The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-10

.-1ooea to all. under a general law,
prSSn I'm; ncial board should be created
gu n'nprvlse the same, from the State
0n1GG,ch apprehension has been eX-
aaoed of this measure, because note
PTITTJors of banks established in remote
n~oooIitips upon improper security, in
o. o. Of slow and difficult communica-
III snffer losses from the failure of
u?IIhanks. But are the losses of stock
SoIders and depositors Of no conse
pIance2 1t is certain that more money
SSos been lost in North Carolina by the
Iha;Irre of national banks than by the
breaking of any State bank, or banks,
hat ever existed in this Common
wealth
IN preventing the congestion Of money
At the great cen e and the deprlva-
ton of the outlying communities In
times of depression and financial dis
trnst. If absent, they will go home,
where no fear of their sOundnes5 will
interrupt their circulation.
significant sign of the times is the
cnpech of Mr.. FaIrchild. Secretary of
the Treasury under Mr.. Cleveland,
racently delivered at Boston, and
a0ually significant is the applause re
ceIved from business men He declared
~that the bank note problem must be
feared" and said with equal emphasis
that there is no reason why the gov
rnment should prevent a man from
selling his personal obligation to pay
one dollar, or another man from receiv-
ing it. He claimed that the people had
found that the bank note system oiled
the wherls of commerce, as did the
nr0miSsOrv note. He said there Is no
more sense in depriving the American
neOple of one of the most useful devices
IF modern times, because some times
some one suffers. than there Is In de
nrivint them of any other well known
device of commercial facilita ion
To those who desire a system so de-
vised as to favor the circulation
throughout the Union of the notes of
State banks, without immediate return
for redemption from financial centres,
what has been called the Alabama plan
DrOvides for a bank circulation based
mon one third specie, One third State
bonds. and one third stock notes of
subscribers at 6 per cent, the stock to
be held as collateral; redemption agen-
oies to be established in New York.
New Orleans, Louisville and all bank
counters in Alabama; all banks of the
State to deposit 5 per cent. of circula-
ton as redemption fund.- for any broken
bank of their number; the State Treas
urer to hold the one third Of the State
bonds. and to invert the specie third in
4 per cent State bonds, to be com
Rounded semi annually; the whole
forming a fund more than large enough
to redeem all notes at the expiration of
the twenty years of charter. 1t is an
ticipated that notes would continue to
circulate, or be held to secur accumu
lated interest at settlement upon ex-
piration of charter.
l desire to emphasize no particular
scheme or system, but earnestly recon
mend due preparation for the financial
change impending, to give our citizens
equal advantages with those of other
States. keeping in mind that the great
REQUISITES are sOundness Of basis, dexi-
bility of the currency, and such in
ducements for the use of capital that
it will seek this channel, to the great
relief of those VIII are developing the
interests, agricultural, mechanical and
commercial, of u whole people.