The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-12-19
Il IS a Mature Plan.

1b 10 q H1OV1lO L HUI.
Mr.. Carlisle has Devoted Long
Study to his Scheme.
Atlanta Constitution.
WASHINGTON, Dec. 15.-The gold
reserve continues to decrease. 1t
has again gone down below the
500, 900 ,000 mark and the Treasury
officials sre alarmed 1t has decreas-
ed during the past week at more
rapid rate than was ever before
known, and tonight is see, 6,34l 1884.
Advices from New York are to the
effect that the purchasers Of the re-
cent issue of bonds are disposing of
them in small lots at profit and de-
manding gold in payment. The
purchasers are drawing on the
Treasury ior their supply of gold,
consequently the heavy decrease in
the recently replenished reserve.
IF the present rate of decrease OF
the gold reserve continues four
weeks longer another issue of bonds
will have to be :aade. Perhaps the
syndicate which secured the recent
issue is bringing about this condition
of affairs to force a third issue at
once, The last issue having proven
profitable, another issue would be
welcomed and gobbled up by the
same crowd.
Secretary Carlisle is very much
alarmed over the outlook He was
bitterly opposed 10 the last bond
issue and he breads another. In
consequence he has pulled of his
ceat, so to speak. and is working,
like Turk with mis- party friends in
Congress to have financial legislation
adopted that viii remedy existing
conditions. He is at the Capitol
almost every day advising with the
memberssof the banking and curren-
cy committe and leading Democrats
generally. he has given the House
his bill as the best currency plan he
can suggest, which, however, he
says, is not perfect. but can be made
so by the House. lie thinks the
general features of it are what the
country wants and he says the couo-
Try must have something quick
After consultation with Judge Gull
person and Others, Mr.. Carlisle has ad-
vised several changes in his bill.
One sis that State banks shall not
issue notes Of less denomination
than SO, the same as National
banks. Then there are several other
minor changes.
Secretary Carlisle has devoted sew
eral months to studying out his pro-
posed plan. He is intensely inter-
ested in it and is grasified at the
way it has been received. He,
however, fears that the division in
the two houses of Congress is so
great that all financial legislation may
fail This fear has caused him to de-
vote all his time to explaining it to
members.
In his hearing before the banking
and currency committee several
days ago, he made a wonderful i'm
preston, because of his clearness Of
statement and familiarity with his
subject. Carlisle is one of the few
men in public life who talks as well
as he writes. OFF. hand statements ne
cannot improve by revision. He
talks just TO the point.
TIE STATE BANK CLAUSE.
In his talk to the committee he
read the State bank clause of his bill
aud explained it.
The State bank clause reads
Section 10. That the use of cir.
culating notes issued by banking
corporation, duly organized under
the laws of any State, and which
transacts no other than a banking
business, shall be exempt from tax
alton under the laws of the United
States, when it was shown to the
satisfaction of the Secretary of the
Treasury and Comptroller of the cur
rency-
81. That such bank has at no
time had outstanding its circulating
notes in excess Of Is per cent of its
paid up and unimpaired capital
s.2 That its stockholders are
individually liable for the redemp-
tion Of its circulating notes to the
full! extent of their ownership of
stock but this shall not be required
in the case of persons holding stock,
as executors, administrators guar
diaas, or trustees, if the assets and
funds in their hands are liable in like
manner and to the same extent as the
testator, intestate, ward, or person
interested in such funds would be if