The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-12-04

premium, and then let the banks issue
their currency 10 the fall amount. but
Of course reduce the tax ftom the
present figure Of one per cent &c one
fourth Of one per cent on the issue.
Bat here comes Mr. Forgsn with his
suggestion:
Il have had 10 years experience IN
the Bank Of Canada" he says. and
about the same term in this country.
and I certainly cannot determine
which would be better for the United
States, a development of the present
system Or q radical change based on
the system of the Bank of Canada, Of
which the Baltimore plan is a develop
ment
Charles l. Hutchinson, president of
the Corn Exchange bank, sees a great
scheme in the Baltimore plan, but
the main thing is that the government
get out OF the banking business, that is,
except as it furnishes the guarantee
paper to the banks all ready to loan
out at q big rate Of interest. Here is
what he says;
"The most complete and feasible
suggestion, in my opinion. is the Baiti-
more plan Any Improvements in the
monetary system will undoubtedly fol-
low the lines of that scheme. In some
respects, which I cannot mention ia
particular, as it is SC long since ex-
amined the plan, there is room for inn
provementi in the plan Of the Baltimore
conference.
Retirement of the government from
the banking business wouid be the
principal consequence of the proposed
notifications On security of govern
ment bonds, banks would issue their
notes, not as now with 80 per cent re-
striction, bat up TO the full amount Of
their holdings of bonds, under lImita-
tons similar to those embodied ia the
Baltimore plan"
Byron L. Smith president of the
Northern Trust Co.. says:
THE government should go out of
the banking business by abolishing its
sub-treasuries, depositing its money
with the national banks, and the gov
eminent should retire and cancel all
its demand obligations, allowing the
national banks to issue circulation Sc.
cured by government bonds at par.
There is no reason why the issue
should be limited to 30 per cent as at
present.
John R, Walsh, president of the Chi
cago national, said to be the heaviest
in the city, said:
Congress should provide for retir-
ing all government paper currency by
issuing ~ per cent 5O-year gold bonds
that could be used as a basis for ma
tional bank circulation at 90 per cent.
of their face value, which circulation
should be issued as fast as the govern
ment paper currency was retired.
This done, all the silver bullion and
silver dollars in the treasury should be
sold at the market price for silver, at
the same time repeating the law that
provides for making silver dollars legal
tender. If all bank notes below $40
were withdrawn, believe the country
could use at least $780, 600, 600 of silver
as subsidiary coin. After this opera
ton was completed we would have
three kinds of money; Gold. which
would be only legal tender; national
bank notes and subsidiary silver"
These are merely samples of the
many answers given. All are in the
same strain and go to prove that the
bank question was the real question at
issue in the last campaign. but the peo-
pie couldn't see it and will probably
not understand it till too late to avert
national disaster. aud the fastening on
the people of financial system that
can never be thrown off except by rev
olutiOn. Chicago Sentinel