The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-02
MIR. Norwood's Banking Scheme.

In his speech at Atlanta Wednesday night
Hou. Thomas M. Norwood outlined a
scheme of his own for increasing the cur
rency of the country. 1t would be unjust
tosay that it has no merit. or that it is i'm
practicable, without giving it very careful
study, and the opinion OF any one with re-
gard to it not accustomed to solving finan-
cial problems would not be very valuable.
No doubt Mr.. Norwood has given it a good
deal of thought, but he might not regard it
with as much favor as he now does if he
should hear it thoroughly discussed by those
who are capable Of handling such matters.
The fact, however, that he has presented
a scheme for increasing the amount of
money per capita in circulation indicates
clearly that he does not regard the sub
treasury plln with favor. His plan, no
doubt, is presented "as something better"
than that plan. In view of the fact that
Mr.. Norwood has been regarded by alliance
men as approving the Ocala platform, his
virtual announcement that the sub-treasury
plan will not give the farmers the financial
relief for which they ask, will have the
effect of making the plan less popular with
them.
The main objects of Mr.. Norwood's plan
is to prevent the currency from being con-
centrated in Wall street.. under the control
of spectators, and to increase the amount
of the circulation to at least $40 per capita
There is no doubt that the amount Of the
currency could be increased to any amount
by his plan, just as 1t could by other plans.
but whether it would prevent the accumula-
ton of vast sums of money in Wall street is
a question that neither Mr.. Norwoo ID nor
anybody else can answer with any degree
of certainty. 1t would seem at first thought
that the same influences which now cause
money to flow into Wall street would still
exist. That being the case, however much
the volume OF the currency might be in
creased. Wall street would get more than its
fair share of it,
But the question whether there exists a
necessity for on increase i'll the volume Of
the currency is still an open one. The vol
ume is now greater per capita than ever
before IN the history OF the country, ead it
is only recently that the idea has got abroad
that it is not great enough. May it no: be
that the volume of the currency is ample
ana JnuI GL5ro arc IeASOuS why eHcAo 10 uh
usual difficulty IN obtaining money. ThC
failure of the Barring Bros. alarmed III,
| financial world a I'd there was en- Immediate
| loss OF confidence. At oace backs and in
| dividuals began TO hoard money and tn
| complaints of q scarcity Of money begin tC
| be heard. Now that coLddelce Is returm {
there are fewer complaints and, in the nea!
| future, if the country continues prosperous
/, the volume of the currency will be sudicieA
for all purposes.
Tho danger that turks in the variou
schemes for providing money 30 be loaned
to the people on ell kinds of security is no
generally understood. In d speach a day o.
two ago the governor of Alabama calleC
attention to the burden imposed upon thu
people Of that state by the legislature il
1887 The legislature authorized bonds K
the amount of S., 00),0p0 70 be issued ant
the proceeds loaned to the people through
the banks The banks failed. the loan
were not repaid, and to-day the people are
paving the interest on them.
Mr. Norwood is not alone in suggesting
plans for increasing the volume of the cur
rency. They are being suggested all tn
time. Michael D. Harter, of Ohio, has on,
{ in the October Forum, and others might b
mentioned. There is probability that the
. national banking law will be amended b.
the present congress- but there is no proos
bility that there will be legislation in hsr
r mony with the sub-treasury plan.