Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-10-21

pre-eninent question before the coun-
try than the action OF the American
Bankers convention, in session at Bal
timore last week. In indorslng a plan
for complete revolution in the nnan-
cial system Of the country. submitted
by the Baltimore Clearing House as
ISOLATION. We referred to this plan In
yesterdays Gazette as system OF
undilutei fiatism, differing only from
the currency schemes OF Greenbackers,
Populists, 81 al, only in that the fiat
Of individuals would be substituted for
the fiat Of the government. The bank
ers Of the country in their organized
capacity have never before brought
forward a plan for remodellng the
currency, and the fact that this IS their
first official affirmative action, together
with the Importance Of the question.
call for fuller analysis OF their pro-
posal than we gave in yesterdays Ga
zette. This plan
!. Ropesls the present provision re-
qulring deposit OF Dor DIS for bank
note circulation.
2 Allows all banks. state as wcll as
national. to issue notes to the amount
Of half OF their unimpalred paid-up
capital. subject to a tax Of ons-halr Of
per CEN year on the average clrou-
lation.
3. Requires banks to maintain with
the United stntcs treasurer ; per
cent deposit on the amount OF the cir
eulatlou, which IS to be guarantee
for the redemption by the United
States government OF all notes OF
banks which become insolvent.
4 Gives the government a prior lien
on the assets of any failing bank, from
which to redeem the notes OF such
banks
s. Permits the banks to withdraw
circulation AZ any ;lmc by paying into
the treasury sum equal 70 the
amount withdrawn
G. Gives the government supervision
OF banks as now exercised over ma
uonal bank. ana also gives tho gov
eminent control Of hanks which fan.
one OF the chief sponsors for this
plan is Mr. A II. Hepburn. president
OF the Third National unnk N New
York, and formerly comptroller Of the
currency.
we haven't any Of us" said Mr..
Hepburn, forgotten how we lay awake
nights last summer trying to think OF
some way to get money, nnd n,ne OF
US want to 20 through that experience
again"
Mt Hepburn has been making an in
vestlgaton by correspond encc. md, to
quote the Language Of Globo-Demo-
Graf correspondent. has gathered some
statistics that go to show the absolute
necessity OF this element OF elasticity.
He finds that during the panic Of 1893
there was put out 100000. 900 OF tenn
porary paper which lid duty as money.
In other words, the currency was
swelled by this amount for the time
being Some OF these forms were legal
uod some were doubtful The emer-
rcncy iua,ihcd the extraordinary ac-
ton but the bankers feel that they
do not want to Risk such expodlcnta
again. II the government had not
winkcd at tho proceedings much OF
-. H. ,a "''''1y "ou'u "u'c nou
,5.,.,s. W, W. i"''e were
49, s ,,, ,,v. eN ',,, osFun'u
o,no 80, SI '',''' ,, v"S"'r,s vn1o's ana
"'' 'usu'"'e'y noeeS-
aud with this addition OF 100000, 900
there was am great stress
t,,ls.,',.,'. ''',' ''u,'' Su','c usuF-
a's, ~, ma,,, "'a' w, i'ou''u'V re-
l., vo,,,,,,, y, a,'l,,''' ~ go" w" w
,n., ~ -, ,'., In, s 1919,
ono osn,,a, ,,,,, No. 'ss 100000 D,,
IL, ,na na,,. , 49, ON NJ, Wv ','',OVvvvV
MIN .a,o ooo ooo ~ ~, 's"'e o"lNs'
cut s,es ma coo I,na1r ,h "Su'u '.'Nv
,ss,.,a,.,, ~ 80 ".'''S
add IN no st7s ono ana ., n.,,, -
sao7 ooo ooo .rd ,ha, NJ u,nhr,, ~
No., - ~, pVN' :" w
In, ,,v, tho n.co,..,,,,. ,,,o,.sa.,., o., 49,,
die thc crcps M sncn .easans as " ~
demond ,or r,n,,,, 10 ,a,,ns,
T,.s hon,fors. COM a,,,,an w., a.,,. T..
dorsed M noi,,nar. MN hn, 49,, 's ~
aend n ,trong commtt,oa ~ v,shtn'.
ton tbis winter 10 urse ,,nmedi,,n ae