The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-11-29
ADDRESS OF MIR. CHARLES
HOMER.

~
HOMER.
Mr.. President and Gentlemen OF tn
Convention:
The subject which we have determine
to give the most prominent position !
our deliberations at this session is on
that has occupied the closest attention
the student of finance for many years
and which, from the occurrences OF tn
past Is months, has forced itself upo
every man and woman of our land. IN
plan that we propose for the creation
u safe and elastic currency is the OutcOm
of the careful thought and practical eX
perience of the obseryant business mel
of conservative Baltimore, as expressed
through the members of the Baltimore
Clearing House association. After mos
deliberate conference our ASSOCIATION
has formulated plan which it feels con
fident will meet the requirements OF the
| times. 1t is not an individual IDEA OF
hobby. but it is a recommendation which
carries with it the unanimous endorse
ment of our entire clearing house. am
not presenting solely my individual views
upon this all-important subject, but am
the chosen mouthpiece, the channel
through which its solution, as unani-
mousiy recommended by our association,
shall be conveyed throughout the land.
To the practical, conservative Baltimore
banker the logic of finance and commerce
points to but one way out of the exist
ing wilderness, and that we have endea-
vored to bring succinctly and clearly be-
fore you in our proposed plan.
The solution of the currency problem is
Justly entitled to the greatest prominence,
for modern history demonstrates, that
upon the character and stability OF its
finances depend the sOlidity and prosperity
of people. Commerce is the bond Of
union which ties together the nations Of
the earth and YIELDS the links that keep
destructive war chained captive to the
chariot of peace. Money is the hand
maid of commerce, and whereSoever the
latter wanders in her search for healthful
development, there her servant must be
present, ready and able to respond to her
commands. How important, then, the
role of the dollar 1t must be above suS-
pciOn; its character must be unquestiOn-
ed, it's value unchanging, its credit i'm
pregnable. How far much of our cur
rcncy has been lacking i'll these necessary
qualifications the finger of history has
noted in indelible marks upon the pages of
1893.
From the birth of the first greenback,
the patriotic student of finance has watch
ed with solicitous eye the questionable as
sumption of constitutional power by our
government, and while love of country
and mindfulness of its dire needs softened
the tones of warning, Involuntary ut
tered, the cry of anguish could not be re-
strained, when constant violations of our
supreme law hurried us on to the calaml-
ties of 1893. Standing upon the brink OF
that wear, commerce and credit, of keener
vision than arbitrary legislation, fOresaw
their threatened ruin, rose lmperlOusly,
commanded Il halt i'll our destructive
career, and babe us mend our hnanclal
ways. Reason pointed out clearly the
path along which lay the safety and
prosperity of our country, and admonish-
ed that any deviation from the authority
granted by the constitution meant misery
and ruin. Too much praise can not be be-
slowed upon the farseeing wisdom, the in
cisive Judgment, of our forefathers who
framed the constitution of our country
As each particular section has been april
ed to its particular role in the great drama
of our nations growth, the roice of eXpel
fence has uttered apprOvingly at The close
of each trial scene, "Well done"
''rO coin money, regulate the value
thereof and of foreign coins" is the extent
of the authority granted our government
by this inspired instrument Had It's be
hests been regarded, the ruin, distress ana
mental anguish we nave just pdooSu UNIV
ugh and whose sulferings are still with us
would not have bcfallen our land.
We claim no novelty or originality Tor
the plan which our Clearing House as
ISOLATION has delegated me to present to
YOU, and which it hopes may meet with
the approval and advocacy of yourselves
and of our entire country
1t is to some extent, patch
work. Into which conservative Balti-
more has woven what seems to 1t to
be the safest and most practical of the
many suggestions of tinanciers upon this
important subject. In our investigations
we have used as our searchllght the re-
qurements of commerce, and have ap
/ piled as n test the demands of our people
| Having lived and prospered for 80 years
under the influence and blessing of the
national banking system, which supplies
Ieyery requirement except that OF elias
lticity, we have aimed to outline an amend
Iment which would not dwarf its good tea
lures, but which would supply the ont
lacking ingredient to make it as perlec
as lay within the limited power of human
ingenuity and experience, and which
would be so broad and so liberal as to in
vite all state banks to come within its fold
|OUTLINE OF THE PROPOSED
AMENDMENTS.
|
al banking act requiring the deposit o
bonds to secure circulating notes hereafte
issued shall be repealed.
| Sec. 9. Allow the banks to issue circu
lating notes to the amount of 80 per cen
tum of their paid up, unimpaired capital
subject to a tax of one half of pc
centum per annum upon the average
amount of circulation outstanding for tn
wear, and an additional circulation of =
per centum of their paid-up, unimpaire'
capital, subject both to the tax of on
half of l per centum per an
mum, and to an additional
heavy tax per annum upo
the average amount of sue
circulation outstanding for the year
said additional % per centum TO be know
as emergency circulation"
Sec 3. The tax of one half of pc
centum per annum upon the averag
amount of circulation outstanding sha
be paid to the treasurer of the Unite
States as a means of revenue, out OF whic
the expenses of the office of the conn
troller of the currency, the printing o
circulating notes, etc, shall be betrayed.
The excess over one half of l per Ger
tum of the tax imposed upon the "emel
gency circulation" shall be paid into til