Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-11
CAHLIsLE's BANKING PROJECT.
ITHoRoucHLY DISCUSSED ny THE
BANKING COMMITTEE.
Tho Secretary nad a Rough DRAFT Of
a. mn. but Took II Back for RE
vfsion--ComptroiIcr Ecifies Aiso
civss uis view. on Currency.

mittee ON banking and currency To-Day
10 present In detail tho features Of tho
now currency plan proposed in his an
nuai report and endorsed In the presi-
dents message, There was much Inter
est In hearing him. as It was felt that
Carlisle would lend more popular In
torest to the subject than had appeared
IN tho report. Besides the fun mem-
bership OF the committee, there were
present Senior Romeo. the Mexican min
lister. and many members OF congress.
Carlisle took up each section OF his
recommendation, First, to repeal all
laws requiring or authorizing deposit
ton or United states bonds as securi-
ties for circulation. and second, permit
national banks to Issue notes 10 an
amount not exceeding rs per cent OF
their pald-up and uulmpaircl capital.
but require each bank before receiving
the notes 10 deposit a Euarantec fund
consulting OF United States icGnl ten.
der notes, including treasury notes Of
1880. to the amount OF 80 per cent upon
the circulating notes applied for, This
percentage OK deposits upon ths ciruu-
lating notes outstanding to be main
tained at all times, and whenever q
bank retires lie circulation in whole or
IN part It's guarantee fund viii DO re-
turned TO II In proportion to the amount
OF notes retired
Mir Carlisle said he WAS satisfied the
present law requiring deposits Of bonds
10 secure circulation prevented easu-
city OF currency. 'srhe provision OUT
lined" said MI. CarllBlc gives ample
protection without tho deposits OF bonds
az required by the present law" Mr..
Carlisle said that the practical value OF
fhe reserve fund of currency was shown
In 1893. There WAS demand FOR mun-
cy agBtcgatlnE 100000 600, Tho treas
ury did It's best to meet the htringenoy
but by the time the notes were ready
TO distribute the demand had gone by
and many packages OF notes were re-
turned unopened. The secretary in
vited critlciam on this particular sec
ton.
Chairman Springer asked how tho
hocrctary's plan differed from the Bal
tlmore plan, Carlisle explained the
technical differences. the Baitlmort
plan proposed u deposit al so per cent
under certain conditions while the
tFUtnury plan proposed deposit Of 30
per cent when bank fails the treas
ury plan contemplated au assessment
on all national banks, they IA turn hay
ing Hen on the failed bank Repre-.
sentative Hall 0f Missouri suggested
that there was 81 prevailing opin-
ION that II was unsafe 10
RlNVN WV tHtlI' uueHt'oh OF expanding
the currency In the hands OF corpora
tlona and hanks.
1T VIII work automatically" said
pit NntnHet banks VIII not not OK
eXplnd curreHc y un' esR tic public needs
IL Their interest VIII be 70 expand Hnd
contract as common interests demand H.
These lntcreslH win therefore control
az all times"
The secretary stated that the nexlbil-
mi a ais f,f 81
rigid uyatsm by whl=h a liked
amount or currency was always out.
ntandlng AT one time the stringency
was So grcnt that banka drew out sra
100000 nnder the pressure, ana hel il
not been for Canadian banl,s which
sent currency to thla country. Aorlo,ia
results might have ensucd.
Mr.. johnson OF indiana. nakoa " the
Baltimore plan ala NOT conternlate
government liability. MIR Cnruala aniS
that dc ultlmnte iiahiiity vsa DIV Nv, Va" st,n
government by he geit,mor, ~ n,s sp'
and on bnnks 6v thr treaa,,r,, ", """'
Mr. Job,a,n astle1 ~ ,g,S ~ ,1i
naludty % tho s,ivernnont v,,,,td ~
insplfe more eouddonce In tbs c,.
rouey TAe secretary said a undonSt-
surv} ample protes,finn nwd % ,icrs,e ~
ample Confidence. Ie ne1nt,trn, nj
an tiao OF the failure az a h,,nIt lt, "a
per NpNl ggnUW lutU Tho Hnnarst 4uF.ttr
tuna, n nm totai of fhn lafei,, '' 49,,
and tho nsseta az mo fslsd na,,t ~ -
M s,fiif,l.,,, -, % w ISlsu UNnK nre
without earlylnr the -enera ,,''p 'l,,,,,,
fund below Inc h per conf man M ,,s
banla were osseste5 40 49,. 80 ~ ~ ~ ~
bIlItiea. NM hsni'a nc, b,, 'He i L.
on me assets or Ne Sainh L',i, "e"
coucornlnr the amt hevi, sA',,,., =,
the MAN gepref,rv G,yi,sia soSHt,N'V VI
III surecsts a Nan bv v, bi,'' gto,o
banits como ant if fi,ry so,,, n, n,t ~
government has no diragf ',r'-,r,, ~, ,,. t,e
state institutIon, - ,,iaN ,t, MI
rivea thoIn Ne nrivii,,,.o ~
der certain onndit6ona n No., 49, a.,
He then took nm Inc nrnros, NV, ~ ~ ~,
no national bnnf No. 'i,, ~ 20 S ,'s
denoninatIon tban xfn iS
courare ~, ol,t,,,l,tiau Noulu si,
fcntna OF ANAL ,in,,,,,t,tt.., ,,,.'.i
oertineate, u,.ra ,a,s sr',,,,,,,, Il, A4'v ",
treasury. ''''' ''''
Mr.. speri-y asked ~ siy.r ,.,.,;e..,..,,
We're reieoned In ,rold W
MOI said ih,, s,,,,,.'lt,,,, i,,,,....., -
only tvo eispses ~ n,tas - , a'iein VT" Wy
gold. ,slp 9she ,,rs,,,,,a,i,, s.,''u ~
treaaury nntes under ,ha si,a,r,s,, ~ ~
OF $780, ga" az
C,oneernfno tho nsr.b ,,,.,,,,s,,t.., an.
pc4ll an provlsinna NJ ~ tn,,9 sn,,,,i,'-
bnnlta Ia No., a sosa.,,' ~" tNluit'ns