The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-06
MR.. CARLIsLE's PLAN.

The New York Journal Of Commerce
has this to say of the report OF the comp
trolier OF the Currency:
With no dsparagement TO the Comp
troller of the Currency, Is u,ln reTnrt
to say more oil his annual report
than that II is all that could nave
been fairly expected of young
man who took the office without even an
elementary knowledge of banking. ana
with no other qualification than thai vi
being a bright and highly reputable law
YER 1t is unnecessary TO discuss MS
report We may mention, however, that MS
main recommendation Is that the banks De
allowed to issue notes up 10 % per cent
of their CAPITAL and that they shall de-
poeit with the treasury an amount OF
legal tenders equal TO the other half or
remainder OF their capital, besides pro-
viding a s per cent. safety fund. Under
such conditions the banks would nave
TO surrender an amount OF cash equal 10,
or somewhat larger than, tine notes they
could Issue and. therefore, would certain
Nv decline the privilege: besides which, the
currency could have no elasticity OF vol
ume The literary merits OF the docu-
ment are on par win It's economic
quality.
We nave not seen Mr.. Eccles' report.
but we have seen a number of other
carnations from him relative to the cur
rency. all OF which have been exceedingly
tejeune-what we call fresh-and we are
entirely prepared to believe that the
Journal OF Commerce has very correctly
estimated the present document. especial
~ as the journal rarely makes any mis-
take in a matter of this sort.
But Mr.. Carlisle's recommendations
backed as they are, by the Presidents
unqualified endorsement. must arrest the
attention of the country, and If they do
not secure action at this session In the
direction urged by him must soon Sc
cure II and bring the country that tnan-
cial relief so imperatively demanded.
A bill framed exactly upon the lines
laid down by Mr.. Carlisle would bring the
country prodigious relief. though not all
that il is entitled to. We shall never
have that prosperity which is our due
until We return 10 exactly that state
which existed here in 1861 and before
That state was the full fruition and reali-
zation of the intention of the trainers of
the Constitution, and that state saw the
whole face of the country covered over
with contented and prosperous people;
with no very rich men, but with all men
having abundant sources of currency
conveniences at their command. In the
present state of public opinion We have
no hope or expectation of seeing the
country returned 70 that constitutional
and happy condition. The false teachings
OF war and disturbance that have taken
possession of the public mind must all
be unlearned before that happy state is
ever returned to us. Men have got TO be
taught TO, think on the elements of fl
nance, snd>to be made 10 understand that
thDe is but one money. coin, but that
all men have the right to put out their
paper promises TO pay that coin in any
quantities that suit them, and that Gov
eminent has no more to do with watch
ing over and guarding its citizens. TO see
that they do not take paper promises 10
pay money which will not be redeemed.
than II has to do with watching over
them and seeing that they are not swim
died when they buy a horse or
suit OF clothes. After a while We will
return 10 that happy condition, as IT
existed In this Union in 1861. but the
people must unlearn a great deal and
learn a great deal in its place before we
do. For the present, II we could only
get Mr.. Carlisle's recommendations we
would thank Heaven and hold our peace
for a while.
We cannot refrain, however. from point
ing out one glaring Inconsistency In Mr..
Carlisle's recommendations. He says,
and justly says. that the provision of the
law requiring national banks TO keep
certain reserve against their deposits
ought to be repealed. and he gives this
very satisfactory reason for 1t;
Every prudently managed bank, if left
free TO conduct It's deposit and discount
business In a manner most advantageous
10 Its own interests and interests OF its
patrons will undoubtedly keep on hand
q reasonable reserve, 10 meet not only
all ordinary demands upon II. but 10 pro-
vide for such emergencies as are liable
10 occur In the community where IL Is
located: but II ought not TO be prohibited
by law from using such reserve for the
only purpose II was designed TO accom-
plish.
II bank can be trusted. because OF its
own interests. 20 keep a sufficient re-
serve 10 meet the demands OF It's de-
positors. why may II not be equally
trusted 10 keep a sufficient reserve TO
meet its circulating notes? Why should
- eoanoelled To tie nd 30 Der cent. OF