARK.

The Times has more than once colh-
mented upon q recent letter from Gen.
oral Edward w. Rucker, OF Birming-
ham. Ala. to Mr.. II. NJ. Hanna, of the
Indianapolis Monetary Commission, upon
the necessity Of the repeal Of the tax
upon the issues of State Banks. Gene
raj Rucker has written another letter
upon the same subject to the New York
Evening Post which that paper publish
ed a day or so back and in 1t General
Rucker advances strong argument for
the repeal of the tax. The Post makes
the following editorial comment upon the
letter:
We give place TO the foregoing letter
because Il comes from an intelligent
source and because the views of the
writer must form a part of the coming
discussion Of the currency question. We
are not in favor of the repeal of the tax
on State bank notes although we would
vote for It rather than for the free coin
age of silver. We think that all of the
advantages Of state bank notes, without
the drawbacks, can be obtained by suit
able amendments Of the national bank
Ing law.
When a Journal Of such position and
character as the New York Evening
Post makes such a comment as this upon
the proposition, we almost feel like
abandoning II in despair. The writer Of
the foregoing paragraph is densely igno-
rant Of the real principles involved in
this matter. How can we hope to in
struct the masses in the true theory Of
the case when a leader Of thought, like
the Post is so far wrong about 1t? We
shall 20 on with the good work, however,
IN spite of all discouragements.
The point In the Posts comment that
made us amost sick was its remark that
It would vote for the repeal rather than
for the free coinage Of silver as though
there were something in common between
the advocacy OF State bank notes and
free coinage. The free coincrs want to
food the country with legal tender dol
Iars worth only about forty cents each.
But the advocate Of State bank notes
does not demand a deprecated currency.
lilo wants the State banks authorized TO
bank issuing them shall redeem them in
legal tender money as it now is-gold-sil-
yer and United States notes-all now
equal to gold-and he is willing to have
the most stringent provisions possible for
closing a bank and making it liqudate If
It fails to pay one Of its notes in gold or
its equivalent when it is called for. What
is there in common then between a de-
Inand for State banks and a demand
for free silver? The free coiner wants
a deprecated dollar that shall be fun
legal tender for a sound and good dol
lar. The State bank man insists that
his State bank note shall be Always kept
as good as tho gold coin it calls for
and ne does not want II TO be legal
tender for anything. Every one is to
be at liberty TO receive the state bank
note or TO refuse It at his pleasure.
We find In practical lie that much OF
the opposition 10 state banks notes
turns upon the notion that men would
be compelled TO receive them in settle
ment Of balances. This is an utter mis-
take. No one proposes 10 make them
legal tender. and there is no power any
where under the constitution 10 make
them legal tender. Men could accept
them or refuse them as they preferred
The idea prevails with some Richmond
merchants, for instance. that their Gus
toners in North Carolina ana South
Carolina. would send them North Caro-
line and South Carolina bank notes and
that they would be at discount here
which would throw loss upon them.
This happened. 10 a certain extent before
the war, but IL was because the railroad.
telegraph and banking system through
these States was very incomplete then
and a Richmond merchant would accept
North Carolina bank notes when sent
him rather than affront his customer by
refusing them. But the situation is to-
tally different now. The whole country
10 covered by g net work OF railroads.