Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1894-12-15


ana continue MIA statement. but a. he
was late, Mr. White opened the hearing.
In answer 20 questions he stated that he
mad drafted bill on the lines or the Bal
flulare plan. and IL was arranged that
this be placed before the committee.
MIR. Whites Statement: was read from
manuscript and was q carefully pre-
pared review OF the banking question. /
At the close OF Whites statement he
submitted his bin on the Baltimore |
plan. Homer stated that the commit |
tee of national bankers had not yet /
formulated a bill. Mr. johnson OF Ohio |
asked whites opinion Of Secretary |
Cariisie's currency plan White ans
wered that he did not think the aecre-
tary's plan would give the elastic cur
rency II sought IL compelled the banks
TO put up 80 cents every time they Is
sued Is cents.
MIR. Walker Of mississippi asked II
the bin presented by White would Sc
cure a safe and uniform currency. II
/ win have that tendency" said White.
THAT In not it, said Mr.. Walker.
1--WE do not want 10 provide tendency
toward a safe currency. but actual
safety
II am not omniscient." suggested
| White. He added that in his judgment
the bill would secure an elastic cur
lrency.
Secretary Carlisle came In nj this point
and was an Interested listener 70
Whites answers 10 questions as 10 want
on elasticity I'm cariisle's currency bill
Mr.. Warner II New York asked what
restrictions should be imposed upon
| state banks. White said he would ssib-
ject state banks to the same regulations
| az those imposed ON national banks.
l MIR. Cox OF Tennessee asked IL this
would not do away with state banks.
White answered that n would. White
said that he saw no objection to the
repeal of the 10 per cent tax on state
bank notes. provided that state banks
comply with all the requirements OF the
| national banking law, and provided
| TINT the means Of enforcing these re-
auirements are lodged with the comp
| troiler Of currency. But the mere powes
; | OF observation without power of en-
| forcement he considered unwise. unsafe
! | aud sure 10 cause embarrassment ana
: | to end in disaster. He considered IL de
| slrable that the government shall con
tinue, as now, responsible for the re
r | demption OF bank notes. The Baltimor
Q plan simply takes the law as II find
!. H. 1t makes change IN the matter 0
: relmburslng the government for the re
d demption of failed notes. The onl.
question is whether the suggested
+ change puts the government 10 am
: | greater risk. This is question o
k | mathematics. 1t is to be answered b
i the tables of bank mortality In the pas
II 81 years
d Taking up another branch of tn
u 4.N. ks.a. N.ss.a
Z | that there IL no more reason why III
l. government should guarantee the note
II OF the banks than those OF inerchan
a manufactures or farmer. This woul
il be true IL the notes of the merchan
I. manufacturer and farmer were aliowe
= to circulate as money, but not Other
r wise"
. White announced himself In favor /,
l. the retirement Of legal tender note
Notwithstanding that the retirement
" included In the Baltimore plan. Ca
= Isle then resumed his statement hegu
er yesterday. He presented the bin he ha
N. prepared emhodying his plan OF Gu
IS rency revision. and read IL to the cor
al mittee, commenting ON 1t as he pr
a. cecdcd.
~ The bill presented by Secretary Ca
al lisle is drawn upon the lines suggest,
~ In his annual report 10 the presider
Il When he had finished reading the b
!, he explained IL In detail and pointed o
= the various sections of the present In
:. proposed 10 be repealed Section II
=. the bill provides that state banks sh'
= not issue notes similar In design
United states notes or certificates or n
:. tionai bank notes. Concerning the 60
- ditions imposed upon the state banks
: his bill. the secretary said certain fei
~ nres had been added to meet the crl
= cisms made OF the plan as outlined
~, the annual report In the course OF
ia discussion The secretary said he did l
-. think any immediate retirement
~ United States treasury notes was PR
ore ticable.
=. WHITES BILL
raj Following are some of the features
sg the bill presented to the banking a
currency committee BY Horace White
1t provides that no banking assoc
re- tlon shall be required 10 deposit Uni
OF States bonds for security of circulate
an notes to be hereafter issued.
~ That In lieu of deposits or bonds, cd
rg national bank shall receive from
by comptroller circulating notes 10
,ry amount OF = per cent Of its paid up. ,
"
ad- treasurer lawful money to the amoi
Gus OF per cent Of such circulating mol
for and thereafter a tax of per cent yea
rhe upon the average amount of circulate
tor Sixteen per cent. and the proceeds
tor the tax ~ TO constitute gnaran
eat fund for the redemption of notes OF
ur- solvent national banks,
ich That each bank shall be entitled TO
ad- eelve from the comptroller. In addit
,st- 10 the circulating notes provided
circulating notes 10 the amount 81
led, per cent. Of its paid-up capital. a
ira paying the treasurer per cent. OF =
ma additional circulation and that a tai
vor one half of | per cent. per annum
pa levied on the average amount OF
bin same outstanding. and an addttin
by tax Of per cent. yearly ON the amo
-eat OF such additional circulation outsta
,ted ing for the year, all TO be part OF
the guarantee fund. Whenever notes
Ired issued 10 any bnnk. II shall be the q
sta OF the secretary of the treasury to
by eel legal tender of the United Sta
troll and treasury notes to the amount o
tied per cent. of the bank notes 20 be ISIS.
de- Any bank may retire Its circulation
we'd On deposislng with the treasurer
by amount equal 10 the sum desired q
] In withdrawn.
mi THE BII.I. INTRODUCED.
All Mr.. Springer today introduced In
house Secretary Carlisie's banking