The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-04
ruE TIM ES-R fCHMOND VA FRIDAY JANUARY la =

stored business activity and confidence,
without violent or incorsiderate disturb
ance to- existing organizations OF capital
or rude rcpulse to diverse but honest
and intelligent opinions. or 10 future and
easy transition, III hereafter deemed neces-
sary into another or modified system not
as now dependent alone upon Government
bonds as a basis-yiz.:
Authorize the issue OF United states
per cent. gold bonds. not to exceed $No,-
ov.oo-jn denominations of s25. 80. 800.
600 81, 900. 5000 and $i0GO-to be sold at
not less than par, and payment therefor
TO be received only In United States legal
tender notes or Treasury certificates IS
sued under the act OF July IA. 1880; sales
OF said bonds to be made at such times
ana I'm such sums as the Secretary of the
Treasury shall deem necessary to protect
the obligations of the Government III me
redemption OF the said legal-tender ana
Treasury notes. without curtailing the
volume OF circulating currency now OUT
standing. including said legal-tender and
Treasury notes.
Authorize all banks organized or con-
Quoting business under and in conformity
with the acts OF Congress, as herep3
amended, TO issue circulating notes up To
the par of said per cent. bonds, or otner
bonds of the United States bearing an
equal or greater rate of interest deoos-
ite1 with the Treasury for that purpose.
Create and maintain a redemption fund
by the payment OF - per cent. per an
mum on all national bank currency In cir
culatiOn, to be paid into the Treasury Tor
hat purpose, until per cent. OF such cir
culation is so paid up: and when so PAID
UP any bank so paying may exchange
into and maintain the same as long as
unimpaired in said per cent bonds or
other bonds of the United States bearing
an equal or greater rate of interest. Gc-
posited in the Treasury for that purpose.
An annual tax of IA per cent. on ell
outstanding circula ton to be paid to the
Government TO defray the expense OF
printing notes. supervising banks, &c.
The personal liability OF stockholders,
and provisions for maintaining reserves,
10 be retained as AT present.
The t'cited States legal-tender and
Treasury notes received by the Govern
ment in payment for the said per cent
bonds sold TO be retained i'm the Treasury,
and the same cancelled as nearly as
practicable. part passu, with the issue as
authorized by law of national Dank cur
rency additional in amount TO mat row
outstanding. and when so cancelled not
to be again retsSued.
RepeaI all laws imposing a tax on is
sues of currency by State banks.
repeal the law prohibiting loans OH
real estate.
Prohibit the future issue by nat,o''a az
banks or the United States Treasury, OF
uotes of less denomination than five dol
l-rs. 1
II is hardly TO be expected that the fore,
going. as far as noticed at all. shouid
esrape the unfriendly criticism that per
sonaI and special interest pet theories or
partisan prejudices will be ready 10 m
SHIRE and urge. but regarding IL IN us
entirely, and in the broad scope Whlch
IL Is thus presented for Semedlal REFORM;
we think 1t may challenge both respectful
attention and careful consideration.
would certainly eXtinguish the CUT.
worms of the Treasury" and arrest
further dangerous raids on the Govern
nent for gold. which. II continued uhier
present conditions. will inevitably nave
10 he supplied by the further sale OF . p 'op
cent. bonds I'm addition TO the Sl"VVVUV
sold within a few months past, w.tnC e,,e
redreSsing the evils OF the SITUATION W 'He
extent of one farthing.
1t would certainly secure. as the "dH1s
Of trade may require large ana graz
ually increased issue Of currency OF dpso-
lutte safety and unrestricted c.rculd tio!.
and for this we have an almost apsoiute
guarantee in the increased proilts 10 the
banks of an issue on per cent. poilu
instead OF a per cent, ana az par IN.
stead OF - per cent, with the lnportan !
additional fact that the way Is opcile1 ,
for any supplemental issue required
through State banks. but under conditions
that naturally enforce a wholesome ana
safeguarding conservatism IN their III
PRODUCTION and use as iuture III
nortant and valuable. If not necessary y,
auxiliary instrument of local as wen dS
general credit and exchange. -,
But | cannot now enter further INTO inc
field of favorable argument Absolute
completeness is not claimed TOT the sus
oestions thus made. They may be use
fully supplemented by a modification OIL
the present law prescribing the limits ana q
location of bank reserves by relulIii i,
each bank to keep at least large pa !
of them in its own vaults. and POSSIBLY De
further aided by authority to the treas eaSo
urv for the gradual conversion IN sun 'f
more practicable way than now exists OF
the higher rate bonds of the Government
into a uniform issue of per cent. bonds bonds:
Is it not possible for our ooi sar 10
even the present Congress-so iaI 10
eoncede and reconcile conflicting views views
and opinions as to enact some legislation o.
what is above suggested. or sQmethIi III;
better. or. if you please: something no. no.
so good. as will reasonably promise rellel
10 a suffering nation of people VINO nave Az,
lone been the patient victims Oh tme
worst. the most irrational monetary syai
tenn that ever afflicted an intelllgent anu
seif-governing race? \. :. BUFoRD.