The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-01-13
THE FUTURE OF kANKING.
Discussed by Friends Of Cleveland and
by Comptroller Hepburn.

PHILADELPHIA. Jan. 12-The seven
teen,h session OF the American Academy
OF Political Social Science convened here
this evening at Drexel institute, Prof
Edmund J. Ames. OF the Wharton School
OF Finance and Economy, IN the chair.
Representative bankers Of Philadelphia,
New York and Baltimore occupied seats
on the stage. The topic o: the evening
was National versus Sia:e Banks OF Is
sue" Papers were submitted by Hon.
Horace White. editor Of the New York
Eteaiaq Post: Hon. ". l.. enholm, of
Ohio. and 4. S. Hepburn. the present
comptroller OF currency. Inc discussion
had significance lar beyond a mere
academic debate, as the first three gentle
men are known 10 be int:m2te advisers Of
President-elect Cleveland in financial mat
tiers. while Hepburn represents Harrison's
administration. White, III the leading
paper OF the evening, gave sketch OF
the good and the bad sy stems OF banking
that existed before the war.
IL tie former CATEGORY wss ses forth that the
governing principle saou & oe i3at BANK assets
shol 0 redeem circulating notes. This was tie
true theory OF banking. The oSi systems were
The free banks, more Especially in the North
western siaie. which copied after the New
lodged with public officers Tax free bank sys-
lem Is step backward il TIE evr.ut.ou OF bank
ins. because Il absorbed the banks capita
before is doors opened :or BUSINESS The sy.-
TEN OF banking and bond secaritF vas destined
10 persia sOol, pecause si4 ssc*riaes II % De
usrd for Ihe purpose were tasE dissp peGrIug.
he national oaIk Goie system could De pre-
served and improved, how~vez. By slight
Change IL The preseat law, w; Oat Of the
present tax on bank notes constitute safety
iuud - be lodged in the Treasury? the amount 70
be computed oy actGar.es, tsaii5g tie national
bank mortality Of the past w en-. Eve years Is
basis. Let The government continue % 10
responsible ior the notes gu<i frs. Lien
on tse assets ana personal lab .ltles OF
shareholders Tor Is rw;: protection.
al o.aeg parts OF the nations. bank law 10
-tand rs now. Whenever The safety fund
reachei I8e ascerta.ne1 amount let Re parties
pating BANKS withdraw theiV bonds and sell
them Il they choose. Ials plan sTouid dispense
with tie c.av4- ior SILVER clFrslcy because i
would furnish all the circulating notes needed.
Aa1 Il wOQ dispense with tie E-ed OF state
bank notes because every tac.lty io- sound
ba1kfgg that rhe state could possibly gran,
would * granted by the natIoaz. government
Hon. VI. II. Har:e-, OF oa:o. laid down
the conditions 10 be adopted, which in his
opinion. were essential 10 TIE successful
financial! future OF the C4lIed States
briefly IS follows:
Cod must continue 70 re the see standard OF
va.Le ami bl-Inet@..IsIn Lluss All can only De-
maintained by limiting the c0iuaEs o. silver As
We do now. The governments must stop the
Issue o. leEa. tender paper ana rstire, in the
best manner al 81 IS eary = zste csu be
properly done. the paper II hs. tl', aud Ihe-e-
alter eonnCe Itself - collecting axes, 9ls0urs-
ing proceeds and keep is hands II the money
market. W.ia the government : Ulp.y coming
freely ali the gold and res,rie;iHs tee coinage
OF baser metals, every o.he- Term OF money
would be promptly -edesruaD.e 3r CONVEX. be
into god. 4ut me volume, u-ze'e- anv good