The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-02
vol. s-NEW SERIES NO so.
ent capital and surplus of banks under
this bill there could be an increase OF
FoBrY DOLLARS PER CAPITA.

FOBTY DOLLARS PER CAPITA.
This. added 10 our present currency.
would give us over s4o per npn eapi.a' s1fus tbis
currency was not sufficient TO answer
the demands of business and commerce
more capital would be invested IN pahks
and the currency would be Increased sum-
cient to respond TO the demand IL TINS
much was not needed II would NOT De rs
sued. The banks would and couiu oiiiy
issue notes as there was deinahu ny
business and the people. ,,,
Thus IL would be an elastic currency,
expanding and contracting according 10
the requirements Of trade and pusiiesS'
PROTECTION OF THE NOTES
The resources for protecting tne no.es
would be about three ana .l, na,I ','Ieo Wha
the amount Of notes TO be redeeusea me ne
duplicate liability Of the sti stochnioiusls S'
would more than cover the redenptiol re-
Quirements while the realZ1pi,s IL .hss
would be about two ana a nan III ea' thus
asnrds a ratio of guarantee to note lia-
bindes more than double the rate pr,
y{ded under the National Dafh az a .na
about three fold that whicn renusis ,me
credit OF the Bank Of England i"'
pregnable.
Mr. HENDERSON.
Mr.. Henderson Rep., Ill.). followed In
a speech against the repeal OF the laA
law He said the bill and amendment
were not in his Judgment OF any great
Importance. and If the opinion OF Az
torney- General Olney, quoted by ms co.
league. Mr.. Springer, be correct. as IL
seemed 10 him 30 W, there was no h~ces-
sity for the passage of the Dill or aiileiii ne
ment reported by the committee. Ii IL
were not for the proposal or MT. COX
to repeal the law he would not say a
word But, believing as ne did, saiu MT.
Henderson, that no greater calamity
could befall the country, SO iar as n,e ,ne
currency was concerned. than 10 80 PACK
again to the old system of State banks.
he would oppose that proposition: Mr.
Henderson quoted Messrs Calhoun,
Storey. and Marshall TO demonstrate that
the States had not the power to issue
paper currency, and that the law under
consideration was not only constitutional,
but practically of great benefit to the
people.
SOUTH cARoLINA's WANTS.
Mr.. Izlar Dem., S. Co., the successor
10 Judge Brawley, who introduced the
bill under discussion, belleveo that @ the
right direction. II would add to the volume
OF currency, and in a manner meet tne
present demand for more money: hs-
peclally would this be the case In South
Carolina. He had no fear of State
bank system in South Carolina The IS
sues would be at the place where they
were needed, and the banks would not
be slow to accommodate the people on
TO the excellent system of State banks
in South Carolina before the imposition
of the tax. and asserted that failure
and embezzlement were not limited TO
those but that they could be found
under the National banking system as
well. The tax had borne harshly on the
people Of the South and West in de-
priving them Of a safe and elastic cur
rency.
Before Mr.. Izlar completed his remarks
the hour Of o'clock arrived and under
the rules, recess was taken until
o'clock.
The proceedings at the evening ses-
sion were more than usually uninterest-
ing. There were less than fifty members
present and only eight bills were con-
sidered. Three Of them were laid aside
with a favorable recommendation, one
Of them acted upon unfavorably. and
four were not acted upon, because OF
the absence of the members who In
The House, at $780, adjourned