The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-18
THE CURRENCY QUESTION.
Views of Business Men as Presented
to Mr.. Springer's Committee.


WASHINGTON, Dec. 1.-THE committee
on banking and currency has heard from
the country Several weeks ago. while the
agitation of the currency question was at
it's height and the wisest of legislators hest
tated as to the panacea for the great dis
tress existing in the commercial centers,
the committee on banking and currency
extended an invitation through the press
to the people at large for suggestions as
to the wisest method Of monetary legiSla-
ton TO meet the demands of the times. The
result of this invitation has been an ava
lanche of communications from all parts
of the country, some of which are frlv-
olous, but many of which are of great i'm
portance just at this time. in view Of the
commercial standing OF some of the gem
tlemen who have made suggestions to the
committee.
Ex-United States Senator Charles B. Far
well says: II think the government should
go out of the currency business, and that
it ought to have done so years ago. 1t
should pay it's floating debt at once by the
issue of long, low-rate interest bonds. After
this floating debt is all paid in long bonds.
then the committee banking and cur
rency should provide that the national
banks use all these bonds at their face
then they would furnish all the currency
that the country would require, and the
government would be absolutely relieved
from doing it. Possibly, in the near future,
IL would transpire that there was NOT
enough government bonds To be used as q
basis for the circulating medium, then it
would be easy to amend the national act
py providing for the of other salts
f2Sstory bonds. Next, the government
revenues of the government be deposited
IN national banks where collected, they
giving security for the whole amount re-
ceived. and thus keep all the money in cir
culation."
The Clearinghouse Association of Seattle.
Wash, through II. w. Wheeler president
Of the Commercial Bank of that city, sub
mits bill which provides that all national
banks as at present organized. the capital
should be permitted to withdraw The bonds bonds
held by the treasury to secure their cir
banks as shall be organized under the
amended laws, be authorized to issue their
circulating noteS, TO be provided by the gov
eminent IN similar manner as now pursued,
10 equal % per cent. of the unimpaired paid
uD capital:
j. l.. Elliot, president Of the First National
Bank of Los Angeles Cal, recommends that
the national banks be allowed to issue %
| per cent. of the capital in bills to be taxed
ditional rs per cent. to be taxed at the rate
| of per cent. per annum, and the third and
oSuItn NJ % per cent. 10 be taxed at the rate
ly; that all these taxes be paid into the
treasury as guarantee fund, and that the
| stock and stockholders liability of the bank
| be held security for the bills, which
would be prior lien upon the same. This
| would give some flexibility to the currency
II this could have been done In May, June
an July this trouble would not have &C.
CURED, and millions of dollars would have
been saved to the country
| Jefferson Chandler, the head OF the law
| firm Of Chandler q Kremer New York
| tax OF one quarter of l per cent. on all
| deposits in national banks. the tax to be paid
10 the Secretary OF the Treasury on the
last day of the month the deposits Of
| that month. The object of this bill, as
| stated by its author, is to prevent banking
| systems from pulling and bearing the
financial market.
| Thomas Waller. of Philadelphia, who
states that he is mugwump, rejoiceS that
| Chairman Springer is opposed to the repeal
| Of the tax on State bank issues. and states
| that disaster will await any party that
| again precipitates State bank notes upon
| the people.
The banking house Of Gilman, Son &, Co.,
/ New York city, says: What is wanted
/ from Congress at the present time is not
| more money, but some change in the bank
ing laws which will provide money when
| it is wanted in the future when another
| commercial disturbance comes upon us.
| What is wanted is safety valve attached
| to the banking system. This can be done
| by bringing in a bill to incorporate clearing
| houses under United States charters, with
4 such additional powers and duties as are
| necessary to enable them TO do under the
| sanction of the law and supervision of the
| treasury officials what the New York banks
| did so successfully last summer without
| the sanction Of the law, except the law of
| self-preServation."