The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-27

vision az recommended national banks
will be permitted 70 issue what viii be
known as reserve notes in return LOT
deposits Of United States notes, and again
I'm order % enlarge their circulation they
are allowed to issue currency notes upon
their commercial assets 10 the full amount
of the reserve notes. previously issued TO
them By the Government This last re-
commentator Of allowing banks 90 issue
currency on their commercial assets has
long been the desire Of those who favor
State bank issues, and While not exactly
conforming TO their ideas. viii, no DOUBT,
have a tendency 20 satisfy them ana
also prevent tho establishment OF WHO
car hanks. which were so numerous ana
objectionable during tho late war. inc
banks issuing circulation under tue
methods as prescribed Will be anle TO uD
so at a much less expense tnan thty 1T
at present and as ir Will also ploH.-.ie
tho measure. 10 doubt. If passed. VIII Toe
taken advantage Of ana our nhallela, iN
stitutions issue currency TO their fcile7l
ov+o,+ thereby causing q perceptinle in-
crease in the circulating medium As
tho law now stands. national banks oL
tho limited states have right % ISSUE
SEQ 100000. but on account OF the netNy
NV and other restrictions imposed upon
them their actual issue IS only Sls-VJeVV''
or about one-third Of the amount ah'"-
.tfc b,- law From these figures it can
t,s ,eoIiiiy seen that cause of the contrac-
tion fn currency is the failure on tne
nert or the national banks 90 issue 1neir
fuu ouota OF money as they nave inc
right TO do. Mr. Gage also recoinii menus
that national banks be estaoiaheu " i..-
So 900 capital I'm towns having iess '',.'''
tu-o thousand inhabitants, ana III 4'2
Communication is adopted it wan ~. .,,.
banking facilities 70 numerous loWH9
are never submitted 70 the scrutiny o-
bank examiner. .t,,.-, q,
.ofoor-.i around the United states
r-roae,,rv I'm panicky seasons. by recon-
,,o,I,rs~ that national banks snah re-
Ioor, their reserve notes IN soiu o"~ '-
a., ~odenption fund. which they are le-
o,,irod 10 maintain in gold. Although '".'
measure wilt no doubt entail haIu,-i'p
an tbo hanks of New York. Phiiadei p"'.
Poston and several other large ciues' d.
,-iu offact the majority of national paun7
I'm a small degree on account or tnelI
inc So widely distributed throughout lal7
country and out of the range of spe i'A-
AZ 20 the idea that there is not enough
ooId IN the United States. l beg TO 'ii
attention 10 the fact that the enufe
ar,ofnt of gold IN Great Britain Is ohiy
$50 oo0 O0o while we have %'01ohVll OFT
,gti,h about $3.50 O00 600 is said 90 Doe hoard
ell and out Of circulation. Doe-n e i-
seem reasonable. therefore. THAT as soon
as the currency question ls se-lel' ""t
tft gold will not De disseminated
against. this S500l0oo0 win come from
rs hiding places and be deposited I'D
banks. causing another increase lh 'l-
cuiaton 10 that extent.
N is to be hoped that the report as
submitted 20 Congress viii Doe aaopi'H N.-
fore adjournment but owing TO i.e l--
cent Maine disaster and the unsettled cone
dificn Of our relations with SPAIN tl.ie
seems 10 be a small chance or th.a qN-'-
ton coming up no the present Session A7
stated by one of ou- journals, the none
tarv system of nation Is the ina-AI"-
orv by which ST. calls It's resources mo
play. and the first and most important
step IS % place the finances or "a 'ou"-
try on firm basis by which the ceEeiop-
mont Of resources viii De advanced inc
sources Of taxation will be augmented ana
the revenues increased
Notwithstanding the fact that Congress
has failed 10 como to our relief by amend
ine. our currency laws. the banks and
trade I'm general of our city has not SUE
fered. but shows decided increase ln
tho last six or seven years, and as an
evidence Of this fact beg TO submit be-
low a. statement Of the condition or the
banks OF Richmond at the close OF bust
ness February IS. 1898. as compared 70
their condition I'm December 1851, inc
year 1891 being the beginning Of the Boom
noriod when every one was dong wei
and few complaints heard
JOHN 4. CULLEN.
Richmond. va. March &c, 1895