The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-12-18
FINANCIAL PROBLEMS.
Information for the Banking and
Currency Committee,
REMEDIES FOR EXISTING EVILS.

Tinanciers and Others Present ilans
which, in Their Judgment, win Solve
the Question of Circulation and Prevent
Panics for All Timc.
WASHINGTON, Dec. ls.-Seyeral weeks
ago, while the agitation of the currency
question was at it's height and the wisest
VI legislators hesitated as to the panncea
for the great distress existing in CONNER
rial centers, the committee ON banking
Rnd currency extended an invitation
through the press to the people at large
for suggestions as to the wisest method of
monetary legislation to meet the demand
of the times. The result of this invita-
tion has been an avalanche of communi-
cations from all parts of the country,
some Of which are frivolous, but many of
which are of great Importance just at this
time in view of the commercial standing
of some OF the gentlemen who have made
suggestions TO the committee.
Elk United States Senator Charles b.
Farwcll. Of Illinois, of the John Y. Far
well company" of Chicago, New York,
Manchester and Paris, says:
81 think the government should go ont
Of the currency business, and that it ought
TO have done so years ago. 1t should pay
its floating debt at once by the issue of
long, low rate interest bonds.
"After this floating debt is ali paid,
then the committee on banking and cur
rency should provide that the national
banks use all these bonds at their face
value, az basis for their circulating
notes; then they would furnish all tho
currency that the country required, and
the government would be absolutely re-
lieved from doing it. Possibly in the
near future it would transpire that there
was not enough government bonds to he
used as a basis for the circulating
medium; then it would be easy to amend
the national bank act by providing for
the use of other satisfactory bonds.
Next, the government should repeal
| the sub-treasury act. Let the revenues of
the government be deposited in national
| banks where collected they giving secur-
| ity for the whole amount received. and
thus keep all the money in circulation"
/ The Clearing House association of Seat
| tie, Wash, through IL. W. Wheeler, pres
| ident of the Commercial bank of ftbat citv.
submits bill which provides that ali
| national banks as at present organized
| the capital of which is fully paid and un.
| impaired, should be permitted to with.
| draw the bonds held by the treasury tc
secure their circulating notes and to-
! geuher with such other banks as shall be
| organized under the amended laws be au.
| thorized by the government to issue theiI
| circulating notes to be provided by the
! government in similar manner as now
/ pursued, to equal so per cent. of their un.
5 impaired paid up capital
! j. NJ. Elliott, president of the First Ma.
( tional bank of Los Angeles, Cal, recon.
4 mended that the national banks be al.
| lowed to issue % per cent. of the capital
/ in bills TO be taxed at the rate of 2 per
! cent. per aDuum, AN additional 95 per cent
! to be taxed at the rate of per cent. Der
/ annum, and the third and fourth 25 per
J cent. to be taxed at the rate Of 4 and G ner
I cent. per aunum respectively; that all
( these taxes he paid into the treasury as q
/ guarantee fund, and that the stock and
( stockholders liability of the bank be held
I as security for the bills, which would be a
( prior lien upon the same.
jefferson Chandler, the head of the well
/ known law firm of Chandler & LreJner
| of New York city, recommends bill
| which levies an annual tax of oue-auarfar
Of per cent. on all deposits in national
banks, the tax to he paid .. ne secretary
of the treasury ON the las, dav of tbe
month ON the deposits of that month. The
| object Of this bill, as stated by it's author
is to prevent banking systems from "buII-
ing and "beariug' the financial market.
The banking house of Gilman Son &,
Co., of New York city, says:
What is wanted from congress at tbe
present time is not more money. but some
change in the banking laws which will
provide money when another commercial
disturbance comes upon us What is
wanted is "a safety valve to the banking
system. This can be done by bringing in
bill to incorporate clearing houses
under United States charters, with such
additional powers and duties as are ne
cessary to enable them to do under the
sanction of law and the supervision of
treasury officials, what the banks of New
York did so successfully last summer
without the sanction of law except tbe
law of self preservation. ."
The scandinavian Democratic club of
Kings county, New York, sends the com
mittee long resolutions, adopted in mass
meeting, demanding chat silver should be
treated solely as commercial product mt
its market price, but as such should be
used as security deposits by national
banks, state banks or private individuals.
FOR obtaining legal tender from the zen
eral government at conditions to be for
mulated by the secretary of the treasury;
that branch Office of the United States
should be opened i'm Europe, where Amer
lean securities and cuuencies should be
kept i'm such amount as TO prevent their
expensive transport across The Atlantic. .
and lastly, that the senate of the United
States ina view of it's tendency To aristoc- /
racy and responsibility should be abol- T.
ished and the zone chamber system" DO /
adopted as the most desirable government /
OF free nation.
Six Drowned in a squau.
PENSACOLA, Fla, Dec ls.-A special /
from EreeDOrt on CbOct9yybarcbfa bsv /