Rensselaer Republican, Volume 25, Number 5, Rensselaer, Jasper County, 29 September 1892 — STATE BANK NOTES. [ARTICLE]

STATE BANK NOTES.

The Fanners' Alliance Opposing a Return to Their Use. The New York State Farmers’ Alliance is much exercised over the Democratic proposition to repeal the prohibitory 10 per cent, tax on state bank issues. John Chamberlain, president of the Alii, sake, as representative of that organization, has issued a circular to the farmers and laborers under the caption, “The Peril of the Nation.” The section of the Democratic national platform recommending that the prohibitory 10 per cent, tax on state bank issues be repealed stands, the circular says, as a danger, signal for the sons of toil to warn them that such repeal comprises a scheme to re-establish the wildcat fluctuating currency of a generation ago, when the state bank notes were of varying and uncertain value, and to the loss of the farmer, the planter and the laborer. The notes then were subject to a discount of 10 per cent. The circular continues: “Older men must look with dread upon this midnight madness movement to repeal the state bank tax if they will recall the condition of the currency prior to the war, when the losses by counterfeits, broken banks and discounts were appalling, and when many of the state banks were started with the preconceived purpose of swindling the community by irresponsible and unscrupulous Wall street adventurers from whose offices the bills were issued, the nominal location of the banks being fixed at remote and obscure points difficult of access to prevent the presentation of sneb issues for redemption."