The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-11-11
CURRENCY PLANS.
Answers Received by Monetary
Commission to It's Recent
Circulars.


Washington, Nov. 1.-THE monetary
commission is receiving in answer to
its circular many interesting PROPOSE
tons for reform of the banking and
currency system of the county, and
among these is one from John G. Bullitt,
which, coming highly endorsed, rs it
does, by financial authorities. has COM
manded great attention and study.
Mr.. Bullitt's plan touches every
branch of the problem before the com
mission and it's provisions in outline
are as follows:
That all of the outstanding currency
obligations, amounting to about $500
100000 shall be taken up and cancelled,
and these replaced according to busl.
ness exigencies (under the direction OF
a currency board composed of the presi,
dent secretary of the treasury and
comptroller of the currency ny 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
AMI selected banks of reserve, and these
notes are to be issued gradually to re-
Mace United States obligations as the
latter are required. These notes are TO
be secured by deposit of 10 per cent
of gold in the treasury, by 10 per cent t
gold in the bank vaults and by nrst
lien upon all of the bank assets rs well
"a by A special provision giving the gov.
eminent the right to assess all national
banks when needed to make good notes
of n defauting bank, the notes OF when
would then be redeemed by, the govern
ment. A tax Is to be laid upon tne
hank to cover the expenses or the cur
rencv hoard and the balance held To Sc.
nure redemption of notes in gold but If
these exceed S1O,OOO,O0O the surplus
n,av no covered into the treasury to pay
interest on United States bonds and for
nanaroI nurDoses. This tax should be
one.half of | per cent or per cent per
annum as the commission shail eleSt.
Power should be given to banks uiuer
permisson from the currency Doaru ~ ~
increase the note issue wneh uen.nnu
noused nv unusual financial emergency,
sucb increase to be subject to tax lto
ha determined from time by the eur
rarcv hoord) by notes while in clrcula-
t;nn the tax on notes to be mt rate
uh;ch would nut pressure on the paIhs
70 take the notes when the cmersen.s
has nassed Silver and SUBSIDIARY COINS
sbould be redeemed in gold by tne SU't
sm ,.'nent when demanded. These amount
erhnem ,+ Si0o 600 900. No note should
no issued for less thar, 80. ..ro,,ed
National banks should be constraihseu
,.ohanqe notes now out for new Is
s,,es hv surrendering notes us tieS ie
ceive them. .oxas Of all kinds
duo to the government shoulu We "a in
hIe one-third in gold ana twot ~ SUNNY
Dam pan rnvernment with the gold requlrSeu
tne to nav interest upon 1ts ponuS'
D, oar, its pledges and fol. other puld,
reueen Tho legal quality of goiu and
poeeS shonId remain as now pro'luI I,,
sll'ea ~ and they should be the o'lt
i by i" tender. except to the en nd tsxes
tEsn'thirds of customs uutieS s an he
dme the government, wnic ahovn stated.
nayable in bank notes enrr nS board the
Gomez uregulate the issue OF pa thn
power ~. ~ time to time in lieu Oh tmI
notes iro ont currency retired ana 10 a." ~
governhi r,n,v hanks and branch DahNs ,n ~,
thorlze h niT when and where t tba
DC such amount of capl.uHi oxnedient
Wv Mdard NAV deem it proper anf the amount
Nth power, also, to il pnnis reuuired for
of note issue by 1 tne WsA Of business as
the n nOrntrv shall grow In p'P banking
the county, ns;ness expansion; AS a oann' Of
and IN Dusr r no increased by cr5 ere tsbnnld
capital may the currency boart ISSUE Issue.
new panM .or TO adjust the 80, Eo.r be,
have EN- normal or, eXtrao nuis no dis
whetnettb The new and old . DanH them. rhe
t ,etion being drawn pew ,sa note issue de-
1 " ner cent gold on 'i treasury and the
nosited in govelth;n bank vaults shoui o.
Is per cent KEEP nort of % per cei.t i'
be counted az i in national b anRS tes
serve on aep p, clearing house cer ra cities
The sy ,r the banks in the IL nag ieesalized.
adopted W Of panic should os salutary,
in tihi heve proved to De nrO evidence of
,a there can be ~ ,.stem than the iae ,
e. '?;s Z: s; $s
,, yiee f bonI Of New York. '0'D'