Birmingham state herald., 1896-10-11
CAPTAIN LOWRY'S PLAN Idea of the President of the
 American Bankers.
NOVEL IN SOME RESPECTS
How the Gg ment Might Go Out of the
 S anking Business.
LIE SjW INTEREST BEARING BOND
And = npel the National Banks to Buy
 m to the Full Extent of Cap ~ ital-Then Call in and Can eel the Greenbacks.

Atlanta, Ga, Oct. 10.-Capt. R. J. Low ". president of the American Bankers association, today made the following statement on the financial question:
 Tt is my opinion, after long and care full study of the financial question. that all classes of people will be greatly bene- fited when a basis is fixed, and I am of the opinion further that the basis must be gold. It is the only metal known whose peculiar properties alone make it suitable for unit of~value for the settle ment of differences in barter between in- dividuals and nations. It is stable in value, indestructible and portable. We, as one of the greatest nations of the world, cannot afford to have basis of a metal of less value than that used by thel other civilized great nations of the world, whose basis is gold.
 After the basis is fixed some further legislation Is necessary. That such a ne cessity exists Is admitted by our great est financiers. The first thing that should be done looking to proper adjustment of these metals is, in my opinion, for the government to issue a low interest-bear- ing bond of 212 per cent and compel the national banks to buy these bonds to the full extent of their capital. These banks should then be allowed to issue circu1at- ing bills to par of their bonds, the govern nent charging only actual expenses of printing paper, etc., and administering the office of comptroller of the currency. All banks should then be under the same governmental supervision as exists un- der the present system. This would not only place the government in position to call in large amounts of now outstand- ing bonds 'bearlng greater rate of in- terest, but by issuing large amounts of currency by national banks, our circulat- ing medium wDuld he greatly inpfpa Sqd The government could then call in and cancel the bills known as greenbacks, and thereby cease to do banking busi- ness.
 I think direct supervision of all these banks by the comptroller of the currency of the United States, just as he super Vises the present national banks, is nec- essary in order to make the currency more current. If these questions are left to business men and business principles are allowed to prevail, all will be speedily settled to the best interests of the whole country.
 "I believe also in a wise tariff for the maintenance of the government and for the protection of industries requiring it, especially those in their infancy. A wise tariff, and a sound stable currency go hand in hand. In my opinion, tariff such as l have stated is absolutely nec- essary. Especially Is this true as re- gards the south, just now in it's indus trial infancy and on the eve of the de- velopment of various and varied indus- tries that will give employment to so many of our laborng people. wise tariff will stimulate and foster home in- dustries, which in turn will employ our adjacent laborers. The farmer finds a market for his product and the dealer a buyer for his goods The producer may pay a little more for what he buys than he can get them from foreign markets, but he is at the same time selling his own products at an advanced price. For eign countries only buy from us when they can buy as cheap, or cheaper than they can buy elsewhere, and then only to the extent of their actual needs. Hence is the great necessity of building up a home market for home products"