State Bank Notes

The New York State Farmers' Alliance is nmch exercised over the Democratie proposition to repeal the prohibitory 10 per cent. tax on state bank issues. John Chamberlain, president of the Alliance, as representativo of that organization, has issued a circular to the farmers and laborers under the caption, "The Peril of the Nation." The section of the Democratie 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 tax on state bank issues be repealed stands, the circular says, as a danger signal for the sons of toil to wam them that rhVi i-onoi n. prises a scheme to re-establish the wildcat fluctuating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 continúes: "Older men must look with dreadupon this midnightmadness movement to repeal the state bank tax if they wül recall the condition of the currency prior to the war, when the losses by connterfeits, broken banks and discount3 wero appamng, ana when many of the state banks were started with the preconceived purpose of swindling the coniiminity by irresponsibïe and unscrupulons Wall street adventurers from whose offices the bilis were issned, the nominal location of the banks being fixed at rernote and obscure points difficult of access to prevent the presentation of sucb issues for redemption."