The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-12-08

about sCgs, 900 900, II 10 this ls added
f582, ,0O0, 600, az the chpitni ~ state banks
nValling themselves of the privilege. a
Total capital Of 81 Si00O,OO0,00O would bo
had as basis upon which 10 Issue cur
roncy Assuming that all The banks
pohhesslng this capital issued currency
up to the full limit ~ 20 per cent, we
VIII have nn Issue of bank currency 10
the amount OF S7b0,0OO, 00O. Against this
legal tondera to the amount OF 30 per
cent VI circulation must be- deposited,
on t225 0OO,00O. Add bank notes issued,
gibO0OO,O0O, less the national bank cur
rcncy retired, Sl72,OOO 600, legal tenders
deposited and Withdrawn from clrculn-
tion, S225, 900, 900, total, slg7 900 900. Net
Increase In circulation, g353, 1000.
Taking bank with si00.0 900 capital,
the compiroller's plan appears 10 re-
quirc that the bank deposit with the
treasury $4,000 In United StaeH notes
or legal tenders tfor cancellation in
exchange for which II VIII Immediately
receive 4b5 600 IN bank notes for current
redemption OF bank notes Of this class.
upon failure or liquidation Uf the bank.
This feature. therefore, II neither ex-
pnnsion nor contraction uf currency,
simply the exchange of one kind Of
currency for another, but for the pur-
pose and with the effect of entirely re-
lievng the government Of the burden
and cost of current redemption during
the existence OF the bank receiving
and Issuing the same.
Under this branch Of the comptrol-
ler's plan, with the present cap tai Of
national banks, viz $6JS 600 600, 1884,
900 900 OF legal tenders would immc-
dintely be retired and Withdrawn from
the possibility of being redeemed In
gold by the general government, while
the banking capital of 81 600 900 900
would serve as a basis for retiring the
entire issue both OF United States notes
and Sherman act notes, amounting to-
gether to about s9s.OO0.0OO. While un-
der the secretary's plan "a capital OF
81. 900. 900 900 would effect the withdraw
al, according To his own estimate, OF
only $225,0OO. Should the bank notes
issued against legal tenders be made
available for lawful money reserve
against deposits, as they are now legal
tenders, this would operate to Withhold
them from redemption by the banks
programme for the speedy cOnsid-
Grafton OF the financial plan proposed
by the president and Secretary Carlisle
was arranged by the house committee
on banking and currency to-day. Three
resolutions We're passed. The first spe-
cities that Secretary Carlisle and Comp
troller of the Currency Eckels be In
vited before the committee AT 10 a. IN.
Monday and the hearing close Satur-
day, Dec. Is. The sentiment among
democrats was for proceeding as fast
as possible and reporting a bill before
the holiday recess. The second resolu-
ton authorized Chairman Springer TO
invite the members OF the committee
next week to give their views, II was
carried. although Walker and Johnson,
republicans, opposed IL. The third res
olution adopted authorizes a call OF the
committee at any time. and makes flve
quorum. This is to prevent delay In
the speedy presentation of bill The
meeting disclosed that there viii be no
factious opposition from republicans
toward getting bill before the house.