Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-12-28
THuRsDAY..... DECEMBER 2S. 1898.
The Pres.dent-The Treasury Sec
retary.

I he DLeS4Qtnl- Nv AAtsf'NAJ NV
rotary.
II Is on unavoidable inference that as
"a the Secretary OF the Treasury 30 IL the
p,e,,d,nt on any subject which concerns
,bo administration Of the Treasury De
nar,mcnt. Consequently, the people gene
rtllv have naturally come to the con-
clusion that inasmuch as Mr.. Carlisle
al not in his late annual report come
ont on the proposition to repeal the Ftde-
ral law lcvying a tax on the circulating
,,,ics Of state banks Mr. Cleveland must
,,ocesssriiv be considered as doubtful. TO
CIV tho least whether he ought TO give
tIs couutrnance 10 n bill providing TOT
tho abolition OF that tax. We 90 not
rse how there can be any doubt on this
,,,irt unless. indeed. as, Of course IL
,,,ssiblc both the President ana ina
secretary intend to treat this subject
IN. President in special message ana
,no Secretary I'm n special report devoted
g. the currency question.
The Ivnchburg News says that MI
T,rusle's failure TO recommend the re-
,,asl ~ the 10 per cent tax on state
iark notes has met with earnest crit'-
,ts,, I'm some quarters For our part
40 ,,vo seen few papers which objected
a. his annual report that 1t did not tou'"
This knotty subject-knotty. because go
many srcculators in money desire iui
,o,ortv to debase the currency. ana base
che circulation Of the country upon ther
u.bts rather than upon the silver ana
,.,ll which they ought 10 be required TO
keep IN their vaults.
Grcenhack lnatcs object 20 the M
,ionoI banks that they draw interest
SIMON the bonds which they deposit In the
Treasury for the redemption OF their CIR
..latng notes. and al the same time
,.,.,, these notes But what shall be sa!d
40 The consistency Of the man who raises
,bis objection. and at the same time ed-
,ocates ascurrency based. not uron the
valuable property Of the bank, but upon
thc amount OF its debts.
That Is 90 say, under the old banking
system. for which tho EXISTING national
banking system was substituted. banks
,vere chartered. which were allowed to
fssue three dollars OF circulating notes
for every dollar az gold and silver they
acld in their vaults. Thus, bank hold
sng one million OF dollars of specie couio
80, ont three millions OF collars of cir
rulating notes IL this Is not BANKING
anon debt instead Of Upon capital we
No no, know how 10 characterize the
~vs,em. And what a multitude OF men
,bere must now be looking with eX-
,,ectant eyes to Congress to abolish the
40 per cent. tax, and give them the
.,ght al once TO convert every dollar or
sheir coin capital into three dollars OF
currency. and thus enrich spectators In
snoney. and nj the same time deoase
,nd denationaiize the peoples currency
We conclude that the President and
She Secretary OF the Treasury may well
hesitate 10 give their countenance 10 any
scheme, however plausible. for making
,ba rich richer and the poor poorer-any
scheme which proposes to convert debt
,n,o capital-any scheme which would
either have TO be put under Restrictions
which it's advocates say would be I'M
constitutional, or else would In effect pro-
Aide for the establishment OF thousands
az banks OF circulation. New YORK city
alone could establish these banks for con-
Hcrting debt into currency In such
abundance as to supply every part OF
the country with them. The friends OF
this Wild system. however. would have
90 allow petty banks, whose total assets
would not exceed twenty thousand dol
lars, TO be set up anywhere and every
where or else their system would never
satisfy the demands Of the would-be cur
tcncy-furnishers OF the country.
But neither Congress. nor the President
nor the people are going to allow any
State bank system to be adopted. which
toes not provide for Federal supervision.