The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-01-12

government for many years. They are
a constant menace to our treasury re-
serve and to the credit of the govern
ment. and when encroachments are
made upon these reserves commerce
stands in fear and trembling. There
seems to be a well defined conviction
among business men from the expert
enceS of the past that there should be
no notes in circulation which could
not be retired when their Office has
been fulfilled. Whether these notes
should be retired at once or gradually
am not disposed to say, but of the ne
cessity of their retirement 1 think there
can be question. would retire
them by the sale of long government
can be no better way devised for their
withdrawal from circulation.
while 1 am mentioning some of the
t tenn. Which come to my mind, would
say that see no reason why our national
as to allow the national banks to issue
notes up to the par value OF the bonds
sue. instead of issuin g as they are now
bar value of the bonds that cost them per-
haps lis to 120 per cent. This would help
in giving US a larger volume of circula-
tlon ana pe an ihuuceiilenI 70 tile pI pam 70
law. Many of the banks. as the law now
stands. do not issue all the notes they are
authorized to do, because much of the
time it is not profitable for them to invest
in bonds at 120 per cent when they cannot
so per cent of the par value of the bonds
IlIey purchase. Then there is tax of
per cent on the issue of the national bank
cfrc ulation, and l see no necessity for Sc
large a tax as this. as II must ultimately
be paid by the borrower L believe that
the tax should be reduced to Il of per
cent.
.3There are many advantages connected
with the national banking system of the
country, and this system, might, with
great benefit to all interested, be extend
ed by allowing under proper safeguards,
the establishment of branch banks in
smaller cities with largely reduced mimi
mum of capital. believe there is no in
to holders of national bank notes.
There are many suggestions of reform.
der the denomination of SO, thereby fore
ing a large volume OF silver and gold to
1 believe this is well worthy of favorable
consideration.
II do not believe that any criticism can,
with reason or justice, stand against COM
mercial or business organizations for TAX
ING an actlVe lhterest ana making recon-
mendations to congress in matters of so
great concern as these which call us to-
gether.
Il find from the last census that there
is an aggregate of over six millions of
money invested in manufactures in the
United States, and that there are over
four millions of men employed in these
establishments, and that the output is
over nine billions in value annually 1 also
find that the average annual value of the
cotton. wheat. corn and oats produced in
this country is about four billions of dol
lars, to say nothing of the value of cat
tie. horses. hogs and almost innurnerabIe
other products of the farm and field.
fessional man, manufacturer. farmer
miner, artisan, mechanic and laborer all
We are here to promote. In the language
Of Benjamin Franklin I'VE must all
country cannot permanently prosper if
any of the essential interests are neglect
ed or sacrificed All legislation should be
for the greatest good of the greatest
number q"