The news & observer., 1896-12-11


following fourth-class postmasters, for
North Carolina have been appointed:
r. II. Wright, vice ID. Leach, (resignedl,
at Star Montgomery county; j. w. Bled-
soc, vice w. Satchler; c. G. Nichols, vice
j. L. Ownby (resignedl, at Culberson,
Cherokee county; A. ]. Rector, vice G.
Davis Cresigned), at Sandy, Madison
county: J. Garren, vice ]. Il. Smith ire
signed, at Tweed, Buneombe county.
A steamboat change Of schedule that
will interest your readers in Eastern
North Carolina is announced at the post
office department. The boat from Ply
mouth to Edenton will leave Plymouth
daily except Sunday in season to connect
with mail train for Norfolk, arrive at
Mackey Ferry in one and three quarter
hours, and arrive at Edenton in three
and a half hours; leave Edenton daily,
except Sunday, after arrival of mail train
from Norfolk, but not later than p. M,
arrive at Mackey Ferry in one and a
quarter hours, and arrive at Plymouth
in two and one half hours.
Mr.. Marshall T.. Mott is here. He re-
Gently visited Senator Butler as Pritch-
ards friend il not ambassador. Some
Republicans who have been here inti-
mate that he was acting more for Mott
than for Pritchard.
Col James E. Boyd, National commit
teeman from North Carolina, was one
of fourteen guests at a small dinner given
yesterday at the Metropolitan Club OF
Chairman Babcock to Mark Hanna.
In view of the overshadowing impor-
tance Of the financial question, the re-
commendation made by Mr.. Eckels,
comptroller of the currency, in his an
nual report will have more than ordinary
interest He proposes the following
amendment to the National Banking act
to make a better system of finance:
"In places having population of less
than two thousand inhabitants national
banks shall be permitted, under regula-
tions to be made by the Comptroller of
the Currency and approved by the Sec
retary of the Treasury, to be organized
with a capital stock of not less than
sos. 900 and with corresponding reduc-
ton in the amount of bonds required to
be deposited with the Treasurer Of the
United States.
National banks shall be permitted, un-
der proper regulations and restrictions,
to establish branch banks in towns and
villages where no National bank is es-
tablished and where the population does
not exceed one thousand Inhabitants;
such branch banks to have the right to
receive deposits, make loans and dis
counts and buy and sell exchange, but
in no case to be permitted to issue cir
culating notes other than Of the parent
bank 1t shall in all respects be consid-
cred as part of the parent bank, and
in each case where such branches are
maintained the Comptroller shall receive
in the reports of the central bank state
ment properly sworn to and attested, of
the condition of the branches. He shall
also have the right of separate and inde-
pendent examinations, and he may, when
ever he deems it necessary, require, be-
fore granting the right to amy bank to
maintain branches, that the paid up cap
| ital stock of such bank be increased to an
amount to be by him fixed, with the APP
proval OF the Secretary of the Treasu
| ry.
| 1.-THE senli-annual tax on circulation to
| be reduced to one-fourth of one per cent.
| "The issue OF circulating notes to the
| par value of the bonds deposited to be
| permitted.
| ''The permitting Of branch banks would
| be the forming of agencies through which
better trade distribution of currency
| could and would be made" Mr.. Eckels
| says. 1.-THE money of a country congests
| at the great financial centres, to remain
| idle and profitless, or to be used at a very
| small profit, only because there seem to
| be no new arteries through which it can
| flow. 1t is not a matter controlled by
| any feeling of sentimentalism or wish
| TO create a scarcity of money in one Sec
| ton Of the country and a plethora of
| it in another, for such rule of conduct
| could have but one result-loss to all con-
| cerned.
''The monetary problems which con-
| front Congress, embarrass the admins
trative officers of the government, ha-
| rass the business world and bring
plague upon American politics must ulti-
mately find solution in required banking
Improvement The time must come
when the banks shall be such agencies of
distribution OF loanable capital as will
make credit everywhere equally availa-
bic to the extent to which those seeking
it are justly entitled So too, must
point be finally reached when banks shall
issue all of the credit currency of the
country, and stand wholly responsible,
instead Of the government, for its redemp-
tion In gold coin, whenever and in what
ever quantities presented.
"The monetary difficulties Of the Treas
ury affect every class of people and em-
barrass the administration of the affairs
Of. the Treasury Department, and, can
no longer continue without entailing still
greater loss and more widespread finan-
cial disaster. They do not find their
origin in any mere surface and Temporal
ry weakness, nor are they due to recent
and passing conditions. They are in
herent in the financial policy which has
been built up in the United States, and
constitute an integral part Of it. Instead
Of lessening in i'll effects with time, they
will accumulate more strength for
harm at each recurring season Of financial
and business disturbance.
ha x.a1i 49, hor1 +i,x>r