The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-22
GIVE THEIR IDEAS.
Prominent Financiers formuiat" fiAns
for sound Currency.

for sound Currency
wAsurxoroN. Dec. i5.--There was
again N large attendance at the meet
,rg ~ the house committee on bank
inc and currency Thursday morning.
A number of eastern bankers ana
ananciers were present and presented
their views on the Carlisle ana BATH
more plans.
A letter was read from Il, j. Ferris.
vice president of the Bank OF New
York. II said:
..There seems TO be no good reason why eN-
istinc national banks who have ohlteo suites
| bonds on deposit with the comptroller shoulo
/ not be allowed 70 continue az they arc uns ,
| their charters expire or the deposited oohas
/ A. maid OF Section OF Mr.. Carlisles OH
/ seems like forcing the banks TO do what they
| have not been consulted about
Mr. Ferris advocated the establish
lisbment Of central redemption agen-
ci.s which would. no thought, en-
hance the elasticity OF circulation
basea on n deposit OF bonds. Refer
ring TO section 10 of the Carlisle bill,
nrovidinr for the issue OF notes by
state banks without the provision OF a
sinking fund. Mr.. Ferris said;
1T makes the hin simply an imitation meas
ure modified by the deposit OF 30 per cent. ia
i tender
United states notes 20 the extent oi - por
rcnf ~ new circulation issued when the treas
ury has the means 10 DO II
William C. Cornwcll. president OF the
CITY bank OF Buffalo. n. y. ana presi-
dent OF the New York state Bankers'
association, said his recommendations
were as follows
/. qhe grccnback and treasury notes should
be redeemed and Cancelled; the real business
/ IA
stamp upon gold and silver tholr hho-
ness and weight government mas no
right 20 ISSUE paper with hotning
back OF H. and 20 make Il Legal tcnoer-eo
create currency and oy an not Oh -"
force the people 20 take ~ ~ fuh Na4uo
without regard 20 the intrinsic worth. All
such issues up 20 date have ended In
, trouble The greennacks ana t,pusuly
, notes arc Of This character lhcy ore the toN ,
! ernueuts notes 20 the extent OF rVuuVVVVVs
pnvablc on demand and in rold. they nave
caused trouble enough airendy They are
, constant menace 20 tho gold reserve Ih'y
SHOULD be pnidup - -.
! y The vacancy should be filed with BANK
! notes The hest currency of the best nations
/ to-dnv Is mainly bank notes. which are u
4 first lien upon the assets OF the pahN'
/ These assets arc commercial possessions,
i I representing the product OF the brain ~nu
muscle OF millions % people They are the
wealth OF tho nation what better pasis LOT
circulation can there DO than this--the actual
wealth Of the nntlons
= no perfect the system further and mako
out tho com pllcated and delicate problems at
Y tending this an impartial expert commission
!. should 81 appointed 49,
{ The next speaker was Mr.. w. Dods
worth OF New York, editor or the
journal Of Commerce. He said that
II will be manifestly desirable to
II ndopt course least calculated
= 10 disturb existing banking arrange
mcnts that need no change, but that
e tile power OF issuing notes should
? be conceded 20 the banks operating
y under state laws, conditioned upon
= the terms that they shall conform e
- the terms OF issue imposed upon th'
= national banks, thereby securing from
!, all banks uniform circulation. h'
continued;
- ANY course short Of this would be not onl'
IS n political injustice but an unwnrrantable ais
T. elimination against clnss OF banks IN ever
90 way deserving the privilege ana upon Nhos
u | operations the business interests OF IN
- country are largely dependent Tho stat
~ banks OF tho country have total cap
40 itnl 81 about sgsb 0O00OO and are the Gus
a. todians Of $3.50 O00O 900 Of the people deposits
! T'hplr cnnital bears n ratio OF 70 per cent q
- their loans while Ia tho case OF the nattonn
al hanks tho proportion a. only 80 per cent ant
r. their ratio Of capital % deposits As ~ per cent
liz which Is identical with that OF the national 10
!, situations
- Regarding the proposal ~ Secretary Cal
isle that banks be required 90 keep re
serve on account ~ deposits, ne said thl
whom banks are pressed by emergencies the
IL have more respect for their interests than
=" hcstitaso % disregard the statute, while
meant that Ina practice the reserve law TAI
yn 81 is purposes Some panics might nave bee
wholly avoided had banks been free 20 u'
orp their money resources according 20 their III
lev erection SO that the result designed 10 pr
nr- loot hAnk aeInsliora rcnllY lmIcrllod thcm