Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-05

a
that the bank at III times keep the
guarantee IN United States legal ten
der notes Including treasury notes Of
1880 equal TO 20 per centun Of ~ out
standlng circulation notes. and nfth.
that II has promptly rcdoemed us notes
on demand nj It's principal oitice or %
one or more Of ia branch Offices. II II
\ has branchea.
~. The secretary OF the treasury may.
under proper rules and regulations TO
DO established by him, permit state
banks to use IN the preparation OF their
nptos the distinctive paper used In
printing United states securitieai but
no state bank ghall print or cngruvc 80
notes In almilltude OF United States
notes.
Whatever may be the objection NJ 10
the issue and circulation OF United
| states legal tender paper upon either
constitutional or financial grounds, II
| has become 80 Incorporated into our
currency system and constitutes 50
l large u part Of our active circulation
that It cannot be suddenly Withdrawn
without producing IN the present state
OF business considerable disturbance IN
/ the oihclal operations OF the govern
ment, as well aa the business OF the
| people ana the plan now suggested for
us gradual retirement by the use OF
/ fAAIfhF AhNNAlNfN hllff II ~ lftElNNu
IL process which VIII probably ro-
| quire several years FOR It's completion.
As those notes cannot be retired until
| other forms or currency to an equal
amount have taken their place. there
would bn neither forced contraction
nor expansion Of the circulation ON ac-
/ count OF the change. As the plan sug-
/ geHted proposes 10 exempt the gov
| eminent OF the United States from
/ an reSpqnalblllty for the redemption Of
/ me national bank notes and place the
sole responsibility upon the banks
1 themselves. "A guarantee fund or not
] less IMAM 30 per centum upon the out-
standing circulation 1t regarded as a
/ very proper ana necessary feature OF
the system. In my opinion the Inn
position Of tax by tho federal gov
etnment upon the use Of the clrculnt-
| ing notes lawfully issued by stnte
banks u nn unjustlnnblc. II not I'M
constitutional Interference with the au-
tn9iliy or the several states. but It's
validity has been judlcially sustained.
| ana ~ II does not appear to be prnc.
tlcnblc Ia repeal II absolutely AT this
llme II Is proposed to avoid TIA pro-
HlpUoiy effect by cXemptlhg from Tux
nlon the notes OF such banking inatl-
tutlons az may be organized and CON
duuteu under conditions which Will
amply protect the holders OF their pu-
per While direct goycrnmentai W.
pervlslon n not aud ought not to be
provided for, the requirement Tint a
bank IN order to secure cNcmutton
from taxation must satisfy the secrn.
OF inc enrronc, ~, VT '"s comptroller
with All mo az, MI 49, ~ HuA VvnlpHru
able thss. nnici"ts iupu..u 10 th-
tireg ne ,n,,, III $500. w. n'lu'l Nuch meas
10 secure dcposltors ia very material
tuct involved IN tho inquiry
II ,,.ltt L.. -. 80" 'uN'"h'
,nit,,i ,,,,,,,',,,. ~ ul"t tle plan sub
IONS ot NAM, "a vt an proNla-
nafi,n,1 i,,,,i,', 1--WE Wheh require
ng,inst a -, " Ip'u q nked reserve
M, r,,,,,, ~. 80 40 W" ~ . uePurt-
v,itod fnr -, ' M. Mn,en nus pre-
pp,n,, 4, ','''y years. IL "
wbi',b nv, 49,. u'l'.lN ihe lras3ns
',is,.,',,,t', rWHS1lnIt.u me !! mako MS
ln,s cvet.,, ~, III nhuonll hnhk.
IA ,,,,,., ,,,',,,,.1 /" y" "'lhnlllS Nut hotllel
'.,r...i ~, py nlhy hs y doubtful
tnra,,,, 49,. "a, ~ ~ various p celu-
NJ, ~, ttta'.' .!lvl'" WIZ imposed Tor
,s, v,ss,S, ~, ,'''i' 9'p'Is una d'poHlt'
,i,,, .i,'.,,.,, 'a's'V,u" rNpVIlcne' mas
s',,',,, ,, auN A. 10 n' unnecessary ana
,d,'' ,,',,i,.. W Nii' my th.Nc are
d"no.i,,,1 ~, Nao' u.nuN Nhall DO
XVI, XIX. w. uuIr w. pr cont OF lhrir
XIX N.' , ~, N'lrulutlllE NOT = ana mat
u. .3t,,'t,,,,,S 49, W. p V,Un,t ne hWiul-
20 " a,s,, si,.'l pe ned on account
t.,s, ,non,,a ~ v'uNulu- noe OF nus
~. ,'',N'' w t9't When = bank
sa' 'i,' w ~ VI * ls roh"urehH II
Nv. Nv, u'' tloli N'ls wv We NuhB the
tNN' ny n,e's,'lty OF anlulnE a huui-
a,.,, -, W. NhNlllsl u"po'uH ny NOT
itl,llleu ..lu IN llNi N" business or
M, MIN KIN "Vlva1'' "llu ulASounlhg pa
~, V"knt n.NnV 20 ohHucted Wlpl-
"ul ", pu' ~ lulI p' VIC Tor actual
Wv WIZ w uvV'H'ui' uilsea enl not
u''su' lvhuuS nlvNH" .l'l' NJ inc very
tluv WhVu VI WE 'leoly ueIly sun
"srn 70 DC beh'UelW M Ausii ming tho
vtr'nt nl un" p'nk' Under tno present
NV wien DllN uhIA Ita reserve IN
uNlker OF 'euueNpn ptl'W th' legal
ISluNSheht ON account OF the demands
h alA uel'ul"ts " ~ connected az once
10 S'il IA w. lu1ps' lner ny increasing
unr u'Al,usl ahh uFEtN'tIng me dia-
ltrHs Wnlvn luolplous use VI ono rec
nVlNc W"ulu AlNu l,'loN'u' ana beSldea
NJ Aueh INV. an oiucr u1 protect tho rc-
serve whloh IL useless for all
praS,,c'i PurposeA' clearing house
'Srt,hVaieS; various rv'n9 OF time
ghrcks ana nllla ana olher devices of
u9uhtiul legality are nab tuu " rcsort-
90 70 ior inc pulrosH g aupplNlhg cir
S ~, 20 tahe ne, plaen OF the law