Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-03-31
CIrRRENCY REFORM.

Since the election the Journal OF Com
rnerce has not been inclined 10 take
an optimistic view Of the prospects OF
currency legislation. In common with
rn6nv other Democratic papers that
were deceived by the assurance Of the
Republican party that the currency
question was the paramount issue OF the
campaign, and. as a consequence, were
beguled into giving aid and comfort to
that party, the Journal has several times
Of late bewailed its innocence, and con-
fessed TO a conviction that it had been
made the victim Of misplaced confidence
Now. however, the Journals weN-in-
formed and cautious Washington cores
pordent sends out What, 10 some, may
prove a ray of hope. in that he conf
IDENTIFY asserts that the next item Of the
Republican programme is reform Of the
currency. Mckinley, he says, expressed
his views in favor Of a commission 10
consider the subject, with fun delibera-
ton. and after consultation with secre-
tarv Gage. who was delegate to the
busfness-man's conference at Indiana
polis. The Journals correspondent also
states that the President meant all he
said. and he seems satisfied ttat Nc
Kinley will appoint the commission as
soon as he IS certain that the tariff bill
is safe.
In furthef support Of his position that
currency reform IS not dead. and that
there is yet hope. the Journals Washing
ton correspondent calls attention promi-
nently TO the fact that on Saturday, at
The request of leading bankers" Mr..
Walker. chairman Of the Committee on
Ranking and Currency. introduced in the
House two currency bills. one of these
bins contempates the substitution OF "a
banking currency" for "the existing Sc
cured bank note currency" and the other
contemplates the retirement of the legal
tender notes by means of a bond issue
and the sale of the silver bullion I'm the
Treasury. If it IS not a case with the
Journals correspondent of the wish
being entirely father to the thought
and we are really to have currency legis-
lation, or even attempted currency
legislation, these bills are likely To be
discussed in Congress along with Mr.
Walker own general banking measure
and the several other plans Of financial
reform thas have Been preached. II
may, therefore. not be ont OF place to
give. as a matter of Information, the
subjoined summary Of the salient points
of the two hills in question:
"rhe bill providing for the substitution
Of banking currency for the existing
secured bank notes declares that: Here
after no national banking association
shall be required 10 deposit or keep
United States bonds TO secure circula-
ton, and upon any national banking
association surrerdering its circulating
notes or their equivalent as now pro-
Vidcd, the payment of which is secured
by the deposit Of United States bonds,
such bonds shall be delivered TO II by the
Treasury OF the United States; and the
Comptroller Of the Currency is hereby
authorized and directed 90 issue 20 each
national banking association that re-
quests him In writing so 10 DO circulating
notes An amount not exceeding It's paid
I'D and unimpaired capital; but the Comp
troller Of the Currency is hereby
authorized and directed TO recall or re-
duce from time 10 time the amount Of
such notes delivered 10 any banking as
sociation when. in his judgment the
paying out OF use OF the amount Of such
notes so delivered or retained 10y any
association Is such, in his Judgment. as
10 impair It's solyency. and he may SUBJ
sequently restore from time to time 10
nnv association amy part OF the amount
of ouch recalled notes. and whcnNer he
deems IL safe TO DO so 'he Comptroller
Of the Currency may issue such notes TO
any association 10 the fun amount or is
capital w irDf t.iH
"The second section Of the BIN re-
Quires banks TO Keep the same reserve
against circulation which Is now held
against individual deposits. section
requires the cash reserve 20 be kept IN
specie. OF which not less han half
shall be In gold The fourth section i'm
poses a charge OF twenty-four per cent
per annum upon notes for which payment
IS refused OF delayed IN specie, during
the continuance OF the refusal Another
section provides for the organization Of
hanks with "a paid up capital OF NOVU IN
places having less than 400 inhabitants.
The bill regarding the retirement 81
the legal tender notes authorizes the IS
sue cf 2 IL per cent. bonds for the Pur'