The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-08

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among these Is one from John C, Bulltt,
which, coming highly endorsed as 1t does
by financial authorities, has command
ed great attention and study. Mr., Bull
lltts plan touches every branch Of the
problem before the eomIssion, and it's
provisions in outline are as follows;
That all of the outstanding currency
obligations, amounting to about $780,
100000, shall be taken up and cancelled,
being replaced according 10 business eX-
| igencies (under the direction OF cur
rency board, composed OF the President,
secretary OF the treasury and comptrol-
| Ter of the treasury by three per cent
bonds,
There is to be but one kind Of cur
rency, namely, national bank notes, re-
| deemable In gold at the bank OF Issue,
| and a selected bank reserve, and these
| notes are to be issued gradually TO re-
| place United Suites obligations as tho
| latter are required. These notes are 10
secured by q deposit OF is per cent OF
gold In the treasury. by 10 per cent OF
| gold in the bank vaults anu by first
| lien upon all of.the banks assets, as well
| as by a special provision giving the gov
| ernment the right to assess oil national
banks when needed To make good notes
OF a defauldng bank, the notes Of which
would then be redeemed by the govern
| ment. A tax Is to be laid upon the banks
| 10 cover the expenses OF the currency
board, and the balance held to secure re-
demption OF notes In gold. but II this eN-
ceeeds $10.000,0 900 the surplus may be
| covered into the treasury to pay interest
ON United States bonds and for general
purposes. This tax should be one-half OF
one per cent, or one per cent per annum,
as the commission shall elect
Power should be given to banks under
permission OF the currency board to in
crease the note issue when demand
caused by unusual financial emergencies
such Increase TO b6 subject to q tax, Ito
be determined from time to time by the
currency board) upon the note while
in circulation: the tax upon the notes TO
be at a rate which would put pressure
upon the banks to take up the notes
when the emergency has passed.
Silver and subsidiary coins should be
redeemed in gold by the United States
government when demanded These
| amount to about si899Q0.009. No note
| should be issued for lessthan fyedollaIS.
National banks should be constrained to
exchange notes now out for new issue by
surrendertng notes as they receive them.
Customs and duties OF all kinds due
the government should be payable one
third in gold and two-thirds In bank
notes. This is necessary 20 supply the
government with the gold required by
II to pay interest upon Its bonds, redeem
silver and for other purposes.
The legal tender quality OF gold and
silver should remain as nov provided by
law, and they should be the only legal
tender except 10 the extent Of two-thlrds
of customs duties and taxes due the
government, which should be payable In
bank notes, as above stated. Confer up
on the currency board power To regulate
the issue Of bank notes from time to
time in lieu OF the government currency
retired. and to authorize new banks and
branch banks 10 be established when
and where and with such amounts OF
capital rs the board may deem II proper
and eNpedient, and with power also to
increase the amount of note issue by the
banks required for the normal business
condidtions OF the country shall grow In
DDpulhLlkll uIlu III IhblhilNRf NAltAAAEigAs
As banking capital may be Increased
by creation Of new banks, the currency
board should have power to adjust the
note issue, whether normal or extraor-
binary between the new and old banks
no distinction being drawn between
them.
Tho 15 per cent OF gold upon the note
Issue deposited in the government treas
ury and the IL per cent kept in bank
vaults should be counted as part Of the
25 per cent reserve on deposit In ma
tional banks.
The system OF clearing house certih-
Gates adopted by the banks in large elites
in times OF panics should be legallzed.
They have proved 10 be most salutary.
and there can be no better evidence OF
the need OF such n system than the fact
that It has been established by yolun-
tal,y consent I'm tines OF panic.
Vice President II. o. Leech. Of :he Ma
tlonal Union Bank, of New York former
ly director Of the United States mint.
has also presented n paper TO the COM
mission, addressed not so much 10 the
merits of any particular form uf bank
ing system as TO needed reforms OF the
present mlntlng and currency laws, He
favora branch banks, hut doubts the
present adylsnbillty OF making the
hanlIs assets the solA basis OF issue. al
though that would he the true logical
method Nor does he believe II necoss-
cary TO redeem ait ~ the silver coin and
paper IN gold, as the wants of the people
nIr fully adequate 10 keeping in active
circulation the SiSO, 900 Of this money
now anoat, NJ evidenced by the success
fui practice OF France, In the wcgt, 6outh
ana middle scctlona OF the country,
where gold IN not called for on export
account this form OF money Buillrpf for
all buHnegB needs. nnd practically there
fs no dihieHfty iH securing ita redemption
I'm gold through deposits IN bank.
Moreover the redemption by the govern
mont OF silver would require tho locking
up OF q largo gold rcscrry In tho treas
ufy. and eoHsif4et The circulation. Mr.
Locch fny0ra the repeal OF the act of
May 3l, 1875, requiring the rC-lssuc "
United Statrn notcH coming Into the
treasury and would leave II optional
with the treasury 10 rr.igaue those notes
only In case OF need, This alone would
inHurc the stability Of the gold standard
He rpEnrda ns prospective and not aa Inn
minout danger from the mnlntO1nCo Of
the proaeni legal pnpcr money ulrcnln.
ton, and hcllcvca that II can bc gtndu.
ally retired by the colnlnE of silver bull
lion, both into dollars ana subsidiary
cilna Many pnnlca, hc thinks, are az.
Hrivtcd by the accumulation NJ country
bank dcpnsltG IN New York. from
whence II Ia drawn rapidly Just whom
nccdod there, Therefore hc would nbol.
iHhr reserve elites, and require national
bnnta throughout IA country to keep
about 10 per cont In cash In reserve In