The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-12
ACKNOWLEDGEMENTS

deon of thai ARTICLE Is precisely in these
words. these lelters and this punctua-
ton, no more,z no less: "To coin money,
regulate the value thersof, and of foreign
coin. and fix the starl5iard of weights and
measures" Hhere are three distinct ana
separate powents relnquiLhs1, after full
possession and enjoyment for manly years,
by each sasH5 to congress. The existing
consequence is, c-rlgrsI-5 has grossly De
trayeld its trust IN two cf the three pow
/ era granted It o5nnoib be g9insald ldlat
congress has the E5ine pcWsr 10 abOllsh
adj "eiaahInrd of weights aid measures
that tit had to demon-tize fore gn col1l
IN 1889 aId 10 dslrnemztiZe American s1l-
visr colin i'm 1874. So muah <sr the ma
! tional bIank hostil ty ITO c1en money.
AIS to the Unavailable hlab't of fe5e-af
| money leading to- a fscUE at New York,
/ lit is we'll to remember THAT The Bank OF
the Unified States filrlt was put down by
JaelnscmL had twenty-five branches, MAX
| ing twellty -six banks of that kind, TO all
| pur-poasls i'm the twerl. y-fve sslI4tes hiatt
FORMED this union, En- ,Jacisoh's last ad-
! 1riaishlitian. THE fefdaIal money then
wss newer ths peoples m my; the money
or currency. If you please. WAS never to
| be depended ON for general utse after The
Bark ef TIRE UrtJs1 States got hold of
! it. The rlotss of this bank and its
! branchss WENT oult to rn5va the crops 70
market TIT took a 1lt~aigfit ooIfse FIR
New York just as quickly as The m n yed
| nGH IN t1fa j 4 eflQi' G u vi spare IT. 1h1e
local banks were the chilly rslia nee of the
people. (see Berlsoafss Thirty Years.)
The republicans have openly abandon
ed international b,-metallism; thu popu-
lists have abandoned free silver image.
The Chicago platform contends for the
restoration of the coinage laws in force
january l. 1873. 1n Chicago pIatf0rm
| does not prohibit state banks of issue.
Mr.. Bryan endorses that platform. 1t
h. ala fTsY4ff1
that Mr. Bryan has been opposed to
| state banks of issue. Be that as 1T may,
! Mr.. Bryan is a young man; ha is the
only man capable eff leadership of re-
| form forces in America who is ceasele S.
! ly intelligently and heroically studving
what should be the measures of rsform
submitted to the ballot box in 1900 He
will learn by study. He Is the only man
now known upon whose leadership the
nlas9sS can safely rsiy. No voter who
favors state banks of issue has any
reason TO apprehend trouble in that di-
| rection from Mr.. Bryan.
What is the difference, in the attrib-
utes of currency, between the green-
backs of the populists, the national bank
notes of THE republicans and the state
bank notes of the people of Alabama?
All paper currency is based upon the
wealth behind 1T. The paper currency re
| commended by the popuNsts and the kind
| recommends by the republicans would
stamp of the government, which might
| be the government of people without
wide commerce in the productions of its
own soil. and its own mills. The French
paper currency of today is good because
| of the same reason that the paper cur
| rency of Alabma was good in the fifties.
The paper currency that the people of
Alabama used in thu fifties was good
| because, for example, when state bank
locked $33, 800 gold or silver coin, or both,
to- o,,14 o,a6 orcr cd cbaq G
| other sufficient assets available, that
| bank could issue $100,000 in currency.
The currency so issued was desirable and
sufficient, of that kind because 1T was
not wanted in New York.
| The result to Alabama was that all
profits on industry all dividends, interest
! and commissions staid hire at nome.
| The people Of Alabama liked the system,
| and In evidence, the legislature OF lS59-oV
chartered a new bank of issue for MO
biI+. where there were then others, with
So. 800 900 capital stock, far more than the
capital stock of the banks Of Jefferson
county combined.
"A successful bunker off Birmingham, in
am argument supporting tihe rspupllcan
party monetary policy, says he has seen
State bank money at 25 per cert. dis
! count Accepting the remintiscerce ais
| fact lis there "a national bank i'm Biz
mingiham khat would discount a note OF
800 fon a daIlryman, for example. worth
| 81 900 for a longer thine than thirty days
at less than 1 per c=nt per month. And
not all kinds of money now loaned un-
| der one or another guise, all through this
state ait or even per cent a month.
| But the trouble now lis 1.-The competition
| betweem small loans ait home with great
lcniss I'M New York. The money goes off
| under the ordinary 1aws of commerce
| pu sued upon THE plultocraitfc principle.
Along I'M the forities, before the re-
effect Th4re was some disastrous bank
| ing There is in Alabama, in the
United States, and usMt There lis a United
/ States In Alabamla.
| Let us go to a homely illustration.
| Many excellent prinl .ers, temperate men,
| industrious, are known to be out Of work
in this town. Some editors are possibly
! on half rations. 1t Is alleged the ma
chimes make the trouble. That is re-
~markable mis- axe. If every idle printer
| should be set UP over machine the
combined force could not turn out even
| moiety of the newspapers. magazines
| and printed matter in general received
by the newstands in the city daily
from New York Birmingham needs
| small aid from New York in supplying
her vendors with newspapers, except
| her share in the federal currency that
congress legislates into New York banks.
| Birmingham is entitled to full $40 where
| she handles 81 of hat currencY.
| State bank currency sustained an ex-
| port commerce for Mobile in 1852 ag-
| gregating s45, 000. 900, good as gold in
| Alabama. The discount on this money
| in New York was about one-eighth of
| per cent
Federal money has pulled the export
commerce of Mobile down 20 about one
| tenth of that amount.
| The moment the federal tax on state
| banks is repealed and the banking laws
| of Alabama of 1S59-60 resume action,
! silver will gain a permanent hold upon
| the monetary system of hhe uShed
| states national banks will expire as
! banks of issue, greenbacks and all fed