The daily morning journal and courier., 1894-12-05

expresses the earnest hope that con gress will take early and favorable action. .e
 He says that If there had been no statute requiring the government to redeem in coin and reissue Its own notes and to maintain the parity of the two kinds of coin of unequal in- trinsic value there would never have been a time since the close Of the war when the funds In the treasury were not ample for all other pur- poses. and no issue of bonds could, therefore, have been necessary. If, however, the mandatory Legislation which keeps large volume of notes in circulation, notwithstanding their repeated redemption in coin and also imposes upon the government an oe- ligation to maintain the parity Of the two metals is perpetuated. the treas ury will be compelled to procure and furnish gold to all who demand It. And 1t will have no lawful or regular means of obtaining gold. except oy the sale of bonds, thus periodically increas- ing the interest-bearing debt without making permanent additions 10 ns stock of gold or diminishing to any ex- tent its obligations on account or the notes redeemed.
 The secretary recommends a curren- cy system on the plan adopted by the Baltimore convention.
 The secretary thinks that the imposi- ton of a. tax by the federal government upon the use of circulating notes, law fully issued by the state banks Is un- justifiable, if not an unconstitutional interference with the authority of the several states, but he says Its validity has been judicially sustained and as 1t does not appear to be practicable to repeal it absolutely at this time 1t is proposed to avoid It's prohibitory effect by exempting from taxation the notes of such banking institutions as may be organized and conducted under condl- tions which will amply protect the holders of their paper.
 He says that deposit of 30 per cent. of the deposit of each bank as a guar anty and deposit of per cent. by all the banks in common safety fund for the redemption of the notes of the failed banks together with a first lien upon all the assets, individual liability of stockholders, official supervision and the power to assess all banks to supply the deficiences, constitute the effective parts of a system which will afford to the note holder ample assurance against loss and at the same time leave liberal margin for profit on their cir culation.
 One beneficial effect of requiring each bank to redeem its own notes will be the promotion of more careful and conser- vative management of its affairs, thus avoiding to large extent the causes which have prejudiced a majority of the failures heretofore. The plan would, the secretary shows, provide c wider field for the active circulation of our silver coins and certificates, as it is proposed that no national bank note of less denomination than $1O shall be issued.
 He says that if this country is to utilize to it's fullest extent the oppor- tunities offered by its geographical po- sltion, natural resources and. the me- chanical skill and commercial enter prise of it's people it must adhere steadfastly and aggressively to the revenue policy inaugurated by the pres ent congress at it's last session. AL though the recent legislation did not accomplish all that was desired 1t in augurated policy which it is hoped and believed will ultimately result in great improvement in our indus trial condition and corresponding en- largement of our international com- merce. Every movement hereafter made should be step forward in the direction of freer trade and a more equal distribution of the rewards of industry.
 The raw materials used in the produc- tion of commodities for the use of the people should be free from taxation in order that the burden of labor may be frightened, the opportunities for em- ployment increased and the necessa- ries made more abundant and less ex- pensive.
 Napoleon and Rousseau.