The Wichita daily eagle., 1893-12-19
FINANCIAL SCHEMES,

| WASHINGTON. Dec. 1S.-The committee
on banking and currency has heard from
the couatry. Several weeks ago, while
the agitation of the currency question was
/ at its height and Legislators he-itated as to
the 1anacea for the great distress existing
! IN the commercial centers, the committee
i on banking and currency extended an III
yitation through the press to the people at
| large for sugge -tions rs to the wlsest
| methods of monetary legislation to meet
| the demands of the times. The result or
| This invitation has bren an avalanche OF
country.
Ex-senator Charles B. Farwell OF Illi-
nois says:
II thiuk the government should get ont
of he currency business, aud hat 1t ought
TO have done so years ago. Ii should pay
its fl )ating debt at once by the issue OF
long low rate interest bonds. After this
| floating debt is ali paid iii long bonds,
then the committee OH banking and cur
rency should provide that the Dotlonai
banks use these bonds at their face value
AS a basis for their circulating notes;
then they would furnish all the
currency that the country required, ana
the government would be absolutely re-
lieved from doing it. Possibly i'll the near
not enough government bonds to be USED
as a basi, for the circulating me,iluln;then
it would be easy to amend the national
act Dv provi.iug for the Use of other Satls-
factory bonds. Next, the government
should repeal the sub-treasury act. LIT
the revenues of the govern ment be de-
posted in a,ionai bauks where collected,
they giving security Tor The whole amount
received. and thus keep all the money In
circuiatiot."
The Clearing House association OF
Seattle. Wash, through II. w. Wheeler,
president of the Commercial bank of that
city. submits {; bill which provides That
all national banks as at present organized,
the capital OF which is fully paid up and
unimpsired, should be permitted TO with
draw the bonds held by the tire sury to Sc
cure their circulating notes, and iogei her
with such other banks rs shall be Or
ganiZsd under the amenabe laws, be au-
thorized to issue their circulating noteS,to
be provided by the government in similar
manner as now pursued to equal SO per
cent OF the paid up capital.
jefferson Chandler, the head Of the well
known law firm of Chandler & Kremer of
New York cily, recommends a bill which
levl.s All annual tax of one-quarter of l
per cent on ali poslts in national banks,
Lne tax to be paid to he secrei AIRY of lhr
treasury on the last day OF the deposits
that mouth. The object or this blll as
stated by its author Is TO prevent banking
systems from ''bullIng" and bearing"
the financial market
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 banking laws which will provide
money when iG is wanted in the future
when another lsiisturbance comes
upon Us What IS wanted is better sys-
TEN. This eau be obtained 10y bringing in
a bill to incorporate clearing bouses under
United States Charters, with such adj
10 enable them to do uudtr 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 law except the law Of self
PRESERVATION.