Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-11-15

kinds offered" He believes that so per
cent Of the paid up and unfmpaired
capitaFof the bank should be the limit
| of the note issues and that cash re-
serve should be held for the redemp-
ton of notes "the same as now prOvid-
| ed by law for deposits, viz: Is per cent.
in reserve cities and Is per cent. else
where, with the right to keep three
| fifths of said Is per cent. in the reserve
cities There is no difference between
deposit liabilities and note liabilities,
SO far as the bank itself is concerned,
| and no reason why the reserve should
| be greater or less for the one than for
| the other. The reserve should consist
of gold and should be in the vaults OF
the bank or in clearing house depos-
| tory"
| Other questions regarding the best
plan for establishing and regulating a
banking currency are answered by Mr..
White as follows:
I'm general, / approve of the plan
| adopted by the American Bankers As
ISOLATION, at Baltimore, in October,
1894, commonly called
THE BALTIMORE PLAN
All bank notes should be>redeemable
at the commercial center of the coun-
try, and also at their own counters.
Perhaps an exception should be made
of the Pacific Coast on account of dis
lance. The requirement of redemption
at the banks counter was found to
work no hardship under the Suffolk
Bank system, since as much specie was
customarily deposited in the country
banks as was called for by depositors
or note holders"
Question: What, if anything, be-
You'd provision for immediate redemp-
ton, is needed for securing the elastic
ity of note issues in periods of normal
business?
Answer: ability to issue notes
promptly is as needful as prompt re-
demption."
Question: In times of panic or sud-
den stringency, how would you provide
for additional issues by the banks to
enable them to continue discounts and
prevent commercial distress?
Answer: 81 would allow an extra
issue equal to Is per cent. of the banks
capital, conditioned upon the payment
of tax at the rate of per cent. per
ohAuiu, W lAiC SOf dO lung do
the excess of notes remains outstand-
ing"
Question Of what should the bank
reserve consist?
Answer: Gold"
Question: Should any national bank
be permitted to pay interest on the cur
rent depisits or other banks?
Answer: 81 see no objection thereto.
The question is eminently one to be
ANSWERED BY THE EXPERIENCE
Of the past thirty years, during which
time the practice has existed
Question: Should deposits of country
banks in reserve cities be authorized to
be counted as part of the required re-
serve?
Answer: eyes, to the extent of three
fifths, as the law now provides. This
proportion is the result Of experience,
believe, and ought, therefore, to be ac-
cepted as settled"
Question: What should be the mini
mum capital for national banks?
Answer: 81 am inclined to favor the
present limit Of $4,000"
Question: Should the existing ten per
cent tax on state bank notes be repeal
ed?
Answer in the negative.
Question: Should any national bank
be permitted to establish branches I'M
der it's simple management?
Answer: 81 see no objection thereto"
Question: l so, under what limita-
tons, if any?
Answer: 81 would allow any bank
having a paid up capital of not less than
one million dollars to establish branches
in it's own state, and any bank having a
capital of five millions or more to estab-
lish branches in any part of the United
States. | would allow notes to be is
sued only by the parent bank, although
they might be issued to, and paid out by
the branch banks in the usual course OF
business"