The Caucasian. (Clinton, N.C.) 188?-1913, 1898-06-16
cana ENDORSES TINE FowlER PLAN


Views On ysssses.
Mr.. j. :. Carr, Of Durham. \. c. y no
Was the leading Bryan Democrat OF
that state, and recently offered the
goyernship, and who IL the head Of the
famous Durham Tobacco Company and
President Of the First National Bank
1t that place. has written the following
letter to Mr.. George X DeSaussure.
Secretary OF the Southern Bankers
A Association, which met at Atlanta on
Dec. 18th, to discuss currency reforms.
This letter appeared in the Atlanta
Constitution Of Dee. al, 1887:
Mr.. George X. DeS4ussnre, Secretary
Southern Bankers Association, At
lanta, Ga.
MY DEAR SIR:-l am of the opinion
that the plan Of currency reform out
lined by the Hon. Charles n. Fowler.
member Of CT ngress from New Jersey,
and submitted to the Southern Bank
ers' Association ut Atlanta, at its last
session, is . wise solution Of the pres
ens vexing currency question.
Mr.. Fowlers plan funds all the obli-
cations Of q government in two per
cent. gold bond. These bOnds he would
make the basis OF bank circulation,
and require the banks to redeem all
their notes in gold coin. BY funding
the entire debt IN two per cent. gold
bonds, which would be impossible but
| to carry them in consideration OF the
favOrs they receive, the people or the
eovernment-indeed according to the
people-by the Fowler bill, will save
more than $l5,OOOOOO per annum in in
| torost on tho handed debt
| Again, we must recognize the fact
that the parity of our different kinds
of money, silver, paper and gold, has
been maintained at an enormous ex.
pense to the people Of the government.
Indeed, according TO the figures Of the
actuary of the Treasury Department,
at an average cost of more than $2l-
OOO,OO per annum, or 339, 900 for the
seventeen years from 1879, the date OF
specie resumption to 1896.
This cost to the peOplelOr the govern
ment, by Mr.. FOwler's bill is transfer
red to the banking institutions of the
country, which must maintain the
standard by the current redemption OF
their notes in gold coin. This will, i,
must be observed, result in a net saw.
ing to the people or government Of
more than $35, OOO, 900 per annum. Mr.
Fowlers'r bill also provides for guar
antee fund, paid into the Treasury Of
the United Stotes government for th'
protection of the note holders, so tina
thOre could not be bank note panic.
The bill provides for such a suppl!
of a sound, circulating medium equal!
!, distributed over the country, as tn
needs of the country require, aud TO
lack of which most of our troubles ar
= chargeable. The operation of the Fow
8 Ter bill is the only remedy l have seel
,, presented that carries with it meri
worthy of success.
And lastly, what is to my mind o
= still greater Importance to the peopl
: of the country all depositors of ma
tional banks are to be insured agains
j., loss in case of bank failure through
tax upon deposits paid into the Unite
States Treasury for their protection.
The statistics on page 70 of Mr.. F0W
ler's speech land the statistics wer
furnished by the actuary of the Treas
I ury, and are therefore to be relied up
s on) sh w that since the inauguratiO
= of th- national bank system in 1868,
all the assets of the failed banks ha
been absolutely nil, a tax of less tina
IS one-third of l per cent. would hav
Q been sufficient to recoup the depos
+. tors, dollar for dollar. But as it wa
= the assets of the failed banks, whel
tho accounts have been closed, paid
per cent of the depositors, 50 that
n tax of only one-twelfth of l per cen
e would have been required to meet tt
deficit, which is practically nothing.
The South being an agricultural SCI
ton, requires better banking accomt
dations than we enjoy. The truth
& that we must have better facilities
v we are virtually ruined. The provi
= ions of the national bank act, as at pr
~ sent constituted, do not afford the a.
IS comodation we need and must hav
r The Fowler bill, in my judgemen
r. does, and at the same time furnisht
"a the country good, sound, safe banl
70 ing circulation, elastic in its Operatio
n and firmly fixed upon gold basis.
o The Southern Bankers Associatio
\ will do we'll not only to advocate it bl
> press its passage by Congress.
- would have been pleased to adv
; cate Mr.. FOwler's measure before OF
d convention at Atlanta had then bee
d familiar with it's provisions. l ha,
since studied the bill and confess
i my admiration of it.
70 Very truly yours,
=, j. S. CARR in Washington Pos