Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1895-12-12

gconbOcks and tho outstanding treasury notes
issued by the government In payment OF silver
purchases under tho act of 1890,
believe this could be quito readily accom-.
plished by the o5chango of those notes for IT, S.
bonds of small as we'll as largo denominations
bearing low ratio Of interest. Thoy should be
long term bonds, thus increasing thoir desir.
ability as investments and because their pay.
ment could bo we'll postponed - q period far
removed from present financial burdens and
perpl Iitios when with ino rcascd prosperity
and resources they would ho more oasily mot,
To further insure tho cancel alton of these
notes and also proyl 10 n way by which gold
may DO added to our currency In lieu of thom,
feature In the plan should be an aut GRITTY
given 70 tho Secretary of tao Treasu Y
TO dispose OF the bonds abroad for gold II
necessary 10 complete tho contemplated 70.
demptlon and cancellation permitting him us.
of the proceo Is of such bonds to take up and
cancel any Of tho note, that may be in the
treasury or that may DO received by tho gov.
eminent on any account ho increase of our
bonded debt involved In this plan would bo
amply compensated by renewed actiyityand en-.
torprise in all business Giro es, tho restored
confidence at home tho rcinstatod faith In our
monetary strength abroad, and the stimulation
OF every interest and industry that
would follow tho cancellation Of tho
gold domand oblig tons now affecting us
In any ovont the bonds proposed would stNnd
for the eStngulshmont of troublesome In
dobtedness, whllo in tho path wo now follow
thero Turks tho menace OF unouding bonds with
our indebtedness still undischarged and nggra.
yatod in every feature Tho obligation neces.
sary to find this indebtedness would not equal
in amount those from which we have boon re.
loved since 1881 by anticipation and payment
hnVnn1 Ian - L..
out OF our surplus revenues Tho currency
withdrawn by tho retirement Of tho
United States notos and treasury note,
amounting to probably loss than 100000
might DO supplied by such gold az would be
used on their retirement or 10y an increase in
irregulation Of our Nat ionOl banks Though
the aggregate capital OF these now IN existence
amounts to moro than S0G0J0,OlO, their out.
standing circulation based on bond security
amounts to only about Sl00,00O0O0 Tho; are
authorized to issue notos amounting 10 ninety
por cent Of the bonds deposited to secure their
circulation, but in no event beyond tho amount
of their capital stock they arc obliged to pay
ono per cent tax on tho circulation they issue.
think they ought 10 DO allowed TO issue cir
culation equal to tho par vnluo OF the bonds
they deposit TO so,urC II, and that the tax on
their circulation should DO reduced TO one
fourth Of one pos cent which would undoubt-
edly meet all tho expenses tho government
would incur on their account. In addition
they should be allowed to substtutc or deposit
in lieu OF the bonds now required as security
70; their circulation thoio which would DO is
sued for the purposo OF refining the United
States notes and treasury notes. The banks
already existing, II they desired to avail lham-
folvcsw Of tho provisions of law
thus modified could Issue circulation
in addition to that alrendy outstanding,
amounting to $4,000 0OO which would nearly
or quito equal tho currency proposed to b.
cancelled At any rate should confidently OK.
poet to SEQ thu existing national banks or
others to DO organized avail themselves Of tho
proposed cncouragcments to issue circulation
and promptly I'LL any vacuum and supply every
currency nood, Ii has always seemed to me
that the provisions of law regarding tho cap.
ital of national hanks which operate a. linn
itation to their location fails TO mato proper
compensation Tor tho suppress zion Of state
banks, whi,h came near to the p2oplo in all Soc
items Of tho country and readily furnished
them with banking accommodations and
facilities.