Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1894-12-07

meet pension expenditures for the year end
ing June 30 1896 is estimated at $4,000
900.
The Secretary OF Agriculture shows tba
the exports of agricultural products iron
the United States for the fiscal year ended
June 80, 1894, amounted TO 1928 1863, OBS
being ~ % per cent of American exports
OF every description, and the United King
dom Of Great Britain took more than 81
| per cent. of all larm products finding for
| eign markets.
The advantages to the public service OF al
adherence TO the principles OF civil service
reform are constantly more apparent; ana
| a vast majority OF the voters Of the lanu are
ready to insist that the time and attention
Of those they select to perform tor them i'm
portaut public duties should not be distract
cd by doing out minor offices Numerous
additional offices and places have lately been
brought within civi-service rules,
The new tariff act needs important amend
ments so as TO be executed effectively
and with certainty. In addition 10 such
necessary amendments as will not change
rates OF duty, the Presidentstill very decided
y iavors putting coal and iron upon the free
list AS regards the sugar schedule, he
wsuld be glad, "under existing aggrava.
tions," 10 see every particle of difterentlal
duty IN favor of refined sugar stricken out
OF the tariff law.
Legislation is recommended calculated to
promote the development OF our merchant
marine To this end the new tariff should
be supplemented by an act allowing vessels
built abroad and owned by Americans 10 be
registered here.
Much space is given TO discussion of the
decrease OF the g0lG reserve and the neces
sty of bond issue to repair the fund de-
signed 10 keep all forms OF money at par
with gold 1t is declared roundly that the
issue OF bonds will be continued whenever
and as often" as il is necessary TO maintain
sufficient gold reserve. The currency ques.
ton is declared to need the prompt attention
OF Congress, and plan for the creation of a
mole elastic currency is presented and ap
proved. The plan embraces scheme mod
Tying present banking laws and providing
for the issue of circulating notes by State
banks Tree from taxation under certain limi.
tations.
1t is proposed to repeal all laws providing
for the deposit of United States bonds as Sc.
curlty for circulation; 10 permit national
banks TO issue circulating notes not exceed
ing in amount rs per cent OF their paid up
and unimpaired capital provided they de-
post with The government as a guarantee
fund in United States legal. tender notes, in
GLIDING treasury notes OF 1880, a sum equal
in amount to 80 per cent. OF the notes they
desires to issue.
In addition TO the guarantee found re
quired il is proposed TO provide safety fund
for the immediate redemption OF the circu
latng notes of failed banks, by imposing
small annual tax, say one half of per cent,
upon the average circulation Of each bank
until the fund amounts to 5 per cent. OF the
total circulation outstanding. AS a further
security II iS contemplated that the existing
provision fixing the individual liability OF
stockholders is TO be retained and the banks
Indebtedness on account of its circulating
notes is to be made first lien on all its
assets.
A very important feature of this plan is
the exemption of State banks from taxation
by the United States in cases where it is
shown Ii the satisfaction al the Secretary OF
the Treasury and comptroller OF the cur
rency by banks claiming such exemption
that they have not had outstanding their
circulating notes exceeding rs per cent. OF
their paid up and unimpaired capital that
their stockholders are individually liable for
the redemption of their circulating notes TO
the full extent of their ownership of stock !;
that the liability of said banks upon their
circulating notes constitutes, under their
State law, first lien upon their assets; that
such banks have kept and maintained a
guarantee fund in United States legaltender
notes. including treasury notes OF 1890, equal
to 30 per cent. of their outstanding circulat-
ing notes and that such banks have promptly
redeemed their circulating notes when pre-
sented at their principal or branch offices.