The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-12-18
FINANCIAL PROBLEMS.
Information for the Banking and
Currency Committee. ..
REMEDIES FOR EXISTING EVILS.

which, in Their Judgment, VIII Solve
Panics for All Time. .
WASHINGTON, Dec. ls.-Several weeks
ngo while the agitation of the currency
question WAS at its height and the wisest
Of legislators hesitated as to the panacea
tor the great distress existing in CONNER
rial ccntors, the committee on banking
and currency extended an invitation
through the press to the people at largo
for suggestions as to the wisest method of
monetary legislation to meet the demand
of he 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 jus, at this
time in view of the commercial standing
OF some of the gentlemen who have made
suggestions to the committee.
EX- United States Senator Charles b.
Farwell. of Illinois. of tho John " Far
well company" of Chicago New York,
Manchester and Paris, snys:
Il think the government should go out
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 all paid,
then the committee on banking aud cur
rency should provide that the national
banks use all these bonds at their fHco
value, as a basis for their circulating
notes; then they would furnish all the
currency That the country required, and
the government would he absolutely re-
lieFed from doing it, Possibly in the
near future it would transpirc that there
was not enough government bonds to bo
used rs basis for the circulating
medium; then il would be easy to amend
the national bank act by providing for
the use of other satisfactory bonds
"Scxt the government should repeal
the aubtrrasury act Let the revenues of
the government be deposited in national
banks where collected, they giving secur
ity Tor the whole amount received, and
thus keep all the money in circulation"
The Clearing House association of Seat
tie, Wash, through II, W. Wheeler, pres
ident of tho Commercial bank of that city,
submits a bill which provides that all
national banks, rs 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 20
secure their circulating notes, and to-
gether with such other banks as shall he
organized under the amended laws DO au-
thorlzed by the government to issue their
circulating notes to be provided by the
government in similar manner as now
pursued, TO equal 50 per cent of their un-
impaired paid up capital.
j. NJ. Elliott, president of the First Ma
tional bank of Los Angeles, Cnl., recom-
mended that the national banks be nj
lowed to issue 2h per cent. Of the capital
In bills TO be taxed at the rate of per
cent, per annum, an additional 25 per cent.
to be taxed mt the rate Of B per cent. per
annum and the third and fourth 25 per
cent. to be taxed at the rate of and 9 per
cent. per annum respectively; that all
these taxes he paid into the treasury as a
! guarantee fund, and that the stock and
stockholders' liability of the bank be held
as security for the bills which would be a
prior lien upon he same.
Jefferson Chandler the head of the we'll
known law firm OF Chandler 4 hremcr,
of New York city, recommends u bill
which leYios an annual tax OF one-quRrter
of per cent. on all deposits In national
banks, the tax to be paid to the secretary
of the treasury on the last day of the
month on the deposits of that month The
object Of this bill, as stated by its author,
is to prevent banking systems from "bull-
ing" aud bearing" the financial market
The banking house Of Gilman Son s,
Co, of 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 another commercial
disturbance comes upon us. What ia
wanted is a safety valve to the banking
system This can be done by bringing in
3 l-a11 IL.
under United States charters, with such
additional powers and duties rs 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 the
law OF self preservation"
| The Scandinavian Democratic club of
Kings county, New York, sends the com.
mittee long resolutions, adopted in mass
meeting, demanding that silver should be
| treated solely as IA commercial product at
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 gen.
| eral government at conditions TO be for,
mulated by tho secretary Of the treasury
that branch office OF the United States
should be opened in Europe. where Amer.
lean securities and cnrreucics should he
kept fp such amount as to prevent their
expensive transport across the Atlantic,
and lastly, that the senate of the United
| States in view of its tendency to aristoc,
racy and irresponsibility should be abol
| ishcd and the "one chamber system" be
adopted as the most desirable government
of free nation.