The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-26

banking business than in the milk bust
ness, but the government should see TO
it that banks comply with reasonable,
just requirements, dictated by expert
| ence and common sense, just as all good
municipalities should see to 1t that the
milk supplied the people is pure and I'M
Eadulterated.
Once it is understood by the people
that Il bank note is not money. that bills
of exchange. promissory notes. checks
| and bank notes are substantially of the
same nature: when they understand
that the issuing of notes is not SOW.
ereign act to be solely reserved to gov
ernments; when they appreciate that the
act is no more sovereign than the act
| of the merchant when he gives his de-
mand notes, and that it is gratuitous
interference on the part of the govern
ment to tax or otherwise forbid Il bank
| to issue currency while it leaves all
| other corporations free TO make as many
| demand notes as their credit will
permit: then they will demand
| that the banks he permitted to
prosecute their legitimate business with
out interference on the part of the gov
eminent. All other business is conducted
without such interference. To discrinl-
mate against banks is unjust. They
should be permitted 10 issue as many
notes as can safely and protitably he used.
1T is idle to argue that il would he
impossible TO make these notes good. \
careful study of the subject proves that
making the notes good is Il question of
detail
Bank notes. based on carefully ma
tured scheme of credit and payable on
demand in gold. are the best medium of
domestic exchange and fulfil all the re-
quirements of good currency.
THE farmer demands currency 10
make and market his crops.
THE solvent farmer justly complains
that the credit he obtains is often ut en-
orbitant rates. and that frequently he
can not obtain currency at any price
He is entitled TO banking facilities.
and we must advocate and encourage
local banks of issue. owned. controlled
and operated by residents who know the
financial worth and standing of ;hcir Gus
toners.
Good. sound currency. provided for.
taken with the increase in the production
of the gold of the world. will. | believe.
settle forever the free silver heresy of
10 to !.
"A competent. non-partisan currency
commission should be appointed: and
briefly it seems To me they should advo-
cate
"First-The final adoption of the gold
standard.
"Second-The gradual cancellation of
government demand notes. said canceila-
ton to he not faster than new currency
is issued by the banks: the deposit of gov
eminent revenues in the banks of the
country and the retirement of the govern
ment from the banking business.
'T'hird-They should advocate the re-
banks. and thereby make possible the
issue of currency which will expand
and contract automatically with the needs
of the country: said currency to be under
the supervision of the national govern
ment and To be surrounded by ample.
practical and efficient safeguards.
IF the currency commission does not
solve the problem and guide the people
TO demand currency reform based on eter-
nal principles. it is my solemn conviction.
gentlemen. that. with the inevita BILE re-
turn Of hard times. the people will solve
the question for themselves. and free sill
YER may be the least of our evils"
\ committee will be appointed to take
action on the suggestions embodied in
Col. Branchs paper and report at the
next meeting of the association.
The hour was so late when Col.
Branch finished speaking. and so many
had left the hall that President Lowry
suggested the deferment of all the re-
addresses until tomorrow morn
ing. when the convention will he called
to order at o o'clock. Accordingly. the
HTSt paper 10 NE reHu tomorrow VIII ne
that of Myron II. Herrick. president of
the Society for Savings at Cleveland |
o.. on Savings Banks
At . O'Clock the convention adjourn |
ed until tomorrow morning.
The delegates this afternoon enjoyed |
the hospitality of the Michigan Central |
road. which rendered them a ride around |
the city on their loop line TO Beaufort |
station, where boats were taken up the |
river to the st. Clair fats.
The following members Of the executive !
Were chosen tonight at a meet |
ing held on the steamer Pleasure:
Joseph p. Branch. Richmond. Va: +. |
W. Hays. Detroit; A. {. Campbell. Match |
~. Miss: +. q. Bigelow. Milwaukee. Wis: |
]. G. Hunter. Duluth.
The other FIVE members Of the committee !
will be selected tomorrow.