Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1894-12-06

; such Authority, resort was necessasl, H,rs,1.
- the resnmntioi ret Of 1878, ana pu,suua
ant 10 its provisions bonds were N
drawing interest Mt the rate q a.
per annum. and maturing ten yeaaa ,,t,la
their issue, that being the sh9r.es W savs
a%uthot'zea BY tn r.. ss.. .ale a Of f these bonds
the premium received, 9freete! to fenn.o
the rate of interest to be paid ~ we Eo AZ
m to less than 3 per z 4>o..
could he worse or further removed lro.A
sensible finance than the relations eA..s
ing between the currency the go'e ~
mient has issued, the gold heid III
its redemption, ana th y. means nnSnnse Of re-
plenisbinv such redemption funa when
Unmarried even if the claims upon th'siunu
were confined to the obligations orisl'!o'ss
intended and il the redemption OF thess or,
legations tt1eapt their canccliation Tue w"
wotfld he very small. Rt,t these opllsa,
lions whett RECEIVED and redeemed IN golu
Are not cancelled btit IRE Resisted a,ih may
do duty ma,iy times Ivy way ~ dra"lhh
gold from the treasury. Thus we nave an
endless chain in operation, constantly az
plotting the treasury's gold 1ird never near
a final rest. As il this was not bat ehousn
we have by a statutory declaration Una.
it is the policy of the goVernnieh,
TO maintain the parity between gold ana
S'iNtI !ttlucIi ~ tiiN . "'N III
of this eShaustlng process ana added
largely to the currency obligations claim
ing this peculiar gold redemption OMr
small gold reserve is thus subject 10 ora'o
from every siae the demands that Increase
our da,tger also increase the necessary "
ff2teetthS lnts IestiNs as. 20 lnorv that
hiiu ~ = ii9s1 unsa'i'i a tnu,nor-
airy pailiation 1t is perfectly and paipa"ly
Z plain tina the oufy way under present COR
u,.iuii ul 49, hn w., r,rl.n;s NOD is through
81 go .na "nia az thn h,nd. of the
:. 49, fr ,,pld a,1 yet cnngre.. has
go III. ~ 80 ann,;raa tn ant horn:.
~ 80 IS IS honaS hc.+ sui,cd Tn such a
,,it,nna, ,,,t ,hnrn u.e,r.a N .,osi,;Dn in
p",p o', ,r,a,rs tn aeny h,th the necessity
ana 49, Wv car tha iss,ia 1T honls Mt nlI, I
,annnt for a moment believe That any of
~ a;.xn,a ,rn Iai;har,telv willing that
, u 49,, "o shn,ih ,iafauI, n its
,,acm, i,rv nhlioat;on. ar that its financial
p,.ra, 90. ahnnIi ha rsa,,rrl tn n silver
-, 49,, ah,,,iJ ,,t feel that
nas.n nrns,ta} my effort
- II Nv ~ a,a,, s,,ch ncai,nity. A
80. an :. .".,i;n, l. WA. for
nn,n1 .n5an,n. - W. va n,,t;ny ,siIe NJ
H., =, ,it;,,, ;nn ~, I'D Ia de-
~ n,,d ar,5 ta,,1ir d,,w frnm the gov
pm,nr =" ~ ~ IA , 90 Io,r an M HITTER
,,hnn y, - - ,a,, T. ,Inr,aa than nj
n,asa,, 49, s,,nh a,,tbnr;tv will H. ntil-
IT $3.50, Va = $3.50 IL bacon,es
,nsa Mmuntaer ani ~ 81 a;,.ia,, uold ra.
he.essata ~ ntai,i,ai,a ~ ~ nradit
'''e "iu ia ~ Wv ~ fnon.
VI i. Unity ai'a n,ahe s"on "
'''' o"'
Cariisic's Currency Plan.
Questions relating to banks and cur
rency are closely connected with the sub
iect just referred to n they also
present some unsatisfactory features.
| Prominent among them are the lack OF
elasticity in our currency circulation and
its frequent concentration in financial CEN
tiers when it IS most needed in other parts
Of the country. r. e absolute enforcement
of the government from the business of
banking is the ideal relationship of the
circulation of the currency of the country.
reached. but as a step in that direction and
as II means of securing a more elastic cur
rency and ohviating other objections
to the present arrangement Of
bank circulation the secretary of
the treasury presents in his report a
scheme modifying present banking laws
and providing for the issue of circulating
notes by state banks free from taxation
under certain limitations. The secretary
explains his plan so plainly aud it's advan,
tageS are developed by him with such re-
markable clearness that any effort on my
part to present arguments in its supper;
would be super1uo'us. / shall, therefore,
content myself with an unqualified in,
dorsement Of the secretary's proposed
changes in the law aud "A brief and imper.
feet statement of their prominent features.
1t is proposed to repeal all laws providing
for the deposit of United States bonds AS
urity for circulation: to permit national
ks TO issue circulating notes not ex-
, ding in amount IS per cent OF their
paid up and unimpaired capital. provided
they deposit with the government as Il
guarantee fund in United States legal ten
der, including treasury notes of 1899. a
! sum equal to ~ per cent of the notes
they desire to issue, this depositto he main
I tanned at all times but whenever any bank
: ~retires any part of its circulation a pro-
p~ortionate part of its guarantee fun shall
he returned to il to permit
the secretary of the treasury to
prepare and keep on hand ready for issue
in case an increase in circulation is desired
blank national bank notes for each bank
having circulation and to repeal the pro-
~vitions OF the present law imposing limita-
; tons and restrictions upon banks desiring
to reduce or increase their circulation
. thus permitting such increase or reduction
within the limit Of the IS per cent of cap
} itai TO be quickly made as emergencies
arise. In addition to the guarantee fund
: required 1t Is proposed to provide a safety
fund for the immediate redemption
OF the circulation notes of
failed banks by imposing a
small annual tax, say one half
OF | per cent upon the average circulation
OF each a until the fund amounts to s
per cent OF the total circulation outstand-
; ing, hen a bank fails its guarantee
Itihh II 10 be pad into this safety fund and
Its notes are to be redeemed in the first in
slanee rom such safety fund thus aug.
rnented, any impairment of such fund
caused thereby to be made good from the
immediately available cash assets of said
bank and if these should be Insufficient
such impairment to be made good by PRO
rata assessment among other banks, their
contributions constituting "a first Iien
upon the assets Of the failed bank
III favor of the contributing banks.
!. As a further security it is c,atemni,ted
that the existing provision fixing In. indi-
rHlual liability Of STOCKHOLDERS. Is t. be re-
tanned and the banks indebtedness on nc
count OF its circulating notes is to be made
a hrst lien on all its assets. For the mr..
pose of meeting the expense of n]rintiny
notes. official supervision. canrnllat;nn
and other like charges there shall he maid
II tax, say one half of i unr raa, y. pan'
mum on the average amount of pn,as ~
circulation. 1t is further provided that
there shall be no national han. nn,as
issued of less denomination than $40.
that each national bank eycent in case ~
a fai led bank shall red, en- ar retir, II.
notes in the first instance az its own neics
at agencies to be designated by II and that