Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-02-08
THURSDAY. FEBRUARY &. 1894.
Our Chamber Of Commerce on Banks.

Our Chamber OF Commerce on Banks.
The Board Of Directors Of the Richmond
Chamber Of Commerce made on Tuesday
last. certain recommendations. touching.
Tor on- thing. the 10 per cent tax on the
issues Of State banks. which rccommenda-
uoas az, somewhat Ike those which Prosl-
dent cleveland and Secretary Carlisle arc
reported to have siguitcd their Willingness
10 support The main thing IS 20 have
national system. OF. a. any rate. national
supervision Of an the banks Of circulation
which may Doe established hereafter. as
means of preventing the denationaiil1u'n'
or dcbassmcnt Of the currency with which,
for thirty yeats. this country has been
blessed The recommendations above men
toned read as follows.
I. Congress should pass % general bank
iug-law. under which all banks whether
chartered rs the state or national govern
m.nf. may issue currency with proper
safeguards as 90 security and I'd'ni'i'h'
that said currency should b SUBJECT q" no
tax except fpr thc purpose Of creating
rclcmptiou-fun3. H sD,h imI br pro-
Vidcd for hy Law.
@ That Congr'ss pass laws {" ISSUE 10
the national banks currency Z" inc i"i
valu. Of Tho bonds deposited by them with
The Comptroller To- secure ui. Circulation
Of notes
This hitter recommendation We nave
heretofore advocated SO good reason can
b. given for not allowing thr national
banks 10 ic furnished with Circulating
notes 10 the par value of the bonds de-
poeito8 for thu redemption Of those notes.
The former accommodation is. a. we
have said. somewhat iu line with the fea-
t,ros Of the projected nov banking system
which the President and Secretary OF the
Treasury are reported to have oppressed
their willingness L. favor y" h'" ma
tional-bank system is lkcly "a be pro-
>idcd for which Will prove e. lie better
than the existing one. but the national
bonds upon which thc latter is based are
not 10 be had now. r. at all al prices
which would render IL profitable To use
them for banking purposes. Therefore II
Would seem t. be- the duty Of Congress
10 provide at once some substitute Ac-
co,aingIv the Board Of Directors of the
Richmond Chamber of Commerce recon-
banking-law. applicable 10 all the States
providing that all banks. national or state
may issue circulating notes under proper
safeguards as 10 security and redemption
which notes shall bee free from taxation
as such.
The banking yst,m proposed 10y the eX-
,romlsts is that Congress shall turn over
g., states ahgliS h
the tax on circulation, and let every bank
or banker issue as many 'promissory
notes" as he or Il can put on upon the
public. This is not "a Joke, but scheme
which finds advocates among intelligent
men.
our readers know that the Committee
on Banking and Currency of the National
House OF Representatives agreed last
week to report against repeating the law
imposing tax Of 10 per cent. on the
issues of State banks. They also know
that but one northern Democrat voted
with the members who favored repeal
So that we here In Virginia might as well
make I'D our minds 10 stand by the Presi-
dent In this important question II as Is
reported. he is willing 10 abolish that tax
only on condition that the national gov
ornment shall have control over all the
currency to be issued by the new banks
and decide when the safeguards to note
holders are sufficient.
n only somebody would provide for max
ing depositors as safe az note-hoiders
there would be no more panics.