The herald., 1896-06-13
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The Register Mail Service for the Year
1895
Proposed Plan for . Stable Yet Flexl-
bic Cuirency-Local Markets

The third assistant postmaster-general
In his last report presents the iolloWlns
statictics on the registered m all service
I'VE find that the total registration
amounts to 1442S.6s1 packages, which pro-
count of losses there were 3S47 cases fully
Investigated. or these cases PASS were found
to have been no loss. leaving an ascerta,ined al
1891 were classified under several heads.
and out Of that number the following were
the in tae Of be chssf
inspector, 1855; through the dead letter
office. 1s; through outside parties. 1S3: mak-
the 1891 cases of ascertained loss. leaves
AZ cases of actual loss, or an average OF
In every 30. .2H pieces registered"
meeting of the Texas national bankers.
proposed the following as prerequisites of
a safe monetary system and plan for mon
First-safety and uniformity of the cir
second-The retirement of the green
backs and treasury notes without undue
contraction.
Third-Flexibility, or a currency capable
der pressure. or to meet the ordinary vary
Ing demands of commerce.
Safety and uniformity of the circulating
notes are found in the highest degree OF
perfection In the present national banking
system. which shall accept as the ground
work OF my argument and what l shall
tended to increase the merits of a system
which fully met the demands of our COM
melce for thirty years and was without ap-
parent defect until an unexpected pressure
demanded the necessity for an enlarged
circulation and combination of circum-
stances had brought the greenbacks and
the treasury notes to the front as a con-
stant menace to ourtinancial happiness. In
furtherance of my views now submit the
Tristan authorized issue of 2la per cent
government bonds. running fifty years
from na,e ntan q th ISSUE N bnn bauah;y NY
culation, to retire the greenback and treas
ury notes and to mete the possible expan-
sion of the national banking system. these
bonds to be sold at par to the national
banks for circulating purposes. payments
10 be made in gold, greenbacks or treasury
be held for the retirement of the green
backs and treasury notes, and when made
in greenbacks and treasury notes these
notes to be Immediately Cancelled.
Second-The national banks be required
to invest an amount equal to 10 per cent of
their - capital Ain in these bonds and be per.
the bonds.
Third-In case of an emergency, to be de-
rency. a further circulation equal to Is
per cent of the paid up, unimpaired capt.
tai of the bank be permitted, this circu-
double liability of the stockholders and all
of the assets of the bank save the bonds
held for circulation, this class of circula-
by the government as hereinafter provided.
Fourth-Continue the present rate of
taxation-that Is ] per cent per annum--
on the bond circulation, and subject the
emergency circulation to a tax equal to
per cent per annum on the average amount
In circulation.
Fifth-The tax on the emergency circu-
lation to be held fund to reimburse
the government for the prompt redemp-
tlon of this circulation of failed banks, this
fund to be supplemented by any excess Of
the tax of l per cent on the bond circula-
tlon that may be found after paying the
expense of the comptroller department
now covered by this tax.
Sixth-Ten per cent of the bond circula-
ton to be deposited with the comptroller
for redemption purposes. redemption to be
the same as now. No fund to be deposited
against the emergency circulation. and or
dinary redemption to be as hereinafter
explained.
Seventh-Permit the incorporation of ma
tional banks with capital as small as
S25. 900.
Eighth-Change the law so that cities
of $4,000 population can act as reserve
sSNnth-Make national bank notes issued
against the bonds a legal tender. and ex-
cepting a banks own notes to be counted
as part of its reserve.
Tenth-Limit the bank notes to the de-
nominations of $50 and the multiples
thereof.