National Republican. (Washington City (D.C.)) 1872-1888, 1873-11-05
GEN, SPINNER'S REPORT


I
nndcr tne tnen enanpea oonp, n, y, .ne cur
rcncy, VIZ no M ssn,, MIL p1nivo
10y sVVs - yon,a a., s,cco ov ~ NJ, ha,n ssI.
kpo,vvv,vo,. "ow nr. Nv ~ ~ ,,sa ueg 1917
~ ~ shs 80, y, ~ sss,
~, w nr.,rcss M Inc ccs,srs ~ ,nn. bsr
nnn eps,ai wants anal necd ths ,a,,ns, amonnt
- \, hoi,osas tha, lin nv s.u ~, , w nv
's,st 'nnbor nn,ss ,ha rs ~ ,a n ~. uo
~ nornn. To- ma nv a w. WIZ , h
ss,,sHeJ maj No wo,a ~ neeIsn. sn, IN, ,Snse
rho heusvs ths, NJ H. miscn,eya mall resrnaen,
WI "vuev u .nas " !. m'sonovouAy reaunuans
=. vra,,. ,,,u =. " .nv y. sPvvso
eeoyy,n.,na,. ~ RAJ, " y uuho Va '''
IL sda,,or - ~ n,s, vp ,.' .o
,,n ~ saa'on ~ ,me uIxcns @
nnses shonid asa,n =. ma. ny mo asays,,hIa
,n,a ,Tn,, s,a,xs ~ % " ~, ,s.nn y,
,n,o onnso Sa.es stooNS Tue nlat ISSUE y.
NJ noses , pprp iVnoWng grmo upon
.n,, ,,,,,; ~. u lcga' nnu . wi h
uep 1,s rnp ,n, sna Nv, eSvept nauvs On I'M
lrean,aa,,n ~ , w pnon , "su snu "
enangeaoIe ior United states sX per cent.
~ NV yI,.s s'ps us' ~, an ~ NV Poasuie
r M an ..,, o'sses ~, ~. wi
tue Of and In accordance with the acts q febru,.
NJ, -, aoV ~. a"W ~ VI vuy ,sot. ~ 'ne avt "
,,,,,a a'o, ,mo v. .nc no,uers OF .nese
determine on the lat day Of July then following.
ny 80 ~ U, Wy .Vs s ", us III. ~,
nnuv ~, ~" ~, ~ 9ouos nnucnyeu ~ uu ny,
ns, ,, W '.c uay y, tne OF Ino
~ 49, p u,... m 'au.eu w ~ ", CENT &
me,oss.ss y, Wy" M va oVmsuery PARLIAMENTARY, W ~, tns
M rar,,,,, " w uvne, ue whsn 'us ,u w
roniL auch an ac, hn ,,s,,naJ rh,rn IL No
omaer s an, M w.. o9 lus.neu n, no
,on ~, ny SUIT neccSs,y, anu W9uu ecu w.
conxer,iall,ty az ,ha.a nacs ,n,a s,"cS o ,ne
United State shonld bs yestorci me nrivi,cgc
.n ~ $3.50 snvuim w I.s,vic,. ny rINn. 10y,
W W, Ieevuveruuy " inc s."s ~, IN ~. , nuss
t ,v,ps' w ~ clu,Nn ". nv ~, ,U"u'
heioS ,ha, osaa ~ ,a,mo" wss ghonih ,bs
s,nn Ins. sed oy ,onnea h sn ,n ,1e
n ,sus osnhs w perinuen 70 no,n wv LIZ LIZ
Of the lcral.tender reserves required Of them nv
existing laws. il wond no AR 10 prevent the
| perncious practice on their part Of paying In
terest on deposits.
This prsctice has becn and will contInuc To he.
unless inhibited Nv forre OF law. inc man source
OF all the financial troubles that have OF late
wear, disturhed and ana ucd Mi the names re-
latlons Of the country. Ranks were created for
/ inc purpoee OF ioanina money. for ind moro easy
transaction Of business, and not Tor the purpose
| ihaa biocting ina cbanneis ri irgitimare trade
| and Commerce 40 inne as tbcv eonnnc them.
selves . ms their lcgitlma,e business ,nsy ben;
come borrowers Instead Oh lenders OF money,
they not only put their own interests in peril,
| oyerybody within their influence.
| This practice on me mari Of national hanks Of
paying interest on deposits, and especially that
Of one bank allowing interest on the deposits OF
another, whether they 10 permitted TO hold the
proposed bonds as 4 pafr OF their reserves or
not should be forbidden by law, under the sc.
we're ponaity of ihe forfeiture OF their charter,
Obieciion win. no doubt. he made TO tho new
.,tr,buta nroroscd ~ be glvcn tn ina ,egsl.ten.
der notea. on me ground that interost viii have
10 he naiJ an thst mari ~ ihcn, witch Will be
| renrcsontaJ Nv tha nronoscL stoc. Tbc mini
mum smonnt al iegsl.tsnIer notes' saiS oO, ~,
Il now loan from the peopie 10 Inc tioyerpment
without iptereat' shonld the Man nroposeJ he
sdoptsd. n n Believed that AZ tines tSe mart Of
these notes renresented NV stocts would amount
10 sibo oc0 o,o and mai nj other times N wonId
NOT he more Than ona'hnlf that amount ThIs
would hiring tbe average Amount NJ interest To
about fiia oOJ, 900. 1.-The nnximum Of f,o0. ooo, :
600. authoriZcJ nv law ssoad he issueJ' n would
10 bc nsid Nv ~ opo ooo bclng an syrrayc Of
| sss AZ, 900 on which Interest WouII haye 10 he
naid TINS Al ~. inn ncr zen, won,I smonnt N
. | " IA oaa nep snpum Ps' 's"'' '''"''' w
| Tne vbaIa circniatiop is.pei bx thu aoverp.
mani Incndine tha g,.,,ionsi cy,ran,S wou,d
thon h. ahon, = ~ oon a1o an ,shich ,ho 4, rnras,
| 49, ny, con, ,.nn,S M 400 aon ma nonnc,,na
~ p ~, "o ea ~ i,,a,,s., ~, sSanit
n,o,ahiv ha nj, on IN caon,amntatod nas. nonas
~ esors.e 4, nria M, Ia ~ a,scr 40 soS ma
az ,hn seSin y, INN ,ntaro.a hy ,casa 81 mi
largo loan Nv the sneonia 10 tbs iaayernment On
whIch iha is,tnr nv. no in,s,est The anna reni
ioss ~ ias. hsn No nno In nrrs,cv 70 ,Shp non'
, NE who Womb Mi the aioct wnnii be \ nero
triae \. comna,aJ lin ,ho ose,, aain ,Sot wnniJ
| arcrue 10 tha y.ho,o rnnntrsin conseaencc 81 ,ho
beticr c,rcn,.,In. meIinm that wot,td bc intro.
dnccd. and .hirS a. r. heiinysa wnn,d nr"tec,
them In The fntnre from ,.cornets', If All kinds
and from financial conyusions ike the one that
has Just now swept over the whole country like
, a tornado. This could not have happened had
there been an elastic and flexible, instead OF our
present rigid and unyielding, currency. There