Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-03-09
BOWEN ON NATIONAL BANKS.
He Thinks the Government Alone
should Control the Paper
Currency.

WASHINGTON, March 9.-The morning bus
mess OF the Senate having been disposed OF
Bowen at o'clock obtained unanimous con
sent to address the Senate on the subject O
ms Dill 10 provide new basis for the cir
culation of national banks,
r, Inc bill also gives the Secretary of th,
treasury, with the approval of the Presi-
dent, authority to suspend and resume ono
Gle payments by the Government from time
20 time, whenever in his opinion the same
Will be conducive to the safety and IN The
business interests of the country.
MI. Bowen did not claim for his bill ner-
Iectlon IN details, but said the principle con
famed IN 1t was sound. He would launch Il
VI tne legislative sea, not knowing where it
might cast anchor, but with an ahidino
Ialth that some day, he hoped before II was
700 late, the wisdom of its provisions wonld
De appreciated. The fact that legislation On
! THE SUBJECT OF OUR CURRENCY
| was necessary, he said, admitted of no
dou6t. Our National Banks had furnished
me best bank currency that the country ever
I lao, ana, next to silver and gold coin and
inc United States notes, the best we oonld
ever hope for. There was however one
oeIect IN the system, defect of so serions a
NATURE that ne would rather let the whole
, nysteM u 70 IMAM hazard its long continuance
go It's many advantages than risk the disas-
ters that confronted the country throuoh
Gnat one defect. That defect was The nower
gwen by law to the banks to reonlata The
YOU me OF money. After careful inyestioaN
s Mr; Bowen had failed to find anv rea-
sons suInolent to satisfy his mind that the
country needed National Bank notes at eli
IN the contrary he was irresistibiv Iod az =.
the conclusion that -''iOiy leu TO
TIE GOVERNMENT ALONE ------
Should limit the paper cnrrono
nation: Recalling what wehad 49,, - me
past, Mr. Brown asked whether, there. w vas
10y danger that the banks wonld co,,tr mas
Ine currency, when it was to their interost |
10 90 SO. Would they not use the nowe ee ~
snelr corporate advantage, reoardless of th W
uL.saster winch might follow from one end of !
h hue n country TO the other? Could anythino |
ne palmer than that the power TO contraf
me circulating medium shonld navor 'r La
piaGed IN the hands of any class or he con No
sroile9 by any special interest? The y,or,n-
~ make or unmake the vehicle of o1 80" a.,
changes should be kept precisely where onr
organic law placed it. The power to eyne III
- - oontraot the circulation meant the power
oronert uoe 9r increase the prices of ali
, 7, either stagnation or unhealthy act;pit1
~ every branch of industry. TT fro,, wy
'ause tne National Banks shouId anddo auy
'etlre their circulation '"''.'ehiy
=, CRASH WOULD FOLLOW
' anae would shake the country from tho
enter to the circumference. M got nf me
ayng private interests of their own to su fn
yoneress rep oe eusied with such power
hould hold the all important no,u .1 people,
ndymg grip. The mere statement VIII VIZ Ian an
act that Congress had delegated The VI tne I
2, lot OF banks was sufficient to stat lower
II with CONSERVATION the mind I' of am and
nan ~ VINO compartments the disastrous Every Every
snoy to an l e contraction of the cur
,g law Mr. sa sowapn possible under the exist
ole length to discuss the feat al consider ts
III ana the silver question generate OF the