The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1894-12-05

u SdIely IuHu anu uheu III the ifIANAlib-
tion Of it's notes, and If such fund
shall be impaired by the redemption Of
notes Of failed national banks, and i'm
mediately available cash assets ef such
banks are insufficient to establish a
fund, II shall at once be made good by
pro rata assessments upon other banks
according to the amounts of their OUT
standing circulation, but there shall be
first liens upon all assets of the failed
bank or banks to reimburse the con-
tributing banks. The safety fund may
be invested in outstanding United States
bonds having the longest time TO run.
Bonds and interest upon them to be
as part of the fund and Sold when
necessary to redeem the notes of fall
ed banks.
8. To repeal the provisions Of the re-
organization and extension act of July
12, 1892 imposing limitations upon the
reduction and increase of national bank
currency
9. To repeal all provisions Of law re-
qulring banks to keep reserve on ac-
count of deposit.
10. The secretary Of the treasury in
his discretion may use any surplus
revenues of the United States in re-
demption and retirement of United
States legal tender notes, but such
redemption shall not in the aggregate
exceed an amount equal 10 70 per cent
of the additional circulation taken out
by the national and state bonds under
the system herein proposed.
IL. The circulating notes issued by a
banking corporation duly organized tin-
der the laws of any state and which
transacts no other than banking bust
ness shall be exempt from taxation
under the laws of the United States
when 1t is shows TO the satisfaction
of the secretary of the treasury and
comptroller of currency, W that such
hank has at no time had outstanding
its circulating notes in excess of 75
per centum of its paid up and unim-
paired capital; (2) that its stockholders
are individually liable for the redemp.
ton of its circulating notes to the fun
exbent Of their ownership of stock; 90
that the circulating ndses constitute by
law the first lien upon all assets of the
bank; az that the bank at all times
keeps guarantee fund in United States
legal tender notes including treasury
notes of 1890, equal to 30 per centum of
its outstanding circulating notes. (O
that Vt promptly redeemed its notes on
demand and its principal on demand
at its principal office or at one or more
of its branch offices IL 1t has branches.
II. The secretary of the treasury may
under proper rules and regulations to
'be established by him, permit the use
Of distinctive paper used in printing
United States securities, but no state
bank shall print or engrave its notes
in similltude of United States note
or certificate or national bask note.
Whatever may be the objections to the
issue and circulations of United States
legal tender paper upon either consti-
tutional or financial grounds, it has be.
come so Incorporated into our curren-
cy system and constitutes SO large a
part of our active circulation that 1t
could not be suddenly withdrawn with
out producing in the present state Of
our laws a considerable disturbance
in the financial operations of our gov
ernment as well as the business of the
people, and therefore the plan now
suggested provides for its gradual re-
tlrement by the use Of surplus revenues
hereafter received propess, which win
probably require several years for its
completion. AS the plan suggested
proposes to exempt the government OF
the United AStates from all liability for
the redemption of national bank notes
and place the sole responsibility upon
the banks themselves, the guarantee
fund Of nell than 80 per centum upon
outstanding circulation is regarded as
very proper and necessary feature
Of the system.
On the subject of revenue reform,
the secretary says: Although recent
legislation did not accomplish all that
was expected or desired, 1t inaugurated
policy which 1t is hoped and believed
will ultimately result in the great inn
proyement in our Industrial condition
and corresponding enlargement Of our
international and internal commerce.
In prosecution of this policy, no tenn
pcrary character or apparent diversion
Of public mind to other subjects should
be permitted to diminish our confidence
in our financial success or weaken our
determination to maintain consistent
advocacy Of its claims to favorable
consideration OF the people. On the
contrary, reverses should stimulate in
creased effort. The late act, while Il
places upon the free list considerable
part Of the most important raw ma
terials used in our manufactures, 1t has
left iron and lead ore and bttuminoas
coal, together with several other articles
Of less consequence stlll dutiabIe thus
not only failing to put In force a con. |
sistent system Of revenue reform, bus
leaving some Of our most valuable in !
dustries at great disadvantage az com
pared with their rivals differently To-
Gated
THE f0o MILE. TF,CORr COME