Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-11-26
Comptroller Hepburn Declaims
Against State Banks.
HE SAYS GOOD CLEAN MONEY
Whose Notes ARE as Good as Gold or Silver.
Wants Mere Bonds Issued 10 lake Up
Old Bonds Stale Bank Notes
Would Rob The Poor

SlJ,sSi, 0G0, organized during the year,
81 went into voluntary liquidation, II
became insolYent. Thirty.hve per cent
Of the new banks were located IN the
Southern states, Tho comptroller |
recommends that the tax ON ma
tionnl bank circulation be re-
pealcd, or they only assessed an |
amount sufficient 10 deiray the actual |
cost to the government Of providing tho |
circulation. He also recommends that |
tho government issue bonds having !
twenty, thirty and forty years to run at /
low rate Of Interest with which 20 no.
tire the present bonded debt OF the |
United States, which bonds may DO Is
tional bank circulation, The comp
troller shows that by exchanging |
u . per cent bond having
the same length Of tlmo to run for 1
per cent bonds outstanding At the
market value Of each. on the
LIST OF Ootohcr %, the government
should have saved S07 l6l,55l In I'D
dition TO furnishing a permanent hasie
for circulation II would provo great
saving to the tax payers Of the country;
! that tho comptroller with the APP
provhl OF the secretary Of tho treasury
| be- empowered 10 lNmoyc officers and
| directors OF banks for violations
/ OF law, the vacancy 30 cnused to be filled
in the usual way first giving such
/ officers and directors an opportunity to
b. heard; that bank examiners be 70.
Quired 10 take an oath OF Office and give
bond In amount aud with securities rs
tho comptroller may require.
That the comptroller be allowed to
/ nppoint general examiners OF conspicu-
| ~. Ns, l.
maid out Of tho puhllu funds. whose
duty a shall be to visit, assist and
superyise tho various examiners Ia
their several districts In order 10 secure
uniformity In method and greater oi'l-
cheney In work: that tho law BIO so
nnonded us TO prohibit officers Oh, cm-
uloyeos of the bank borrowing It's funds
In any mnnnor oNcept tlpon application
10 nnd approval by The heard oi direct.
ors.
In the chnpter In regard 20 circulu.
ton, the comntrollor saws. soiled
pnper money l. popnlarly believed 10 b.
a potent means OF disseminating infeo-
ti6us and contagious diseases. Tho
statute provides for the redemption Of
United States notes when they
arc no mutllated, or 40 inferred as
to be unfit for usn. aud for
Tho redemption Of national bank notes
whom they are worn. dofnced, mutila-
ted or otherwise unfit Tor circulation
A motto with the a accumulated NTH uf
continuous use h unfit Tor circulation,
and should bn redeemed. send Ia tho
old. and let inc psople hayo tho new
aud clean money.
Tho report also says. National banks
bnye furnished a currency ndeuuate 10
the wa nts Of the public, sound elastic
: nud beyond criticism This form OF
rurrepcy ehould be continued as the
money Of tho future. The con
stlution nrohlbits tho states coiu.
inc on making nnv thing exuept
poid and silver legal tender. state
bnnk hills when issued ndd lust SO much
J 10 the liabilities of tho bank. They
z would circul ate freely 10 times VI pros
poritv and confidence. In times Of none.
: iary strinrency and general distrnst
, they would return 10 the banks foi
/ redcfnption. They would have 10 be
redeemed In legal tender money pro.
( yided by congress. Congress must un,
/ do,. titn constltution nrnyide "A money
! That pos.esbos full debt paving power
r no cv,,rv Consideration Of sound
p hysi,os. nrincinlas IL abonld nro
yido ail the money thc countr,
/, reouft,rs M public interest can b.
Z served by dividing this function viii
+. the diNerent states. Every Glanoin
: dopresslon In tho pnat resulted IN the
7 su9nenslon Of specie payments more o.
4 49, ,g,net.,i he lilo bnnke TN,
+ ann condition wuuid produc,
siwilar results IA tbe future
~ .taie bnnk notes nre allowed ,o cireu
Iato their areootnpco IA NOT voluntary
n becotnes a nooessitv. MANY min,
nY,,c,,a MANY manufacturers and ,
iarg,, number AZ cn,nloyers Of labo
,r nrantiee raving hol6 In ptorl
nrIcrs In Older 10 control thei
trndc or maize an eytr. profit
5uroly under tho law the acceptance al
r,ieeiim of such orders WIS ulfrel,
i. voluntary and vet acceptance Tor fea
4 of iosing employment was general. &,