The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-01-08

good deal OF this total is silver or silver
certificates, the Portland banks, if they
SO desired, could buy but few bonds.
The government wants gold. and nothing
else. He thought the thirty days option
mistake. 1t was his belief that the
Morgan syndicate had the inside track
and would have the bond issue anyway.
They could go into the market and I'M
derbid outsiders every time.
Major Gould, cashier of the Traders
National, spoKe not for the bank, but
himself. He said nothing had been done
by his bank in regard to the loan. The
bank, he said, was small one, and gen.
orally follows the lead Of the larger ones.
1t is too small to influence public
opinion to great extent.
President Hunt of the Merchants Ma
tional, said his bank had not taken any
steps in regard to the loan, and saw no
reason why they should, except for the
purpose of increasing their circulation.
He thought they would be very glad to
buy the bonds if they co1ld get one hun
dred per cent of circulation instead of
the ninety per cent which is all they are
allowed now. This suggestion has been
made twice by President Clevland and
Secretary Carlisle, viz: that the banks
should have the full hundred per cent
circulation on their deposited bonds He
thought that Messrs. Reed and Dingley's
idea of long three per cent bond, with
permission to increase tho bank oircula-
ton to the par value of the bonds
WAS capital one. Such bonds would
help the currency. This increased
circulation on the bonds would supply
the place of the greenbacks
President Chapman of the Chapman
Ma tional bank, said that he had reosiv-
ed from the New York World this tele-
gram yesterday, which was the same as
was sent to every bank in the country.
To Chapman National Bank:
We, today, ask all National banks
whether II President makes call to re-
plenish gold reserve, they will consider it
their patriotic duty to take bonds on
to what extent. THE WORLD.
January 7th, 1896.
Mr.. Chapman said he telegraphed back
that the bank would subscribe for s25, 600
United States s per cent bonds, at par.
His idea was that the President and Con-
gross should get together Without Doubt
Congress is right in claiming that we
have not revenue enough, and it is the
proper course to take to increase it to
meet the current expenses Of government.
On the other hand the President is right
in the view that he takes, that SO long
as the greenbacks are kept afioat, SO long
the government will have to be constant
ly providing gold to redeem them, no
matter what the revenue of the govern
ment may be.
Mr.. Fred E. Richards president of the
Portland National bank. said that his
bank would not do anything about the
loan. We have, said he, all the circula-
tion we want and for an investment.
government bonds are not attractive to
National banks because the income for
the Investment is so small. Mr.. Rich
ards said, perhaps he differed from other
bank men in their opinions in regard to
popular loan. He didn't think there is
much gold in the hands of the people and
the object of the issue Of the bonds is to
replenish the gold in the United States
treasury. II the bonds are taken by the
public at large the gold to pay for them
will simply be drawn out Of the treas
ury to pay for the greenbacks which the
people hold, and when the bonds are dis
posed of there will be but a small
amount of gold, accumulated from the
sale left in the treasury. Mr. Richards