Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-10-16
|IELEGRAPHICI..
BANKERS IN SESSION.
,,snv Of Tho President, Dealing
viii Our Currency System
.,o,s EDUCATING NEW TROUBLE
p,U,r on the curr'rcJ Of Tue
rucn,Islh Century BY eh-
Governor Merriam
.,o,. lyplclrlso NEW TROUBLE

.-,ASTA, Ia, Ooh
Ai ~ a, the American BAnssfs
'e'''yn President John +. oaeh
s ss,,,,rsd hi, annual address lie con-
cludsd q. follows ..,,or IN
Gu "A ,e.r ago, at your convention IN
a.l,,nore, pipn for the rs'ofn,A.,on
:, AR national currency 'ys'em was
o O' and while the rec0mnenua'
a NV. n The association did not meet
~. universal approval, toe ac'lon %
WV ','oonyep,lon gave rl'e to a most eH'
,ss,lye agitation OF the currency ques'
,,aa no,h In and out OF CongIe,s, an 30,
wv, s, deal Of valuable discue-iYn Ioi-
sp the effort Of the association 70
InSu ,,h mi. subject has NOT beeh
zee, and Ills TO be hoped that thn
hs s,,an thu, initiated VIII Goa.
$50" until the government ah'l
unso ,on tho issuance OF notes, anu n
nos ,' sa,,sct currency system snail De
adopted. 40. r,.,ent system
- nsv.r more apparent than ,oJny.
Va,iag M. period since we last mot
,sus,hs, Out country has passed.
infough m experience lpN wiz NO.
,a,n be- forgotten. Following SEASON
oi nnlyersal liquidation ana uieufehs'
the country was confronted by ma
,ional treasury forced almost 10 Ine
verge OF bankruptcy, ana was haVel
,,om This only by the heroic anu
"s,,io,le action OF q wipe and courage.
- pr,sldrnt. Fer weeks uncertainty
49, conuslon prevailed, and were not
siisvsd until by the sale OF large
sms,, nt Of bonds ths government re-
csvs,sd il. gold reserve. That this ex.
N.dIsnt offered but temporary relief
W. nave had ample evidence aud the
.lgn, arc not wanting TO Indicate that
~. have vet more trouble Ia store, un-
To-, We shall depart entirely from the
ptesent make-shiit and porrioiouB sys.
lam oi governmental note Issues. With
telentifo monetary system, based
upou the standard which has received
Reimbursement OF the mcst civilized
natlons, We may feel assured that the
intelligent and energetic people OF the
limited States Will develop and utilize
10 an extent beyond the dreams OF tue
widest visionary tho marvellous re.
sources which nature has with such
pensresliy tssto we'd upon us, until Mt
last We shall take our tfue place amor q
the nations OF the earth, tho foremost
10 material prosperity and moral
worth, which viii be manifested In
the aiyancsment OF our arts anu
Icl,nces ami In the daily lie OF our
jeople.
aroday, were It not for our uncer-
ain currency system, We mighI well
congratulate ourselves upon thu condi'
Ion Oi AiAirs. Abundant crops have
lewarisd tho labotn Of tue husband
nan, The wheels Of INDUSTRY are NOV
ing more smoothly anu rapidly, con
ndence II taking the place OF doubt
assurance OF hesitation, and altogether
the prospect, but for one single cloud,
IL full Of encouragement. With the
increasing prosperity Of the people we
may hope ~ prosper, even az we auffef
with them In their misiotluner. To
us, AZ bankers, IN committed tho duty
VI maintaining the credit Of our people.
This We eau DO by aiding ny those
principles OF financial morality, the
truth Of which time anu experience,
demonstrated. Upon US, ~ nn associa'
ton, rests tho large responsibility Il
comtal error, TO contend Tor the truth
TO assist Ia Raising the standard OF com
merclal and nhtiUnal honor, TO extend
tue sentiment OF brotherly fsllowahip-
this 10 our mission.
"Ats we capable OF dlscharging the
uutH think We are"
MERmAM's CURRENCY scuK,iE.
Ex-Governor Merriam OF Mlunesoli
read paper entitled "rhe currency
VI the twentlelh century," In which
ho outlined currency scheme. Hi
suggestion was "that say 40 per cent U
thu capital OF n nationai bank bs In.
vested In United States notes and the
circulation 10 Issued against tue same,
Tue bills remaining Ia the hands OF tbs
treasurer, snd currency 10 an amounl
equal to the remRining 90 per cent o
Tue capital stock 10 be delivered 10 tie
ohnk Tor Issuance when desired. Be
lore tho unsecured currency Nv tor
warded, however, each bank should
pay 10 the treasurer n sum equal TO
Der cent OF It's capital stock, M n bani
circulation safety fund; upon whict
money the government ehall allow
interest At the rate CTS per cent pei
annum. The government, In case the
assets OF ihsolvont banks be ilsuiii oion
70 reimburse II for the circulating
holta Of dciaulting Institutions, ma,
ht,esB each bank In tbs system, pre-
rata, To an amount sufficient 10 iull,
Indemnify 1t for any losses incurred
DuI III any one year NJ institution
ahAil DO assessed more than per cen
Of lis average circulation for tho pre-
ylous year.