The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-11-13
THE BANKERS LITTLE PLAN.

THE BANKERS LITTLE PLAN.
The American Bankers Association
has been holding a convention in Balti-
more and have drafted a plan for set
thing the financial difficulties of these
United States that is certainly unique.
These bankers are such innocent, art
less, ~confding people that it is strange
that they are able to prosper in his
cruel wicked world. We print the en-
tire text of their plan in full:
"SECTIoN 1 The provision of the
national banking act requiring the de
post of bonds to secure circulating
notes hereafter issued shall be repealed.
SEQ 2. All of the banks to issue cir
culating notes to the amount of so per
cent. of their paid up, unimpaired cap
ital, subject to a tax of one half of one
per cent. upon the average amount Of
circulation outstanding for the year;
and an additional circulation of 25 per
cent. of their paid up. u~nimpaired
capital, subject both to the tax of
half of one per cent. and to an addi-
tional tax per annum upon the average
amount of such circulation outstand
ing for the year; said additional 25 per
cent. to be known as the emergency
circulation
SEC. 8 The tax of one half of one
per cent. upon the average amount of
circulation outstanding shall be paid to
the Treasury Of the United States as a
means of revenue, out Of which the ex-
penses of the office of Comptroller of
the Currency, the principal of circulat-
ing notes, ETC., shall be betrayed. The
excess over one half of one per cent. of
the tax imposed upon the emergency
circulation shall be paid into the guar
anty fund referred to in section six.
SEQ. 4. The banks issuing circula-
ton shall deposit and maintain with
the Treasurer of the United States a
redemption fund equal to five per
cent, of their'average outstanding cir
culation, as provided for under the
existing law.
SEQ 5. The redemption of the notes
of all banks, solvent or insolvent, to be
made, as provided for by the existing
law.
'SEC 6. Create a guarantee fund
through the deposit by each bank of
two per cent. upon the amount of cir
culation received the first year. There
after impose q tax of one half of one.
per cent. upon the average amount of
outstanding circulation, the same to be
paid into this fund until it shall equal
five per cent. of the entire circulation
outstanding, when the collection of
such tax shall be suspended, to be re
sumed whenever the Comptroller of
the Currency shall deem it necessary.
The notes of insolvent banks shall be
redeemed by the Treasurer Of the
United States cut of the guaranteefund,
If it shall be sufficient, and if not sufh-
Gent then out of any money in the
treasury, the same to be reimbu sedt to
the treasury out of the guarantee fund"
This is indeed child like and bland as
the smile of the heather Chinee and is
likewise peculiar AS we glance it over
and notice the essential points, no de-
posit to secure circulation, a reduction
of the tax on circulation, a guaranty
fund of five per cent. (save the mark y
to redeem the notes of insolvent banks,
we feel that it would be a joyous day
for the poor down-trodden banker,
when these provisions were adopted
but how about the people2 We fear
Mr.. Vanderbilt will have to be invoked
to express the ideas of the bankers'con-
vention as to the dear people; some of
our readers may remember his remark
which though somewhat profane, is
pointed Western Rural.