Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1894-02-21
STATE BANK CURRENCY.
Tracey Introduces a Bill for a
New Flexible System.

Representative Tracey, of New
York, has introduced bill drawn
up by H. Osterberg. of New York,
to provide for a flexible system Of
bank circulation. This bill pro-
poses to allow State banks to issue
circulating notes under the super
vision of the Comptroller of Cur
rency up to one third of theirp paid
up capital, provided that no one
bank shall issue more than 81 ,000,-
900.
Each bank is required to keep
on hand at all times not less than
25 per cent. of the amount of it's
notes outstanding in coin or it's
equivalent in lawful money of the
United States. Provision is made
for the lsvying of tax on the cir
culation of these banks for the pay
ment of the expense of admins
tratiug the law, and for the crea-
ton of a reserve fund to be in
vested in the bonds of tho United
States, or such State bonds as may
be approved by Congress, to be
held as an additional security for
the payment of the notes.
The element of elasticity is
given to this proposed banking
currency by authorizing the Comp
troller of the Currency whenever,
in his opinion, the exigencies of
the occasion demand of not less
than one-third of the banks hav-
ing circulation under the act, to
permit banks to issue all addi-
tional amount Of circulation not
to exceed 20 per cent. of the paid
up capital.
The retirement of these addi-
tional notes whenever the occasion
for their issue has passed is insured
by imposing double the tax upon
them that is imposed on their Or
dinary circulation. 1t is proposed
to fix the limit of the circulation
under this act to 81 pei capita,
based on the last preceding census,
unless all the circulating notes of
the Uaited States other than bank
notes shall be retired, and in that
event it is proposed t. make the
limit SIS per capita.
The bill has been favorably con-
sidered by Secretary>Carl
The Wesleyan Christian Advocate
of Georgia comments as follows
concerning the rebeilious element
in this State:
"It is manifest that there is a
combined determination to make
the dispensary law in South Caro-
lima as odious as possible. Gov
enor Tillman and the police, who
are trying as best they can to en-
froce right law. are paraded as
schrismatics or incendiaries, while
the whiskey ring and the associa-
ted press pose as the great con-
servators and the advocates of
peace. There is-nothing more in
famous. Mr.. Tillman and the
police may make mistakes, but
their mistakes are nothing COM
pared with the curse that comes
on the country form this league
against prohibition laws of all kind.
The whiskey men and the tools
they have boughtare determined to
rule the land, and it is high time
for some determination on the
part of honest men, We have
been under the heel long enough" !"
This non-partisan journal makes
out a true bill against those who
are fghing the dispensary law.
Surely the thoughtful, warning
words of this religious newspaper
will arouse all loyal citizens to a
sense of their dnty and. RESPONSE
bility, and cause them to side with
the government in the fight now
raging.-Press and Reporter.
When Daniel Webster, the cele-
brated statesman and lawyer, VS.