Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-12-05


sinking fund, out of our surplus revenues
The currency withdrawn by the retire
ment Of the United States notes and Treas
ury notes. amounting to probably less tina,
Szs6, coo, 900, might be supplied by such COL,
Rs would be used OH their retirement or h,
an Increase in the circulation of our ma
tional banks. Though the aggregate cant
tai OF those now in existence amounts I,
more. than s664.oOO.OOO. their outstandin,
circulation based OIL bond securlt,
amounts to only about $4,000, 900. The,
are authorized to issue notes amounting I,
30 per cent. Of the bonds deposited 10 Sc
cure their circulation. but In no exent be
| yond the amount of their capital stock
and they are Obliged to pay one per cent
tax on the circulation they issue.
think they should be allowed to issu,
circulation equal 10 the par value Of bond.
they deposit to secure II, and that thu
tax on their circulation should be re.
duced to one-fourth OF one per cent
which would undoubtedly meet all the ex.
pense the government incurs on their ac.
count, In addition they should be al.
lowed to substitute or deposit in lieu
OF the bonds now required as security fol
their circulation those which would be
/
United States notes and Treasury notes
The banks already existing, IL they de.
sired to avail themselves Of the
provisions of law thus modified
could issue circulation in addi-
tion to that already outstanding,
amounting to s47s, 900 ,Oo0, which would
nearly or quite equal the currency proposed
to be cancelled. At any rate. should con
las 49, lh. t~kt
banks or others to be organized avail them
selves Of the proposed encouragements to
issue circulation, and promptly fill any
has always seemed to me that the provis-
vacuum and supply every currency need. II
Ions OF law regarding the capital Of national
banks which operate as a limitation to
their location fails to make proper compen-
sation for the suppression OF state banks,
which came near to the people in all Sec
lions of the country and readily furnished
them with banking accommodations and ia
cllitles.
Amy inconvenience or embarrassment
arising from these restrictions on the loca-
tion Of national banks might well be rene
died by better adapting the present system
70 the creation of banks in smaller COM
munities or by permitting banks OF large
capital to establish branches in such To-
raiities as would serve tho people. so regu-
lated and restrained as to secure their safe
and conservative control and manage
ment.
But there might not be the necessity for
such an addition to the currency by new
issues Of bank circulation as at FIRST glance
Is Indicated. II we should be relieved from
maintaining good reserve under eondi-
tons that constitute 1t the barometer OF our
solveney. and II our Treasury should no
longer be the foolish puryeyor Of gold for
nations abroad or for speculation and
boarding by our citizens at home. | should
expect TO see gold resume its natural and
normal functions in the business affairs of
the country and cease to be an object at
tracing the timid watch of our people and
exciting their sensitive imaginatlons. do
not overlook the fact that the cancellation
of the Treasury notes issued under tho ell
ver-purchaslng act OF 1890 would Ieave tbo
Treasury in the actual ownersbIn ~ ana,
cient silver, including seiqnioraga IN coli,
nearly s17s ZOO. 900 in standard doiIsrY i,
is worthy Of consideration whether this
might not. frpm time IN tine bo coryartaa
into dollars or. fractional min ara sIo,,i,,
put into circulation. as in the iudonen, ~
the Secretary of the Treasury Tho neceesi-
ties Of the country should renuire
Whatever is attempte5 should be entarod
upon fully appreciatlnr Inc fact that hv
careless. easy descent we have reached
dangerous depth. and that our ascent win
not be accomplished without IaborIous toi,
and RtrurRle. We shall no wise 40 ,,o raai.
lie that wa as,e, tlnanciallv M ana mat o,,r
restoration 10 haaItb nav reouiro boroio
treatment and unnleasant rer,sd,es
In tho nresant stage ~ nv aieao,It, a. i.
mot easy IN understspd bou, tbo an,o,,n, at
our revenue receints dtrcctlv affec,s !, nh
important ouestIon ID III Inc n,artItv NJ
money received in raver,,a ,o,,.,oa'..
the kind of money ys n,atat.,r 80 w
ability IN continue i, so,,rd anar,i1 49, ~
tion. we arc considerno tha s,a'.ar,.,i-
holdinps M gold as rolatad e. ~ sa,,ssnn.'
of o,Ir monev and as afsaotina 49,. 1890,
credit and monetorv stranath
If our gold reaeryo Ma na,ar 49,. H.,
paired. II mn honda nod aro, baa,, ,ss,,,, ~ -
renIeriab 4, 1, ,,,sr1, ~, :, 49,, 49, ~
tin1IdIfv concsrnin, nv al,,it,,, ~
continue ,,nld na,,,,an,s. ~
mart M o,ir reyanues wore nou' n,,d l., Ill
and IL We co,,Id Ioop 10 o,r ia ~
ceIpts as n means of p,a,p+aintno -
reserve tha amount ~ n,,r ro,,a,,,e, ,,o',is
h, an influential factor in ~ ,r,h,alo
Eat unfnrtuna,eiv ol tbe ctrc,,,,,sta,,aas
mar might IenI waieht ~ ME onnstaa.
attain arc entirol,, l.cI,irg In 49, 80
emit prea,rnren, No soId ts r.oat,,o5 ~,
tina eovornmsrt /, na,,,,, -
charges NOR wouid ,bors ho a, 49, .'.
nues ward increased NM ~ .e'ef
the Treasury when M, in civ. ia a.