The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-12-17

be reconstructed. mot merely propped up
by frail and temporary supports. No sur
plus revenue, however large could extri.
cate us frem our present difficulties, or
give assurances Of safety In the future, uu-
loss Ii should be required to be paid in gold
under q system which would exempt tho
government from the obligation to fuf-
nish the gold whom demanded TO be used
In making tho payments, and 1t is scarcely
necessary TO suggest that such system Is
impossible as long as The United States
notes and treasury notes are kept In cir
culation, and are redeemable In gold BY
the government itself on presentation,
sit was apprehension as TO the kind Of
money to be used, and not as to the amount
of neney on hand, that brought our seour.-
tiles back from abroad for sale. caused
foreign Investors to Withdraw their cap
itai, and foreign creditors co collect their
debts, and compelled our own people TO
suspend or contract their business oper-
atlons, aud thus diminish tho Incomes of
elnployers and greatly reduce, ar entirHiy
stop. tho wages of labor
with or without surplus rcvenue tho
the government can now procure gold only
by negotiating loans or by making pur-
chases under the statute, and this state OF
affairs, which Is the natural result Of
causes still operative Is almost certain to
continue until the causes themselves are
removed.
sThere is but one safe and effectual way
to protect our treasury against these de.
mands, and that IL to retire and cancel the
notes which constitute tho only means
through which the Withdrawals can be
made. Many partial and temporary rom.
eiies may be suggested and urged with
moro or less piausibility, but this is tho
only one that will certainly remove the real
cause OF our troubles and give assurance
of permanent protection against their re.
currence in the future.
Bcneiits OF the National Banking System.
Whatever objections to national bank
ing systom may have heretofore existed,
or may still exist, among onr people, upon
economic or other grounds, the fact must
be recognized that 1t has boon so long es-
tablished, and, Notwithstanding its ad-
mitted defects, has served such a useful
purpose In furnishing a convenient form
of currency Of uniform value throughout
the country, that an attempt at this time
to abolish it, or materially abridge the
franchise of the institutions organized un-
der 1t, would not only be unsuccessful, but
! would provoke injurious agitation when
fairs demands repose and such rcstora-
tion Of confidence as will enable the peo-
, pie to avail themselves of all the facilities
| that can be afforded for the transaction of
! their business The national banking as
soclatiOns now in operation have been es-
tablished under charters granted by tho
government, and SO long as they arc obe-
dent to the laws and useful to the COM
munity, it would be an act Of bad faith to
deprive them Of the privileges thus Sc.
i cured
"The failure Of the national banking
system as 1t now exists to mcet local re-
quirements Is unavoidable under the law
now in force, which prohibits the organ
ization of any banking association with q
capital less than $50, 900, and permits their
organization with this minimum amount
only in places having n population Of 5000
and less, Places having population ex-
ceeding 0,000 no matter how small the ex-
cess may be, are compslled to raise capi-
tai of 100000 In order to secure banking
facilities under the statute, and IL the pop
ulation exceeds 5000 the capital must not
be less than 100000. The result of these
provisions is that the people in the smaller
classes of towns and cities are deprived Of
the advantages enjoyed by the citizens of
the larger places.
'It is not probable that any plan for the
i permanent retirement ofthe United States
notes and treasury notes will be adopted
that Will not require considerable time for
Its complete execution, and /, therefore,
| respectfully urge upon congress the pro-
prlety Of prohibiting any future issue of
such notes, or of national bank notes of
less denominations than ei0. The reasons
for this recommendation have been fully
stated in former reports, and need not be
repeated here. Such policy would make
room in the circulation for silver coins and
silver certificates OF small denominations,
thus increasing their uso among the peo-
pie In the transaction of their daily busi-
ness and preventing their frequent return
to, and accumulation in, tho treasury"