The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-21
UiLhER's BANNING PLAN.
The financial and Banking systems 10 De
separated Completely.

BOSTON, Feb. 20.-Bostons bankers
and business men were present in large
numbers this afternoon ia the parlor OF
the Chamber of Commerce 10 listen 20
Concressman Walker, Of Worcester
Chairman of the Committee on Banking
and Currency in the House at Washing
ton. explain the provisions Of bill which
he will introduce dealing with the cur
rency question. In his address MT. W al
ker said
..The confidence Of every class Of people
in the existing financial system having
been destroyed settled business conditions
aud urosnef0us times can never return
In any other way than by It's thorough
correction in separating the financial ana
banking systems of the country, aDso-
lutely and forever from the United
STATES Treasury. The Government must
from now on be relieved from directly
issuing and putting in circulation. OF
being in any way responsible for the cur
rent redemption OF any form OF paper
money.
The country must Immediately adopt
the only system approved of by nnanciefs
whose opinion is at all regarded, me sys-
tenn which prevails iu England, France
Germany, and In every other country,
that Of having bank issue and be re-
spousible for the curren. redemption
of every dollar of paper money ~ CIR
cuiation. wholly relieving tho United
States Treasury from doing H.
This solution OF our difficulties can
not be found except through changing
existing relations between banks and the
Government as regards paper money 10
the great advantage of she banks first,
and finally. as ] believe. TO the very
great advantage OF the plain people or
the cOuntr 4 The difference between
what / shall propose anu existing CON
ditons are briefly.
First. that no Government bonds shall
be used in the banking system; second,
that the Government enectually suaran-
Tee the payment of every currency cir
culatiug note made by the Government
ana Issued by the banks: third. more feN-
| ible and abundant currency Ia case of
strinpency OF panic. fourth. uniform
currency; fifth, more complete reports
hv tue banks themselves and monthly
20 the Comptroller of the Currency
"The advantages 20 the banks win be:
First larger profits on their circu-
lation. Notwithstanding that one-hali of
| IL VIII he hal by buying 10 itom the Gov
, eminent and paying for IL in lawful mo-
! uev The other half 10 be issued by the
| banks against their assets. No gain OF
loss will occur on One-half and fun in
terest will be had on the second half.
"SocOnd--A great adyan5lse will be
gained I'm the system Of clearinghouse
provided for in the bill They will firm
ly unite all the banks in the country into
one system without Increasing the finan-
ciu responsibility OF one bank for an
! other.
"Third-The management by the banks
of their own affairs, through a board Of
seven expert advisers 20 the people.
through the Comptroller of the Currency
and tile Secretary Of the Treasury. They
viii practically De the governing and
legislative authority of the whole system
/ OF national finances and banking as We'll
"The bin prepared IS ;he existing sys-
| ten. so enlarged as 10 give far cheaper
money to the people and far greater free
/ dom ID banking. There Is no provision
| OF the bin that is new or that has not
| been worked o.t in banking and approved
! of by The experience ~ bankers IN all the
1 past. The bin is only Doe framework OF
system, so literally arranged that the
/ banks OF The country are left free "a
manage their own affairs and to develop
a more flexible and lar better system
/ Of banking than any country now has.
| II puts banking on free. liberal. heXi-
BILE and safer basis than any department
I Of business IN the country.
I'm providing for a Board Of expert
governors It makes possible an instant
and uniform change of regulations i'm all
I the banking business of the country. i'm
/ times OF eXigency. as is had in all other
! business iu such times. and as is done I'M
! the European systems.-New York sun