The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-12-17

only means through which the with
drawals can be made. Many partial
and temporary remedies may be sug-
gested and urged. with more or less
plausibility. but this is the only one
that will certainly remove the real
cause of our troubles and give assur-
ance of permanent protection against
their recurrence In the future.
This can be most successfully and
economically accomplished by authorize
Ing the secretary of the treasury to issue
from time to time bonds payable In gold.
bearing interest at a rate not exceeding
per centum per annum, and having a
long time to run, and to exchange the
bonds for United States and treasury notes
upon such terms as may be most advan-
taeeous to the government or to sell them
abroad for gold whenever. in his judy-
ment, 1t Is advisable to do so. and use the
gold thus obtained in redeeming the out
standing notes. In order to further facili-
tate the substitution of other currency for
the retirement of legal tender notes. the
national banks should be authorized to
issue notes equal in amount to the face
value of bonds deposited to secure them
and the tax on their circulation should
be reduced to one-fourth Of per centum
per annum.
''As part OF the plan for the retirement
and cancellation of the legal tender notes,
the treasury should be relieved from re-
sporsibility for the redemption of national
bank notes, except worn, mutilated and
defaced notes, and the notes of failed
banks, and each association should be re-
Quired to redeem its circulation at its own
office and at agencies TO be designated by
the Comptroller of the currency. What
ever objections to national banking
system may have heretofore existed, or
may still exist among our people upon
economic or other grounds, the fact must
be recognized that 1t has been so long
established 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 II, or materially abridge the fran
ch.ses OF the institutions organized under
1t. would not only be unsuccessful, but
would provoke injurious agitation when
the precarious condition OF our fiscal af-
fairs demands repose."
Recommends Branch National Banks.
The secretary recommends the estab-
lishment of branch national banks, as
suggested In the presidents message.
In closing his report the secretary says:
1T is not probable that any plan for
the permanent retirement of the United
States and treasury notes will be adopt
ed that will not require any consider
able time for its complete execution,
and, therefore. respectfully urge upon
congress the proprietary Of prohibiting
any future issues of such notes, or Of
national bank notes Of less denornina-
tions than ten dollars. Such a policy
would make room in the circulation for
silver coins and silver certificates of
small denominations, thus increasing
their use among the people in the trans
action of their daily business and pre-
venting their frequent return, and ac-
cumulation in the treasury. The large
silver certificates now outstanding
could be retired and cancelled when re-
ceived, and small ones substituted for
them so that there would be a diminu-
ton OF the amount of small currency
In circulation, and the result would be
increased use Of our present stock of
silver in the form Of subsidiary coin.
or standard dollars