New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-03

shown that the total number OF dsEoss.or and the
classes of banks s,d re sy gsd was Si''''
'os From these figures the Controller argues that no
better evidence Of rhs va he public by banks
be adduced. and stronger reason Sou ,,a u
n considsraton Of any measure affecting them
As source OF revenue TO the Governn, ~ ,,,
also sho S ta hat the is a. the taxes paid on
deposits amount s6oeaoe7 e and S 10 June ~, ~.
GSHs rne ei1f1a reyen D OF sSsaes IL
The controller also calls atisnton 70 S,nkns sys
fem. giving as the four great points OF advantegGi
ana saving which have been gained s go on the
bank currency prevalent before the estaosnineml
81 Tho National bank system; second IN saNLnS
n rates of interest on loans and discount; third.
the saving in the making Of exchange iour'n ,, tme
saving TO customers In charges lot '""N'"s 'o'''N
The Controller rcnews his RECOMMENDATIONS , %,
rrsncct to issuing OF circulation to the par OF bonds
deposited unless the method Of issuing circn'a .
thereon TO /. of per cent and other legislation
relative to the administrator and conduc, Of the
bank examiners and the fixing Of their compehssa .
ton by the controller with Inc approya, d. that hat
the amendments thus recommended affect only the
administrative features Of the prssel rs,tiSe inn,
portance than the remedying Of any defect Wh,Sn
may exist in the secop OF the Jaw should
be disturbed which cannot be materiay a,p'o o,ch
amendment viii work out better results than now
from the existing order OF things" -,
safely fund to be provided by graduated taxation
upon tho outstanding circulation OF the bnn nor
cent Of the total OF such outstanding circulation
this fund 10 be held by the Government az an
ssen only sba and "o 5oT on banks .
edacy to be rep'nn shs have 1ut frat and para
mount lien. and from assessrncn, 70 tne eH''"' "
the double liability b on nf says The General
Government ought 10 be wholly iree rom ae nnv
ssuns and O. o noifs has ever yet
successfully engaged in so doing eng ~" sto,cs
Has proven no exception to the rule The sener "a,
cost and loss entailed upon the Govcr,i" nv cnv
eminent credit and the stability OF our monstary
system have been so great as 10 S1 oc 81 ' the
traordinary burdens placed upon the peonPi1, an
issues ought to be- redcehsn a ,n rcfire from the
hsnking business, a busress for which II - 20
In the Ght Of the present condition Of The Cox
ornmcnt's finances Sir. Eckcs says hat wNch
onrht y, have been done when there was sur
ousnt T., 10 tre Treasury cannot now be undertaken
AND the same conditions must continue 10 weah.h
ms 1nless means is devised FOR removing thefe
issues from the channel o. current ,,ci, In a
nositIon 70 do that which at FIRST was me intent Oh
aiI-graduay redeem and cancel tn'n,. .. ,s,ri,c
IL The franchise is granted the bd.hs o, ISL, -
circulating notes against their assets ms, .,' 10
against bond security II ~ snefv'' ~ c@vern-
banks in return. should reconp.itc m nr ~ 4, ,bc
mnni by relieving the Treasury Departinent Oh ,n
rademntiOn coin OF the present lirH~u' t,
issnce The ultimate redemption o. course. i.us.
fau unon the Government but tle rihnhi.s ~
does not arise from thclI "'"''''' 49, '
current redemption. 49,. o., 60 ,r.ss e,,ail
= Ia therefore suggested that J. No'S - =, =
ron. al the provisions OF the present act
~ \a,ional banks to make deposit OF ho''ih-
80, honds I'm order secure circpiatine '.1''1'
and substitute therefor provision INus, ~, 49,
Instead the right to issue the sam" asatns. ,
assets IL incorporate therein and hs ph,t ne' 30
thai NJ a prerequisite TO so dons me DaHrS =.
coDn.il.d 10 dcuost with the treasurer Oh ,nc
f,ni,rd States legal-tender Issues or ISSUES VI u'I
~ A., ~ iss0 equal In amount 10 Inc 1lnc'ShV,,
ha,usen the percentage OF their capitai STOCK u,
,.,'.s erantcd against their assets ana Inc to'a'
OF such capital stock .A, 81 ro-osi, With
,ha Treasury until the bank ceased either ,hrvus"
voiunfary or involuntary liquidation 10 20 nus',
IA I'm either case the Government onGh'
~ iron redeem and cancel such Treasury ISSUES
s.oerst,ad 4, IL only by such depoatt during the
no OF the bank that the issues n~incI can D' ~
,,noved from current presentation Tor redemption
"As against this deposit OF legal-tcnlefs an
Treasury notes 30 made th"i" shollu u" hr"e
., a.. hanks dollar FOR dollar. Nauonnl b"ih
- eithcr OF the Inherent drsiEh a,
might be deemed best that thus INC No't''e -.
The currency AZ II L. now contributed 10 ~ w
,",.s ~ The Government should not te con
.nch deposits are In existence. The p"fcrnthk" on
IN hank notes issued against this deposit rhoIl
- ,,ee from ANY taxation impoeed upon cir'ua
lion and ought 10 be such r~rcenthg" as ~ u"riIs
I Equitable to be used a. part OF the DAME 'es''
| reserye held against deposits. - a.,
| m. law should max" II incumbeht upon M
| hanks 20 deposit with the Treasurer Tor the cur.
] rsrf redemption OF such notes soli coin 10 AZ
| amount necessary 10 make sure their current r.
|