Semi-weekly register. (Brookings, Brookings Co., S.D.) 1894-1898, 1895-10-19
\ Minnesota Ex-Governor
,ddresses the Bankers
at Atlanta.
of the Twentieth
csotury" the Subject OF
His Talk.
I.,,,lng Greenbacks and sher-
man Notes a Feature OF
the Plan.

lnAsrA, Oct. 10 lho Ht n
| ..sr., association began its sessions
! ' H. Grand Opera House at 10 o'clock.
(,tb an unusually large attendance OF
..s,as and a liberal sprinkling OF
80 and onlookers. The association
80 wslcomed to the city in a brief
|.sch BY Mayor Porter King, and to
1, ,tste by Hon. G. G. Jordan, presi-
the State Bankers association.
kShese words of welcome President
k,sll replied in behalf of the visiting
EnEer and delivered his annual ad-
Ia Among the papers read during
4, ,fter5On session was one by ex-
krsynor Merriam of Minnesota on
I'm Currency of the Twentieth Cen
kyp His suggestion was:
That, say 40 per cent Of the capital
4 national bank be invested in United
Ihtes notes, and circulation be issued
tsns the same, the bills remaining in
n hands Of the treasurer, and currency
4 u amount equal to the remaining 60
rent Of the capital stock to be deliv-
Ito the bank for issuance when de-
krd Before the unsecured currency
kfwwarded, however, each bank should
ED the treasurer an amount equal to
Five Per Cent of Its Capital Stock.
! bank circulation safety fund,
bon which money the government
bOuld allow interest at the rate of 3 per
per annum. The government, in
ks the assets of insolvent banks be in
kieent to reimburse it for the circu-
king notes Of defaulting institutions,
kay assess each bank in the system, pro
pa 10 an amount sufficient to fully in
$mnfy it for the loss incurred, but in
gae year no institution shall be as
ped more than l per cent of its aver
Fcrculation for the previous year.
PRnuch as there are likely to be at
PSI 1000 banks organized under any
3'iona law, the treasurer might act as
dening agent for all of the banks
each bank should at all times keep
N the treasurer per cent of its capi-
stock as a redemption fund, which
nd should be in gold coin and held in
st for the
Specific Purpose Intended.
last as notes are redeemed the bank
ua al once remit 7m that would
Al any deficiency made by redemp-
ald new notes be forwarded. In
luen as the banks would make a
y. out Of the circulation not secured
United States notes or Sherman
= Nm right that all of the banks
uu pay tax upon the unsecured
Wv 'ne government for the privi-
Scorded them. The tax should be
sumclently large to pay all the
sa' sasss u the office Of the comptroller,
.aulng the printing of bank notes,
slns, etc. Every bank desiring to
s =. nanonal should pay a tax Of 2
sn' per annum upon the amount
average circulation. 1t can at
NSen that whenever the demands
10y are sufficiently active to en-
avin ius a' prioes
mem Over Two Per Cent,
NV. "u Oe an incentive to put out the
Out when it is worth less than
N suioahs, as it has been in New
Ssaas aaa Boston Is for some months, the
I'M, = Ollls would remain in the
Essl In. Inc government would receive
SOi. aaa al..a0ns of dollars per annum
s.rta..nl nsfs to aid In paying its bills,
ab = ior the privilege granted the
nNo y addition, the interest on
49,, gold now maintained in idle
ss,;us ua be saved and the gold put
ebsn0sa,uas use !. instead of being out of
:he ~ !. q trade, there being no
kla ~ ~ ior a gold reserve as the
s vou,s s greenbacks and Sherman
E,spcy .u = o absorbed as a basis for
haisS% " Is a reserve against deposits