The herald., 1898-12-27

political generation that chained
to the dead past.
The views the secretary the treasury and the comptroller
of the widely divergent the subject OF bank egs
lation. At the last session of congress Mr.
AT LOGGER McCleary reported from the banking and
HEADS currency committee a bill which permits
banks to issue notes on the security only
of their The administration committed to this bill
and Mr. Dawes the comptroller it expected would sustain
the measures but the contrary his report he has made
carefully prepared and lengthy argument against it,
Mr. Dawes is captured by the catch phrase of Mr. Gage
that the government go of the banking business but
he holds should be merely Intermediates between
dposors and borrowers and should not issue notes at ALL eav
the inference that the government should supply the
He that law which the holders of bank
the first privilege the bank assets would materially lessen
the security of depoto and he shows from statistics that had
that been the law in the past the dposors national banks
which have failed would have lost from 33 to 40 per
Mr. Gage favors the McCleary BILL and also is against max
bank notes paper legal tender OF Mr.
Gage for retiring the geenbacks and they legal
tender banks safely loan four them Mr. Dawes
points out that notes not legal tender then banks Will
hoard god which is legal tender
The serious objection to bank notes is that when times
good confidence reigns the will circulate readily
coin and the banks of interest will keep
cuation all they This drives unless the
secured beyond the bank assets doubt
the sovency of the banks will be made them and
there will be coin with which redeem the notes. Mr. Sher
remarked that he objection to nonega tender
is that it good in good times, but in times
panics when more currency is imperatively needed
Mr. Dawes recognizes the need for elastic currency and
he suggests that the banks be authorized additional
when there demand for larger volume and interest
rates are high but subject to heavy tax which will insure
their withdrawal from circulation when the need for them has
passed The idea is derived from the practice Germany where
the imperial bank meets emergencies by larger issues but the!
subject duty of per per
Mr. Cages proposition that the banks
curty of their and nonegal tender would be
sca scheme the old state of banking but for
provision that the banks shall be mutually responsible for
others notes 1t does not probable that solvent and
fully managed banks would take any such hazards
The differences between the secretary and the comptroller
dcate that there liability that the Republican party will be
inharmonous the money question: which may be
why Mckinley does precipitation Of the subject upon
the country and by calling session. Mr. Gage
and Mr. H. H. Hanna the head of the bankers alliance
upon early action and possible
will prevail.
touching episode that was described in vester
days Herald wherein Los Angeles conductor contributed
days salary to buy Christmas presents for four children 1t
pity that patrons know little about the ordeas that
street through in earning their moderate wages
There class aenabe the oppressors wrong
proud mans contumey target for the abuse of every petu
liant passenger and the victim heartless corporation
example of the latter clause this The writer passenger
which left the track a The switch
and similar trouble not Ten minutes
time lost After the the conductor whispered
writer whom he knew That three days for me- Hall
ordinary weeks salary the pound of flesh that Shyloc
would demand as penalty for an accident.
Andrew Carnegie objects the policy Philippine acqu
son because it casts the doctrine that governments
rive their powers from the of the governed
substitutes he the purchase OF eight million people
$3.50 per head Mr. Carnegie is surely authority in
mercal values and think he justified in objectng the
rate that the United States has contracted to for the Fill
pnos Judging from all accounts about the property should
think outside figure for Fpnos would be for nickel
We observe that regret expressed Washington
the commissioners did not hod Spain for the
Caroline islands. 1t stated that those islands
priceless American interests in the Pacific
oversight of commissioners not fatal to
however, assured that the administration
cnd permit European to buy the group Is the
administration aborng under the deluon that all the nations
of Europe as feeble as poor old Span
At last ensconced in his Canton home, Judge Day talks
interesting question
himself and coneIes of the peace After
ing that the amount would be very moderate and that would
be optional with the president the Judge gives the opinion that
the compensation to each commissioner will not be than
$5OOO the footing all expenses 1t almost
like finding treaty, getting it so cheap that
1t very good picture Langleys ar-saiing
chine appeared yesterdays Herald The style convey
would be attractive to tmd people, but the govern
thinks enough of it to invest S25 900 for peectng
Langley of the Smithsonian Institute has demonstrated the