Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-27
me Ton Per Gent. Tax.


The fact thot bonds Of the United
States TO be deposited As security for the
note. holder Of the national banks can no
longer be obtained IS al the bottom of all
the discussions Of currency schemes
winch now FIJI the papers from Maine to
California We hay0 read We know not
how many schemes for supplying the want
OF national currency which will result
from Withdrawing from circulation tho
notes OF the national banks. These
schemes have all more or less merit. Pos
sibly the process Of evolution NAV operate
IN our favor so as gradually 10 educate the
world up 20 the requirements Of the best
possible national or international cur
yency
There are "many men of many minds"
One OF the latest schemes for supplying
tho nation with good currency Is that of
MIR. GEORdE L. De SAUssUBE, vice-presi-
dent of the Exchange National Bank.
Of Atlanta. Ga, OF which scheme
he has kindly sent US a printed copy.
or rather description. 1t Is q very
long article which contains 1t. II Is full
Of peculIarities and has not few merits.
The Georgia congressman Will all see 1t,
aud will commend its good features to the
consideration of the Congress of the
United States. There are thirty-four or
more separate propositions. The first and
one Of the best Is the first, which reads;
IAN currency should be controlled by the
Federal Government"
The second, however, Is:
Tie power % ISSUE paper currency should be
granted 10 the banks Of any State
Those are not. rs the reader might sup
pose, inconsistent propositions.
Mr. De SAUssUgE's scheme provides that
the Secretary of the Treasury shall sell
S45O. OOO, 900 of United States bonds at the
rate of ten millions of dollars worth each
month. This picture will hardly CON-
mend itself to public favor. The Populists
propose TO Issue greenbacks 70 the extent
needed by the people. They and thou
sands of persons not Populists would
never agree TO increase tie bonded debt
10y four hundred and fifty millions OF
dollars in order 70 furnish a currency that
would be acceptable TO what they call
"the money-sharks of Wall street."
good many people seem TO be under
the impression that the tax ON the circu-
lation of State banks will be easily abol-
ished. Not SO. The Congress soon to
meet will probably turn down" any
such scheme. The Senate will not agree
TO 1t. As was stated to Controller ECKEIs
in New York city, the bankers and
fnauoiers of that state do not favor tho
rspeal OF that tax. Neither do those of
the New England States. We have never
been willing TO couoede that Mr.. CLEyE-
LAND would consent 10 be a party to any
scheme for the debasement or even the
Standardization of the national cur
rency, though it is possible, as Mr.. Hal
srEAD has so often said. that the President
has seen the time when no would have
consented 30 the removal Of that tax If
thereby he could have got rid of the free
silver question. But the free-silver ques-
ton seems TO be dead and now no con-
alteration for consenting TO remove that
tax can be offered to BIN. There il no
body 70 offer II, and no feasible plan to
offer.
Again: Our congressman were elected
last year. They are not going to hurry to
commit themselves 10 any new scheme OF
any sort. They will be in favor OF ponder
ing for long tune the merits OF any cur.
rency proposition that may be submitted
20 them. On the principle OF "com-
pounding for sins they are inclined to by
dstnnine those they lave no mind to-"
they will have much 70 say for or against
tariff reform and other questions which
they can discuss without endangering
their popularity at home.
so that the trends and the enemies alike
OF the 10 per cent. tax may set 1t down as
certain that ss Rome was not built In a
day the proposition to return to wildcat
banking VIII not be successful for q long
time. The proposition win die out in the
South aud West under the treatment
which II will receive in New York. Penn
syivania, Maryland. Delaware, New Jer-
sey. and New England. Look how tbst
same influence killed the SsEsMls law.