The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-11-23
THE NEW BANKING BILL.

NEW b-A-NhAANG bl4~A-s
In speaking Of his new banking bill,
Representative Charles n. Fowler. OF
New jersey, says:
The Fsnancier, of New York, OF June
/, 1897, pointed out succinctly the pur-
poses of the hil in the following words:
I'VE have received the address OF Hon.
Charles n. Fowler in exposition OF the
financial and currency measure intro
duced by him in the house of representa-
lives, snd recommend its careful study
70 every man who is desirous Of inform
ing himself upon the most important
question before the American people for
settlement
Those who have thoroughly investi-
gated the matter agree that there are
three chief fundamental objects to he
occurred:
'FIrst-we must have an unequivocal
measure or standard of value
"second-The demand obligations Of
AAAS E0NtAiAAAirlAA AlluSl
''Third-A system OF credit currency
should be established.
'An these purposes would be accom-
plished by the adoption of Mr. Fowler's
bill as he has demonstrated by a course
OF reasoning and wealth OF iilustra-
tions that must command universal as
sent
TT should be observed also that the
pkn proposed by him is such as not TO
cause the slightest shock 10 business in
terests when the change from the pres
ent conditions is carried out
''Basing his premises upon data furn-
fshed by the actuary OF the treasury de-
partment and covering period Of IS
years H. plan provides fo- 4 safety
fund 10 guarantee bank notes and an
insurance fund to protect all depositors
in case Of hank failures
1T requires no argument to show that
II the notes are guaranteed by fund
deposited with the government and the
depositors are protected by a tex paid
into the treasury there could not BE-
bank pario OF a curren,v famine.
IN concluding his excellent address.
Mr.. Fowler points out successfully twen-
~ advantages that would be secured by
the edoption Of the measure proposed
To these suggestions desire to add
that regard the right Of note issue as
valuable franchise and that a full con-
sideration should be realized by the oeo-
pie of the United States for that privi-
Iege.
It should not be forgotten, however.
that capital goes into the banking busl-
ness upon precisely he same basis that
It goes into any other kind Of business.
viz: Because the owners Of the capital
believe it Will pay. And y. At any time.
after making due allowance for al the
charges and risks banking involves. f..
promises TO pay better than any other
kind Of business capital will seek this
channel until the income realized r. on
level with that of other branches Of
commerce.
1t is only necessary to observe there
fore, that every burden in the form Of
a tax laid upon our currency Will have
to be borae primarily BY the commerce Of.
the country; but finally it must be paid
by the grand army Of twenty-five mil /
lion PRODUCERS scattered all over the |
land in every trade and every walk Of .
life; for money and all it's substitutes in
the form of checks and drafts are mere
tools of trade and commerce, indeed the
only tools with which these twenty-five
miiGion toilers can keep in motion the
vast and complicated machinery Of our
modern civilization.
Our present system Of currency IS such .
that :he slightest doubt thrown upon our
ability or disposition to maintain It upon
a gold basis shakes every business 10 it's
very foundation; spreads devastation Of
values everywhere. paralyzes enter
prises and brings upon our people losses
OF untold millions. In addition 10 this |
disturbance ITO business asd incompre-
hensiHe loss to the people the actuary
Of the treasury has informed US that
since 1879 it has cost the government
l9,9S4,222 to maintain our paper upon
gold basis, or an average of s21, 100000
per annum. This shock to COM
ferce loss to the people and cost
to the government can be obviated by
throwing the maintenance of our stand
ard Of value upon the banks. where the
burden belongs.
The government should retire its de-
mand obligations and let the banks as
sumo the conduct of commerce, taking
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