New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-27
THE CURRENCY OF THE FUTURE.
SUPERINTENDENT PRTSToN'S SUGGESTION rOR
CIRCULATION OF NOTES ISSUED
EY STATE BANKS.

Albany. Feb o6.-Tle annual report Of Charles VI
Preston superintendent Of Banks Oh discount banks
which Is T. be- submitted to the Legislature on Tues
day. will contain remarks and suggestions on tho
question OF III" currency. The report swill refer Ia
the recent Increase I'm The volume of National BAH
notes: the effort. prompted Dy a dc,ic 10 pcvcHt n
undue expansion q such currency. I'm tac Hons" %
Representatives last June 10 repeal the 10 per cent
tax on The issue OF stat" banks the incorporation
In the platform OF the last Democratic Convention OF
= plank demanding this repeal: and the objections
10 note Issues by stat" banks, one being the Wide
opportunity for COuntrfciting. and another, the Of
vcrity OF the laws Of the several States regarding the
CURRENCY Continuing the report will say that tic
state Of New York has carefully preserved bv re-
enactment and revision H. laws for thu issue Oi
circulating by banks and bankers. aud Will give
a summary Of the provisions Of those laws. aud 81
the cid safety Fund law Of New York" which d" l.
frequently alluded TO ard has been deemed the ba,i
n the National Bank act" The report viii say
further. in part
n Congress shall ihc aforesaid demand Of the
Democratic platform ,cu,r he repeal Of The 10 per
cent tax bank note ISSUES Il then becomes almost
Immediately important to determine what shall ~uc' ED th"
National bank note now provided for. II bank notes
are 70 be part Of the circulating medium OF the United
-;acS hereafter.
There is popular impression that because National
banks OF Go> efnmen;a origin and Supervised bv
central le,w,r under law unf'n thoushou the vho."
81.
ut In, Controller Of the Currency. in his la, annual
rport 10 Congress. IN making comparative statement
Of the percentage failures between N0ond S'It'
banks be- unable make tn result favorable
to the National bank, without Including under the head
Of State banks also savings Lauk> private banL- and
bankers, and loan and thus. companies. II !, we'll
known fat that pfiyii" bank and Uln,cr>. and IN
,nany Of the States aud companies. includin
molteacc aud investment COMPANIES which classified
under head 81 loan and companies under
no supervision whatever. Tho cOMlnt. ION. hrIcfo,e
should BE- disf caIdcd unfair ana unjust From SONG
knowledge OF the subject Nrntui" IL .ay that
par-on j. made between the Hs'Onsl banks aud the
oipoTat,d State banks Of the y4rop, Stt OF III Union
only The showing will b. unfaNoiatir 20 the Slit.
banks
Suppose Congress should 60 amend the Naon"i Banhnc
act Ar to leave sup r,sion and examination ~ '
National banks 10 their respective and
Bureau ~ the ContrOlic. 81 he currency snpy Tor ia,
purpose i-ing circulating notes 10 any bank. upon H.
d, posting with Controller bond- - the United StI'
or Of any Of the Union which has not d"fui"l m
the payment 81 obligations within vcir-.
bond- city any Ss'- Of t, un-l SiIfr- (Which
hsi rot nave dcflu~i ofor~-Idi having 80 oop in-
labtan. Owe. ond which la never d'fanltl ,n 40,
l.ypcu any q IL obligations. anl whose bonded 90
duc-, docs not cNce,d pei cent ~ IT, a---''i 'i'
ton aud providing that not> should o. .-u"i 70 -"
teluc q the hIuds. vDgd Iauklu. sN.t1u fof
practical purposes be- lr.. secure. and would not BE-
more elastic and much b~'tr >.l TO the nc-! ~ tn
pfOple al tic prevent Tin