The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-01-22
FIRMLY OPPOSED TO IT
Board of Trade DisapprOves the BAL
timorc Currency Plan.
MONEY PLENTIFUL ENOUGH
But the Hitch Comes in Circulating 1t.
Annual Meeting Re.clccts Its Old or.
ficers and Receives Committee Ap.
pointmcnts-Min Business.

length the slecial committees report
| on the "naltir,ure Currency Plan" re-
| rai,nd tba annnintment of new commit
| t,o, for ,>a5 md transacted a laro.a
-. ,;, h,,.,,,,, ID Ens
"i'o"'i' 81 n''noi ou,,iess " .. rs
l,f ac'eu as secretary pro 'eii I'll tiie
a'selice ol 'ecfeuaty A.iief'oi' Mno'
win D. "A. 1'ansihs' lei' al non VS., VS..
gay 40 attenu 'hc iieeuns o' oin.,N,,
hatl 10 organize d Na'ioi'a' |N7eoei''''o''
OF Manulaclurefs'
| Following is the report OF the speclal
| committee appointed to examine the
| Baltimore Currency Plan:'
| ,yo e,a ,ba foundation for the nlan
| l., ~ a., s,,,t eonnn1 ,nd sayenth sec
tions ne ~ nh arst nf these nrovides for
| 49,. ,anaaI or tho nrnvieion of the ma
| tin,aI ha,',, aot ranI,ir;na, the denosit of
ta,,'1s, =" sao,,ra circmla tjng notes
oGu9 Tha eoc"nd nrnvidas that hanks he
| allowo6 to issra cirru,at ting notes TO
| H. on,ornt of 5o nor cent Of their maid
80, ,,a ,,,,ino,,airaa oonitaI eubiert ia
| ~ 20 n,,a. haIf az ne,, cont ner an
MN, mon tho average amount of cir
nIIation n,,tstondinT FOR the vear, and
an additional circulation of % per cent.
NJ tbeir noid nm and unimpaired cap
ito, suhient both tn tbe tax of one-half
| 90 na, nant ra, onpum and To an
| a hnnNFU
| the o,,araga amount of such circula tion
outstandi3p fn,. the wear. Said addi-
| tionoI o. nov cart to he known as an
emerponcv circulation.
| Section seven nrovides that the circu-
| lation of each failed hank shall be a
| frst lion on its assets
n o.. n;,,,,
| ' w. " ~. -
your cohliiiittes uoes ,ol appiosc VI
these sections iol tiie iolioM ing ieaIoi,S'
TO VIII we see no necessity lo' aoaii- ar
aohlhS the currency pro.isions VI tnc @
present hatloi.ai panh aot, . ~. we NJ"
| Soou reasons iui ietaiiiihs t!iei cr. nv
| present act hespS W ii,ahe d MAJ me- ioi
| the SoNe1lihen. poAus anu mas siNeiI
oul eouiitiS .iie $50. p"Pe' i''0N'
that an! country can naVe' .-
| VI ',ic aSsie So is Va
ta,,its, vs 'S ara ,,ow' ,'sinS aHo,,t oneIn,ar.
| ter as security for their circulation,
| and. at times, have used more the
| total outstanding bond issues being
$3.50, 100000 and the amount now used
| by national banks being $199, 900, 900
| We believe a portion, at least, of the
| greenbacks and treasury notes, the
| total of the two being about $500, 900, OOO
should be redeemed by issuing in their
place a bond bearing a low rate of
| interest, and that in order to make the
national bank currency more elastic,
the restriction, now existing, should be
removed that requires banks to wait
six months after having reduced their
| circulation, before they can increase it,
The government tax of per cent. on
circulation should be reduced and the
DahK act shouiu De athen9eu 50 tnat
nv ti,v oai'nn ou' oiro,,Intin,, u 1,,,oI 70
* ne, cont nf tbair cnnitaI and tben
| an additional amount. equal to % per
cent of their capital, land also secured
| by bonds but subject to a tax heavy
IL Is not heeaeu IN traue: rms Woulu
I aaSJ ia'S hH, 'e t NM nt o ou,,ai ~ its
canitaI ;nstead of % nar cont of ~
as at present.
what tbc Commi,te. neIieves
yya oIso ho,;o,,a ,,,o. hor,,s s,o,,,, ho
allowed to Issue currencv tn thn amount
of the par value of the bonds deposited,
instead of 80 per cent, as at present.
We object to the circulation of the
banks belnS iirst Hen on thelr assets,
as we peiieTe tildt suc,i security shouid
W. miy .,,,t, ~ '',u ,,'aS.ptnl
baan mada as to Tho od',isa bii;tv ~ tbo
president of the United States appoint
ing non-partisan commission of emf
iiett ', " NV ea'Isate euiiehc!
vviIlion II poo,,
! A, Linen
Samuel Hines.
Committee.
The renort practically favors the
nresent nlan of currency without tho
greenback system. although the COM
mittee suppests the issuance of bonds
at a lower rate of interest and the ex-
tanding of circulatinn to n full nav
value. A. w. Dickson. w. II. Peck.
president Nav. r. T. Foster. TT. l. An
derson r. f, Paine. Colonel T. L,
Uitchcock and Samuel Hines partici.
mated in q rather one-sided discussion
which indicated that the present svs.
fem with its weak points Is preferable
m tho nav n,an Mr. Hines was of tbs
opInion that If the amendments sur.
gastad IN the renort had heen odonted
bv congress two wears ago the financial
dsnrassion vouId not have evisted Tho
enormous amount of 500 OOO ono living in
reserve indicates n lack of onnortunitv
for investment rather than any string.
enc,, of circulation
w,,So. pocouo
ohoer 'hese circumstances II np'
peareu uhat tne ha'''hio,e pan ior IN
creasihs ciIcuiauioii "ouiu no. remove
che cause oI h''s'i'c'"i crisis' ihere was
inaiheu .oheuii ie,'ee oi' 'hie piopoHi'
tion that the presiuei't appoint COM
mission ol iiiFahc'eiS W in'es'isa'e cur
Tency HutleTS.
Ihe report was ADOPTED UNANIMOUSLY
anu the baltimore champer OF com
merce VIII be hotlied that lts piah Is
hot approved.
lHe ieSisidlioh ailu taAeS coiiiniiotce