The advocate., 1892-04-13

Il provides that, as in the case Of silver
notes ard treasury notes to-day, the govern
ment may sell per cent, government two
to flve year bond and redeem the notes
gotten from it by the the exchange Of law
full money for notes, and that all the assets
of the bank, with the liabilities Of the
stockholders, shall be used to flrst pay the
notes issued by the bank on its reserve, in
case Of failure or disoOntinuing its business.
It provides that the charters of all banks
shall be so issued that they shall expire to
the same number and having capital to the
same amount each year for thirty-three
years, each bank having right of renewal
of its charter to cover period of not less
than thirty years.
But one Of the very best features Of the
bill is that it cOnfers upon the secretary Of
the treasury the right to devolve the duties
and responsibilities of executing the pro.
visions OF the redemption of the notes and
other banking functions upon reserve banks,
under such regulations as he may deem
safe and proper, and to deposit with them
the funds, etc., and also provides for a
"bOard of advisors OF experts TO the comp
trOller of the currency, upon changes de-
sirable In and methods of executing exist
ing law concerning banking, consisting of
the conn L,troller of the currency, ex-officio,
and the president of che redemption bank
in the Ave chief redemption cities in the
country, or such substitute for any one of
the officials named as he shall from time to
time appoint" which board shall meet
once year or oftener ct the call of the
comptroller of the currency or Of MAORI
ty of the board, the action Of the board to
be published in the reports of the comp
troller of the currency. The bill thus con-
tains in itself the ultimate divorCing Of the
government from all connection with the
monetary affairs of the country, except
police supervision.
The bill is so written that banks can be
organized under it alongside existing ma.
tional banks, and all existing banks can or
ganize under the new law at once, and are
required to organize under it at the expira-
tion of their charters.
Under this bill the banking capital of the
country would increase to one-half as much
again to double in Ave years, and the vol
ume of the currency would be self-adjust-
ing, and would not vary from the needs Of
trade, which would be great advantage to
the country.
The adoption of banking system that
would commend itself to the people. would
do more to settle the question of coinage
than any direct legislation upon it. Were
the banks organized under this bill, it is
claimed that by its working all other forms
of currency notes in the country would soon
be eliminated. It is so written from be-
ginning to end as not to be open to the OBJ
jections to the present banking system
which exist in the popular mind. In fact,
it may be supported conscientiously by
greenbackers, free coinage of silver men,
and monometalists. Il has the approval of
some of the leading bankers in the country.
j. H. WALKER.
HOUSE OF REPRESENTATIVES, UNITED
STATES, WASHINGTON, D. c., March l5-To
the Editor.-In answer to your two inquiries
of the 18th inst. beg to say:
1. The wit and wisdom of man never
have, and doubt if they ever will devise a
better agency for supplying the peoples
currency than the national banking system
now in vogue.
2. When the bonds upon which our ma
tional banking circulation is based are re-
tired, some other form Of security, either
real estate-or safe listed ecurities-under
proper regulations and limitations-must
hA anhakiknkad hnk rrhinh Of than am M,