Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1894-12-14
New York Bankers Listen to a
Set Of Suggestions.
POOLING BILL IN THE HOUSE
Controller Eckeis' Views Find More
Favor with the Congre smen
Than CarlisIe's.

vide profit to banks on bank notes by
a scheme of surrendering "A profit of
SIC. 800 900 year to the people at large
| in United States notes. He character
ICES the scheme az preposterous, and
| submitted the following plan of relief
| First--Congress to remove from our
standard silver dollar the 412.5 grains
$40 fine proviso. the single restriction
OF Its legal tender function. and provide
unlimited coinage for silver into this
dollar, on terms prescribed for gold.
| Second-lssue to depositors of gold
and silver bullion, If they prefer, in
stead of the coin to which they are
entitled, coin certificates redeemable
on demand Require that these coin GER
! tificates be redeemed in gold or silver
coin, at the convenience of the United
states. Authorize the secretary of the
treasury, in his discretion, to redeem
them on request in standard bars of
gold or silver
Third-Authorize depositors of gold
coin aud silver coin to receive proposed
coin certificates therefor, and forbid all
further issuing of gold certificates sill
yer certificates and treasury notes of
1890.
Fourth-Until bimetallism. the real
achievement under this act, is obtained.
require that all gold and silver for
winch coin certificates are issued be re-
ceived in coin and standard bars for
their redemption, except as next sug-
gested.
H1fth-Authorize the secretary. in his
discretion, and under regulations pre-
scribed by him, to direct the
treasurer of the United States to
receive interest bearing bonds
OF the United States as duly hypothe-
Gated treasury certificates and issue
thereon equal amounts of the proposed
com certificates as a loan the rate of
interest on these to be at the rate of
interest on the hypothecated bonds.
Limit this emergency issue of coin
certificates by requirement that the
aggregate of coin and standard bars
reserved for their redemption shall not
be less at any time than 60 per cent. of
the aggregate sum of all coin certifi-
Gates outstanding. 1t is explained that
this final provision would be availed of
IN an emergency for this reason: First
that owners of bonds would not accept
! long time loans at the cost of all of the
interest in their investments. and. sec
| ond. borrowers of per cent. and 5 per
cent, United States bonds required to
| hypothecate for such loans. would ap-
| pear when only real emergency made
high rates for money in the market
II money market panic were threat
! ened by the proposed enactment, with n
! sharp contraction of our aggregate of
money, our final provision would en-
power the secretary of the treasury TO
issue 5000. 900. 900 of United States coin
| certificates against silver coin and bull
lion now in the treasury and loan them
at per cent and + per cent per annum
against United States interest bearing
bonds.
If lack of engraved coin certificates
threaten the secretary for immedia te
convenience. it is suggested that with a
boldness equalling the recent issue
of interest bearing bonds he will imme-
diately substitute silver certificates
therefor
The proposition and remarks were re-
ceived without objection and filed with.
out action. The chamber adopted reso-
buttons adverse to any further tariff
legislation on the ground that condi
tons should be allowed to become set
tied
TWO PLANS COMPARED.
Washington, Dec. 7.-Carlisle's plan
of currency reform is attracting grea
attention in and out of congress.
While Carlisle's plan is favorabl,
; commented upon by many prominen
members of both houses. there are 9th
ers who argue that the plan proposed
by Comptroller Eckels in his annual re
port has superior merit, and whei
) thoroughly understood will meet will
oil annf
tor who Is recognized as an authorit,
on financial matters. explained to rep
: resentative of the Associated Press hi
views. He said:
, 'As a plan for relieving the genera
government from the burden an,
: charge of redeeming United State
) notes, it would, according to the sec
retary's estimate, result in securing
temporary deposit of So, 900. 900 of thes
: notes with the government, If the ma
t tional and state banks now in exist
ence should take out circulation L
the full amount proposed.
Let us see how this result coul,
be arrived at. AT present the capita
of all the national banks in existence
is about $66S. 000, 900 If to this is adde,
1882 900 900. the capital of the stat
banks availing themselves of the priv
ilege. a total capital of $1,000, 600, 90
would be had as a basis upon which I,
issue currency. Assuming that all tn
banks possessing this capital issued cur
rency up TO the full limit of IS per cent
we would have an issue of bank cur
rency to the amount of $3.50, 900 00C
| Against this. legal tenders to tn
amount of 80 per cent, of the circulation
t must be deposited, or 1925, 900 900. II
brief, II would amount to this: Banl
notes issued. $3.50, 900, 900; less nationa
| bank currency retired of ST., 0O0, 200 an,
legal tenders deposited and with
drawn from circulation of 1925, 200.
600. a total of $780,. 200, 600; maxim,
the increase in the bank circulation
1858, 900 900
Taking bank with 500, 900 capital
: the comptroller's plans appears to re
; quire that the bank deposit with tn,
} | treasury $50 900 i'm United States note.
or legal tenders dor cancellation il
exchange for which IL will Immediately
5 receive $4,000 in bank notes for cur
rent redemption of bank notes of thi.
class. upon the failure or liquidation
of the bank. This feature, therefore, is
neither an expansion nor contraction
of the currency-simply an exchange
of one kind of currency for another
but for the purpose and with the effec,
! OF entirely relieving the government
! of the burden and cost of currency re-
demption during the existence of the
bank receiving and issuing the same.
Under this branch of the comptroller's