Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1885-01-03
TIE NEW BANK BILL.


one-fourth the whole number now do
ing business, and their agg. egate circu
lation Is about 500 200 OO0-say one
third the entire national bank circula-
ion of the country. It Is not carta.n
whether these 600 banks will reorgauize
under the Iaie Law aid thus keep up
their proportion OF circulation, or
whether they viii 50 out Of business
and thus withdraw from The currency
Of the country 8 handsome million dol
lars in bank .otes. This uncertainty is
of itself, mstter OF grave cuncern TO the
7 people and To their repre- entatYes in
/ Congress-, and when we add to II the
fact hat our curIenc is relatively be
} coming smaller every year, the subject
grows n Importance
; In view of those and other impSrtin-
( eut facts, bill has been introduced in
The House Of Representatives providing
. for a Iefunding Of the public 6eEt and
To secure the stability of the national
bank circulation.
: Ia consideration Of the scope OF the
/ proposed Legislation this Is one of the
most important bills ever brought be-
, fore the national legislature. It pro-
( poses to establish financial policy ne
cessariiy ba ed upon "A perpetual indebt-
ednoss. There are now something over
three hundred million dollars Of this
kind OF currency ahoa5, 1t is based
! upon bonds Of the government. The
! great question in this Lew bank bill is,
( shall we yerpetuaJe hat much of our
national debt? Ii that question IS ans
: wered alhrmaiiveiy, there wall rise
oIhet-Shall we l. ay interest on this
Continued Indebtedness? and if 50,
why? There would come up, also, that
other query 10 which the Capital called
attention some days ago-In what way
shall prov isiUn be made for expanding
the bank circulation as population and
hush ess shall require? Ii We decide
to pe:peruate national bank notes as
our common currency, then we mu I
also provide q way Of adding 70 the
amount as fast as We shall need it.
That increa,e in our needs being an I'M
known quantity, it is impossible TO pro-
vide +, T it or any part Of 1t if We start
and stop just where we are now.
The nearer We ge5 to this great sub
jet, and the m)re it IS considered, the
more difficulties are seen to lie in the
way OF perp8tuating our national banks.
That they were The best resu $ Of wise
counsela, and that they have been useful
factors in our recent history, no well ia
formed person doubts; hls the reasons
which called them into being aud made
them serviaeable, no longer exist, . ID
theic like may never appear again.
The fact that no provision can be
made for expanding the bank circula-
ton without resnrtlng. to some other
and different basis for the excess, sug-
gests the query wue her, when we are
determining what that other basis for
tn, excess shall be, We might not as
we'll apply the same ruie to the entu e
paper circulation, and thus do without
the banks.
The dlscu, sion Of this bill brings mp
the whole subject OF our tu,me money.
The subject demands the best consider
alto, of our best mind, l. cannot be
hurried over as Of little moment. The
best minds are hesiJating The Capital
IS ready to concede all that has ever
been cI4imed touching the services
the banks performed, but it Is not read >
TO grant their perpetUity. The greal
avenses which battle for their country
were serviceable, bat the war is passed
and the armies are no longer needed.
May we not wisely apply the same in.
ference to the banks. They were one OF
the outgro wths of the turbulent times
but times are peaceful now. 1t seems
TO Us tkat one Of the two things must be
done concerning the banks. A diner
enL and equ .lly safe basis must DO de-
.,Vi5ed, or they must be discontinued
I Weekly Capital and Farmers Journal
Wonder how much D. r. Anthony j.
paid by the whiskey element
OF the state for howl.
ing for a constitutional convention; and
also 10 compensate him for redIc-
ing the price Of his paper to merely a
nominal sum. This spasm OF philan.
tnrOpy on his part IS truly phenomenal.
Judge Sage, Of lhc UniJed States dis
tricL court. sentenced several persons
in incinnati, On tie 30 ult. tor viola.
ton of The election laws.
IT., NJ.,- o,I,..,.. ..,v,o. non. l;-,,,..