The daily morning journal and courier., 1898-01-28

EeSltatlng to admit the truth or tnlS conclusion without more definite proof of it's correctness than I had obtained from personal conferences with thou sands of representatives of the bank ing, commercial, manufacturing and la boring classes in various parts of the country, I determined to test the mat ter by corresponding with enough bank CTS to demonstrate the truth of falsity of my judgment. To do this I have, since the first of December, 1885, writ ten to the presidents of over 5000 banks and trust companies, outside of New York city, asking what financial legis- lation they considered desirable. Out of the whole number of replies received 960 were sufficiently definite to admit of tabulation. The following is the re- suit:
 A SUMMARY OF LETTERS RECEIV-
 ED.
 Total number of letters compiled, 960.
 Of these 48 per cent. are from nation al banks, 10 per cent. are from state banks, and 42 per cent. are from private banks and trust companies
 They represent every state and terri tory in the United States as well as S4 per cent. of the congressional districts, which for the purpose of this compla- tion include territories, each counted as one congressional district.
 RETIREMENT OF PAPER MONEY.
 Number favoring the retirement of all, or part, United States paper cur rency, 565, or 5S ALAS per cent. of the whole.
 Of these 67 per cent. favor funding the national debt and per cent the retirement of paper currency by silver coin. Twenty-three per cent. favor the retirement and per cent. the perma- nent retirement of the greenback; "A per cent. favor the retirement and 35 per cent. the permanent retirement of all United States paper money; 21s per cent. favor the retirement and F per cent. the permanent retirement of greenbacks and silver certificates; per cent. favor the retirement and 1 per cent. the permanent retirement of greenbacks and treasury notes; 212 per cent. favor the retirement of treasury notes alone; F per cent. favor the re- tirement of silver certificates alone; 1 per cent favor the retirement of silver and gold certificates.
 | Number who expressly favor the | governments going out of the bank | ing business" 195, or 20 per cent. of the | whole.
 CHANGE IN BANK CIRCULATION. | In favor of increasing the circulation of national banks to par of United States bonds deposited in the United | States treasury, BIO, or 32 7-24 per cent of whole. l Number in favor of making bank cap ital, or bank capital and assets, the ba- sis of bank circulation, 25, or 2 29-4S per cent. of whole.
 Number in favor of reducing tax on national bank circulation, 202, or 21 1-1G per cent. of whole.
 Of these 211a per cent. favor the re- peal of the tax; 7S1s per cent favor only a reduction.
 Number in favor of repeating tax on state bank issue, 23, or 19-4S per cent of whole
 STANDARD OF VALUE. 1 Number expressly in favor of "a sin gle gold standard" 221. or 23 per cent of whole.
 Number classed as silver men," 135 or 15 per cent. of whole.
 l Of these 62 26-27 per cent are for free unlimited coinage at 16 to 1; 37 1-27 per cent. favor modification of free coin age.
 Number favoring an increase of rev enue by some means or other 336, or 8 l per cent. of whole. Of these. 58 per cent are pronounced protectionists; | per cent favor an increase by internal l taxation; per cent, by both protection and internal taxation; 26 per cent. dc not say how increase shall be secured
 N. B.-F'rom the general tenor of the letters, it is safe to assume that 8 large majority of those expressing l themselves in favor of retiring any part of the paper currency, mean to say re. tire permanently. It is also apparent that the word fGreenback' is ofter used to include all United States paper currency.
 While these facts explain themselves I am aware that the result shown is widely different from the popular con ception of the attitude of bankers upor these points. I account for this by the fact that bankers as class suffer mucf less from an unstable standard of value and an unsound currency than mer. | chants, manufacturers, farmers ant | wage earners Upon these classes wt must depend for support for the enact ment of sound currency measures. + ! they are betrayed by those from whom they receive their education on none tary subjects into a support of falla | cious doctrines, a correct reform of ouI financial system will be rendered hope less, until further sad experience shal have demonstrated that a permanen and high degree of prosperity cannot b, secured without it.
 Years devoted to the study of eco homie conditions, and visiting ever, section of the country have convinced me that urgent demand is not for dollar of low commercial value, but fo a banking system that will enable ev cry person having good securities t, obtain currency at low rate of inter est where he is engaged in business anc his securities are understood It f. practically an impossibility for a per son, no matter how good his cf1aracte and his securities, ot secure discounts in the great banking centers wher neither are known. What the countr, needs is not inferior money, but a bet ter distribution of banking facilities
 The power to give currency to tn value of the resources owned in an, |